As filed with the Securities and Exchange Commission on January 5, 2017

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)

1801 California St., Suite 5200, Denver, CO 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (720) 493-4256

Tané T. Tyler, Esq., 1801 California St., Suite 5200, Denver, CO 80202

(Name and Address of Agent for Service)

Date of fiscal year end:      October 31

Date of reporting period:    November 1, 2015 – October 31, 2016

Item 1: Report(s) to Shareholders.

The Annual Report is attached.

Fund of Funds

Annual Report

October 31, 2016

www.transamerica.com

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

Table of Contents

Shareholder Letter	1
Manager Commentary
Transamerica Asset Allocation – Conservative Portfolio	2
Transamerica Asset Allocation – Growth Portfolio	5
Transamerica Asset Allocation – Moderate Growth Portfolio	8
Transamerica Asset Allocation – Moderate Portfolio	11
Transamerica Multi-Manager Alternative Strategies Portfolio	14
Understanding Your Funds’ Expenses	16
Schedules of Investments Composition	18
Schedules of Investments
Transamerica Asset Allocation – Conservative Portfolio	19
Transamerica Asset Allocation – Growth Portfolio	21
Transamerica Asset Allocation – Moderate Growth Portfolio	23
Transamerica Asset Allocation – Moderate Portfolio	25
Transamerica Multi-Manager Alternative Strategies Portfolio	27
Statements of Assets and Liabilities	29
Statements of Operations	30
Statements of Changes in Net Assets	31
Financial Highlights	35
Notes to Financial Statements	47
Report of Independent Registered Public Accounting Firm	57
Supplemental Information	58
Approval of Management and Sub-Advisory Agreements	59
Management of the Trust	63
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	69
Notice of Privacy Policy	70

Transamerica Funds Annual Report 2016

Dear Shareholder,

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

This annual report is provided to you to show the investments of your Fund(s). The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ending October, 31, 2016.

We believe it is important to understand market conditions over the last year to provide a context for reading this report. At the beginning of the 1-year period that began on November 1, 2015, investors were trying to determine what rapidly declining oil prices - which had fallen from over $100 per barrel at the cyclical high to less than half that value by year end - would mean for markets. Adding more uncertainty toward year-end 2015 was the Federal Reserve’s (“Fed”) decision to finally raise the Fed funds rate by 0.25% in December, the first increase since 2006.

As the calendar turned to 2016, rapidly falling energy and commodity prices coupled with a weak U.S. gross domestic product report and weakness in overseas markets pressured U.S. equities, as concerns of a pending recession became more prevalent. In the months to follow however energy prices rebounded and economic growth remained positive thereby avoiding recessionary levels. Global markets sold off in late June following Great Britain’s surprise referendum vote in favor of departure from the European Union, (“Brexit”). Following the immediate negative reaction to this news, U.S. stocks recovered, and equity markets soon reached new all-time highs.

U.S. markets stayed range bound for most of the late summer and into the fall, with only a single bout of meaningful volatility in September when commentary from certain Fed Governors suggested that the case for a September rate hike was strengthening. That volatility proved temporary as September passed with no policy change at the central bank, and markets began to focus on the Fed meeting in December as the next possible target for a hike. The rising likelihood of rate increases resulted in the benchmark 10-year Treasury yield moving higher, and by October 31^st had increased to 1.84% from a July low of 1.37%.

For the 1-year period ending October 31, 2016, the S&P 500^® returned 4.51% while the MSCI EAFE Index, representing international developed market equities, lost (2.74)%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.37%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

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

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2016 brought plenty of excitement. Just prior to the reporting period, global equity markets had staged a strong October 2015 rebound following a summer selloff. Not surprisingly, stocks fell back some in November and December, a move that was probably exacerbated by a conspicuous downturn in oil prices. Oil had been trending down since mid-2014 as increasing U.S. supply flooded the markets, but prices began another leg down in 2015’s final two months. Around the same time, the U.S. Federal Reserve (“Fed”) hiked short-term rates by a quarter-point in December.

The Fed’s move was telegraphed well enough that investors seemed to take it in stride. But after New Year’s, global equity markets entered a fairly serious downward spiral from January through mid-February as weakness in the Chinese manufacturing sector stoked fears about global growth. Oil prices plummeted further as a result. The price for West Texas Intermediate crude oil reached $26 per barrel on February 11, having started the year at around $37 (itself a far cry from its $108 peak back in June 2014). But U.S. jobs data and other U.S. economic measures continued to come in on a healthy note, investors eventually appeared to relax, and the equity markets began to rise through the latter half of February and on into the summer. Oil prices rebounded as well, breaking over $50 by early June. The United Kingdom’s June 23 vote to leave the European Union (“Brexit”) threw a brief wrench into the works; global stock markets sold off for a couple of days following the vote, before regaining their footing in short order once investors digested the news. With U.S. economic data continuing to hold up in the ensuing months, equities drifted a little higher from July through October, albeit restrained a bit by the rancor and uncertainty of the U.S. presidential campaign.

Bonds took their own route. The stock-market volatility in early 2016 gave core bonds a boost as investors sought a safe haven. But U.S. high-yield bonds were dented during that stretch by fears of higher default rates, particularly within the energy sector. The January-February market gyrations prompted the Fed to soften its tone and delay its rate-hike plans, allowing investment-grade bonds to rally further as the year progressed. High-yield bonds recovered once oil prices started to stabilize in the spring. Throughout it all, international bonds were particularly strong in U.S. dollar terms, benefiting from accommodative central-bank policy abroad as well as currency gains against the U.S. dollar. Emerging-markets bonds enjoyed especially robust returns. Most investment-grade bonds cooled off in the period’s final three months, although high-yield bonds and emerging-markets bonds drifted further up in sympathy with the equity markets.

These ups and downs are obscured somewhat by the index returns for the full period. Over the 12 months, the S&P 500^® managed a positive 4.51% return. U.S. small-cap stocks, as measured by the Russell 2000^® Index, were a bit weaker with a 4.11% gain. Foreign developed markets were not able to eke out a positive return; their losses from November to February, and again surrounding Brexit, were too steep to fully recover. The MSCI EAFE Index of foreign developed markets recorded a (3.23)% loss. Emerging markets were brighter; the MSCI Emerging Markets Index notched a 9.27% gain (after lagging developed markets in 2013, 2014 and 2015). On the fixed-income side, an almost unbroken rally in core bonds in 2016’s first half helped the Bloomberg Barclays U.S. Aggregate Bond Index generate a strong 4.37% return. The Bloomberg Barclays U.S. Corporate High Yield Index posted a 10.14% gain, and emerging-markets debt returns were in that same neighborhood - although it should be noted that both asset classes were coming off a poor 2015.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Asset Allocation – Conservative Portfolio Class A returned 3.83%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays U.S. Aggregate Bond Index and the Wilshire 5000^® Total Market Index, returned 4.37% and 4.27%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation Funds has always been to provide investors one-stop participation in the global financial markets. The Fund provides a mix of about 35% equity and 65% fixed-income securities over time. The equity side is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, event-driven and commodity-related strategies.

During the reporting period, most asset classes in which the Fund invests had positive returns. U.S. large-cap stocks were up moderately as a group, as were U.S. small-caps (with value stocks outperforming growth stocks in both cases). Emerging-markets equity was strong after lagging for several years. Investment-grade bonds gained nicely, while high-yield and other credit-sensitive bonds were up even more. The negative contributors from an asset-class perspective included foreign developed-market equities, particularly European equities. Europe makes up the bulk of core international markets, and the MSCI Europe Index lost (7.48)% for the 12-month period in U.S. dollar terms, largely due to currency movements. Commodities were also down over the period.

Transamerica Funds Annual Report 2016

Page    2

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Some of our asset-class over/underweights were helpful. An overweight to high-yield credit in the bond sleeve was positive, as high-yield bonds outpaced investment-grade bonds on the whole. Our decision to overweight emerging markets relative to our neutral targets for the entire period was helpful as well; emerging-markets equity was one of the strongest-performing asset classes. We also went to an overweight in foreign developed-market value stocks in mid-August, and that timing turned out well. And being significantly underweight commodity futures continued to be on target. It should be noted that while we were underweight commodity futures, we did have exposure to energy infrastructure in the form of Transamerica MLP & Energy Income. We decided to establish a position in that fund when it was down sharply on falling oil prices in late 2015 and early 2016. We believed the types of energy distribution assets that the fund targets - such as oil and gas pipelines and storage facilities - were being unduly punished alongside oil producers, given the way their business models work. We phased into the position from October 2015 through mid-January 2016. As of the end of the reporting period, Transamerica MLP & Energy Income was up 21.42% year to date.

Among the underlying funds, performance was mixed. Six core U.S. large-cap funds anchor the U.S. equity sleeve. Three of those funds beat their style-specific indices and three did not. The U.S. mid-and small-cap funds were mixed as well, although Transamerica Small Cap Growth shined relative to the Russell 2000^® Growth Index. Transamerica Large Cap Value also deserves mention; its 10.25% return was almost four percentage points better than the return of the Russell 1000^® Value Index. The international equity fund holdings lagged as a group, but the bond funds pulled their weight pretty well, and they make up the bulk of this Fund. Four of the five core bond funds surpassed the Bloomberg Barclays U.S. Aggregate Bond Index’s strong gain, and the Fund benefited from robust returns in the satellite bond funds. Indeed, the best-returning investment in the Fund was a bond fund: Transamerica Emerging Markets Debt, which gained 12.25%.

In our view, most asset classes were trading richly at period end. With interest rates at historically low levels for the past few years, investors have moved further out on the risk curve in search of return, bidding up prices across many asset classes. This has made it challenging to identify pockets of real value in the markets, forcing us to think more in relative-value terms. We have been finding U.S. stocks to be particularly expensive, and consequently have sought value in foreign equity markets, both developed and emerging. On the fixed-income side, we consider government bonds and other high-quality bonds to be trading far too richly for our tastes at their current, ultra-low yields. We believe high-grade bonds in the U.S. and other developed markets are more vulnerable to a rise in interest rates today than at just about any time in history. We are thus maintaining a below-benchmark duration in the bond sleeve to reduce rate sensitivity, and also targeting more assets than usual in high-yield bonds, floating-rate bank loans, and emerging-markets debt owing to better valuations. We also continue to hold a portion of the bond sleeve in hedge-like, absolute-return strategies, which we believe have the potential to offer bond-like returns without the same interest-rate sensitivity as bonds. Our overall goal is to position the Fund according to where our fundamental research suggests the best values are, while still delivering the one-stop, broad diversification that has always been the Fund’s hallmark.

Dario Castagna, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Transamerica Funds Annual Report 2016

Page    3

Transamerica Asset Allocation – Conservative Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(1.86	)%		3.99	%		3.72	%		03/01/2002
Class A (NAV)		3.83	%		5.17	%		4.31	%		03/01/2002
Bloomberg Barclays U.S. Aggregate Bond Index (A)		4.37	%		2.90	%		4.64	%
Wilshire 5000® Total Market Index (B)		4.27	%		13.13	%		6.86	%
Class B (POP)		(1.90	)%		4.23	%		3.75	%		03/01/2002
Class B (NAV)		3.01	%		4.39	%		3.75	%		03/01/2002
Class C (POP)		2.12	%		4.46	%		3.63	%		11/11/2002
Class C (NAV)		3.10	%		4.46	%		3.63	%		11/11/2002
Class I (NAV)		4.13	%		5.47	%		5.66	%		11/30/2009
Class R (NAV)		3.44	%		4.85	%		4.04	%		06/15/2006

^(A) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(B) The Wilshire 5000^® Total Market Index measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.50% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds including fixed income investing which is subject to credit risk, inflation risk, and interest rate risk. Investments in small- and medium-sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

Transamerica Funds Annual Report 2016

Page    4

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2016 brought plenty of excitement. Just prior to the reporting period, global equity markets had staged a strong October 2015 rebound following a summer selloff. Not surprisingly, stocks fell back some in November and December, a move that was probably exacerbated by a conspicuous downturn in oil prices. Oil had been trending down since mid-2014 as increasing U.S. supply flooded the markets, but prices began another leg down in 2015’s final two months. Around the same time, the U.S. Federal Reserve (“Fed”) hiked short-term rates by a quarter-point in December.

The Fed’s move was telegraphed well enough that investors seemed to take it in stride. But after New Year’s, global equity markets entered a fairly serious downward spiral from January through mid-February as weakness in the Chinese manufacturing sector stoked fears about global growth. Oil prices plummeted further as a result. The price for West Texas Intermediate crude oil reached $26 per barrel on February 11, having started the year at around $37 (itself a far cry from its $108 peak back in June 2014). But U.S. jobs data and other U.S. economic measures continued to come in on a healthy note, investors eventually appeared to relax, and the equity markets began to rise through the latter half of February and on into the summer. Oil prices rebounded as well, breaking over $50 by early June. The United Kingdom’s June 23 vote to leave the European Union (“Brexit”) threw a brief wrench into the works; global stock markets sold off for a couple of days following the vote, before regaining their footing in short order once investors digested the news. With U.S. economic data continuing to hold up in the ensuing months, equities drifted a little higher from July through October, albeit restrained a bit by the rancor and uncertainty of the U.S. presidential campaign.

Bonds took their own route. The stock-market volatility in early 2016 gave core bonds a boost as investors sought a safe haven. But U.S. high-yield bonds were dented during that stretch by fears of higher default rates, particularly within the energy sector. The January-February market gyrations prompted the Fed to soften its tone and delay its rate-hike plans, allowing investment-grade bonds to rally further as the year progressed. High-yield bonds recovered once oil prices started to stabilize in the spring. Throughout it all, international bonds were particularly strong in U.S. dollar terms, benefiting from accommodative central-bank policy abroad as well as currency gains against the U.S. dollar. Emerging-markets bonds enjoyed especially robust returns. Most investment-grade bonds cooled off in the period’s final three months, although high-yield bonds and emerging-markets bonds drifted further up in sympathy with the equity markets.

These ups and downs are obscured somewhat by the index returns for the full period. Over the 12 months, the S&P 500^® managed a positive 4.51% return. U.S. small-cap stocks, as measured by the Russell 2000^® Index, were a bit weaker with a 4.11% gain. Foreign developed markets were not able to eke out a positive return; their losses from November to February, and again surrounding Brexit, were too steep to fully recover. The MSCI EAFE Index of foreign developed markets recorded a (3.23)% loss. Emerging markets were brighter; the MSCI Emerging Markets Index notched a 9.27% gain (after lagging developed markets in 2013, 2014 and 2015). On the fixed-income side, an almost unbroken rally in core bonds in 2016’s first half helped the Bloomberg Barclays U.S. Aggregate Bond Index generate a strong 4.37% return. The Bloomberg Barclays U.S. Corporate High Yield Index posted a 10.14% gain, and emerging-markets debt returns were in that same neighborhood - although it should be noted that both asset classes were coming off a poor 2015.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Asset Allocation – Growth Portfolio Class A returned 3.28%, excluding any sales charges. By comparison, its benchmark, the Wilshire 5000^® Total Market Index, returned 4.27%.

STRATEGY REVIEW

The Fund’s goal has always been to provide investors one-stop participation in the global equity markets, with a few alternative-strategy funds included for diversification. The equity piece, which makes up more than 90% of the Fund, is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, event-driven and commodity-related strategies.

During the reporting period, most asset classes in which the Fund invests had positive returns. U.S. large-cap stocks were up moderately as a group, as were U.S. small-caps (with value stocks outperforming growth stocks in both cases). Emerging-markets equity was strong after lagging for several years. The main negative contributor was foreign developed-market equities, particularly European equities. Europe makes up the bulk of core international markets, and the MSCI Europe Index lost (7.48)% in U.S. dollar terms, largely due to currency movements. Also, all three of the alternative strategies used in the Fund had returns lower than the benchmark’s, but we believe those investments helped to smooth volatility.

Transamerica Funds Annual Report 2016

Page    5

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Some of our asset class over/underweights were helpful. Our decision to overweight emerging markets, one of the strongest-performing asset classes, relative to our neutral targets for the entire period was positive. We also went to an overweight in foreign developed-market value stocks in mid-August, and that timing turned out well. Avoiding commodities continued to be a good decision. It should be noted that while we took a pass on commodity futures, we did have exposure to energy infrastructure in the form of Transamerica MLP & Energy Income. We decided to establish a position when that fund was down sharply on falling oil prices in late 2015 and early 2016. We believed the types of energy distribution assets that the strategy targets - such as oil and gas pipelines and storage facilities - were being unduly punished alongside oil producers, given differences in their business models. We phased into the position from October 2015 through mid-January 2016. As of the end of the reporting period, Transamerica MLP & Energy Income was up 21.42% year to date.

Among the underlying funds, performance was mixed. Six core U.S. large-cap funds anchor the U.S. equity sleeve, and are thus fairly sizable positions. Three of those funds beat their style-specific indices and three did not. The U.S. mid- and small-cap funds were mixed as well, although Transamerica Small Cap Growth shined relative to the Russell 2000^® Growth Index. Transamerica Large Cap Value also deserves mention; its 10.25% return was almost four percentage points better than the return of the Russell 1000^® Value Index. The international equity fund holdings lagged as a group, and as mentioned, the three absolute-return funds used did not keep up with the equity market’s returns. One of those funds - Transamerica Managed Futures Strategy - lost (5.00)%. But, we have seen that strategy help performance in a variety of market environments over the years.

In our view, most asset classes were trading richly as of period end. With interest rates at historically low levels for the past few years, investors have moved further out on the risk curve in search of return, bidding up prices across many asset classes. This has made it challenging to identify pockets of real value in the markets, forcing us to think more in relative-value terms. We have been finding U.S. stocks to be particularly expensive, and consequently have sought value in foreign equity markets, both developed and emerging. We have also been avoiding real estate securities, which have been bid up by yield-seekers. Our overall goal is to position the Fund according to where our fundamental research suggests the best values are, while still delivering the one-stop, broad diversification that has always been its hallmark.

Dario Castagna, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Transamerica Funds Annual Report 2016

Page    6

Transamerica Asset Allocation – Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(2.42	)%		8.28	%		3.70	%		03/01/2002
Class A (NAV)		3.28	%		9.51	%		4.29	%		03/01/2002
Wilshire 5000® Total Market Index (A)		4.27	%		13.13	%		6.86	%
Class B (POP)		(2.34	)%		8.50	%		3.71	%		03/01/2002
Class B (NAV)		2.39	%		8.64	%		3.71	%		03/01/2002
Class C (POP)		1.55	%		8.74	%		3.60	%		11/11/2002
Class C (NAV)		2.49	%		8.74	%		3.60	%		11/11/2002
Class I (NAV)		3.52	%		9.84	%		9.05	%		11/30/2009
Class R (NAV)		2.90	%		9.21	%		4.08	%		06/15/2006

^(A) The Wilshire 5000^® Total Market Index measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.50% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. Funds that invest in small- and medium-sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

Transamerica Funds Annual Report 2016

Page    7

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2016 brought plenty of excitement. Just prior to the reporting period, global equity markets had staged a strong October 2015 rebound following a summer selloff. Not surprisingly, stocks fell back some in November and December, a move that was probably exacerbated by a conspicuous downturn in oil prices. Oil had been trending down since mid-2014 as increasing U.S. supply flooded the markets, but prices began another leg down in 2015’s final two months. Around the same time, the U.S. Federal Reserve (“Fed”) hiked short-term rates by a quarter-point in December.

The Fed’s move was telegraphed well enough that investors seemed to take it in stride. But after New Year’s, global equity markets entered a fairly serious downward spiral from January through mid-February as weakness in the Chinese manufacturing sector stoked fears about global growth. Oil prices plummeted further as a result. The price for West Texas Intermediate crude oil reached $26 per barrel on February 11, having started the year at around $37 (itself a far cry from its $108 peak back in June 2014). But U.S. jobs data and other U.S. economic measures continued to come in on a healthy note, investors eventually appeared to relax, and the equity markets began to rise through the latter half of February and on into the summer. Oil prices rebounded as well, breaking over $50 by early June. The United Kingdom’s June 23 vote to leave the European Union (“Brexit”) threw a brief wrench into the works; global stock markets sold off for a couple of days following the vote, before regaining their footing in short order once investors digested the news. With U.S. economic data continuing to hold up in the ensuing months, equities drifted a little higher from July through October, albeit restrained a bit by the rancor and uncertainty of the U.S. presidential campaign.

Bonds took their own route. The stock-market volatility in early 2016 gave core bonds a boost as investors sought a safe haven. But U.S. high-yield bonds were dented during that stretch by fears of higher default rates, particularly within the energy sector. The January-February market gyrations prompted the Fed to soften its tone and delay its rate-hike plans, allowing investment-grade bonds to rally further as the year progressed. High-yield bonds recovered once oil prices started to stabilize in the spring. Throughout it all, international bonds were particularly strong in U.S. dollar terms, benefiting from accommodative central-bank policy abroad as well as currency gains against the U.S. dollar. Emerging-markets bonds enjoyed especially robust returns. Most investment-grade bonds cooled off in the period’s final three months, although high-yield bonds and emerging-markets bonds drifted further up in sympathy with the equity markets.

These ups and downs are obscured somewhat by the index returns for the full period. Over the 12 months, the S&P 500^® managed a positive 4.51% return. U.S. small-cap stocks, as measured by the Russell 2000^® Index, were a bit weaker with a 4.11% gain. Foreign developed markets were not able to eke out a positive return; their losses from November to February, and again surrounding Brexit, were too steep to fully recover. The MSCI EAFE Index of foreign developed markets recorded a (3.23)% loss. Emerging markets were brighter; the MSCI Emerging Markets Index notched a 9.27% gain (after lagging developed markets in 2013, 2014 and 2015). On the fixed-income side, an almost unbroken rally in core bonds in 2016’s first half helped the Bloomberg Barclays U.S. Aggregate Bond Index generate a strong 4.37% return. The Bloomberg Barclays U.S. Corporate High Yield Index posted a 10.14% gain, and emerging-markets debt returns were in that same neighborhood - although it should be noted that both asset classes were coming off a poor 2015.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Asset Allocation – Moderate Growth Portfolio Class A returned 3.35%, excluding any sales charges. By comparison, its primary and secondary benchmarks the Wilshire 5000^® Total Market Index and the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.27% and 4.37%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation Portfolios has always been to provide investors one-stop participation in the global financial markets. The Fund provides a mix of about 70% equity and 30% fixed-income securities over time. The equity side is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, event-driven and commodity-related strategies.

During the reporting period, most asset classes in which the Fund invests had positive returns. U.S. large-cap stocks were up moderately as a group, as were U.S. small-caps (with value stocks outperforming growth stocks in both cases). Emerging-markets equity was strong after lagging for several years. Investment-grade bonds gained nicely, while high-yield and other credit-sensitive bonds were up even more. The negative contributors from an asset-class perspective included foreign developed-market equities, particularly European equities. Europe makes up the bulk of core international markets, and the MSCI Europe Index lost (7.48)% for the 12-month period in U.S. dollar terms, largely due to currency movements. Commodities were also down over the period.

Transamerica Funds Annual Report 2016

Page    8

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Some of our asset-class over/underweights were helpful. Our decision to overweight emerging markets, one of the strongest-performing asset classes, relative to our neutral targets for the entire period was positive. We also went to an overweight in foreign developed-market value stocks in mid-August, and that timing turned out well. In the bond sleeve, maintaining an overweight in high-yield bonds was positive. Being significantly underweight commodity futures continued to be on target. It should be noted that while we were underweight commodity futures, we did have exposure to energy infrastructure in the form of Transamerica MLP & Energy Income. We decided to establish a position when that fund was down sharply on falling oil prices in late 2015 and early 2016. We believed the types of energy distribution assets that the fund targets - such as oil and gas pipelines and storage facilities - were being unduly punished alongside oil producers, given the differences in business models. We phased into the position from October 2015 through mid-January 2016. As of the end of the reporting period, Transamerica MLP & Energy Income was up 21.42% year to date.

Among the underlying funds, performance was mixed. Six core U.S. large-cap funds anchor the U.S. equity sleeve, and are thus fairly sizable positions. Three of those funds beat their style-specific indices and three did not. The U.S. mid- and small-cap funds were mixed as well, although Transamerica Small Cap Growth shined relative to the Russell 2000^® Growth Index. Transamerica Large Cap Value also deserves mention; its 10.25% return was almost four percentage points better than the return of the Russell 1000^® Value Index. The international equity fund holdings lagged as a group, but the bond funds pulled their weight well. Four of the five core bond funds surpassed the Bloomberg Barclays U.S. Aggregate Bond Index’s strong gain, and the Fund benefited from robust returns in the satellite bond funds. Indeed, the best-returning investment in the Fund was a bond strategy: Transamerica Emerging Markets Debt, which gained 12.25%.

In our view, most asset classes were trading richly at period end. With interest rates at historically low levels for the past few years, investors have moved further out on the risk curve in search of return, bidding up prices across many asset classes. This has made it challenging to identify pockets of real value in the markets, forcing us to think more in relative-value terms. We have been finding U.S. stocks to be particularly expensive, and consequently have sought value in foreign equity markets, both developed and emerging. On the fixed-income side, we consider government bonds and other high-quality bonds to be trading far too richly for our tastes at their current, ultra-low yields. We believe high-grade bonds in the U.S. and other developed markets are more vulnerable to a rise in interest rates today than at just about any time in history. We are thus maintaining a below-benchmark duration in the bond sleeve to reduce rate sensitivity, and targeting more assets than usual in high-yield bonds, floating-rate bank loans, and emerging-markets debt, owing to better valuations. We also continue to hold a portion of the bond sleeve in hedge-like absolute-return strategies, which we believe have the potential to offer bond-like returns without the same interest-rate sensitivity as bonds. Our overall goal is to position the Fund according to where our fundamental research suggests the best values are, while still delivering the one-stop, broad diversification that has always been the Fund’s hallmark.

Dario Castagna, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Transamerica Funds Annual Report 2016

Page    9

Transamerica Asset Allocation – Moderate Growth Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(2.33	)%		6.72	%		3.84	%		03/01/2002
Class A (NAV)		3.35	%		7.93	%		4.43	%		03/01/2002
Wilshire 5000® Total Market Index (A)		4.27	%		13.13	%		6.86	%
Bloomberg Barclays U.S. Aggregate Bond Index (B)		4.37	%		2.90	%		4.64	%
Class B (POP)		(2.26	)%		6.95	%		3.84	%		03/01/2002
Class B (NAV)		2.55	%		7.10	%		3.84	%		03/01/2002
Class C (POP)		1.64	%		7.16	%		3.73	%		11/11/2002
Class C (NAV)		2.60	%		7.16	%		3.73	%		11/11/2002
Class I (NAV)		3.63	%		8.23	%		7.74	%		11/30/2009
Class R (NAV)		3.10	%		7.68	%		4.23	%		06/15/2006

^(A) The Wilshire 5000^® Total Market Index measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

^(B) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.50% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds including fixed income investing which is subject to credit risk, inflation risk, and interest rate risk. Investment in small-and medium sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

Transamerica Funds Annual Report 2016

Page    10

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period ended October 31, 2016 brought plenty of excitement. Just prior to the reporting period, global equity markets had staged a strong October 2015 rebound following a summer selloff. Not surprisingly, stocks fell back some in November and December, a move that was probably exacerbated by a conspicuous downturn in oil prices. Oil had been trending down since mid-2014 as increasing U.S. supply flooded the markets, but prices began another leg down in 2015’s final two months. Around the same time, the U.S. Federal Reserve (“Fed”) hiked short-term rates by a quarter-point in December.

The Fed’s move was telegraphed well enough that investors seemed to take it in stride. But after New Year’s, global equity markets entered a fairly serious downward spiral from January through mid-February as weakness in the Chinese manufacturing sector stoked fears about global growth. Oil prices plummeted further as a result. The price for West Texas Intermediate crude oil reached $26 per barrel on February 11, having started the year at around $37 (itself a far cry from its $108 peak back in June 2014). But U.S. jobs data and other U.S. economic measures continued to come in on a healthy note, investors eventually appeared to relax, and the equity markets began to rise through the latter half of February and on into the summer. Oil prices rebounded as well, breaking over $50 by early June. The United Kingdom’s June 23 vote to leave the European Union (“Brexit”) threw a brief wrench into the works; global stock markets sold off for a couple of days following the vote, before regaining their footing in short order once investors digested the news. With U.S. economic data continuing to hold up in the ensuing months, equities drifted a little higher from July through October, albeit restrained a bit by the rancor and uncertainty of the U.S. presidential campaign.

Bonds took their own route. The stock-market volatility in early 2016 gave core bonds a boost as investors sought a safe haven. But U.S. high-yield bonds were dented during that stretch by fears of higher default rates, particularly within the energy sector. The January-February market gyrations prompted the Fed to soften its tone and delay its rate-hike plans, allowing investment-grade bonds to rally further as the year progressed. High-yield bonds recovered once oil prices started to stabilize in the spring. Throughout it all, international bonds were particularly strong in U.S. dollar terms, benefiting from accommodative central-bank policy abroad as well as currency gains against the U.S. dollar. Emerging-markets bonds enjoyed especially robust returns. Most investment-grade bonds cooled off in the period’s final three months, although high-yield bonds and emerging-markets bonds drifted further up in sympathy with the equity markets.

These ups and downs are obscured somewhat by the index returns for the full period. Over the 12 months, the S&P 500^® managed a positive 4.51% return. U.S. small-cap stocks, as measured by the Russell 2000^® Index, were a bit weaker with a 4.11% gain. Foreign developed markets were not able to eke out a positive return; their losses from November to February, and again surrounding Brexit, were too steep to fully recover. The MSCI EAFE Index of foreign developed markets recorded a (3.23)% loss. Emerging markets were brighter; the MSCI Emerging Markets Index notched a 9.27% gain (after lagging developed markets in 2013, 2014 and 2015). On the fixed-income side, an almost unbroken rally in core bonds in 2016’s first half helped the Bloomberg Barclays U.S. Aggregate Bond Index generate a strong 4.37% return. The Bloomberg Barclays U.S. Corporate High Yield Index posted a 10.14% gain, and emerging-markets debt returns were in that same neighborhood - although it should be noted that both asset classes were coming off a poor 2015.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Asset Allocation – Moderate Portfolio Class A returned 3.71%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Wilshire 5000^® Total Market Index and the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.27% and 4.37%, respectively.

STRATEGY REVIEW

The goal of the Transamerica Asset Allocation Portfolios has always been to provide investors one-stop participation in the global financial markets. The Fund provides a mix of about 50% equity and 50% fixed-income securities over time. The equity side is intended to cover both domestic and international markets across a range of investment styles, including larger and smaller companies and value and growth stocks. The fixed-income portion normally includes investment-grade and credit-sensitive holdings, shorter- and longer-term bonds, and international bonds. The Fund also normally incorporates emerging markets, and can own real estate securities and alternative strategies such as managed-futures, global-macro, event-driven and commodity-related strategies.

During the reporting period, most asset classes in which the Fund invests had positive returns. U.S. large-cap stocks were up moderately as a group, as were U.S. small-caps (with value stocks outperforming growth stocks in both cases). Emerging-markets equity was strong after lagging for several years. Investment-grade bonds gained nicely, while high-yield and other credit-sensitive bonds were up even more. The negative contributors from an asset-class perspective included foreign developed-market equities, particularly European equities. Europe makes up the bulk of core international markets, and the MSCI Europe Index lost (7.48)% in U.S. dollar terms, largely due to currency movements. Commodities were also down.

Transamerica Funds Annual Report 2016

Page    11

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

STRATEGY REVIEW (continued)

Some of our asset-class over/underweights were helpful. Our decision to overweight emerging markets, one of the strongest-performing asset classes, relative to our neutral targets for the entire period was positive. We also went to an overweight in foreign developed-market value stocks in mid-August, and that timing turned out well. In the bond sleeve, maintaining an overweight to high-yield bonds was positive. Being significantly underweight commodity futures continued to be on target. It should be noted that while we were underweight commodity futures, we did have exposure to energy infrastructure in the form of Transamerica MLP & Energy Income. We decided to establish a position when that fund was down sharply on falling oil prices in late 2015 and early 2016. We believed the types of energy distribution assets that the strategy targets - such as oil and gas pipelines and storage facilities - were being unduly punished alongside oil producers, given the difference in business models. We phased into the position from October 2015 through mid-January 2016. As of the end of the reporting period, Transamerica MLP & Energy Income was up 21.42% year to date.

Among the underlying funds, performance was mixed. Six core U.S. large-cap funds anchor the U.S. equity sleeve, and are thus fairly sizable positions. Three of those funds beat their style-specific indices and three did not. The U.S. mid- and small-cap funds were mixed as well, although Transamerica Small Cap Growth shined relative to the Russell 2000^® Growth Index. Transamerica Large Cap Value also deserves mention; its 10.25% return was almost four percentage points better than the return of the Russell 1000^® Value Index. The international equity fund holdings lagged as a group, but the bond funds pulled their weight pretty well. Four of the five core bond funds surpassed the Bloomberg Barclays U.S. Aggregate Bond Index’s strong gain, and the Fund benefited from robust returns in the satellite bond funds. Indeed, the best-returning investment in the Fund was a bond strategy: Transamerica Emerging Markets Debt, which gained 12.25%.

In our view, most asset classes were trading richly at period end. With interest rates at historically low levels for the past few years, investors have moved further out on the risk curve in search of return, bidding up prices across many asset classes. This has made it challenging to identify pockets of real value in the markets, forcing us to think more in relative-value terms. We have been finding U.S. stocks to be particularly expensive, and consequently have sought value in foreign equity markets, both developed and emerging. On the fixed-income side, we consider government bonds and other high-quality bonds to be trading far too richly for our tastes at their current, ultra-low yields. We believe high-grade bonds in the U.S. and other developed markets are more vulnerable to a rise in interest rates today than at just about any time in history. We are thus maintaining a below-benchmark duration in the bond sleeve to reduce rate sensitivity, and also targeting more assets than usual in high-yield bonds, floating-rate bank loans, and emerging-markets debt owing to better valuations. We also continue to hold a portion of the bond sleeve in hedge-like absolute-return strategies, which we believe have the potential to offer bond-like returns without the same interest-rate sensitivity as bonds. Our overall goal is to position the Fund according to where our fundamental research suggests the best values are, while still delivering the one-stop, broad diversification that has always been this portfolio’s hallmark.

Dario Castagna, CFA

Dan McNeela, CFA

Michael Stout, CFA

Co-Portfolio Managers

Morningstar Investment Management LLC

Transamerica Funds Annual Report 2016

Page    12

Transamerica Asset Allocation – Moderate Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(2.03	)%		5.18	%		3.86	%		03/01/2002
Class A (NAV)		3.71	%		6.38	%		4.45	%		03/01/2002
Wilshire 5000® Total Market Index (A)		4.27	%		13.13	%		6.86	%
Bloomberg Barclays U.S. Aggregate Bond Index (B)		4.37	%		2.90	%		4.64	%
Class B (POP)		(2.04	)%		5.38	%		3.86	%		03/01/2002
Class B (NAV)		2.83	%		5.55	%		3.86	%		03/01/2002
Class C (POP)		1.91	%		5.65	%		3.77	%		11/11/2002
Class C (NAV)		2.88	%		5.65	%		3.77	%		11/11/2002
Class I (NAV)		3.97	%		6.66	%		6.65	%		11/30/2009
Class R (NAV)		3.40	%		6.15	%		4.23	%		06/15/2006

^(A) The Wilshire 5000^® Total Market Index measures the performance of most U.S. domiciled public securities with readily available price data. Companies in the index are weighted by available float and market-capitalization.

^(B) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.50% for Class A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. Global/international stock funds and specialty/sector funds are subject to additional market risks. Fees associated with a fund-of-funds may be higher than with other funds. An investment in the Fund is subject to the risks associated with the underlying funds including fixed income investing which is subject to credit risk, inflation risk, and interest rate risk. Investments in small- and medium-sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies

Transamerica Funds Annual Report 2016

Page    13

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

MARKET ENVIRONMENT

The 12-month period through October 31, 2016 was not unlike any other post-crisis era. Interest rates and growth remained low, global central banks remained unprecedentedly accommodative, and geopolitical events punctuated the grinding, but still positive economic improvements.

In December 2015, the U.S. Federal Reserve (“Fed”) raised its Fed funds rate target for the first time since 2006, taking its first substantive step toward normalizing the stance of monetary policy since ceasing the quantitative easing program in 2014. The European Central Bank (“ECB”) and the Bank of Japan (“BoJ”), meanwhile, continued to provide monetary stimulus over the period. The ECB launched a new corporate bond purchase program in the summer of 2016, meant to ease lending conditions in the real economy and boost credit market activity. Late in the summer, the BoJ shifted gears and adopted a new policy target, which saw global developed sovereign yields turn increasingly negative.

Domestically, the economic environment steadily improved. Labor market conditions brightened, while the unemployment rate hovered around the five percent level. Goods and services prices crept higher in aggregate, as the consumer price Index went from no year-over-year growth in September 2015 to registering approximately one and half percent growth in September 2016. Crude oil prices remained volatile thought the period.

In the U.S. financial markets, interest rates finished the fiscal year lower, while equities and the dollar were stronger. Corporate credit total returns also improved and spreads tightened markedly. Volatility was elevated around calendar year-end and slowly settled down only to surge again mid-year on the United Kingdom’s vote to exit European Union.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Multi-Manager Alternative Strategies Portfolio Class A, returned 1.07%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the BofA Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index and the HFRX Global Hedge Fund Index, returned 3.36% and (1.30)%, respectively.

STRATEGY REVIEW

The largest contributors were high yield and emerging markets debt, which were increased aggressively at the end of January. Managed futures and emerging market bonds were also strong contributors, which helped hedge the balance of the Fund.

Nearly all of the equity hedge components were negative, with the exception of developing markets equity. The largest detractors were master-limited partnerships and global macro.

During the period, the Fund utilized derivatives. These positions added to performance.

Timothy S. Galbraith

Prat Patel, CFA

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2016

Page    14

Transamerica Multi-Manager Alternative Strategies Portfolio

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(4.53	)%		1.00	%		1.17	%		12/28/2006
Class A (NAV)		1.07	%		2.14	%		1.75	%		12/28/2006
BofA Merrill Lynch 3-Month Treasury Bill Index + 3% Wrap Index (A)		3.36	%		3.15	%		3.88	%
HFRX Global Hedge Fund Index (B)		(1.30	)%		1.03	%		(0.74	)%
Class C (POP)		(0.68	)%		1.39	%		1.05	%		12/28/2006
Class C (NAV)		0.29	%		1.39	%		1.05	%		12/28/2006
Class I (NAV)		1.44	%		2.48	%		2.71	%		11/30/2009
Class R6 (NAV)		1.59	%		N/A			(2.39	)%		05/29/2015

^(A) The BofA Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index assumes a 3% wrap fee and is comprised of a single issue purchased at the beginning of the month, which is subsequently sold at the end of the month and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

^(B) The HFRX Global Hedge Fund Index is designed to measure the daily performance of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage.

^(C) Not annualized.

The BofA Merrill Lynch 3-Month Treasury Bill + 3% Wrap Index is an unmanaged index used as a general measure of market performance. The HFRX Global Hedge Fund Index is a passively-managed index designed to measure the daily performance of the overall composition of the hedge fund universe. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.50% for Class A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and Class R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Alternative strategies may not suitable for all investors. Many alternative strategies tend to use sophisticated and aggressive investment techniques. Certain alternative strategies may be tied to hard assets such as commodities, currencies and real estate and may be subject to greater volatility as they may be affected by overall market movements, changes in interest rates or factors affecting a particular industry, commodity or currency, and international economic, political, and regulatory developments.

Transamerica Funds Annual Report 2016

Page    15

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2016, and held for the entire period until October 31, 2016.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

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

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
Transamerica Asset Allocation - Conservative Portfolio
Class A	$	1,000.00	$	1,028.50	$	2.35	$	1,022.80	$	2.34		0.46	%
Class B		1,000.00		1,023.80		6.46		1,018.80		6.44		1.27
Class C		1,000.00		1,024.20		6.11		1,019.10		6.09		1.20
Class I		1,000.00		1,029.50		1.17		1,024.00		1.17		0.23
Class R		1,000.00		1,026.30		4.07		1,021.10		4.06		0.80
Transamerica Asset Allocation - Growth Portfolio
Class A		1,000.00		1,039.60		2.56		1,022.60		2.54		0.50
Class B		1,000.00		1,034.50		6.75		1,018.50		6.70		1.32
Class C		1,000.00		1,034.80		6.39		1,018.90		6.34		1.25
Class I		1,000.00		1,041.00		1.18		1,024.00		1.17		0.23
Class R		1,000.00		1,037.00		4.25		1,021.00		4.22		0.83
Transamerica Asset Allocation - Moderate Growth Portfolio
Class A		1,000.00		1,034.10		2.40		1,022.80		2.39		0.47
Class B		1,000.00		1,030.70		6.58		1,018.70		6.55		1.29
Class C		1,000.00		1,030.40		6.23		1,019.00		6.19		1.22
Class I		1,000.00		1,035.70		1.18		1,024.00		1.17		0.23
Class R		1,000.00		1,032.70		3.88		1,021.30		3.86		0.76
Transamerica Asset Allocation - Moderate Portfolio
Class A		1,000.00		1,030.60		2.35		1,022.80		2.34		0.46
Class B		1,000.00		1,026.90		6.52		1,018.70		6.50		1.28
Class C		1,000.00		1,027.40		6.12		1,019.10		6.09		1.20
Class I		1,000.00		1,032.40		1.18		1,024.00		1.17		0.23
Class R		1,000.00		1,030.00		3.62		1,021.60		3.61		0.71

Transamerica Funds Annual Report 2016

Page    16

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
Transamerica Multi-Manager Alternative Strategies Portfolio
Class A	$	1,000.00	$	1,020.00	$	3.25	$	1,021.90	$	3.25		0.64	%
Class C		1,000.00		1,015.90		7.14		1,018.00		7.15		1.41
Class I		1,000.00		1,022.10		1.68		1,023.50		1.68		0.33
Class R6		1,000.00		1,022.80		1.22		1,023.90		1.22		0.24

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

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

^(C)  Expense ratios (as disclosed in the table) do not include the expenses of the underlying funds in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

^(D)  Expense ratios are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2016

Page    17

Schedules of Investments Composition

At October 31, 2016

(unaudited)

Transamerica Asset Allocation - Conservative Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		53.0	%
U.S. Equity Funds		23.5
International Equity Funds		9.7
International Fixed Income Funds		7.3
U.S. Alternative Funds		3.7
U.S. Mixed Allocation Fund		1.6
International Alternative Funds		1.3
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Asset Allocation - Growth Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		61.6	%
International Equity Funds		27.8
U.S. Mixed Allocation Fund		5.5
U.S. Alternative Funds		3.9
International Alternative Funds		1.3
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Asset Allocation - Moderate Growth Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		45.6	%
U.S. Fixed Income Funds		21.8
International Equity Funds		20.0
International Fixed Income Funds		4.0
U.S. Mixed Allocation Fund		3.9
U.S. Alternative Funds		3.1
International Alternative Funds		1.7
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%

Transamerica Asset Allocation - Moderate Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		40.9	%
U.S. Equity Funds		32.5
International Equity Funds		14.0
International Fixed Income Funds		5.3
U.S. Alternative Funds		3.2
U.S. Mixed Allocation Fund		2.6
International Alternative Funds		1.6
Net Other Assets (Liabilities)		(0.1	)
Total		100.0	%
Transamerica Multi-Manager Alternative Strategies Portfolio
Asset Allocation	Percentage of Net Assets
U.S. Alternative Funds		28.2	%
International Alternative Funds		24.5
International Fixed Income Funds		14.9
U.S. Fixed Income Funds		13.4
International Equity Funds		12.5
Repurchase Agreement		6.7
Net Other Assets (Liabilities)		(0.2	)
Total		100.0	%

Transamerica Funds Annual Report 2016

Page    18

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.3%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		7,891		$  45,856
Transamerica Global Multifactor Macro (F)		1,447,605		14,172,051
				14,217,907
International Equity Funds - 9.7%
Transamerica Developing Markets Equity (A) (F)		2,745,400		27,206,911
Transamerica Emerging Markets Equity (F)		755,549		6,716,834
Transamerica International Equity (F)		2,191,442		36,706,659
Transamerica International Equity Opportunities (F)		2,199,844		15,992,863
Transamerica International Small Cap (F)		936,446		8,577,843
Transamerica International Small Cap Value (F)		715,566		8,171,768
				103,372,878
International Fixed Income Funds - 7.3%
Transamerica Emerging Markets Debt (F)		2,757,760		29,011,635
Transamerica Inflation Opportunities (A) (F)		4,853,842		48,781,116
				77,792,751
U.S. Alternative Funds - 3.7%
Transamerica Arbitrage Strategy Liquidating Trust (A) (B) (C) (D) (E)		13,251		130,554
Transamerica Event Driven (F)		1,072,535		10,543,014
Transamerica Managed Futures Strategy (F)		3,408,103		28,866,631
				39,540,199
U.S. Equity Funds - 23.5%
Transamerica Capital Growth (F)		1,105,339		19,266,057
Transamerica Concentrated Growth (F)		1,029,534		17,965,360
Transamerica Dividend Focused (F)		5,023,720		56,014,477
Transamerica Growth (F)		2,258,969		29,411,777
Transamerica Large Cap Value (F)		4,913,328		61,023,536

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Mid Cap Value (F)		761,434		$  11,878,364
Transamerica Mid Cap Value Opportunities (F)		476,323		5,653,957
Transamerica Multi-Cap Growth (F)		1,919,507		15,202,493
Transamerica Small Cap Core (F)		608,776		6,124,292
Transamerica Small Cap Growth (F)		243,831		3,013,756
Transamerica Small Cap Value (F)		586,854		5,733,565
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		1,529		949
Transamerica US Growth (F)		1,177,448		20,169,691
				251,458,274
U.S. Fixed Income Funds - 53.0%
Transamerica Bond (F)		6,256,123		60,684,396
Transamerica Core Bond (F)		14,973,443		151,980,447
Transamerica Flexible Income (F)		2,410,565		22,466,461
Transamerica Floating Rate (F)		1,975,164		19,652,885
Transamerica High Yield Bond (F)		3,293,996		30,140,067
Transamerica Intermediate Bond (F)		5,843,525		60,188,304
Transamerica Short-Term Bond (F)		6,863,945		68,914,010
Transamerica Total Return (F)		14,608,839		152,370,190
				566,396,760
U.S. Mixed Allocation Fund - 1.6%
Transamerica MLP & Energy Income (F)		2,290,312		17,406,369
Total Investment Companies (Cost $1,015,945,374)				1,070,185,138
Total Investments (Cost $1,015,945,374) (G)				1,070,185,138
Net Other Assets (Liabilities) - (0.1)%				(623,093	)
Net Assets - 100.0%				$  1,069,562,045

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,070,007,779	$	—	$	—	$	1,070,007,779
Total	$	1,070,007,779	$	—	$	—	$	1,070,007,779
Investment Companies Measured at Net Asset Value (I)								177,359
Total Investments							$	1,070,185,138

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  Investment in an affiliated company of Transamerica Asset Management, Inc.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $177,359, representing less than 0.1% of the Fund’s net assets.

^(D)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $177,359, representing less than 0.1% of the Fund’s net assets.

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

Transamerica Funds Annual Report 2016

Page    19

Transamerica Asset Allocation – Conservative Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(E)  Restricted securities. At October 31, 2016, the restricted securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	81,188	$	45,856		0.0	%(J)
Investment Companies	Transamerica Arbitrage Strategy Liquidating Trust		09/18/2015		132,510		130,554		0.0	(J)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		15,291		949		0.0	(J)
Total				$	228,989	$	177,359		0.0	%(J)

^(F)  Investment in the Class I2 shares of the affiliated series of Transamerica Funds.

^(G)  Aggregate cost for federal income tax purposes is $1,022,195,154. Aggregate gross unrealized appreciation and depreciation for all securities is $55,293,154 and $7,303,170, respectively. Net unrealized appreciation for tax purposes is $47,989,984.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(I)  Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented in the Schedule of Investments.

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

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

Transamerica Funds Annual Report 2016

Page    20

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.3%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		5,149		$  29,921
Transamerica Global Multifactor Macro (F)		1,945,822		19,049,595
				19,079,516
International Equity Funds - 27.8%
Transamerica Developing Markets Equity (A) (F)		11,358,803		112,565,742
Transamerica Emerging Markets Equity (F)		4,631,916		41,177,737
Transamerica Global Real Estate Securities (F)		376,206		5,206,688
Transamerica International Equity (F)		6,918,273		115,881,068
Transamerica International Equity Opportunities (F)		8,950,895		65,073,009
Transamerica International Small Cap (F)		3,207,624		29,381,834
Transamerica International Small Cap Value (F)		2,912,551		33,261,335
				402,547,413
U.S. Alternative Funds - 3.9%
Transamerica Event Driven (F)		1,784,656		17,543,168
Transamerica Managed Futures Strategy (F)		4,702,559		39,830,676
				57,373,844
U.S. Equity Funds - 61.6%
Transamerica Capital Growth (F)		3,887,678		67,762,229
Transamerica Concentrated Growth (F)		3,551,867		61,980,072

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Dividend Focused (F)		16,183,803		$  180,449,404
Transamerica Growth (F)		8,018,919		104,406,325
Transamerica Large Cap Value (F)		16,396,928		203,649,842
Transamerica Mid Cap Value (F)		4,722,827		73,676,100
Transamerica Mid Cap Value Opportunities (F)		2,610,972		30,992,241
Transamerica Multi-Cap Growth (F)		4,676,934		37,041,315
Transamerica Small Cap Core (F)		388,801		3,911,340
Transamerica Small Cap Growth (F)		1,498,882		18,526,184
Transamerica Small Cap Value (F)		4,088,734		39,946,926
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		5,111		3,173
Transamerica US Growth (F)		4,154,835		71,172,323
				893,517,474
U.S. Mixed Allocation Fund - 5.5%
Transamerica MLP & Energy Income (F)		10,425,408		79,233,102
Total Investment Companies (Cost $1,262,879,485)				1,451,751,349
Total Investments (Cost $1,262,879,485) (G)				1,451,751,349
Net Other Assets (Liabilities) - (0.1)%				(2,124,569	)
Net Assets - 100.0%				$  1,449,626,780

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	1,451,718,255	$	—	$	—	$	1,451,718,255
Total	$	1,451,718,255	$	—	$	—	$	1,451,718,255
Investment Companies Measured at Net Asset Value (I)								33,094
Total Investments							$	1,451,751,349

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  Investment in an affiliated company of Transamerica Asset Management, Inc.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $33,094, representing less than 0.1% of the Fund’s net assets.

^(D)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $33,094, representing less than 0.1% of the Fund’s net assets.

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

Transamerica Funds Annual Report 2016

Page    21

Transamerica Asset Allocation – Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(E)  Restricted securities. At October 31, 2016, the restricted securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	52,975	$	29,921		0.0	%(J)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		51,111		3,173		0.0	(J)
Total				$	104,086	$	33,094		0.0	%(J)

^(F)  Investment in the Class I2 shares of the affiliated series of Transamerica Funds.

^(G)  Aggregate cost for federal income tax purposes is $1,275,111,800. Aggregate gross unrealized appreciation and depreciation for all securities is $191,915,172 and $15,275,623, respectively. Net unrealized appreciation for tax purposes is $176,639,549.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(I)  Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented in the Schedule of Investments.

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

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

Transamerica Funds Annual Report 2016

Page    22

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.7%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		34,418		$  200,006
Transamerica Global Multifactor Macro (F)		4,639,160		45,417,379
				45,617,385
International Equity Funds - 20.0%
Transamerica Developing Markets Equity (B) (F)		13,433,332		133,124,317
Transamerica Emerging Markets Equity (F)		6,677,742		59,365,124
Transamerica Global Real Estate Securities (F)		968,321		13,401,557
Transamerica International Equity (F)		10,085,416		168,930,720
Transamerica International Equity Opportunities (F)		11,069,635		80,476,246
Transamerica International Small Cap (F)		4,457,156		40,827,550
Transamerica International Small Cap Value (F)		4,029,942		46,021,934
				542,147,448
International Fixed Income Funds - 4.0%
Transamerica Emerging Markets Debt (F)		6,055,581		63,704,717
Transamerica Inflation Opportunities (B) (F)		4,493,639		45,161,076
				108,865,793
U.S. Alternative Funds - 3.1%
Transamerica Arbitrage Strategy Liquidating Trust (A) (B) (C) (D) (E)		43,273		426,339
Transamerica Event Driven (F)		2,481,672		24,394,834
Transamerica Managed Futures Strategy (F)		6,902,822		58,466,906
				83,288,079
U.S. Equity Funds - 45.6%
Transamerica Capital Growth (F)		5,256,721		91,624,646
Transamerica Concentrated Growth (F)		4,720,839		82,378,645
Transamerica Dividend Focused (F)		22,809,370		254,324,475

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Growth (F)		10,759,917		$  140,094,122
Transamerica Large Cap Value (F)		22,712,763		282,092,523
Transamerica Mid Cap Value (F)		7,046,816		109,930,335
Transamerica Mid Cap Value Opportunities (F)		4,135,967		49,093,933
Transamerica Multi-Cap Growth (F)		8,562,358		67,813,874
Transamerica Small Cap Core (F)		1,641,681		16,515,312
Transamerica Small Cap Growth (F)		1,159,420		14,330,430
Transamerica Small Cap Value (F)		3,133,081		30,610,201
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		4,660		2,893
Transamerica US Growth (F)		5,635,704		96,539,613
				1,235,351,002
U.S. Fixed Income Funds - 21.8%
Transamerica Bond (F)		6,377,765		61,864,318
Transamerica Core Bond (F)		15,920,524		161,593,314
Transamerica Flexible Income (F)		4,921,154		45,865,158
Transamerica Floating Rate (F)		3,009,367		29,943,202
Transamerica High Yield Bond (F)		5,870,017		53,710,652
Transamerica Intermediate Bond (F)		7,143,759		73,580,720
Transamerica Short-Term Bond (F)		4,387,924		44,054,761
Transamerica Total Return (F)		11,551,585		120,483,034
				591,095,159
U.S. Mixed Allocation Fund - 3.9%
Transamerica MLP & Energy Income (F)		13,759,876		104,575,058
Total Investment Companies (Cost $2,456,891,253)				2,710,939,924
Total Investments (Cost $2,456,891,253) (G)				2,710,939,924
Net Other Assets (Liabilities) - (0.1)%				(3,492,593	)
Net Assets - 100.0%				$  2,707,447,331

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	2,710,310,686	$	—	$	—	$	2,710,310,686
Total	$	2,710,310,686	$	—	$	—	$	2,710,310,686
Investment Companies Measured at Net Asset Value (I)								629,238
Total Investments							$	2,710,939,924

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

Transamerica Funds Annual Report 2016

Page    23

Transamerica Asset Allocation – Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Investment in an affiliated company of Transamerica Asset Management, Inc.

^(B)  Non-income producing securities.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $629,238, representing less than 0.1% of the Fund’s net assets.

^(D)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $629,238, representing less than 0.1% of the Fund’s net assets.

^(E)  Restricted securities. At October 31, 2016, the restricted securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	354,111	$	200,006		0.0	%(J)
Investment Companies	Transamerica Arbitrage Strategy Liquidating Trust		09/18/2015		432,725		426,339		0.0	(J)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		46,600		2,893		0.0	(J)
Total				$	833,436	$	629,238		0.0	%(J)

^(F)  Investment in the Class I2 shares of the affiliated series of Transamerica Funds.

^(G)  Aggregate cost for federal income tax purposes is $2,471,507,052. Aggregate gross unrealized appreciation and depreciation for all securities is $269,893,233 and $30,460,361, respectively. Net unrealized appreciation for tax purposes is $239,432,872.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(I)  Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented in the Schedule of Investments.

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

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

Transamerica Funds Annual Report 2016

Page    24

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
INVESTMENT COMPANIES - 100.1%
International Alternative Funds - 1.6%
Transamerica Global Allocation Liquidating Trust (A) (B) (C) (D) (E)		21,365		$  124,153
Transamerica Global Multifactor Macro (A) (F)		3,251,734		31,834,474
				31,958,627
International Equity Funds - 14.0%
Transamerica Developing Markets Equity (A) (F)		7,397,619		73,310,409
Transamerica Emerging Markets Equity (F)		3,454,074		30,706,719
Transamerica International Equity (F)		5,507,972		92,258,533
Transamerica International Equity Opportunities (F)		5,644,290		41,033,985
Transamerica International Small Cap (F)		2,344,295		21,473,745
Transamerica International Small Cap Value (F)		2,029,621		23,178,270
				281,961,661
International Fixed Income Funds - 5.3%
Transamerica Emerging Markets Debt (F)		5,050,033		53,126,346
Transamerica Inflation Opportunities (A) (F)		5,460,351		54,876,527
				108,002,873
U.S. Alternative Funds - 3.2%
Transamerica Arbitrage Strategy Liquidating Trust (A) (B) (C) (D) (E)		28,370		279,510
Transamerica Event Driven (F)		1,931,297		18,984,649
Transamerica Managed Futures Strategy (F)		5,237,799		44,364,156
				63,628,315
U.S. Equity Funds - 32.5%
Transamerica Capital Growth (F)		2,751,847		47,964,699
Transamerica Concentrated Growth (F)		2,763,514		48,223,322
Transamerica Dividend Focused (F)		12,247,380		136,558,289
Transamerica Growth (F)		5,556,145		72,341,005

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Equity Funds (continued)
Transamerica Large Cap Value (F)		12,031,267		$  149,428,332
Transamerica Mid Cap Value (F)		3,369,966		52,571,474
Transamerica Mid Cap Value Opportunities (F)		2,037,059		24,179,887
Transamerica Multi-Cap Growth (F)		4,787,741		37,918,913
Transamerica Small Cap Core (F)		1,003,310		10,093,294
Transamerica Small Cap Growth (F)		726,626		8,981,100
Transamerica Small Cap Value (F)		1,944,071		18,993,571
Transamerica Small Company Growth Liquidating Trust (A) (B) (C) (D) (E)		2,887		1,792
Transamerica US Growth (F)		2,876,492		49,274,308
				656,529,986
U.S. Fixed Income Funds - 40.9%
Transamerica Bond (F)		8,520,982		82,653,525
Transamerica Core Bond (F)		22,748,419		230,896,450
Transamerica Flexible Income (F)		6,205,180		57,832,282
Transamerica Floating Rate (F)		3,276,961		32,605,765
Transamerica High Yield Bond (F)		4,682,444		42,844,359
Transamerica Intermediate Bond (F)		9,685,965		99,765,435
Transamerica Short-Term Bond (F)		7,320,512		73,497,941
Transamerica Total Return (F)		19,817,751		206,699,147
				826,794,904
U.S. Mixed Allocation Fund - 2.6%
Transamerica MLP & Energy Income (F)		7,004,372		53,233,224
Total Investment Companies (Cost $1,891,809,589)				2,022,109,590
Total Investments (Cost $1,891,809,589) (G)				2,022,109,590
Net Other Assets (Liabilities) - (0.1)%				(2,926,377	)
Net Assets - 100.0%				$  2,019,183,213

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	2,021,704,135	$	—	$	—	$	2,021,704,135
Total	$	2,021,704,135	$	—	$	—	$	2,021,704,135
Investment Companies Measured at Net Asset Value (I)								405,455
Total Investments							$	2,022,109,590

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  Investment in an affiliated company of Transamerica Asset Management, Inc.

^(C) Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $405,455, representing less than 0.1% of the Fund’s net assets.

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

Transamerica Funds Annual Report 2016

Page    25

Transamerica Asset Allocation – Moderate Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(D)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $405,455, representing less than 0.1% of the Fund’s net assets.

^(E) Restricted securities. At October 31, 2016, the restricted securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Global Allocation Liquidating Trust		07/31/2014	$	219,813	$	124,153		0.0	%(J)
Investment Companies	Transamerica Arbitrage Strategy Liquidating Trust		09/18/2015		283,697		279,510		0.0	(J)
Investment Companies	Transamerica Small Company Growth Liquidating Trust		10/26/2012		28,869		1,792		0.0	(J)
Total				$	532,379	$	405,455		0.0	%(J)

^(F)  Investment in the Class I2 shares of the affiliated series of Transamerica Funds.

^(G)  Aggregate cost for federal income tax purposes is $1,901,152,313. Aggregate gross unrealized appreciation and depreciation for all securities is $139,286,219 and $18,328,942, respectively. Net unrealized appreciation for tax purposes is $120,957,277.

^(H)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(I)  Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented in the Schedule of Investments.

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

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

Transamerica Funds Annual Report 2016

Page    26

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
INVESTMENT COMPANIES - 93.5%
International Alternative Funds - 24.5%
Transamerica Global Long/Short Equity (A) (B)		466,412		$  4,263,003
Transamerica Global Multifactor Macro (B)		5,640,867		55,224,092
				59,487,095
International Equity Funds - 12.5%
Transamerica Developing Markets Equity (A) (B)		1,434,266		14,213,581
Transamerica Global Real Estate Securities (B)		938,464		12,988,346
Transamerica International Small Cap (B)		200,518		1,836,741
Transamerica International Small Cap Value (B)		113,086		1,291,436
				30,330,104
International Fixed Income Funds - 14.9%
Transamerica Emerging Markets Debt (B)		1,481,833		15,588,881
Transamerica Unconstrained Bond (B)		2,079,448		20,607,329
				36,196,210
U.S. Alternative Funds - 28.2%
Transamerica Arbitrage Strategy Liquidating Trust (A) (C) (D) (E) (F)		22,689		223,538
Transamerica Event Driven (B)		2,561,532		25,179,858
Transamerica Long/Short Strategy (B)		2,362,323		14,221,182
Transamerica Managed Futures Strategy (B)		3,403,632		28,828,762
				68,453,340

	Shares		Value
INVESTMENT COMPANIES (continued)
U.S. Fixed Income Funds - 13.4%
Transamerica Flexible Income (B)		334,731		$  3,119,693
Transamerica High Yield Bond (B)		3,228,062		29,536,766
				32,656,459
Total Investment Companies (Cost $234,002,664)				227,123,208
	Principal		Value
REPURCHASE AGREEMENT - 6.7%
State Street Bank & Trust Co. 0.03% (G), dated 10/31/2016, to be repurchased at $16,262,060 on 11/01/2016. Collateralized by U.S. Government Agency Obligations, 0.75% - 0.88%, due 07/14/2017 - 08/23/2017, and with a total value of $16,590,038.		$  16,262,046		16,262,046
Total Repurchase Agreement (Cost $16,262,046)				16,262,046
Total Investments (Cost $250,264,710) (H)				243,385,254
Net Other Assets (Liabilities) - (0.2)%				(439,628	)
Net Assets - 100.0%				$  242,945,626

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Investment Companies	$	226,899,670	$	—	$	—	$	226,899,670
Repurchase Agreement		—		16,262,046		—		16,262,046
Total	$	226,899,670	$	16,262,046	$	—	$	243,161,716
Investment Companies Measured at Net Asset Value (J)								223,538
Total Investments							$	243,385,254

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  Investment in the Class I2 shares of the affiliated series of Transamerica Funds.

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

^(D) Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, value of the security is $223,538, representing 0.1% of the Fund’s net assets.

^(E) Illiquid security. At October 31, 2016, value of the illiquid security is $223,538, representing 0.1% of the Fund’s net assets.

^(F) Restricted security. At October 31, 2016, the restricted security held by the Fund is as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Investment Companies	Transamerica Arbitrage Strategy Liquidating Trust		09/18/2015	$	226,886	$	223,538		0.1	%

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

Transamerica Funds Annual Report 2016

Page    27

Transamerica Multi-Manager Alternative Strategies Portfolio

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(G) Rate disclosed reflects the yield at October 31, 2016.

^(H) Aggregate cost for federal income tax purposes is $250,943,514. Aggregate gross unrealized appreciation and depreciation for all securities is $5,319,742 and $12,878,002, respectively. Net unrealized depreciation for tax purposes is $7,558,260.

^(I)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(J) Certain investments are measured at fair value using the net asset value per share, or its equivalent, practical expedient and have not been classified in the fair value levels. The fair value amount presented is intended to permit reconciliation to the Total Investments amount presented in the Schedule of Investments.

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

Transamerica Funds Annual Report 2016

Page    28

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2016

	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
Assets:
Affiliated investments, at value (A)	$	1,070,185,138	$	1,451,751,349		$	2,710,939,924	$	2,022,109,590	$	227,123,208
Repurchase agreements, at value (B)		—		—			—		—		16,262,046
Cash on deposit with broker		—		—			—		—		1,671
Receivables:
Shares of beneficial interest sold		1,957,353		710,991			1,363,882		782,174		854,170
Affiliated investments sold		—		335,577			1,085,194		628,641		—
Interest		—		—			—		—		13
Dividends		50,594		—			73,167		79,308		25,728
Total assets		1,072,193,085		1,452,797,917			2,713,462,167		2,023,599,713		244,266,836
Liabilities:
Due to custodian		30		30			1,176		15		—
Payables and other liabilities:
Shares of beneficial interest redeemed		1,576,131		1,980,216			3,846,758		2,855,031		1,119,280
Affiliated investments purchased		295,516		—			—		—		—
Investment management fees		111,350		152,987			284,936		212,030		47,133
Distribution and service fees		493,269		752,613			1,434,384		1,051,393		76,283
Transfer agent fees		77,548		167,015			253,176		158,863		32,983
Trustees, CCO and deferred compensation fees		568		830			1,575		1,146		203
Audit and tax fees		16,630		18,041			22,171		19,842		14,738
Custody fees		5,444		5,877			9,776		7,951		1,145
Legal fees		6,414		9,604			18,143		13,191		2,094
Printing and shareholder reports fees		36,443		69,587			121,134		80,434		24,678
Registration fees		9,590		11,325			15,949		12,440		2,107
Other		2,107		3,012			5,658		4,164		566
Total liabilities		2,631,040		3,171,137			6,014,836		4,416,500		1,321,210
Net assets	$	1,069,562,045	$	1,449,626,780		$	2,707,447,331	$	2,019,183,213	$	242,945,626
Net assets consist of:
Paid-in capital	$	993,957,720	$	1,186,837,517		$	2,336,448,708	$	1,824,661,229	$	253,990,238
Undistributed (distributions in excess of) net investment income (loss)		265,842		(2,846,552	)		3,483,348		6,937,555		998,977
Accumulated net realized gain (loss)		21,098,719		76,763,951			113,466,604		57,284,428		(5,164,133	)
Net unrealized appreciation (depreciation) on:
Affiliated investments		54,239,764		188,871,864			254,048,671		130,300,001		(6,879,456	)
Net assets	$	1,069,562,045	$	1,449,626,780		$	2,707,447,331	$	2,019,183,213	$	242,945,626
Net assets by class:
Class A	$	622,495,244	$	727,751,617		$	1,315,381,163	$	1,000,707,388	$	61,340,781
Class B		14,365,889		26,930,749			47,690,605		29,432,430		—
Class C		405,546,533		660,686,890			1,286,725,986		939,969,950		72,958,636
Class I		25,945,748		32,115,785			53,166,598		43,817,827		108,591,015
Class R		1,208,631		2,141,739			4,482,979		5,255,618		—
Class R6		—		—			—		—		55,194
Shares outstanding (unlimited shares, no par value):
Class A		55,690,602		49,486,266			98,588,191		82,626,336		6,314,539
Class B		1,291,956		1,869,803			3,549,382		2,406,762		—
Class C		36,596,181		46,326,941			97,164,342		78,262,405		7,603,770
Class I		2,315,263		2,182,289			3,985,846		3,618,555		11,181,878
Class R		107,179		146,950			338,083		436,882		—
Class R6		—		—			—		—		5,604
Net asset value per share: (C)
Class A	$	11.18	$	14.71		$	13.34	$	12.11	$	9.71
Class B		11.12		14.40			13.44		12.23		—
Class C		11.08		14.26			13.24		12.01		9.60
Class I		11.21		14.72			13.34		12.11		9.71
Class R		11.28		14.57			13.26		12.03		—
Class R6		—		—			—		—		9.85
Maximum offering price per share: (D)
Class A	$	11.83	$	15.57		$	14.12	$	12.81	$	10.28
(A)      Affiliated investments, at cost	$	1,015,945,374	$	1,262,879,485		$	2,456,891,253	$	1,891,809,589	$	234,002,664
(B)      Repurchase agreements, at cost	$	—	$	—		$	—	$	—	$	16,262,046

^(C)  Net asset value per share for Class B, C, I, R and R6 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

^(D) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the prospectus.

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

Transamerica Funds Annual Report 2016

Page    29

STATEMENTS OF OPERATIONS

For the year ended October 31, 2016

	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
Investment Income:
Dividend income from affiliated investments	$	26,921,597		$	31,968,616		$	62,758,920		$	51,949,496		$	11,918,015
Interest income from repurchase agreements		—			—			—			—			4,152
Total investment income		26,921,597			31,968,616			62,758,920			51,949,496			11,922,167
Expenses:
Investment advisory fees		311,712			479,375			910,807			656,818			227,278
Investment management fees		849,013			1,210,199			2,273,659			1,676,638			413,546
Distribution and service fees:
Class A		1,326,026			1,793,618			3,247,456			2,369,695			184,028
Class B		190,776			353,491			634,922			374,925			—
Class C		4,272,783			6,802,057			13,453,650			9,887,824			847,734
Class R		7,139			10,394			24,059			28,720			—
Administration fees		70,135			107,859			204,932			147,784			25,569
Transfer agent fees
Class A		458,759			964,930			1,352,141			850,867			125,238
Class B		28,869			78,854			123,047			63,236			—
Class C		318,830			818,060			1,296,245			773,484			147,431
Class I		28,441			36,086			58,242			48,586			148,303
Class R		3,048			4,456			7,006			5,242			—
Class R6		—			—			—			—			4
Trustees, CCO and deferred compensation fees		15,581			22,730			42,822			31,364			4,542
Audit and tax fees		25,880			30,418			43,463			36,047			18,988
Custody fees		27,633			27,205			43,472			36,872			5,585
Legal fees		30,606			44,562			84,158			61,768			8,730
Printing and shareholder reports fees		67,467			136,898			229,471			149,315			60,246
Registration fees		78,981			90,979			105,209			89,173			51,160
Other		16,672			22,736			40,325			30,474			9,485
Total expenses before waiver and/or reimbursement and recapture		8,128,351			13,034,907			24,175,086			17,318,832			2,277,867
Reimbursement of custody fees (A)		(112,841	)		(162,586	)		(318,595	)		(222,131	)		(42,969	)
Net expenses		8,015,510			12,872,321			23,856,491			17,096,701			2,234,898
Net investment income (loss)		18,906,087			19,096,295			38,902,429			34,852,795			9,687,269
Net realized gain (loss) on:
Affiliated investments		(2,371,447	)		(7,282,505	)		(11,365,230	)		(7,764,533	)		(15,381,728	)
Distributions received from affiliated investments		27,651,702			92,650,374			137,007,662			73,303,156			11,319,986
Futures contracts		—			—			—			—			1,671
Net realized gain (loss)		25,280,255			85,367,869			125,642,432			65,538,623			(4,060,071	)
Net change in unrealized appreciation (depreciation) on:
Affiliated investments		(7,886,941	)		(63,683,427	)		(84,551,770	)		(33,596,416	)		(5,088,135	)
Net change in unrealized appreciation (depreciation)		(7,886,941	)		(63,683,427	)		(84,551,770	)		(33,596,416	)		(5,088,135	)
Net realized and change in unrealized gain (loss)		17,393,314			21,684,442			41,090,662			31,942,207			(9,148,206	)
Net increase (decrease) in net assets resulting from operations	$	36,299,401		$	40,780,737		$	79,993,091		$	66,795,002		$	539,063

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

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

Transamerica Funds Annual Report 2016

Page    30

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	18,906,087		$	15,156,798		$	19,096,295		$	14,166,335		$	38,902,429		$	38,752,895
Net realized gain (loss)		25,280,255			32,328,922			85,367,869			108,063,176			125,642,432			161,520,264
Net change in unrealized appreciation (depreciation)		(7,886,941	)		(40,313,267	)		(63,683,427	)		(86,138,579	)		(84,551,770	)		(153,286,573	)
Net increase (decrease) in net assets resulting from operations		36,299,401			7,172,453			40,780,737			36,090,932			79,993,091			46,986,586
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(11,083,020	)		(7,950,278	)		(10,602,704	)		(9,915,304	)		(21,563,243	)		(23,204,490	)
Class B		(317,541	)		(383,075	)		(154,344	)		(272,985	)		(389,831	)		(932,469	)
Class C		(6,687,349	)		(6,124,769	)		(5,340,712	)		(5,117,524	)		(12,345,396	)		(15,939,870	)
Class I		(652,493	)		(677,801	)		(589,640	)		(513,344	)		(1,059,808	)		(1,130,441	)
Class R		(26,848	)		(26,361	)		(28,452	)		(22,590	)		(75,777	)		(82,139	)
Total dividends and/or distributions from net investment income		(18,767,251	)		(15,162,284	)		(16,715,852	)		(15,841,747	)		(35,434,055	)		(41,289,409	)
Net realized gains:
Class A		(15,599,535	)		(28,848,494	)		(51,416,545	)		(43,817,758	)		(74,571,237	)		(113,216,850	)
Class B		(757,797	)		(2,471,863	)		(3,164,671	)		(4,270,754	)		(4,414,706	)		(10,784,691	)
Class C		(14,884,096	)		(35,562,504	)		(51,508,074	)		(45,343,654	)		(80,752,726	)		(131,892,635	)
Class I		(893,234	)		(2,279,709	)		(2,397,941	)		(1,866,569	)		(3,184,273	)		(4,794,292	)
Class R		(51,369	)		(117,315	)		(165,692	)		(127,288	)		(308,153	)		(473,869	)
Total dividends and/or distributions from net realized gains		(32,186,031	)		(69,279,885	)		(108,652,923	)		(95,426,023	)		(163,231,095	)		(261,162,337	)
Total dividends and/or distributions to shareholders		(50,953,282	)		(84,442,169	)		(125,368,775	)		(111,267,770	)		(198,665,150	)		(302,451,746	)
Capital share transactions:
Proceeds from shares sold:
Class A		238,518,552			124,752,347			84,950,169			93,211,059			171,622,293			157,077,291
Class B		389,041			593,790			126,187			385,841			174,053			689,016
Class C		34,367,249			51,727,303			47,880,111			73,639,847			78,467,898			132,894,372
Class I		7,247,229			7,970,255			10,577,512			13,173,712			17,144,197			20,231,715
Class R		775,520			485,843			913,536			1,080,257			1,114,753			2,001,213
		281,297,591			185,529,538			144,447,515			181,490,716			268,523,194			312,893,607
Dividends and/or distributions reinvested:
Class A		25,858,245			35,170,963			60,217,193			52,080,723			92,677,301			130,967,987
Class B		965,497			2,450,386			3,251,405			4,376,939			4,666,920			11,285,142
Class C		18,215,027			34,804,372			50,835,454			44,715,344			82,142,836			128,388,655
Class I		1,147,910			2,299,909			2,370,204			1,945,886			3,462,132			4,723,885
Class R		60,222			108,838			146,777			140,287			242,765			408,304
		46,246,901			74,834,468			116,821,033			103,259,179			183,191,954			275,773,973
Cost of shares redeemed:
Class A		(93,633,013	)		(98,788,028	)		(124,556,178	)		(129,972,746	)		(224,291,468	)		(227,053,779	)
Class B		(3,564,545	)		(8,844,496	)		(4,723,557	)		(8,011,024	)		(11,518,422	)		(18,711,214	)
Class C		(91,567,215	)		(101,826,352	)		(113,192,919	)		(102,381,209	)		(245,427,910	)		(226,616,935	)
Class I		(10,091,596	)		(12,460,827	)		(13,436,838	)		(9,635,942	)		(20,662,865	)		(19,472,588	)
Class R		(1,129,889	)		(975,386	)		(1,043,155	)		(970,237	)		(1,882,984	)		(2,029,329	)
		(199,986,258	)		(222,895,089	)		(256,952,647	)		(250,971,158	)		(503,783,649	)		(493,883,845	)
Automatic conversions:
Class A		6,781,530			4,792,743			16,245,805			19,678,226			25,773,435			32,306,534
Class B		(6,781,530	)		(4,792,743	)		(16,245,805	)		(19,678,226	)		(25,773,435	)		(32,306,534	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		127,558,234			37,468,917			4,315,901			33,778,737			(52,068,501	)		94,783,735
Net increase (decrease) in net assets		112,904,353			(39,800,799	)		(80,272,137	)		(41,398,101	)		(170,740,560	)		(160,681,425	)
Net assets:
Beginning of year		956,657,692			996,458,491			1,529,898,917			1,571,297,018			2,878,187,891			3,038,869,316
End of year	$	1,069,562,045		$	956,657,692		$	1,449,626,780		$	1,529,898,917		$	2,707,447,331		$	2,878,187,891
Undistributed (distributions in excess of) net investment income (loss)	$	265,842		$	123,277		$	(2,846,552	)	$	(5,238,029	)	$	3,483,348		$	—

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

Transamerica Funds Annual Report 2016

Page    31

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation – Conservative Portfolio						Transamerica Asset Allocation – Growth Portfolio						Transamerica Asset Allocation – Moderate Growth Portfolio
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		21,743,739			10,849,685			5,942,349			5,913,415			13,138,107			11,170,191
Class B		36,499			52,156			8,836			25,006			13,232			48,918
Class C		3,172,105			4,501,981			3,457,485			4,786,172			6,069,512			9,431,415
Class I		659,923			682,855			737,491			833,899			1,316,263			1,425,097
Class R		70,529			41,392			65,556			68,326			85,715			142,047
		25,682,795			16,128,069			10,211,717			11,626,818			20,622,829			22,217,668
Shares reinvested:
Class A		2,397,134			3,076,710			4,246,632			3,353,556			7,229,119			9,428,941
Class B		90,185			215,159			232,575			286,261			358,718			804,932
Class C		1,706,878			3,067,049			3,673,085			2,943,736			6,412,399			9,263,251
Class I		106,161			200,806			167,387			125,460			270,691			340,829
Class R		5,546			9,436			10,417			9,074			18,996			29,502
		4,305,904			6,569,160			8,330,096			6,718,087			14,289,923			19,867,455
Shares redeemed:
Class A		(8,518,473	)		(8,500,896	)		(8,688,968	)		(8,232,407	)		(17,236,075	)		(16,035,991	)
Class B		(326,947	)		(761,809	)		(334,836	)		(515,478	)		(878,130	)		(1,305,077	)
Class C		(8,401,227	)		(8,822,610	)		(8,123,625	)		(6,645,705	)		(18,929,567	)		(16,050,402	)
Class I		(913,441	)		(1,066,273	)		(938,887	)		(611,525	)		(1,590,532	)		(1,383,656	)
Class R		(102,263	)		(81,988	)		(75,244	)		(62,147	)		(146,556	)		(145,683	)
		(18,262,351	)		(19,233,576	)		(18,161,560	)		(16,067,262	)		(38,780,860	)		(34,920,809	)
Automatic conversions:
Class A		616,089			411,702			1,136,655			1,248,620			1,992,220			2,278,528
Class B		(619,128	)		(413,855	)		(1,157,199	)		(1,273,359	)		(1,963,526	)		(2,265,586	)
		(3,039	)		(2,153	)		(20,544	)		(24,739	)		28,694			12,942
Net increase (decrease) in shares outstanding:
Class A		16,238,489			5,837,201			2,636,668			2,283,184			5,123,371			6,841,669
Class B		(819,391	)		(908,349	)		(1,250,624	)		(1,477,570	)		(2,469,706	)		(2,716,813	)
Class C		(3,522,244	)		(1,253,580	)		(993,055	)		1,084,203			(6,447,656	)		2,644,264
Class I		(147,357	)		(182,612	)		(34,009	)		347,834			(3,578	)		382,270
Class R		(26,188	)		(31,160	)		729			15,253			(41,845	)		25,866
		11,723,309			3,461,500			359,709			2,252,904			(3,839,414	)		7,177,256

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

Transamerica Funds Annual Report 2016

Page    32

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Multi-Manager Alternative Strategies Portfolio
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	34,852,795		$	31,589,172		$	9,687,269		$	4,501,691
Net realized gain (loss)		65,538,623			84,329,254			(4,060,071	)		8,672,222
Net change in unrealized appreciation (depreciation)		(33,596,416	)		(93,653,475	)		(5,088,135	)		(27,805,366	)
Net increase (decrease) in net assets resulting from operations		66,795,002			22,264,951			539,063			(14,631,453	)
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(18,542,583	)		(18,051,641	)		(2,433,441	)		(881,993	)
Class B		(417,134	)		(679,313	)		—			—
Class C		(12,983,816	)		(14,901,419	)		(1,889,157	)		(51,101	)
Class I		(1,112,676	)		(1,075,845	)		(5,417,255	)		(2,694,075	)
Class R		(103,010	)		(101,946	)		—			—
Class R6 (A)		—			—			(913	)		—
Total dividends and/or distributions from net investment income		(33,159,219	)		(34,810,164	)		(9,740,766	)		(3,627,169	)
Net realized gains:
Class A		(38,536,484	)		(65,650,537	)		(1,502,187	)		—
Class B		(1,879,751	)		(4,936,113	)		—			—
Class C		(43,906,920	)		(83,844,846	)		(1,666,391	)		—
Class I		(2,073,175	)		(3,460,467	)		(2,976,476	)		—
Class R		(240,557	)		(414,785	)		—			—
Class R6 (A)		—			—			(816	)		—
Total dividends and/or distributions from net realized gains		(86,636,887	)		(158,306,748	)		(6,145,870	)		—
Total dividends and/or distributions to shareholders		(119,796,106	)		(193,116,912	)		(15,886,636	)		(3,627,169	)
Capital share transactions:
Proceeds from shares sold:
Class A		215,836,917			197,261,801			9,768,314			15,796,420
Class B		112,271			464,768			—			—
Class C		61,469,915			97,892,933			2,525,084			7,427,443
Class I		14,443,575			16,980,947			21,269,628			56,927,692
Class R		1,371,028			1,304,727			—			—
Class R6 (A)		—			—			6,692			50,000
		293,233,706			313,905,176			33,569,718			80,201,555
Dividends and/or distributions reinvested:
Class A		54,945,229			79,997,981			3,705,296			832,410
Class B		2,200,048			5,363,406			—			—
Class C		49,137,356			84,319,599			3,133,312			45,273
Class I		2,429,543			3,499,736			6,792,445			1,905,161
Class R		300,525			467,429			—			—
Class R6 (A)		—			—			1,729			—
		109,012,701			173,648,151			13,632,782			2,782,844
Cost of shares redeemed:
Class A		(153,181,661	)		(228,401,477	)		(40,084,187	)		(50,461,642	)
Class B		(6,158,304	)		(11,781,567	)		—			—
Class C		(192,514,176	)		(177,978,898	)		(30,632,307	)		(27,183,653	)
Class I		(20,292,177	)		(15,496,599	)		(102,602,237	)		(96,235,357	)
Class R		(1,754,502	)		(1,514,360	)		—			—
Class R6 (A)		—			—			(56	)		—
		(373,900,820	)		(435,172,901	)		(173,318,787	)		(173,880,652	)
Automatic conversions:
Class A		13,022,119			12,285,594			—			—
Class B		(13,022,119	)		(12,285,594	)		—			—
		—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		28,345,587			52,380,426			(126,116,287	)		(90,896,253	)
Net increase (decrease) in net assets		(24,655,517	)		(118,471,535	)		(141,463,860	)		(109,154,875	)
Net assets:
Beginning of year		2,043,838,730			2,162,310,265			384,409,486			493,564,361
End of year	$	2,019,183,213		$	2,043,838,730		$	242,945,626		$	384,409,486
Undistributed (distributions in excess of) net investment income (loss)	$	6,937,555		$	5,234,692		$	998,977		$	895,050

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

Transamerica Funds Annual Report 2016

Page    33

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Asset Allocation – Moderate Portfolio						Transamerica Multi-Manager Alternative Strategies Portfolio
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		18,302,657			15,657,575			1,013,940			1,512,907
Class B		9,540			36,238			—			—
Class C		5,242,495			7,770,201			266,471			718,185
Class I		1,216,605			1,341,961			2,224,465			5,442,706
Class R		117,050			103,146			—			—
Class R6 (A)		—			—			707			4,721
		24,888,347			24,909,121			3,505,583			7,678,519
Shares reinvested:
Class A		4,740,745			6,430,702			394,180			79,504
Class B		186,761			425,667			—			—
Class C		4,250,636			6,794,492			335,473			4,353
Class I		210,168			281,783			724,914			182,487
Class R		26,065			37,726			—			—
Class R6 (A)		—			—			182			—
		9,414,375			13,970,370			1,454,749			266,344
Shares redeemed:
Class A		(12,949,095	)		(18,006,581	)		(4,200,079	)		(4,827,965	)
Class B		(513,681	)		(916,435	)		—			—
Class C		(16,331,651	)		(14,119,044	)		(3,228,158	)		(2,636,310	)
Class I		(1,721,895	)		(1,219,254	)		(10,736,708	)		(9,293,351	)
Class R		(147,768	)		(119,514	)		—			—
Class R6 (A)		—			—			(6	)		—
		(31,664,090	)		(34,380,828	)		(18,164,951	)		(16,757,626	)
Automatic conversions:
Class A		1,103,996			969,888			—			—
Class B		(1,090,225	)		(961,376	)		—			—
		13,771			8,512			—			—
Net increase (decrease) in shares outstanding:
Class A		11,198,303			5,051,584			(2,791,959	)		(3,235,554	)
Class B		(1,407,605	)		(1,415,906	)		—			—
Class C		(6,838,520	)		445,649			(2,626,214	)		(1,913,772	)
Class I		(295,122	)		404,490			(7,787,329	)		(3,668,158	)
Class R		(4,653	)		21,358			—			—
Class R6 (A)		—			—			883			4,721
		2,652,403			4,507,175			(13,204,619	)		(8,812,763	)

^(A) Commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    34

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.40		$	12.38		$	12.33		$	11.73		$	11.17
Investment operations:
Net investment income (loss) (A) (B)		0.23	(C)		0.23			0.29			0.27			0.28
Net realized and unrealized gain (loss)		0.18			(0.11	)		0.39			0.64			0.55
Total investment operations		0.41			0.12			0.68			0.91			0.83
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.23	)		(0.30	)		(0.27	)		(0.27	)
Net realized gains		(0.38	)		(0.87	)		(0.33	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.63	)		(1.10	)		(0.63	)		(0.31	)		(0.27	)
Net asset value, end of year	$	11.18		$	11.40		$	12.38		$	12.33		$	11.73
Total return (D)		3.83	%		1.07	%		5.65	%		7.90	%		7.55	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	622,495		$	449,574		$	416,116		$	451,868		$	495,444
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.51	%		0.53	%		0.58	%		0.59	%
Including waiver and/or reimbursement and recapture		0.47	%(C)		0.51	%		0.53	%		0.58	%		0.59	%
Net investment income (loss) to average net assets (B)		2.12	%(C)		1.94	%		2.38	%		2.30	%		2.40	%
Portfolio turnover rate (F)		4	%		11	%		26	%		6	%		20	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.34		$	12.32		$	12.26		$	11.66		$	11.11
Investment operations:
Net investment income (loss) (A) (B)		0.18	(C)		0.15			0.21			0.19			0.20
Net realized and unrealized gain (loss)		0.14			(0.12	)		0.38			0.63			0.55
Total investment operations		0.32			0.03			0.59			0.82			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.14	)		(0.20	)		(0.18	)		(0.20	)
Net realized gains		(0.38	)		(0.87	)		(0.33	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.54	)		(1.01	)		(0.53	)		(0.22	)		(0.20	)
Net asset value, end of year	$	11.12		$	11.34		$	12.32		$	12.26		$	11.66
Total return(D)		3.01	%		0.23	%		4.96	%		7.13	%		6.81	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,366		$	23,943		$	37,192		$	52,694		$	65,549
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.30	%		1.29	%		1.28	%		1.29	%		1.28	%
Including waiver and/or reimbursement and recapture		1.29	%(C)		1.29	%		1.28	%		1.29	%		1.28	%
Net investment income (loss) to average net assets (B)		1.66	%(C)		1.31	%		1.73	%		1.62	%		1.78	%
Portfolio turnover rate (F)		4	%		11	%		26	%		6	%		20	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E) Does not include expenses of the underlying funds in which the Fund invests.

^(F) Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    35

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.30		$	12.29		$	12.24		$	11.64		$	11.09
Investment operations:
Net investment income (loss) (A) (B)		0.17	(C)		0.15			0.21			0.19			0.20
Net realized and unrealized gain (loss)		0.16			(0.12	)		0.38			0.64			0.55
Total investment operations		0.33			0.03			0.59			0.83			0.75
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.15	)		(0.21	)		(0.19	)		(0.20	)
Net realized gains		(0.38	)		(0.87	)		(0.33	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.55	)		(1.02	)		(0.54	)		(0.23	)		(0.20	)
Net asset value, end of year	$	11.08		$	11.30		$	12.29		$	12.24		$	11.64
Total return (D)		3.10	%		0.26	%		4.97	%		7.24	%		6.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	405,546		$	453,483		$	508,285		$	548,471		$	584,283
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.22	%		1.22	%		1.22	%		1.23	%		1.22	%
Including waiver and/or reimbursement and recapture		1.21	%(C)		1.22	%		1.22	%		1.23	%		1.22	%
Net investment income (loss) to average net assets (B)		1.56	%(C)		1.26	%		1.69	%		1.63	%		1.77	%
Portfolio turnover rate (F)		4	%		11	%		26	%		6	%		20	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.42		$	12.40		$	12.35		$	11.75		$	11.19
Investment operations:
Net investment income (loss) (A) (B)		0.28	(C)		0.27			0.32			0.30			0.30
Net realized and unrealized gain (loss)		0.16			(0.12	)		0.39			0.65			0.56
Total investment operations		0.44			0.15			0.71			0.95			0.86
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.26	)		(0.33	)		(0.31	)		(0.30	)
Net realized gains		(0.38	)		(0.87	)		(0.33	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.65	)		(1.13	)		(0.66	)		(0.35	)		(0.30	)
Net asset value, end of year	$	11.21		$	11.42		$	12.40		$	12.35		$	11.75
Total return		4.13	%		1.33	%		5.94	%		8.24	%		7.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	25,946		$	28,126		$	32,814		$	28,551		$	24,297
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.26	%		0.26	%		0.26	%		0.25	%
Including waiver and/or reimbursement and recapture		0.25	%(C)		0.26	%		0.26	%		0.26	%		0.25	%
Net investment income (loss) to average net assets (B)		2.50	%(C)		2.28	%		2.58	%		2.47	%		2.58	%
Portfolio turnover rate (E)		4	%		11	%		26	%		6	%		20	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Does not include expenses of the underlying funds in which the Fund invests.

^(E)  Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    36

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Conservative Portfolio
	Class R
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.49		$	12.47		$	12.41		$	11.81		$	11.24
Investment operations:
Net investment income (loss) (A) (B)		0.22	(C)		0.21			0.25			0.27			0.26
Net realized and unrealized gain (loss)		0.15			(0.13	)		0.40			0.61			0.55
Total investment operations		0.37			0.08			0.65			0.88			0.81
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.19	)		(0.26	)		(0.24	)		(0.24	)
Net realized gains		(0.38	)		(0.87	)		(0.33	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.58	)		(1.06	)		(0.59	)		(0.28	)		(0.24	)
Net asset value, end of year	$	11.28		$	11.49		$	12.47		$	12.41		$	11.81
Total return		3.44	%		0.68	%		5.40	%		7.61	%		7.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,209		$	1,532		$	2,051		$	2,439		$	2,589
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.86	%		0.86	%		0.82	%		0.81	%		0.85	%
Including waiver and/or reimbursement and recapture		0.85	%(C)		0.86	%		0.82	%		0.81	%		0.85	%
Net investment income (loss) to average net assets (B)		1.97	%(C)		1.77	%		2.06	%		2.21	%		2.23	%
Portfolio turnover rate (E)		4	%		11	%		26	%		6	%		20	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Does not include expenses of the underlying funds in which the Fund invests.

^(E) Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	15.57		$	16.35		$	15.26		$	12.37		$	11.49
Investment operations:
Net investment income (loss) (A) (B)		0.23	(C)		0.20			0.32			0.16			0.07
Net realized and unrealized gain (loss)		0.24			0.23			1.08			2.87			0.94
Total investment operations		0.47			0.43			1.40			3.03			1.01
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.22	)		(0.31	)		(0.14	)		(0.13	)
Net realized gains		(1.10	)		(0.99	)		—			—			—
Total dividends and/or distributions to shareholders		(1.33	)		(1.21	)		(0.31	)		(0.14	)		(0.13	)
Net asset value, end of year	$	14.71		$	15.57		$	16.35		$	15.26		$	12.37
Total return (D)		3.28	%		2.65	%		9.30	%		24.75	%		8.96	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	727,751		$	729,547		$	728,850		$	693,517		$	601,498
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.53	%		0.53	%		0.55	%		0.62	%		0.65	%
Including waiver and/or reimbursement and recapture		0.52	%(C)		0.53	%		0.55	%		0.62	%		0.65	%
Net investment income (loss) to average net assets (B)		1.63	%(C)		1.26	%		2.02	%		1.18	%		0.56	%
Portfolio turnover rate (F)		1	%		6	%		31	%		22	%		21	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    37

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	15.22		$	15.98		$	14.91		$	12.07		$	11.20
Investment operations:
Net investment income (loss) (A) (B)		0.15	(C)		0.10			0.23			0.07			(0.01	)
Net realized and unrealized gain (loss)		0.18			0.19			1.03			2.80			0.91
Total investment operations		0.33			0.29			1.26			2.87			0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.06	)		(0.19	)		(0.03	)		(0.03	)
Net realized gains		(1.10	)		(0.99	)		—			—			—
Total dividends and/or distributions to shareholders		(1.15	)		(1.05	)		(0.19	)		(0.03	)		(0.03	)
Net asset value, end of year	$	14.40		$	15.22		$	15.98		$	14.91		$	12.07
Total return (D)		2.39	%		1.79	%		8.49	%		23.83	%		8.08	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	26,931		$	47,506		$	73,479		$	98,099		$	106,594
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.37	%		1.35	%		1.34	%		1.38	%		1.38	%
Including waiver and/or reimbursement and recapture		1.36	%(C)		1.35	%		1.34	%		1.38	%		1.38	%
Net investment income (loss) to average net assets (B)		1.10	%(C)		0.64	%		1.51	%		0.51	%		(0.12	)%
Portfolio turnover rate (F)		1	%		6	%		31	%		22	%		21	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	15.13		$	15.92		$	14.88		$	12.06		$	11.20
Investment operations:
Net investment income (loss) (A) (B)		0.13	(C)		0.08			0.20			0.07			(0.01	)
Net realized and unrealized gain (loss)		0.21			0.23			1.06			2.81			0.92
Total investment operations		0.34			0.31			1.26			2.88			0.91
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.11	)		(0.22	)		(0.06	)		(0.05	)
Net realized gains		(1.10	)		(0.99	)		—			—			—
Total dividends and/or distributions to shareholders		(1.21	)		(1.10	)		(0.22	)		(0.06	)		(0.05	)
Net asset value, end of year	$	14.26		$	15.13		$	15.92		$	14.88		$	12.06
Total return (D)		2.49	%		1.91	%		8.51	%		23.95	%		8.22	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	660,687		$	716,039		$	736,246		$	710,928		$	629,208
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.27	%		1.26	%		1.26	%		1.30	%		1.29	%
Including waiver and/or reimbursement and recapture		1.26	%(C)		1.26	%		1.26	%		1.30	%		1.29	%
Net investment income (loss) to average net assets (B)		0.93	%(C)		0.54	%		1.32	%		0.51	%		(0.08	)%
Portfolio turnover rate (F)		1	%		6	%		31	%		22	%		21	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    38

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	15.59		$	16.37		$	15.28		$	12.39		$	11.53
Investment operations:
Net investment income (loss) (A) (B)		0.28	(C)		0.23			0.35			0.20			0.10
Net realized and unrealized gain (loss)		0.22			0.25			1.11			2.88			0.94
Total investment operations		0.50			0.48			1.46			3.08			1.04
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.27	)		(0.37	)		(0.19	)		(0.18	)
Net realized gains		(1.10	)		(0.99	)		—			—			—
Total dividends and/or distributions to shareholders		(1.37	)		(1.26	)		(0.37	)		(0.19	)		(0.18	)
Net asset value, end of year	$	14.72		$	15.59		$	16.37		$	15.28		$	12.39
Total return		3.52	%		2.96	%		9.64	%		25.21	%		9.28	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	32,116		$	34,547		$	30,595		$	23,052		$	17,219
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.26	%		0.26	%		0.26	%		0.27	%		0.25	%
Including waiver and/or reimbursement and recapture		0.25	%(C)		0.26	%		0.26	%		0.27	%		0.25	%
Net investment income (loss) to average net assets (B)		1.96	%(C)		1.48	%		2.19	%		1.49	%		0.86	%
Portfolio turnover rate (E)		1	%		6	%		31	%		22	%		21	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Does not include expenses of the underlying funds in which the Fund invests.

^(E)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Growth Portfolio
	Class R
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	15.45		$	16.24		$	15.16		$	12.27		$	11.39
Investment operations:
Net investment income (loss) (A) (B)		0.21	(C)		0.15			0.23			0.13			0.06
Net realized and unrealized gain (loss)		0.20			0.23			1.12			2.86			0.92
Total investment operations		0.41			0.38			1.35			2.99			0.98
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.18	)		(0.27	)		(0.10	)		(0.10	)
Net realized gains		(1.10	)		(0.99	)		—			—			—
Total dividends and/or distributions to shareholders		(1.29	)		(1.17	)		(0.27	)		(0.10	)		(0.10	)
Net asset value, end of year	$	14.57		$	15.45		$	16.24		$	15.16		$	12.27
Total return		2.90	%		2.29	%		9.01	%		24.51	%		8.76	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,142		$	2,260		$	2,127		$	2,541		$	1,661
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.86	%		0.83	%		0.85	%		0.84	%		0.82	%
Including waiver and/or reimbursement and recapture		0.85	%(C)		0.83	%		0.85	%		0.84	%		0.82	%
Net investment income (loss) to average net assets (B)		1.47	%(C)		0.93	%		1.47	%		0.97	%		0.52	%
Portfolio turnover rate (E)		1	%		6	%		31	%		22	%		21	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Does not include expenses of the underlying funds in which the Fund invests.

^(E)  Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    39

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	13.93		$	15.23		$	14.39		$	12.34		$	11.55
Investment operations:
Net investment income (loss) (A) (B)		0.23	(C)		0.24			0.31			0.21			0.16
Net realized and unrealized gain (loss)		0.20			0.05			0.83			2.06			0.80
Total investment operations		0.43			0.29			1.14			2.27			0.96
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.27	)		(0.30	)		(0.22	)		(0.17	)
Net realized gains		(0.79	)		(1.32	)		—			—			—
Total dividends and/or distributions to shareholders		(1.02	)		(1.59	)		(0.30	)		(0.22	)		(0.17	)
Net asset value, end of year	$	13.34		$	13.93		$	15.23		$	14.39		$	12.34
Total return (D)		3.35	%		1.93	%		8.01	%		18.67	%		8.48	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,315,381		$	1,301,591		$	1,319,226		$	1,269,265		$	1,181,926
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.50	%		0.50	%		0.52	%		0.58	%		0.60	%
Including waiver and/or reimbursement and recapture		0.49	%(C)		0.50	%		0.52	%		0.58	%		0.60	%
Net investment income (loss) to average net assets (B)		1.76	%(C)		1.68	%		2.09	%		1.60	%		1.30	%
Portfolio turnover rate (F)		1	%		7	%		33	%		19	%		25	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	13.97		$	15.23		$	14.38		$	12.32		$	11.50
Investment operations:
Net investment income (loss) (A) (B)		0.15	(C)		0.15			0.23			0.12			0.08
Net realized and unrealized gain (loss)		0.18			0.02			0.79			2.05			0.80
Total investment operations		0.33			0.17			1.02			2.17			0.88
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.11	)		(0.17	)		(0.11	)		(0.06	)
Net realized gains		(0.79	)		(1.32	)		—			—			—
Total dividends and/or distributions to shareholders		(0.86	)		(1.43	)		(0.17	)		(0.11	)		(0.06	)
Net asset value, end of year	$	13.44		$	13.97		$	15.23		$	14.38		$	12.32
Total return (D)		2.55	%		1.11	%		7.16	%		17.72	%		7.73	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	47,691		$	84,073		$	133,060		$	182,030		$	213,032
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.34	%		1.32	%		1.30	%		1.33	%		1.33	%
Including waiver and/or reimbursement and recapture		1.33	%(C)		1.32	%		1.30	%		1.33	%		1.33	%
Net investment income (loss) to average net assets (B)		1.15	%(C)		1.06	%		1.52	%		0.94	%		0.65	%
Portfolio turnover rate (F)		1	%		7	%		33	%		19	%		25	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    40

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	13.82		$	15.12		$	14.30		$	12.26		$	11.47
Investment operations:
Net investment income (loss) (A) (B)		0.14	(C)		0.14			0.21			0.12			0.08
Net realized and unrealized gain (loss)		0.19			0.04			0.82			2.05			0.80
Total investment operations		0.33			0.18			1.03			2.17			0.88
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.16	)		(0.21	)		(0.13	)		(0.09	)
Net realized gains		(0.79	)		(1.32	)		—			—			—
Total dividends and/or distributions to shareholders		(0.91	)		(1.48	)		(0.21	)		(0.13	)		(0.09	)
Net asset value, end of year	$	13.24		$	13.82		$	15.12		$	14.30		$	12.26
Total return (D)		2.60	%		1.16	%		7.23	%		17.88	%		7.74	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,286,726		$	1,431,708		$	1,526,267		$	1,506,825		$	1,379,454
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.24	%		1.23	%		1.23	%		1.26	%		1.25	%
Including waiver and/or reimbursement and recapture		1.23	%(C)		1.23	%		1.23	%		1.26	%		1.25	%
Net investment income (loss) to average net assets (B)		1.05	%(C)		0.96	%		1.39	%		0.92	%		0.66	%
Portfolio turnover rate (F)		1	%		7	%		33	%		19	%		25	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E) Does not include expenses of the underlying funds in which the Fund invests.

^(F) Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	13.93		$	15.23		$	14.40		$	12.36		$	11.58
Investment operations:
Net investment income (loss) (A) (B)		0.27	(C)		0.28			0.34			0.24			0.18
Net realized and unrealized gain (loss)		0.19			0.05			0.84			2.06			0.81
Total investment operations		0.46			0.33			1.18			2.30			0.99
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.31	)		(0.35	)		(0.26	)		(0.21	)
Net realized gains		(0.79	)		(1.32	)		—			—			—
Total dividends and/or distributions to shareholders		(1.05	)		(1.63	)		(0.35	)		(0.26	)		(0.21	)
Net asset value, end of year	$	13.34		$	13.93		$	15.23		$	14.40		$	12.36
Total return		3.63	%		2.22	%		8.27	%		19.00	%		8.82	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	53,166		$	55,554		$	54,952		$	46,067		$	34,145
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.25	%		0.25	%		0.25	%		0.26	%		0.25	%
Including waiver and/or reimbursement and recapture		0.24	%(C)		0.25	%		0.25	%		0.26	%		0.25	%
Net investment income (loss) to average net assets (B)		2.04	%(C)		1.94	%		2.30	%		1.84	%		1.53	%
Portfolio turnover rate (E)		1	%		7	%		33	%		19	%		25	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Does not include expenses of the underlying funds in which the Fund invests.

^(E) Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    41

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Growth Portfolio
	Class R
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	13.85		$	15.15		$	14.32		$	12.28		$	11.50
Investment operations:
Net investment income (loss) (A) (B)		0.21	(C)		0.20			0.26			0.19			0.14
Net realized and unrealized gain (loss)		0.18			0.05			0.84			2.04			0.79
Total investment operations		0.39			0.25			1.10			2.23			0.93
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.23	)		(0.27	)		(0.19	)		(0.15	)
Net realized gains		(0.79	)		(1.32	)		—			—			—
Total dividends and/or distributions to shareholders		(0.98	)		(1.55	)		(0.27	)		(0.19	)		(0.15	)
Net asset value, end of year	$	13.26		$	13.85		$	15.15		$	14.32		$	12.28
Total return		3.10	%		1.65	%		7.77	%		18.46	%		8.21	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	4,483		$	5,262		$	5,364		$	5,202		$	4,965
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.79	%		0.76	%		0.75	%		0.77	%		0.77	%
Including waiver and/or reimbursement and recapture		0.78	%(C)		0.76	%		0.75	%		0.77	%		0.77	%
Net investment income (loss) to average net assets (B)		1.61	%(C)		1.45	%		1.75	%		1.42	%		1.14	%
Portfolio turnover rate (E)		1	%		7	%		33	%		19	%		25	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Does not include expenses of the underlying funds in which the Fund invests.

^(E) Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.46		$	13.56		$	13.58		$	12.26		$	11.60
Investment operations:
Net investment income (loss) (A) (B)		0.24	(C)		0.24			0.27			0.24			0.23
Net realized and unrealized gain (loss)		0.18			(0.06	)		0.54			1.34			0.67
Total investment operations		0.42			0.18			0.81			1.58			0.90
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.28	)		(0.27	)		(0.26	)		(0.24	)
Net realized gains		(0.52	)		(1.00	)		(0.56	)		—			—
Total dividends and/or distributions to shareholders		(0.77	)		(1.28	)		(0.83	)		(0.26	)		(0.24	)
Net asset value, end of year	$	12.11		$	12.46		$	13.56		$	13.58		$	12.26
Total return (D)		3.71	%		1.32	%		6.20	%		13.13	%		7.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,000,707		$	890,270		$	899,852		$	900,887		$	866,505
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.48	%		0.49	%		0.52	%		0.56	%		0.58	%
Including waiver and/or reimbursement and recapture		0.47	%(C)		0.49	%		0.52	%		0.56	%		0.58	%
Net investment income (loss) to average net assets (B)		2.04	%(C)		1.90	%		1.99	%		1.89	%		1.93	%
Portfolio turnover rate (F)		2	%		10	%		27	%		21	%		22	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Does not include expenses of the underlying funds in which the Fund invests.

^(F)  Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    42

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.54		$	13.60		$	13.61		$	12.26		$	11.58
Investment operations:
Net investment income (loss) (A) (B)		0.18	(C)		0.16			0.18			0.16			0.15
Net realized and unrealized gain (loss)		0.15			(0.08	)		0.52			1.34			0.65
Total investment operations		0.33			0.08			0.70			1.50			0.80
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.14	)		(0.15	)		(0.15	)		(0.12	)
Net realized gains		(0.52	)		(1.00	)		(0.56	)		—			—
Total dividends and/or distributions to shareholders		(0.64	)		(1.14	)		(0.71	)		(0.15	)		(0.12	)
Net asset value, end of year	$	12.23		$	12.54		$	13.60		$	13.61		$	12.26
Total return (D)		2.83	%		0.54	%		5.32	%		12.36	%		7.06	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	29,432		$	47,833		$	71,121		$	95,350		$	115,595
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.31	%		1.30	%		1.30	%		1.31	%		1.31	%
Including waiver and/or reimbursement and recapture		1.30	%(C)		1.30	%		1.30	%		1.31	%		1.31	%
Net investment income (loss) to average net assets (B)		1.47	%(C)		1.22	%		1.32	%		1.21	%		1.28	%
Portfolio turnover rate (F)		2	%		10	%		27	%		21	%		22	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E) Does not include expenses of the underlying funds in which the Fund invests.

^(F) Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.36		$	13.44		$	13.48		$	12.17		$	11.52
Investment operations:
Net investment income (loss) (A) (B)		0.16	(C)		0.15			0.17			0.15			0.15
Net realized and unrealized gain (loss)		0.17			(0.05	)		0.53			1.34			0.66
Total investment operations		0.33			0.10			0.70			1.49			0.81
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.18	)		(0.18	)		(0.18	)		(0.16	)
Net realized gains		(0.52	)		(1.00	)		(0.56	)		—			—
Total dividends and/or distributions to shareholders		(0.68	)		(1.18	)		(0.74	)		(0.18	)		(0.16	)
Net asset value, end of year	$	12.01		$	12.36		$	13.44		$	13.48		$	12.17
Total return (D)		2.88	%		0.70	%		5.39	%		12.37	%		7.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	939,970		$	1,051,486		$	1,138,082		$	1,142,473		$	1,069,033
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.22	%		1.22	%		1.22	%		1.24	%		1.23	%
Including waiver and/or reimbursement and recapture		1.21	%(C)		1.22	%		1.22	%		1.24	%		1.23	%
Net investment income (loss) to average net assets (B)		1.40	%(C)		1.18	%		1.29	%		1.21	%		1.28	%
Portfolio turnover rate (F)		2	%		10	%		27	%		21	%		22	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E) Does not include expenses of the underlying funds in which the Fund invests.

^(F) Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    43

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.46		$	13.56		$	13.59		$	12.28		$	11.63
Investment operations:
Net investment income (loss) (A) (B)		0.28	(C)		0.27			0.30			0.28			0.25
Net realized and unrealized gain (loss)		0.17			(0.06	)		0.54			1.33			0.68
Total investment operations		0.45			0.21			0.84			1.61			0.93
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.31	)		(0.31	)		(0.30	)		(0.28	)
Net realized gains		(0.52	)		(1.00	)		(0.56	)		—			—
Total dividends and/or distributions to shareholders		(0.80	)		(1.31	)		(0.87	)		(0.30	)		(0.28	)
Net asset value, end of year	$	12.11		$	12.46		$	13.56		$	13.59		$	12.28
Total return		3.97	%		1.60	%		6.45	%		13.41	%		8.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	43,818		$	48,780		$	47,590		$	41,286		$	36,572
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.25	%		0.25	%		0.25	%		0.26	%		0.25	%
Including waiver and/or reimbursement and recapture		0.24	%(C)		0.25	%		0.25	%		0.26	%		0.25	%
Net investment income (loss) to average net assets (B)		2.40	%(C)		2.13	%		2.21	%		2.17	%		2.11	%
Portfolio turnover rate (E)		2	%		10	%		27	%		21	%		22	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Does not include expenses of the underlying funds in which the Fund invests.

^(E) Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Asset Allocation – Moderate Portfolio
	Class R
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.39		$	13.48		$	13.52		$	12.20		$	11.54
Investment operations:
Net investment income (loss) (A) (B)		0.21	(C)		0.21			0.22			0.21			0.20
Net realized and unrealized gain (loss)		0.17			(0.05	)		0.55			1.34			0.67
Total investment operations		0.38			0.16			0.77			1.55			0.87
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.25	)		(0.25	)		(0.23	)		(0.21	)
Net realized gains		(0.52	)		(1.00	)		(0.56	)		—			—
Total dividends and/or distributions to shareholders		(0.74	)		(1.25	)		(0.81	)		(0.23	)		(0.21	)
Net asset value, end of year	$	12.03		$	12.39		$	13.48		$	13.52		$	12.20
Total return		3.40	%		1.17	%		5.88	%		12.93	%		7.72	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,256		$	5,470		$	5,665		$	4,990		$	4,954
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.74	%		0.73	%		0.73	%		0.76	%		0.79	%
Including waiver and/or reimbursement and recapture		0.72	%(C)		0.73	%		0.73	%		0.76	%		0.79	%
Net investment income (loss) to average net assets (B)		1.80	%(C)		1.67	%		1.68	%		1.67	%		1.71	%
Portfolio turnover rate (E)		2	%		10	%		27	%		21	%		22	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Does not include expenses of the underlying funds in which the Fund invests.

^(E) Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    44

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.07		$	10.50		$	10.01		$	9.92		$	9.68
Investment operations:
Net investment income (loss) (A) (B)		0.31	(C)		0.11			0.05			0.14			0.21
Net realized and unrealized gain (loss)		(0.22	)		(0.47	)		0.49			0.14			0.25
Total investment operations		0.09			(0.36	)		0.54			0.28			0.46
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.07	)		(0.05	)		(0.19	)		(0.22	)
Net realized gains		(0.17	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.45	)		(0.07	)		(0.05	)		(0.19	)		(0.22	)
Net asset value, end of year	$	9.71		$	10.07		$	10.50		$	10.01		$	9.92
Total return (D)		1.07	%		(3.42	)%		5.46	%		2.89	%		4.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	61,341		$	91,684		$	129,568		$	200,903		$	176,808
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.70	%		0.66	%		0.72	%		0.72	%		0.74	%
Including waiver and/or reimbursement and recapture		0.69	%(C)		0.66	%		0.72	%		0.72	%		0.74	%
Net investment income (loss) to average net assets (B)		3.28	%(C)		1.06	%		0.46	%		1.42	%		2.19	%
Portfolio turnover rate (F)		42	%		80	%		79	%		116	%		62	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the Fund. The Expenses to average net assets including waiver and/or reimbursement or recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Total return has been calculated without deduction of the maximum sales charge.

^(E) Does not include expenses of the underlying funds in which the Fund invests.

^(F) Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.94		$	10.37		$	9.91		$	9.82		$	9.59
Investment operations:
Net investment income (loss) (A) (B)		0.23	(C)		0.03			(0.03	)		0.08			0.14
Net realized and unrealized gain (loss)		(0.20	)		(0.46	)		0.49			0.13			0.25
Total investment operations		0.03			(0.43	)		0.46			0.21			0.39
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.00	) (D)		—			(0.12	)		(0.16	)
Net realized gains		(0.17	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.37	)		(0.00	) (D)		—			(0.12	)		(0.16	)
Net asset value, end of year	$	9.60		$	9.94		$	10.37		$	9.91		$	9.82
Total return (E)		0.39	%		(4.11	)%		4.64	%		2.18	%		4.21	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	72,959		$	101,656		$	125,950		$	140,309		$	142,788
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.45	%		1.42	%		1.45	%		1.44	%		1.41	%
Including waiver and/or reimbursement and recapture		1.44	%(C)		1.42	%		1.45	%		1.44	%		1.41	%
Net investment income (loss) to average net assets (B)		2.39	%(C)		0.28	%		(0.29	)%		0.80	%		1.47	%
Portfolio turnover rate (G)		42	%		80	%		79	%		116	%		62	%

^(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 funds in which the Fund invests.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the Fund. The Expenses to average net assets including waiver and/or reimbursement or recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E) Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F) Does not include expenses of the underlying funds in which the Fund invests.

^(G) Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    45

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.07		$	10.52		$	10.03		$	9.94		$	9.70
Investment operations:
Net investment income (loss) (A) (B)		0.36	(C)		0.14			0.08			0.17			0.23
Net realized and unrealized gain (loss)		(0.24	)		(0.47	)		0.50			0.15			0.27
Total investment operations		0.12			(0.33	)		0.58			0.32			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.12	)		(0.09	)		(0.23	)		(0.26	)
Net realized gains		(0.17	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.48	)		(0.12	)		(0.09	)		(0.23	)		(0.26	)
Net asset value, end of year	$	9.71		$	10.07		$	10.52		$	10.03		$	9.94
Total return		1.44	%		(3.19	)%		5.81	%		3.25	%		5.34	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	108,591		$	191,022		$	238,046		$	207,733		$	175,506
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.38	%		0.38	%		0.41	%		0.39	%		0.37	%
Including waiver and/or reimbursement and recapture		0.37	%(C)		0.38	%		0.41	%		0.39	%		0.37	%
Net investment income (loss) to average net assets (B)		3.71	%(C)		1.31	%		0.74	%		1.74	%		2.37	%
Portfolio turnover rate (E)		42	%		80	%		79	%		116	%		62	%

^(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 funds in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the Fund. The Expenses to average net assets including waiver and/or reimbursement or recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Does not include expenses of the underlying funds in which the Fund invests.

^(E)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Multi-Manager Alternative Strategies Portfolio
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.07		$	10.59
Investment operations:
Net investment income (loss) (B) (C)		0.30	(D)		0.04
Net realized and unrealized gain (loss)		(0.16	)		(0.56	)
Total investment operations		0.14			(0.52	)
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		—
Net realized gains		(0.17	)		—
Total dividends and/or distributions to shareholders		(0.36	)		—
Net asset value, end of period/year	$	9.85		$	10.07
Total return		1.59	%		(4.91	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	55		$	47
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.28	%		0.28	%(G)
Including waiver and/or reimbursement and recapture		0.26	%(D)		0.28	%(G)
Net investment income (loss) to average net assets (C)		3.08	%(D)		0.86	%(G)
Portfolio turnover rate (H)		42	%		80	%(E)

^(A)  Commenced operations on May 29, 2015.

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

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

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the Fund. The Expenses to average net assets including waiver and/or reimbursement or recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Not annualized.

^(F)  Does not include expenses of the underlying funds in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the underlying funds in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    46

NOTES TO FINANCIAL STATEMENTS

At October 31, 2016

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are listed below. Each class has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective November 1, 2013, Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment.

Fund	Class
Transamerica Asset Allocation – Conservative Portfolio (“Asset Allocation – Conservative”)	A,B,C,I,R
Transamerica Asset Allocation – Growth Portfolio (“Asset Allocation – Growth”)	A,B,C,I,R
Transamerica Asset Allocation – Moderate Growth Portfolio (“Asset Allocation – Moderate Growth”)	A,B,C,I,R
Transamerica Asset Allocation – Moderate Portfolio (“Asset Allocation – Moderate”)	A,B,C,I,R
Transamerica Multi-Manager Alternative Strategies Portfolio (“Multi-Manager Alternative Strategies”)	A,C,I,R6

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 Schedule of Investments, should be read in conjunction with the Funds’ financial statements. The Underlying Funds’ shareholder reports are not covered by this report.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks, sales charges, and investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation process; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM’s expense.

Effective March 1, 2016, TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of fund investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in

Transamerica Funds Annual Report 2016

Page    47

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

1. ORGANIZATION (continued)

order for TAM to perform supervisory and administrative services to the Funds. Prior to March 1, 2016, Transamerica Funds Services, Inc. (“TFS”) provided administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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 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 investment companies. Income or short-term capital gain distributions received from investment companies are recorded as dividend income. Long-term capital gain distributions received from investment companies are recorded as realized gains.

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

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

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

Payables, if any, are reflected as Due to custodian in the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have 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 or portfolios advised by TAM, or by any other party.

There were no commissions recaptured during the year ended October 31, 2016 by the Funds.

Indemnification: 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.

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) 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 (“Levels”) of inputs of the fair value hierarchy are defined as follows:

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

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

Transamerica Funds Annual Report 2016

Page    48

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION (continued)

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, practical expedient have not been classified in the fair value levels. The hierarchy classification of inputs used to value the Funds’ investments, at October 31, 2016, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

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

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

Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the NAV of the Underlying Funds. These securities are actively traded and no valuation adjustments are applied. ETFs 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. Investment companies and ETFs are generally categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

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

Transamerica Funds Annual Report 2016

Page    49

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

4. SECURITIES AND OTHER INVESTMENTS

Restricted and illiquid securities: The Funds may invest in unregulated restricted securities. Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

Restricted and illiquid securities held at October 31, 2016, if any, are identified within the Schedule of Investments.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2016.

Repurchase agreements at October 31, 2016, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Funds’ investment objectives allow the Funds to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risks:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds.

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

Transamerica Funds Annual Report 2016

Page    50

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and other associated risks are discussed by derivative type as follows:

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign 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, 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. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2016, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2016.

	Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Multi-Manager Alternative Strategies
Futures contracts	$	1,671	$	—	$	—	$	—	$	—	$	1,671

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2016.

	Futures Contracts at Notional Amount
Fund	Long
Multi-Manager Alternative Strategies		—(A	)

^(A) The Fund purchased and sold futures contracts before month end.

7. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of Multi-Manager Alternative Strategies.

TFS is the Funds’ 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, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Funds.

Transamerica Funds Annual Report 2016

Page    51

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

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.

All of the investment positions held within the Funds are considered affiliated transactions to the Funds. Interest, dividends, realized and unrealized gains (losses), if any, are broken out within the Statements of Operations.

Investment management fees: Effective March 1, 2016, TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Prior to March 1, 2016, each Fund paid investment advisory fees and administrative service fees pursuant to separate agreements, which are reflected in Investment advisory fees and Administration fees within the Statements of Operations. Investment advisory services were provided to the Funds by TAM and administrative services were provided to the Funds by TFS.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Management Fee Effective March 1, 2016 Rate			Advisory Fee Prior to March 1, 2016 Rate
Asset Allocation – Conservative		0.1225	%		0.1000	%
Asset Allocation – Growth		0.1225			0.1000
Asset Allocation – Moderate Growth		0.1225			0.1000
Asset Allocation – Moderate		0.1225			0.1000
Multi-Manager Alternative Strategies
First $500 million		0.2225			0.2000
Over $500 million up to $1 billion		0.2125			0.1900
Over $1 billion		0.2025			0.1800

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses based on daily ANAs excluding, as applicable, distribution 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 operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Asset Allocation – Conservative		0.45	%	March 1, 2017
Asset Allocation – Growth		0.45		March 1, 2017
Asset Allocation – Moderate Growth		0.45		March 1, 2017
Asset Allocation – Moderate		0.45		March 1, 2017
Multi-Manager Alternative Strategies		0.55		March 1, 2017

TAM is entitled to recapture expenses paid by the Funds for fees waived and/or reimbursed during any of the previous 36 months if on any day or month the estimated annualized Funds operating expenses are less than the stated annual operating expense limit. Amounts recaptured, if any, by TAM for the year ended October 31, 2016 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

As of October 31, 2016, there are no amounts available for recapture by TAM.

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution fees within the Statements of Operations.

Transamerica Funds Annual Report 2016

Page    52

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily ANA of each class up to the following annual rates:

Class (A)	Rate
Class A		0.25	%
Class B		1.00
Class C		1.00
Class R		0.50

^(A)  12b-1 fees are not applicable for Class I and Class R6.

Shareholder fees: Class A shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class B and Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2016, underwriter commissions received by TCI from the various sales charges are as follows:

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Asset Allocation – Conservative
Class A	$	607,209	$	574
Class B		—		1,043
Class C		—		25,143
Asset Allocation – Growth
Class A		1,227,428		1,758
Class B		—		9,081
Class C		—		46,137
Asset Allocation – Moderate Growth
Class A		2,021,739		925
Class B		—		10,958
Class C		—		71,070
Asset Allocation – Moderate
Class A		1,190,777		2,389
Class B		—		2,977
Class C		—		51,236
Multi-Manager Alternative Strategies
Class A		41,553		265
Class C		—		5,239

Class I, Class R, and Class R6 shares are not subject to a sales charge.

Administrative service fees: Effective March 1, 2016, each Fund pays a management fee to TAM for investment advisory and administration services and is reflected in Investment management fees within the Statements of Operations. Prior to March 1, 2016, the Funds had a separate administration service fee agreement with TFS pursuant to which the Funds paid TFS at an annual fee of 0.0225% on daily ANA, which is reflected in Administration fees within the Statements of Operations.

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2016, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Asset Allocation – Conservative	$	796,714	$	67,157
Asset Allocation – Growth		1,843,304		152,277
Asset Allocation – Moderate Growth		2,725,220		225,617
Asset Allocation – Moderate		1,659,230		138,554
Multi-Manager Alternative Strategies		409,588		30,306

Transamerica Funds Annual Report 2016

Page    53

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

7. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2016, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the year ended October 31, 2016.

8. PRINCIPAL OWNERSHIP

As of October 31, 2016, the Funds had individual shareholder(s) and/or omnibus accounts owning more than 10% of total shares outstanding. The Funds have no knowledge if any portion of the unaffiliated shares are owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on operations, and thus may impact Fund performance. Shareholder accounts with over 10% of total shares outstanding are as follows:

Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Asset Allocation – Conservative
Class A		1		62.41	%		0.00	%
Class B		3		52.99	%		0.00	%
Class C		3		41.72	%		0.00	%
Class I		4		78.11	%		0.00	%
Class R		3		56.46	%		0.00	%
Asset Allocation – Growth
Class A		1		30.07	%		0.00	%
Class B		1		10.12	%		0.00	%
Class C		3		38.61	%		0.00	%
Class I		3		53.23	%		0.00	%
Class R		2		39.73	%		0.00	%
Asset Allocation – Moderate Growth
Class A		1		34.04	%		0.00	%
Class B		2		30.21	%		0.00	%
Class C		4		49.13	%		0.00	%
Class I		3		64.91	%		0.00	%
Class R		4		70.75	%		0.00	%
Asset Allocation – Moderate
Class A		1		48.76	%		0.00	%
Class B		2		36.37	%		0.00	%
Class C		2		30.10	%		0.00	%
Class I		3		67.85	%		0.00	%
Class R		3		44.04	%		0.00	%
Multi-Manager Alternative Strategies
Class A		3		51.52	%		0.00	%
Class C		4		58.84	%		0.00	%
Class I		4		70.72	%		0.00	%
Class R6		2		99.39	%		99.39	%

Transamerica Funds Annual Report 2016

Page    54

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2016, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

Fund	Purchases of Securities		Sales of Securities
Asset Allocation – Conservative	$	106,526,899	$	37,289,154
Asset Allocation – Growth		7,405,373		140,560,980
Asset Allocation – Moderate Growth		14,858,170		286,894,155
Asset Allocation – Moderate		41,945,764		147,623,740
Multi-Manager Alternative Strategies		119,071,039		251,295,453

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales and liquidating trust basis adjustments. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to liquidating trust basis adjustments, prior year non-real estate investment trust return of capital adjustments, and distribution re-designations. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital		Undistributed (Distributions in Excess of) Net Investment Income (Loss)		Accumulated Net Realized Gain (Loss)
Asset Allocation – Conservative	$	—	$	3,729	$	(3,729	)
Asset Allocation – Growth		—		11,034		(11,034	)
Asset Allocation – Moderate Growth		—		14,974		(14,974	)
Asset Allocation – Moderate		—		9,287		(9,287	)
Multi-Manager Alternative Strategies		—		157,424		(157,424	)

As of October 31, 2016, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
Multi-Manager Alternative Strategies		$  4,002,083		$  483,246

During the year ended October 31, 2016, the Funds did not have any capital loss carryforwards utilized or expired.

Transamerica Funds Annual Report 2016

Page    55

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

10. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2016 and 2015 are as follows:

	2016 Distributions Paid From						2015 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
Asset Allocation – Conservative	$	18,818,299	$	32,134,983		$  —	$	19,226,852	$	65,215,317		$  —
Asset Allocation – Growth		16,709,888		108,658,887		—		15,841,747		95,426,023		—
Asset Allocation – Moderate Growth		35,434,055		163,231,095		—		41,254,683		261,197,063		—
Asset Allocation – Moderate		33,159,219		86,636,887		—		47,047,198		146,069,714		—
Multi-Manager Alternative Strategies		9,545,780		6,340,856		—		3,627,169		—		—

As of October 31, 2016, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral			Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
Asset Allocation – Conservative	$	2,110,538	$	—	$	25,503,803	$	—		$	—		$	—	$	47,989,984
Asset Allocation – Growth		—		—		88,996,266		—			(2,846,552	)		—		176,639,549
Asset Allocation – Moderate Growth		3,483,348		—		128,082,403		—			—			—		239,432,872
Asset Allocation – Moderate		6,937,555		—		66,627,152		—			—			—		120,957,277
Multi-Manager Alternative Strategies		998,977		—		—		(4,485,329	)		—			—		(7,558,260	)

11. NEW ACCOUNTING PRONOUNCEMENT

In October 2016, the SEC adopted new rules and amended existing rules (together the, “Final Rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the Final Rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

12. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street Bank and Trust Co., the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected in Reimbursement of custody fees within the Statements of Operations. This resulted in a decrease in Net expenses and an overall increase in Net assets.

Transamerica Funds Annual Report 2016

Page    56

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Asset Allocation – Conservative Portfolio, Transamerica Asset Allocation – Growth Portfolio, Transamerica Asset Allocation – Moderate Growth Portfolio, Transamerica Asset Allocation – Moderate Portfolio, and Transamerica Multi-Manager Alternative Strategies Portfolio (five of the funds of the Transamerica Funds collectively known as the “Funds”), as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds at October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and the financial highlights for each of the years and periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 23, 2016

Transamerica Funds Annual Report 2016

Page    57

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2016, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Asset Allocation – Conservative	$	2,337,369
Asset Allocation – Growth		16,552,449
Asset Allocation – Moderate Growth		23,967,555
Asset Allocation – Moderate		12,280,635
Multi-Manager Alternative Strategies		663,451

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

Fund	Dividend Received Deduction Percentage
Asset Allocation – Conservative		14	%
Asset Allocation – Growth		57
Asset Allocation – Moderate Growth		40
Asset Allocation – Moderate		23
Multi-Manager Alternative Strategies		0	(A)

^(A)  Rounds to less than 1%.

For tax purposes, the long-term capital gain designations for the year ended October 31, 2016 are as follows:

Fund	Long-Term Capital Gain Designation
Asset Allocation – Conservative	$	32,134,983
Asset Allocation – Growth		108,658,887
Asset Allocation – Moderate Growth		163,231,095
Asset Allocation – Moderate		86,636,887
Multi-Manager Alternative Strategies		6,340,856

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

Fund	Foreign Source Income		Foreign Taxes
Asset Allocation – Conservative	$	2,545,576	$	189,167
Asset Allocation – Growth		9,720,337		750,155
Asset Allocation – Moderate Growth		13,411,890		1,044,003
Asset Allocation – Moderate		7,062,438		547,949
Multi-Manager Alternative Strategies		357,146		22,921

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2016. Complete information will be computed and reported in conjunction with your 2016 Form 1099-DIV.

Transamerica Funds Annual Report 2016

Page    58

TRANSAMERICA FUNDS

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 8-9, 2016, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Portfolio” and collectively the “Portfolios”):

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

For the Portfolios listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” and, together with the Management Agreement, the “Agreements”) between TAM and the corresponding sub-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Portfolio	Sub-Adviser
Transamerica Asset Allocation – Conservative Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Growth Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Moderate Growth Portfolio	Morningstar Investment Management LLC
Transamerica Asset Allocation – Moderate Portfolio	Morningstar Investment Management LLC
Transamerica Multi-Manager Alternative Strategies Portfolio	Aegon USA Investment Management, LLC

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2017. Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Portfolio. The Trustees considered comparative fee, expense and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees also considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser.

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

Nature, Extent and Quality of the Services Provided

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

The Board also considered the continuous and regular investment management and other services provided by TAM for the portion of the management fee it retains from each Portfolio after payment of the sub-advisory fees. The Trustees noted that, at a meeting held on December 9-10, 2015, they had approved the combination of the Portfolios’ former Investment Advisory Agreement and Administrative Service Agreement into the Management Agreement in connection with the transition of the personnel and operations of Transamerica Fund Services, Inc. that relate to the provision of administrative services into TAM. They noted that this combination of agreements had resulted in each Portfolio paying a single management fee for investment advisory and administrative services. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolios; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolios; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including

Transamerica Funds Annual Report 2016

Page    59

TRANSAMERICA FUNDS

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

(unaudited)

materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolios’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolios; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolios, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2015.

Transamerica Asset Allocation – Conservative Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5- and 10-year periods. The Board also noted that the performance of Class A Shares of the Portfolio was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Asset Allocation – Growth Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5- and 10-year periods. The Board also noted that the performance of Class A Shares of the Portfolio was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Asset Allocation – Moderate Growth Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was above the median for its peer universe for the past 1-year period, in line with the median for the past 3- and 10-year periods and below the median for the past 5-year period. The Board also noted that the performance of Class A Shares of the Portfolio was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Asset Allocation – Moderate Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-, 5- and 10-year periods. The Board also noted that the performance of Class A Shares of the Portfolio was below its composite benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Multi-Manager Alternative Strategies Portfolio. The Board noted that the performance of Class A Shares of the Portfolio was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class A Shares of the Portfolio was below its primary benchmark for the past 1-, 3- and 5-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Portfolio. The Trustees observed that the performance of the Portfolio had improved during 2016. The Board noted that the Portfolio had made certain changes to its investment strategy in March 2016.

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

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Portfolio, including information provided by Lipper comparing the management fee and total expense ratio of each Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of a Portfolio’s management fee retained by TAM following payment of the sub-advisory fee(s) and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by Strategic Insight and/or Lipper, each an independent provider of information.

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

Transamerica Funds Annual Report 2016

Page    60

TRANSAMERICA FUNDS

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

(unaudited)

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

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

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

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

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

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Portfolio and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Portfolio and Transamerica Funds as a whole, as well as the allocation methodology used for calculating profitability. The Board also considered the assessment prepared by Ernst & Young LLP (“E&Y”), independent registered public accounting firm and auditor to the Portfolios, to assist the Board’s evaluation of TAM’s profitability analysis. E&Y’s engagement included the review and assessment of the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolios, and completion of procedures in respect of the mathematical accuracy of the profitability calculation and its conformity to established allocation methodologies. After considering E&Y’s assessment and information provided by TAM, the Board concluded that, while other allocation methods may also be reasonable, TAM’s profitability methodologies are reasonable in all material respects.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM (with the exception of those fees paid to Aegon USA Investment Management, LLC (“AUIM”), which is affiliated with TAM), and are paid by TAM and not the applicable Portfolio. As a result, for those Portfolios not sub-advised by AUIM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Portfolio. For each Portfolio sub-advised by AUIM, the Board noted that information about AUIM’s revenues and expenses was incorporated into TAM’s profitability analysis for the Portfolio. As a result, the Board focused on 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 Portfolios was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolios benefited from any economies of scale. The Board considered each Portfolio’s management fee schedule

Transamerica Funds Annual Report 2016

Page    61

TRANSAMERICA FUNDS

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

(unaudited)

and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Portfolios through investments in maintaining and developing its capabilities and services. The Trustees concluded that each Portfolio’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and the Sub-Advisers from their Relationships with the Portfolios

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

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolios.

Conclusion

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

Transamerica Funds Annual Report 2016

Page    62

Management of the Trust

Board Members and Officers

(unaudited)

The Board Members and executive officers of the Trust are listed below.

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

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

The Funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds (“TF”), Transamerica Series Trust (“TST”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 178 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

The Board Members of the Trust, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in Transamerica Mutual Funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of the Trust.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – present); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present);	178	Director, Massachusetts Fidelity Trust Company (2014 – present)

Transamerica Funds Annual Report 2016

Page    63

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS—continued
Marijn P. Smit (continued)			Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – present); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – present).
Alan F. Warrick (67)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	178	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (64)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	178	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (60)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	178	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2016

Page    64

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Leo J. Hill (continued)			Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (69)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	178	N/A
Russell A. Kimball, Jr. (71)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	178	N/A
Patricia L. Sawyer (66)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010);	178	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2016

Page    65

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Patricia L. Sawyer (continued)			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (64)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	178	Operation PAR, Inc. (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present)

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

Transamerica Funds Annual Report 2016

Page    66

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See previous table.
Tané T. Tyler (51)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005-2013).
Christopher A. Staples (45)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Thomas R. Wald (55)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present);

Transamerica Funds Annual Report 2016

Page    67

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (continued)			Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (46)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, OppenheimerFunds (2007—2010).
Matthew H. Huckman, Sr. (48)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TIS (2014 – 2015); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007-2012).
Scott M. Lenhart (55)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008-2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999-2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989-1998).

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

Transamerica Funds Annual Report 2016

Page    68

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

Transamerica Funds Annual Report 2016

Page    69

NOTICE OF PRIVACY POLICY

(unaudited)

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

What Information We Collect and From Whom We Collect It

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

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

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

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

What Information We Disclose and To Whom We Disclose It

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

Our Security Procedures

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

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

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

Transamerica Funds Annual Report 2016

Page    70

Transamerica Fund Services

PO Box 219945

Kansas City, MO 64121-9945

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

Open Funds

Annual Report

October 31, 2016

www.transamerica.com

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

Table of Contents

Shareholder Letter	1
Manager Commentary
Transamerica Bond	2
Transamerica Capital Growth	4
Transamerica Concentrated Growth	6
Transamerica Dividend Focused	8
Transamerica Dynamic Allocation	10
Transamerica Dynamic Income	12
Transamerica Emerging Markets Debt	14
Transamerica Emerging Markets Equity	16
Transamerica Flexible Income	18
Transamerica Floating Rate	20
Transamerica Global Bond	22
Transamerica Global Equity	24
Transamerica Global Long/Short Equity	26
Transamerica Growth	28
Transamerica High Yield Bond	30
Transamerica High Yield Muni	32
Transamerica Income & Growth	34
Transamerica Inflation Opportunities	36
Transamerica Intermediate Muni	38
Transamerica International Equity	40
Transamerica International Small Cap Value	42
Transamerica Large Cap Value	44
Transamerica Mid Cap Growth	46
Transamerica Mid Cap Value Opportunities	48
Transamerica MLP & Energy Income	50
Transamerica Multi-Cap Growth	52
Transamerica Multi-Managed Balanced	54
Transamerica Short-Term Bond	57
Transamerica Small Cap Core	59
Transamerica Small Cap Growth	61
Transamerica Small Cap Value	63
Transamerica Small/Mid Cap Value	65
Transamerica Strategic High Income	67
Transamerica Unconstrained Bond	69
Transamerica US Growth	71
Understanding Your Funds’ Expenses	73
Schedules of Investments Composition	78
Schedules of Investments
Transamerica Bond	83
Transamerica Capital Growth	90
Transamerica Concentrated Growth	92
Transamerica Dividend Focused	94
Transamerica Dynamic Allocation	96
Transamerica Dynamic Income	97
Transamerica Emerging Markets Debt	98
Transamerica Emerging Markets Equity	105
Transamerica Flexible Income	109
Transamerica Floating Rate	118
Transamerica Global Bond	126
Transamerica Global Equity	131
Transamerica Global Long/Short Equity	134
Transamerica Government Money Market	142

Transamerica Funds Annual Report 2016

Table of Contents (continued)

Transamerica Growth	144
Transamerica High Yield Bond	146
Transamerica High Yield Muni	154
Transamerica Income & Growth	166
Transamerica Inflation Opportunities	168
Transamerica Intermediate Muni	172
Transamerica International Equity	211
Transamerica International Small Cap Value	215
Transamerica Large Cap Value	219
Transamerica Mid Cap Growth	221
Transamerica Mid Cap Value Opportunities	223
Transamerica MLP & Energy Income	225
Transamerica Multi-Cap Growth	227
Transamerica Multi-Managed Balanced	230
Transamerica Short-Term Bond	243
Transamerica Small Cap Core	251
Transamerica Small Cap Growth	256
Transamerica Small Cap Value	258
Transamerica Small/Mid Cap Value	260
Transamerica Strategic High Income	264
Transamerica Unconstrained Bond	268
Transamerica US Growth	276
Statements of Assets and Liabilities	278
Statements of Operations	286
Statements of Changes in Net Assets	294
Statement of Cash Flows	318
Financial Highlights	319
Notes to Financial Statements	396
Report of Independent Registered Public Accounting Firm	442
Supplemental Information	443
Approval of Management and Sub-Advisory Agreements	445
Management of the Trust	455
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	461
Notice of Privacy Policy	462

Transamerica Funds Annual Report 2016

Dear Shareholder,

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

This annual report is provided to you to show the investments of your Fund(s). The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides a detailed information about your Fund(s) for the 12-month period ending October, 31, 2016.

We believe it is important to understand market conditions over the last year to provide a context for reading this report. At the beginning of the 1-year period that began on November 1, 2015, investors were trying to determine what rapidly declining oil prices - which had fallen from over $100 per barrel at the cyclical high to less than half that value by year end - would mean for markets. Adding more uncertainty toward year-end 2015 was the Federal Reserve’s (“Fed”) decision to finally raise the Fed funds rate by 0.25% in December, the first increase since 2006.

As the calendar turned to 2016, rapidly falling energy and commodity prices coupled with a weak U.S. gross domestic product report and weakness in overseas markets pressured U.S. equities, as concerns of a pending recession became more prevalent. In the months to follow however energy prices rebounded and economic growth remained positive thereby avoiding recessionary levels. Global markets sold off in late June following Great Britain’s surprise referendum vote in favor of departure from the European Union, (“Brexit”). Following the immediate negative reaction to this news, U.S. stocks recovered, and equity markets soon reached new all-time highs.

U.S. markets stayed range bound for most of the late summer and into the fall, with only a single bout of meaningful volatility in September when commentary from certain Fed Governors suggested that the case for a September rate hike was strengthening. That volatility proved temporary as September passed with no policy change at the central bank, and markets began to focus on the Fed meeting in December as the next possible target for a hike. The rising likelihood of rate increases resulted in the benchmark 10-year Treasury yield moving higher, and by October 31st had increased to 1.84% from a July low of 1.37%.

For the 1-year period ending October 31, 2016, the S&P 500^® returned 4.51% while the MSCI EAFE Index, representing international developed market equities, lost (2.74)%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.37%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

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

Transamerica Bond

(unaudited)

MARKET ENVIRONMENT

Early in the period, we experienced the first Federal Reserve (“Fed”) rate hike since 2006, leading to modest loses within investment grade fixed income indices while high yield faced a more challenging environment. After oil prices bottomed in mid-February, capital returned to markets, and riskier assets rebounded strongly. Volatility spiked in conjunction with the U.K. referendum decision to leave the European Union, but ultimately fixed income benchmarks increased year-to-date gains while the S&P 500^® hit an all-time high.

After declining through mid-February, U.S. high yield became a sought-after asset. The sector rewarded investors by producing strong and steady gains with minimal volatility. Lower-quality credits and cyclical sectors outperformed as the search for yield pressed onward. For roughly the first half of the period, the U.S. dollar continued to strengthen against most major global currencies. But the Fed struck a more dovish tone early in 2016, contributing to a pause in the dollar bull market. A more stable dollar supported foreign currencies, particularly those in the emerging markets, which suffered during the dollar’s ascent. The recovery in oil prices also helped ease the strain on commodity-related currencies.

Despite a pause in September, global bond performance was strong. Investors continued to buy high-quality bonds despite negative yields. Inflation expectations for developed markets had not risen fast enough to significantly squelch demand for government bonds, even for the lowest-yielding countries.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Bond Class I2 returned 7.80%. By comparison, its benchmark, the Bloomberg Barclays U.S. Government/Credit Index, returned 4.84%.

STRATEGY REVIEW

The Fund’s outperformance was primarily due to out-of-benchmark allocations. Exposure to high yield securities, particularly industrial issues, helped buoy performance. Within high-yield industrials, securities in metals/mining and energy were among the largest contributors, appreciating in value along with commodity prices. Among investment grade corporate holdings, financial and industrial names proved helpful, as banking, real estate, energy and communications issues bolstered relative return. Convertible and equity holdings generated positive return as company-specific exposures to energy and metals/mining accounted for the bulk of positive excess return. A small position within high-yield utilities detracted from absolute and relative return; these typically defensive holdings struggled during the risk-on environment.

Government-related issues contributed to relative performance due to security selection. Specific oil-related Yankee bonds — U.S.-dollar-denominated bonds issued by non-U.S. entities — boosted returns. A significant underweight position in the U.S. Treasury sector also aided relative performance.

Overall, non-U.S.-dollar-denominated securities detracted from performance, as uneven economic outlooks and divergent monetary policies across the globe were a driving force for financial markets. The continued strength of the U.S. dollar applied pressure to developed and emerging market currencies. For the Fund, holdings denominated in the Mexican peso and Colombian peso lagged. The Mexican peso hit all-time lows relative to the U.S. dollar during the period. The disappointing results were in sharp contrast to other emerging market currencies, which moved higher with the broader commodity market.

During the period, the Fund utilized derivatives. These positions detracted from performance.

Daniel J. Fuss, CFA

Matthew J. Eagan, CFA

Elaine M. Stokes

Brian P. Kennedy

Co-Portfolio Managers

Loomis, Sayles & Company, L.P.

Transamerica Funds Annual Report 2016

Page    2

Transamerica Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		7.80	%		6.50	%		7.12	%		01/03/2007
Bloomberg Barclays U.S. Government/Credit Index (A)		4.84	%		3.01	%		4.72	%
Class R6 (NAV)		7.80	%		N/A			3.05	%		05/29/2015

^(A) The Bloomberg Barclays U.S. Government/Credit Index is comprised of U.S. Treasuries, government-related issues, and corporates.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Bond funds risks include credit risk, inflation risk, interest rate risk, and also foreign securities and mortgage backed securities risk. Interest rates may go up, causing the value of the Fund’s investments to decline. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond.

Transamerica Funds Annual Report 2016

Page    3

Transamerica Capital Growth

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year, there was a convergence of economic growth rates, with the U.S. disappointing forecasters while China and many other emerging markets surprised to the upside. Meanwhile, European gross domestic product growth held up better than expected. Of course, policy is not static, and the U.S. Federal Reserve acknowledged in March the dollar was too strong, so it curtailed the interest rate hike cycle it began in December 2015, allowing the dollar to weaken substantially, helping to avert a recession in the U.S. and spurring a meaningful trough in earnings growth for the S&P 500^® in the second quarter of 2016.

Large-cap growth stocks advanced over the period, with telecommunication services the best performing sector in the Russell 1000^® Growth Index. Energy and health care posted sharp declines and hence were the greatest relative underperformers.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Capital Growth Class A returned 4.77%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 2.28%.

STRATEGY REVIEW

Against the backdrop described above, our team continued to focus on bottom-up stock selection and the long-term outlook for companies owned in the Fund; accordingly, we had little turnover, as our ongoing work reaffirmed our assessment of quality and competitive advantage in the companies we owned.

The Fund outperformed its benchmark largely due to favorable stock selection.

Consumer discretionary was the largest contributor led by online retail and cloud computing leader Amazon.com, Inc. Strong fundamentals, including accelerating revenue growth and improving profitability, buoyed the shares throughout much of the period.

Stock selection in health care also contributed led by Intuitive Surgical, Inc., a leader in robotics-assisted surgery. The company, which had been executing well and experiencing solid procedure growth, also received approval from the U.S. Food & Drug Administration for the use of additional functionalities within its second generation robot, the da Vinci Xi. This may help drive additional procedure growth, system upgrades at existing hospitals and system placements at new hospitals over time.

Holdings and sector allocations to consumer staples and financials, along with a lack of exposure in energy, also contributed to a lesser extent. Financial ratings, benchmarks and analytics provider S&P Global, Inc. was the top contributor among these areas. The shares advanced through much of 2016, we believed, due to a generally improving outlook for debt issuance after a period of greater macroeconomic uncertainty earlier.

Within financials, the strength in S&P Global, Inc. was partly offset by weakness in LendingClub Corp. (no longer held at period end), a marketplace which enables consumers to refinance credit card debt. Shares sold off sharply in May on news that the company’s CEO and three other executives resigned after an internal audit uncovered improper allocation of loans to an investor. We eliminated the position due to our assessment of the relative risk/reward profile.

Information technology was the most significant detractor, due to mixed stock selection. Global communications platform Twitter, Inc. was the largest individual detractor for the sector and the Fund overall. The stock was plagued for some time by concerns around user growth, which generally disappointed Street expectations. Management turnover also pressured the stock.

Professional networking platform LinkedIn Corp. (no longer held at period end), was the second largest detractor. Earlier in 2016, the company reported strong quarterly results, but a disappointing outlook characterized by decelerating growth in its Talent Solutions business, macroeconomic-related weakness in its European business and the company’s decision to exit a small business caused the shares to decline sharply. In June, Microsoft Co. (not held) announced it would acquire the company at a 50% premium, which led the shares to recover somewhat. The position was eliminated in September.

Within information technology, weak holdings were partly offset by strength in social networking platform Facebook, Inc., the top contributor. The company was able to sustain high levels of user engagement, grow its large global user base and improve monetization to deliver accelerating revenue growth. Lastly, stock selection in industrials and a lack of exposure to telecommunication services weighed on relative results.

The Fund held a small derivatives investment, Over-the-counter puts on the Chinese yuan, which had a negative impact on performance. The puts were designed to provide a potential hedge to equities exposed, directly or indirectly, to China.

During the period, the Fund utilized derivatives. These positions detracted from performance.

Dennis P. Lynch

Sam G. Chainani, CFA

David S. Cohen

Armistead B. Nash

Alexander T. Norton

Jason C. Yeung, CFA

Co-Portfolio Managers

Morgan Stanley Investment Management, Inc.

Transamerica Funds Annual Report 2016

Page    4

Transamerica Capital Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(0.97	)%		12.46	%		13.17	%		11/13/2009
Class A (NAV)		4.77	%		13.74	%		14.10	%		11/13/2009
Russell 1000® Growth Index (A)		2.28	%		13.65	%		13.16	%
Class B (POP)		(1.22	)%		12.65	%		13.20	%		11/13/2009
Class B (NAV)		3.78	%		12.78	%		13.20	%		11/13/2009
Class C (POP)		3.03	%		13.00	%		13.36	%		11/13/2009
Class C (NAV)		4.03	%		13.00	%		13.36	%		11/13/2009
Class I (NAV)		5.09	%		14.19	%		14.92	%		11/30/2009
Class I2 (NAV)		5.25	%		14.34	%		16.17	%		09/30/2011

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

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

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

Transamerica Funds Annual Report 2016

Page    5

Transamerica Concentrated Growth

(unaudited)

MARKET ENVIRONMENT

Despite volatility from a collapse in crude oil prices, the U.K.’s surprise decision to leave the European Union and a polarizing U.S. presidential campaign, the Fund and the broader equity markets managed to deliver modest gains for the fiscal year. Investors continued to search for leadership beyond central bank stimulus and struggled to calculate risks and opportunities associated with the unusual course of the presidential election. While these events contributed to an elevated period of uncertainty, economic indicators gradually improved, creating a constructive backdrop for stocks. Since the beginning of the calendar year, company fundamentals increasingly became relevant, a trend for which the Fund’s strategy is well positioned.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Concentrated Growth Class I returned 3.87%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 2.28%.

STRATEGY REVIEW

The Fund employs a concentrated approach, investing in 25 to 30 stocks, with a long-term orientation, quality focus and valuation discipline. Our investment philosophy is that selective investments in diverse growth businesses with superior operating and financial characteristics generate excess returns with below-market risk. We believe risk is systematically mispriced, and that a focus on low volatility in underlying business fundamentals improves the probability of generating attractive returns over time.

During periods of high volatility and market pullbacks like those experienced during the period, we remain patient and disciplined, and maintain a long-term perspective while acting opportunistically when fundamental dislocations occur. Achieving this balance is at the core of our process and key to investment success.

Top contributors for the period included Medivation, Inc., Facebook, Inc. and Amphenol Corp. Principal detractors were Express Scripts Holding Co. (no longer held at period end), Gilead Sciences, Inc. and BioMarin Pharmaceuticals, Inc. Stock selection in health care and information technology sectors had the greatest positive impact on our performance, along with selection in real estate and energy. Overweight positioning in health care and energy and stock selection in industrials and consumer discretionary had the greatest negative impact.

Nicholas C. Haffenreffer

Portfolio Manager

Torray LLC

Transamerica Funds Annual Report 2016

Page    6

Transamerica Concentrated Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(2.12	)%		N/A			2.15	%		03/01/2014
Class A (NAV)		3.59	%		N/A			4.34	%		03/01/2014
Class C (POP)		1.83	%		N/A			3.57	%		03/01/2014
Class C (NAV)		2.83	%		N/A			3.57	%		03/01/2014
Class I (NAV)		3.87	%		12.25	%		11.01	%		12/31/2010
Russell 1000® Growth Index (A)		2.28	%		13.65	%		12.12	%
Class I2 (NAV)		4.02	%		N/A			4.71	%		03/01/2014

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

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

Transamerica Funds Annual Report 2016

Page    7

Transamerica Dividend Focused

(unaudited)

MARKET ENVIRONMENT

Central banks around the world continued to set the pace for equity markets. With more than one third of all sovereign debt ($13 trillion) posting negative yields, the monetary spigots remain wide open, forcing investors to search for yield elsewhere — including equities. For quite some time now, the battle for leadership within domestic equity markets has been raging between stocks perceived as “bond proxies” and those with more interest rate and economic sensitivity. The latter group struggled mightily during the first six months of 2016, but outperformed the bond proxies in the third quarter of 2016 as interest rates rose. The popularity of bond proxies created anomalies throughout equity markets. Momentum stocks, generally thought of as growth stocks with high revenue growth, were disproportionately represented in sectors such as utilities, telecommunication services and consumer staples. On average, these stocks typically grow revenues by approximately 15%; however, with the inclusion of the slower-growing bond proxies, these momentum stocks have experienced negative growth over the past 12 months. A sharp sell-off in these popular sectors — which have acted as investor safe havens given their higher yields — could signal a reversal of investors’ willingness to own yield at any price. A continuation of this trend should benefit the Fund, as we are underweight in these sectors due to their popularity and valuation premium while we have found stocks with strong and growing dividend yields in health care, industrials and financials.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Dividend Focused Class A returned 4.30%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 6.37%.

STRATEGY REVIEW

Our approach to the equity market is based on the underlying philosophy that markets are inefficient. These inefficiencies can best be exploited through adherence to a value-oriented investment process dedicated to the selection of securities on a bottom-up basis and constructing concentrated portfolios.

We stay fully invested with a conservative orientation based on our belief that superior returns can be achieved while taking below average risks. We implement this strategy by constructing portfolios of individual stocks that reflect all three value characteristics: price/earnings and price/book ratios below the market and dividend yields above the market (S&P 500^®). In addition, the strategy requires that stocks purchased in the portfolio not only pay a dividend, but also that each stock has a consecutive 25-year history of paying cash dividends. While we are exacting in our definition of value, we are equally demanding in our pursuit of quality companies. We seek companies with profitability and earnings growth greater than the market.

The Fund underperformed its value benchmark for the 12 months ending October 31, 2016. The Fund’s underweight in the information technology sector was the largest detractor for the year. Few technology stocks meet the Fund’s 25-year dividend paying history requirement. Allocation in both the utilities and consumer discretionary sectors hurt overall performance as did stock selection in the struggling energy and financial sectors. The five largest detractors from performance for the period were American Express Co., Wells Fargo & Co., Cardinal Health, Inc., Southwest Airlines Co. and ConocoPhillips.

An overweight allocation within telecommunication services was the greatest contributor to performance. Also contributing was stock selection in consumer staples. Performance within health care also positively benefited performance; however, a relative overweight allocation mitigated most of the positive effect. The top five contributing stocks were Honeywell International, Inc., Raytheon Co., Wal-Mart Stores, Inc., Medtronic PLC and Entergy Corp.

It is important to note that we have constructed the Fund to have a significant yield advantage over both the broad equity market and the 10-year Treasury — we have simply done so in much cheaper stocks than many of the bond proxies that have been so popular.

Ray Nixon, Jr.

Brian Quinn, CFA

Lewis Ropp

Co-Portfolio Managers

Barrow, Hanley, Mewhinney & Strauss, LLC

Transamerica Funds Annual Report 2016

Page    8

Transamerica Dividend Focused

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(1.42	)%		8.55	%		01/04/2013
Class A (NAV)		4.30	%		10.16	%		01/04/2013
Russell 1000® Value Index (A)		6.37	%		11.75	%
Class C (POP)		2.54	%		9.26	%		01/04/2013
Class C (NAV)		3.41	%		9.26	%		01/04/2013
Class I (NAV)		4.38	%		10.33	%		01/04/2013
Class I2 (NAV)		4.57	%		10.46	%		01/04/2013
Class R6 (NAV)		4.57	%		1.15	%		05/29/2015

^(A) The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Focused funds are less diversified than other mutual funds; therefore, the performance of each holding in a focused fund has a greater impact upon the overall portfolio, which increases the risks associated with investing in the Fund. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock considered undervalued is actually appropriately priced. ADRs involve the same risk as foreign securities including currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Dividend income may vary depending on market performance and is not guaranteed. A company’s future ability to pay dividends may be limited.

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

Transamerica Funds Annual Report 2016

Page    9

Transamerica Dynamic Allocation

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June, equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Dynamic Allocation Class A returned (0.99)%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the Russell 3000^® Index and the Transamerica Dynamic Allocation Blended Benchmark (“Blended Benchmark”), returned 4.24%, and 4.36%, respectively.

The Blended Benchmark is comprised of the Russell 1000^® Index (50)%, the Bloomberg Barclays Global Aggregate Index ex U.S. (15)%, the Bloomberg Barclays U.S. Aggregate Bond Index (15)%, the MSCI All Country World Index ex-U.S. (10)% and the Russell 2000^® Index (10)%.

STRATEGY REVIEW

The Fund invests primarily in exchange-traded funds (“ETFs”) that are designed to track various equity and fixed income indices. In addition, we use a combination of risk management strategies that are designed to help protect the Fund from experiencing significant losses in the event of a major decline in equity markets, while allowing it to participate during trending bull markets. In sideways or oscillating markets, the strategy tends to underperform.

One of the risk strategies, Dynamic Risk Management, involves systematically raising the allocation to cash in response to rising volatility and portfolio declines. This strategy seeks to reduce the Fund’s market risk exposure and volatility. Over the one-year period this mechanism was most active during the first quarter 2016, when markets experienced a significant drawdown in reaction to the China slowdown and falling oil prices. The Fund de-risked from fully allocated on December 31, 2015 to 50% allocated as the market bottomed on February 11, 2016. As markets sharply recovered, the Fund gradually re-risked, becoming fully allocated by the end of March. The Fund fully allocated to its strategic targets on October 31, 2016.

The other strategy, Event Risk Management, involves the continuous use of put options on the S&P 500^®, via the Western Asset Management Put Strategy, to provide additional protection against a sudden market decline. This strategy seeks to reduce the impact to the Fund if the market declines during a short period of time caused by, for example, sudden and substantial movements in the equity markets, interest rates or credit spreads.

Among the underlying ETF holdings, performance was mixed. The iShares Russell 1000^® Value ETF was the best performing, up 6.25%, followed by the iShares Russell 2000^® ETF, up 4.38%. The Fund saw negative performance from ETFs no longer held, specifically within international equity. The Western Asset Management Put Strategy was also negative as the S&P 500^® was up.

The Fund underperformed its benchmark due to the Dynamic Risk Management and Event Risk Management strategies in a period that saw periods of significant market volatility yet overall positive equity market returns. The relative impacts of the underlying ETF holdings and allocations were mostly muted.

During the year, the Fund used derivatives. These positions detracted from performance.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    10

Transamerica Dynamic Allocation

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(6.47	)%		4.07	%		10/31/2012
Class A (NAV)		(0.99	)%		5.55	%		10/31/2012
Russell 3000® Index (A)		4.24	%		13.04	%
Transamerica Dynamic Allocation Blended Benchmark (B) (C) (D) (E) (F) (G)		4.36	%		8.29	%
Class C (POP)		(2.58	)%		4.78	%		10/31/2012
Class C (NAV)		(1.64	)%		4.78	%		10/31/2012
Class I (NAV)		(0.65	)%		5.86	%		10/31/2012

^(A) The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(B) The Transamerica Dynamic Allocation Blended Benchmark is composed of the following benchmarks: 50% Russell 1000^® Index; 15% Bloomberg Barclays Global Aggregate Index ex-U.S.; 15% Bloomberg Barclays U.S. Aggregate Bond Index; 10% MSCI All Country World Index ex-U.S.; and 10% Russell 2000^® Index.

^(C) The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(D) The Bloomberg Barclays Global Aggregate Index ex-U.S. is a multi-currency benchmark that includes fixed-rate Treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers, excluding the U.S.

^(E) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(F) The MSCI All Country World Index ex-U.S. captures large and mid-cap representation across developed and emerging markets countries, excluding the U.S.

^(G) The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset Allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of a ETFs share may be above or below the shares’ net asset value; and an active trading market for an ETF share may not develop or be maintained. The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments and the relatively small size and less liquidity of these markets. Fixed income investing is subject to credit risk, inflation risk and interest rate risk.

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

Transamerica Funds Annual Report 2016

Page    11

Transamerica Dynamic Income

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Dynamic Income Class A returned 7.79%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the iBoxx $ Liquid High Yield Index and the Transamerica Dynamic Income Blended Benchmark (“Blended Benchmark”), returned 8.45% and 6.13%, respectively.

The Blended Benchmark is comprised of iBoxx $ Liquid High Yield Index (40)%, the Bloomberg Barclays U.S. Aggregate Bond Index (30)%, and the S&P 500^® (30)%.

STRATEGY REVIEW

The Fund is designed to generate income across diversified sources with balanced exposure to multiple risk factors over a full market cycle. During the short term, these risk factors can be correlated, but we believe that over a full market cycle having a broad exposure to different risk factors should help mitigate the investor’s drawdown risk.

In a period when both equity and fixed income were positive, all but one of the underlying Exchange-Traded Funds (“ETFs”) holdings returns were up. The fixed income component of the Fund outperformed the equity component led by the emerging markets debt and U.S. long-term bond allocations. The VanEck Vectors Emerging Markets High Yield Bond ETF returned 13.30% followed by the Vanguard Long-Term Bond ETF’s 10.62% gain. Within equity, the iShares Core High Dividend ETF was the best performer at 9.17%, while the Alerian MLP ETF was the sole negative performing holding, returning (0.86)% for the year.

Relative to its Blended Benchmark the Fund outperformed, with positive contributions coming from both the equity and fixed income components. Style selection was the main factor in outperformance, as the Fund’s yield objective led to allocations in non-benchmark tracking asset classes. The biggest contributions to performance came from long-term debt and emerging markets debt, via the Vanguard Long-Term Bond ETF and VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, respectively.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    12

Transamerica Dynamic Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		2.65	%		3.26	%		3.26	%		10/31/2011
Class A (NAV)		7.79	%		4.27	%		4.27	%		10/31/2011
iBoxx $ Liquid High Yield Index (A)		8.45	%		6.04	%		5.97	%
Transamerica Dynamic Income Blended Benchmark (A) (B) (C) (D)		6.13	%		7.39	%		7.23	%
Class C (POP)		6.00	%		3.48	%		3.48	%		10/31/2011
Class C (NAV)		7.00	%		3.48	%		3.48	%		10/31/2011
Class I (NAV)		8.06	%		4.51	%		4.50	%		10/31/2011

^(A) The iBoxx $ Liquid High Yield Index is comprised of U.S. dollar-denominated high yield liquid corporate bonds.

^(B) The Transamerica Dynamic Income Blended Benchmark is composed of the following benchmarks: 40% iBoxx $ Liquid High Yield Index, 30% Bloomberg Barclays U.S. Aggregate Bond Index, and 30% S&P 500^®.

^(C) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(D) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Asset Allocation, like many investment strategies, offers no guarantee of positive returns, and mutual funds are subject to market risk, including loss of principal. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s share may be above or below the shares’ net asset value; and an active trading market for an ETF’s share may not develop or be maintained. Foreign and emerging market investments involve risks not associated with U.S. markets, such as currency fluctuation, adverse social and political developments and the relatively small size and lesser liquidity of the markets. Fixed income investing is subject to credit risk and interest rate risk. Investments in high-yield bonds (“junk bonds”) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when the interest rate increases.

Transamerica Funds Annual Report 2016

Page    13

Transamerica Emerging Markets Debt

(unaudited)

MARKET ENVIRONMENT

During the fiscal year, the market witnessed a renewed interest in emerging markets fixed income based on a more stable currency market and a policy mix that has become much more market friendly. Argentinian elections and Brazil’s removal of Dilma Rousseff were pivotal data points for the market as both replacements are focused on much needed structural reform. Changes within those economies, when combined with the ongoing reforms in Indonesia and India, provided a potent mix of positive tailwinds for a market that was lacking direction for much of 2015.

Sovereigns were not alone in realizing the dramatic changes in capital markets and moving to a much more debtor friendly approach to their balance sheets. Corporate management teams across the globe refocused their efforts on reducing leverage and protecting their balance sheets in a much more uncertain world. These influences helped emerging market assets perform very well as commodities stabilized, central banks remained accommodative, and many major emerging market economies were rebalancing at current asset price levels.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Emerging Markets Debt Class A returned 11.86%, excluding any sales charges. By comparison, its benchmark, the J.P. Morgan Emerging Markets Bond Index Global, returned 11.58%.

STRATEGY REVIEW

U.S. dollar sovereigns led the way higher with political transitions fueling outperformance within Brazil and Argentina, while emerging market corporates like Petrobras Global Finance BV and Vale Overseas, Ltd. recovered from a difficult 2015. In local markets, similar macro themes played out, with reform-oriented governments in Indonesia and Brazil outperforming.

The term recovery was probably an adequate description in emerging market assets. Following the underperformance of emerging markets risk in the previous fiscal year, specifically in quality Brazilian corporates as well as almost any local currency asset, the market responded well to a shift in balance sheet management at both macro and micro level. In the hard currency sovereign portion of the Fund, two themes played out. Owning higher yielding securities in areas like Argentinian provincials or outright duration exposure in more commodity-exposed countries such as Kazakhstan or even Indonesia helped returns. Also, commodity price stability led to bounces in Venezuela and sub-Saharan African risk, for example Ivory Coast and Zambia. On the negative side, selling holdings in Ecuador to move into commodity-based corporates hurt performance as those bonds outperformed during the second and third quarters of 2016.

The macro theme of recovery in Brazilian assets helped Petrobras Global Finance BV and Braskem Finance, Ltd. lead the outperformance within the corporate bucket. First Quantum Minerals, Ltd., a Zambian based Copper miner, also performed well, as the company found more sources of liquidity while continuing to expand into lower cost assets. Duration exposure was another plus, with Indonesian quasi-sovereigns outperforming and Grupo Televisa SAB in Mexico catching the Treasury move. On the negative side, Brazil Telecom (no longer held at period end) exposure weighed on returns when the company filed for reorganization earlier in 2016.

After a tough end to 2015, local assets performed well during the first three quarters of 2016. Core positions in longer duration assets in Brazil and Indonesia were the largest contributors. Strategic positions in South Africa and Russia also performed well on the back of political change and a rate cutting cycle by the Central Bank of Russia. Mexico was the largest detractor, as it continued to weaken into the U.S. presidential election.

During the period, the Fund utilized derivatives. These positions added to performance.

Todd Howard, CFA

Scott Moses, CFA

Co-Portfolio Managers

Logan Circle Partners, LP

Transamerica Funds Annual Report 2016

Page    14

Transamerica Emerging Markets Debt

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		6.59	%		4.85	%		4.71	%		08/31/2011
Class A (NAV)		11.86	%		5.87	%		5.70	%		08/31/2011
J.P. Morgan Emerging Markets Bond Index Global (A)		11.58	%		6.17	%		6.10	%
Class C (POP)		10.01	%		5.13	%		4.96	%		08/31/2011
Class C (NAV)		11.01	%		5.13	%		4.96	%		08/31/2011
Class I (NAV)		12.27	%		6.25	%		6.07	%		08/31/2011
Class I2 (NAV)		12.25	%		6.32	%		6.14	%		08/31/2011
Class R6 (NAV)		12.36	%		N/A			5.67	%		05/29/2015

^(A) The J.P. Morgan Emerging Markets Bond Index Global tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments, and the relativity small size and less liquidity of these markets. Debt investing is subject to credit risk and interest rate risk. Credit risks is the risk that the issuer of a bond won’t meet their payments and Interest rate risk is the risk that fluctuations in interest rates will affect the price of a bond.

Transamerica Funds Annual Report 2016

Page    15

Transamerica Emerging Markets Equity

(unaudited)

MARKET ENVIRONMENT

While the overall global economy appeared to continue to make slow progress, emerging markets were positive over the last 12 months.

As many expected, economic indicators in China showed signs of a moderate deceleration. China’s economic transition is ongoing, and growth is likely to be nonlinear, as policymakers juggle between stimulus and structural reform. After months of devaluation, the renminbi stabilized. In September, the currency was added to the IMF Special Drawing Rights basket, which should provide further support. For now, it seems as if many of the risks, including lower gross domestic product growth rates, are priced into the Chinese market.

In Brazil, the presidential impeachment saga seemed to be nearing an end. With a new president sworn in, market focus is likely to shift toward the new administration and its ability to deliver on reform promises, though the country’s Supreme Court recently gave prosecutors a green light to preliminarily investigate President Michel Temer’s link to the corruption scandal. Strong market performance in Brazil indicated that much of the good news has been embedded into security prices and, therefore, there is room for disappointment. From an economic perspective, the Brazilian economy shrank for the sixth quarter in a row, but investments grew for the first time since 2013 showing the first signs of a turnaround from one of the country’s deepest recessions in history.

As is almost always the case, even in markets that are facing challenges, there will be individual companies that are thriving, and may very well be great investments now because of the cynicism around their area of the world. Perhaps now more than ever, a focus on good stock selection and solid macroeconomic risk control is critical.

It is our opinion that emerging market equities have been and continue to be an important long-term core investment from a strategic perspective. Timing the correct entry point is difficult, if not impossible.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Emerging Markets Equity Class A returned 4.88%, excluding any sales charges. By comparison, its benchmark, the MSCI Emerging Markets Index, returned 9.67%.

STRATEGY REVIEW

ClariVest Asset Management, LLC employs a strategy of identifying and investing in the securities of firms entering or extending a fundamental growth cycle. We manage the strategy by marrying it with a disciplined approach to portfolio construction. We maintain a balanced profile of growth and value, as demonstrated by a positive exposure to recent earnings growth relative to the benchmark, as well as a positive exposure to valuation (via such measures as earnings to price) relative to the benchmark.

The Fund underperformed its benchmark for the fiscal year. On a sector basis, holdings in materials and consumer staples weighed the most, while holdings in information technology were the most significant contributors. On a country basis, holdings in Brazil and Turkey were the largest detractors, which were partially offset by positive stock selection in China.

Individual detractors included KIA Motors Corp. (“KIA”), a Korean automaker, and Dongfeng Motor Group Co., Ltd. (“Dongfeng”), a Chinese auto manufacturer. KIA drifted down as sluggish exports, a strong Korean won, and labor strife weighed on the stock, though domestic sales remained robust. Dongfeng’s sales, meanwhile, decelerated in China due in part to weaker sales in its joint venture with Peugeot.

Contributors included Taiwan Semiconductor Manufacturing Co., Ltd. (“TSMC”), the world’s largest semiconductor foundry, and Tencent Holdings, Ltd. (“Tencent”), China’s largest social media service company. TSMC reported strong profits and revenue driven by higher margins and a recovery in Apple’s iPhone sales. Tencent continued to beat earnings estimates over the year, bolstered by a surge in revenue from mobile gaming, online messaging and online advertising services.

David R. Vaughn, CFA

Stacey Nutt, PhD

Alex Turner, CFA

Priyanshu Mutreja, CFA

Co-Portfolio Managers

ClariVest Asset Management, LLC

Transamerica Funds Annual Report 2016

Page    16

Transamerica Emerging Markets Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(0.84	)%		(3.22	)%		04/30/2012
Class A (NAV)		4.88	%		(2.00	)%		04/30/2012
MSCI Emerging Markets Index (A)		9.67	%		0.27	%
Class C (POP)		3.28	%		(2.63	)%		04/30/2012
Class C (NAV)		4.28	%		(2.63	)%		04/30/2012
Class I (NAV)		5.30	%		(1.67	)%		04/30/2012
Class I2 (NAV)		5.41	%		(1.57	)%		04/30/2012

^(A) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The risks of investing in foreign securities are magnified in emerging markets. These may include risks related to market and currency volatility, adverse social and political developments and the relatively small size and less liquidity of these markets.

Transamerica Funds Annual Report 2016

Page    17

Transamerica Flexible Income

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2016 was not completely unlike any other 12-month period in the post-crisis era. Interest rates and growth remained low, global central banks remained unprecedentedly accommodative, and geopolitical events punctuated the grinding, but still positive, economic improvements.

In December 2015, the U.S. Federal Reserve (“Fed”) raised its Fed funds rate target for the first time since 2006, taking its first substantive step toward normalizing the stance of monetary policy since ceasing the quantitative easing program in 2014. The European Central Bank (“ECB”) and the Bank of Japan (“BoJ”), meanwhile, continued to provide monetary stimulus during the year. The ECB launched a new corporate bond purchase program in the summer, meant to ease lending conditions in the real economy and boost credit market activity. Late in the summer, the BoJ shifted gears and adopted a new policy target — the 10-year Japanese government bond yield. In both cases, these major central banks continued to innovate their policy toolkits. Much of this innovation can be attributed to a crisis of confidence that spread across global markets in the first quarter of calendar 2016, when global developed sovereign yields turned increasingly negative.

Domestically, the economic environment steadily improved. From the third quarter 2015 to the third quarter 2016, real gross domestic product accelerated from a 2.0% seasonally-adjusted annual rate to 2.9%. The labor market added approximately 2.3 million jobs at an average pace of 196,000 per month while the unemployment rate hovered around the 5% level. Goods and services prices crept higher in aggregate as the Consumer Price Index went from no year-over-year growth in September 2015 to registering 1.46% this September. Crude oil prices remained volatile, swinging from as low as $26/barrel to $51/barrel.

In the U.S. financial markets, interest rates finished the fiscal year lower, while equities and the dollar were stronger. Corporate credit had a good year as total returns improved and spreads tightened markedly. Investors were the most challenged, perhaps, by bouts of volatility as the CBOE VIX Index was elevated around calendar year-end and slowly settled down only to surge again mid-year on the U.K.‘s vote to leave the European Union (“Brexit”).

Geopolitics were a notable headwind for investors, but also a source for opportunity. The conflict in Syria raged on as terror attacks continued in the West — from the Bataclan nightclub in Paris in November to the Brussels airport in March. A July coup attempt in Turkey unsettled markets as well. Amid this chaos, the U.S. was embroiled in a caustic and exhausting election campaign season that culminated in a vote for a new president on November 8, 2015.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Flexible Income Class A returned 4.78%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.37%.

STRATEGY REVIEW

Strategically, we continued to prefer defensive interest rate positioning into periods of potential volatility. Our emphasis remained on minimizing interest rate volatility risks by focusing on spread products rather than risk-free assets, for example, while using our credit selection expertise to seek excess returns.

Interest rates generally moved lower during the year, and the Fund experienced a drag from yield-curve positioning, mainly due to being underweight duration relative to the Index at the long end of the curve. However, this was somewhat offset by exposure to the belly (middle) of the curve.

Excess carry contributions were the primary performance driver. At the asset class level, the largest contributors were high yield, U.S. Treasuries and agency residential mortgage backed securities. The largest detractors were asset-backed securities and preferreds.

Contributions by rating were bifurcated; the underweight to the highest rating category (AAA) and overweight to the lower-rated (B and CCC) credits contributed the most, while A-rated credits were the primary detractors.

At the corporate sector level, the most positive active return contributions came from energy, capital goods and technology. The largest detractors were consumer non-cyclicals, basic industry and specific areas within the financial sector.

Brian W. Westhoff, CFA

James K. Schaeffer, Jr.

Doug Weih, CFA

Matthew Q. Buchanan

Bradley D. Doyle

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2016

Page    18

Transamerica Flexible Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(0.20	)%		4.08	%		4.30	%		06/29/1987
Class A (NAV)		4.78	%		5.09	%		4.81	%		06/29/1987
Bloomberg Barclays U.S. Aggregate Bond Index (A)		4.37	%		2.90	%		4.64	%
Class B (POP)		(1.05	)%		4.04	%		4.16	%		10/01/1995
Class B (NAV)		3.95	%		4.21	%		4.16	%		10/01/1995
Class C (POP)		3.18	%		4.34	%		4.11	%		11/11/2002
Class C (NAV)		4.18	%		4.34	%		4.11	%		11/11/2002
Class I (NAV)		5.05	%		5.37	%		6.35	%		11/30/2009
Class I2 (NAV)		5.17	%		5.45	%		5.27	%		11/08/2004
Class R6 (NAV)		5.16	%		N/A			3.01	%		05/29/2015

^(A) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Interest rates may go up, causing the value of the Fund’s investments to decline. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Investing in bond funds entails interest rate and credit risk as well as additional risks such as high-yield/high-risk bonds and is subject to greater levels of liquidity risk. These risks are described in more detail in the prospectus.

Transamerica Funds Annual Report 2016

Page    19

Transamerica Floating Rate

(unaudited)

MARKET ENVIRONMENT

The fiscal year ending October 31, 2016 was not completely unlike any other 12-month period in the post-crisis era. Interest rates and growth remained low, global central banks remained unprecedentedly accommodative, and geopolitical events punctuated the grinding, but still positive, economic improvements.

In December 2015, the U.S. Federal Reserve (“Fed”) raised its Fed funds rate target for the first time since 2006, taking its first substantive step toward normalizing the stance of monetary policy since ceasing the quantitative easing program in 2014. The European Central Bank (“ECB”) and the Bank of Japan (“BoJ”), meanwhile, continued to provide monetary stimulus during the period. The ECB launched a new corporate bond purchase program in the summer, meant to ease lending conditions in the real economy and boost credit market activity. Late in the summer, the BoJ shifted gears and adopted a new policy target — the 10-year Japanese government bond yield. In both cases, these major central banks continued to innovate their policy toolkits. Much of this innovation was attributed to a crisis of confidence that spread across global markets in the first quarter of calendar 2016, when global developed sovereign yields turned increasingly negative.

Domestically, the economic environment steadily improved. Year over year, real gross domestic product accelerated from a 2.0% seasonally-adjusted annual rate to 2.9% in the third quarter of 2016. The labor market added approximately 2.3 million jobs at an average pace of 196,000 per month while the unemployment rate hovered around the 5% level. Goods and services prices crept higher in aggregate as the Consumer Price Index went from no growth in September 2015 to registering 1.46% in September 2016. Crude oil prices remained volatile, swinging from as low as $26/barrel to $51/barrel.

In the U.S. financial markets, interest rates finished the fiscal year lower, while equities and the dollar were stronger. Corporate credit had a good year as total returns improved and spreads tightened markedly. Investors were the most challenged, perhaps, by bouts of volatility as the CBOE VIX index was elevated around calendar year-end and slowly settled down only to surge again mid-year on the U.K.‘s vote to leave the European Union (“Brexit”).

Geopolitics were a notable headwind for investors, but also a source for opportunity. The conflict in Syria raged on as terror attacks continued in the West — from the Bataclan nightclub in Paris last November to the Brussels airport in March. A July coup attempt in Turkey unsettled markets as well. Amid this chaos, the U.S. was embroiled in a caustic and exhausting election campaign season that culminated in a vote for a new president on November 8, 2015.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Floating Rate Class A returned 5.50%, excluding any sales charges. By comparison, its benchmark, the Credit Suisse Leveraged Loan Index, returned 6.30%.

STRATEGY REVIEW

The search for incremental yield in a low-rate world was a fundamental driver of performance for bank loans. Stabilization in the commodity markets and a continued low default environment also attracted investors to the asset class.

Exposures to transportation, service, utilities and media/telecommunications were the largest contributors to performance at the sector level. Metals/minerals, health care and gaming/leisure were the largest detractors.

From the ratings perspective, the biggest contributions were an underweight in BBs and an overweight in Bs. The CCC-or-below category was the largest detractor; securities in that riskier rating class rallied significantly, while the Fund, with a generally more conservative posture, held an underweight exposure.

Even though floating-rate securities can outperform fixed-rate products in a rising-rate environment, we are not anticipating the Fed will accelerate the normalization process. So, a period of low, slowly rising interest rates is likely to persist for some time. But, in as much as rates do track higher, leveraged loan investors could benefit.

John F. Bailey, CFA

Jason P. Felderman, CFA

James K. Schaeffer, Jr.

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2016

Page    20

Transamerica Floating Rate

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		0.49	%		1.79	%		10/31/2013
Class A (NAV)		5.50	%		3.46	%		10/31/2013
Credit Suisse Leveraged Loan Index (A)		6.30	%		3.59	%
Class C (POP)		3.70	%		2.69	%		10/31/2013
Class C (NAV)		4.70	%		2.69	%		10/31/2013
Class I (NAV)		5.75	%		3.61	%		10/31/2013
Class I2 (NAV)		5.81	%		3.75	%		10/31/2013

^(A) Credit Suisse Leveraged Loan is an index designed to mirror the investable universe of the dollar denominated leveraged loan market.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in high-yield bonds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities in not guaranteed. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond.

Transamerica Funds Annual Report 2016

Page    21

Transamerica Global Bond

(unaudited)

MARKET ENVIRONMENT

The market environment over the past year was supportive for global fixed income investors. Additional global monetary policy easing, with European and Japanese central banks moving deeper into negative territory and the U.S. Federal Reserve (“Fed”) remaining extremely cautious in its rate normalization path, kept rates very well supported. In addition, the Fed’s cautious stance was in contradiction with a market that was expecting more tightening and therefore the U.S. dollar weakened against most major currency pairs. The impact of these policies, along with a technically overbought U.S. dollar, saw some dramatic yearly currency moves. For example, the Japanese yen appreciated substantially followed by the next best performing G-10 (group of 10 Industrialized nations) currency the Australian dollar. Underperforming, due to more idiosyncratic factors, were the Mexican peso and the British pound. The Mexican peso suffered due to poor domestic economic performance, increasing political friction, as well as the ascendance of presidential Donald Trump as a nationalist and trade protectionist. The British pound suffered due the British people’s vote to leave the European Union (“Brexit”), which is the United Kingdom’s most significant trading partner. Rates also provided some strong total returns with 10 year bunds and long dated Japanese government bonds rallying over the year.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Global Bond Class A returned 9.73%, excluding any sales charges. By comparison, its benchmark, the Citigroup Non-U.S. Dollar World Government Bond Index, returned 7.34%.

STRATEGY REVIEW

Over the year, the Fund outperformed its benchmark. The primary driver of returns was the U.S. dollar weakness against most major currencies over the course of the year. The portfolio had an overweight position in Canadian government bonds, New Zealand government debt and U.S. spread sensitive assets like commercial mortgage backed securities. We continued to own fixed income assets that we believe had the potential for further easing or where the yield curve was sufficiently accommodative. The bond positions mentioned above were funded by a dramatic underweight in Japanese government debt. With negative real yields in Japan and uncertain monetary policy we felt the risk/reward for investors in Japanese bonds did not warrant an allocation and as a result, we did not own any. Given the yield advantage and the larger interest rate moves in the markets mentioned above these rate positions added value throughout the year.

Detracting from returns were rate positions in Japan, where in response to additional easing of monetary policies the Japanese government bond market rallied. Brazil and Colombia, wherein rates moved significantly higher as risk reduction within emerging markets fueled capital outflows, also detracted. From a currency perspective the year has been very rewarding. The U.S. dollar sold off post the Fed adopting a slower pace of tightening than originally envisioned. Our out of index exposures in higher real rate countries such as Brazil and Indonesia significantly helped performance.

We believe there are very few attractive real yields globally outside of emerging markets. Within emerging markets, we like Mexican duration but given U.S. election uncertainty, we have refrained from adding until there is better clarity. We also like owning rates in countries where there is downward inflation momentum given years of high real rates and more stable currencies, such as Brazil, Indonesia and Romania.

During the period, the Fund used derivatives. These positions added to performance.

Todd Howard, CFA

Scott Moses, CFA

Co-Portfolio Managers

Logan Circles Partners, LP

Transamerica Funds Annual Report 2016

Page    22

Transamerica Global Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		4.56	%		(1.40	)%		03/01/2014
Class A (NAV)		9.73	%		0.42	%		03/01/2014
Citigroup Non-U.S. Dollar World Government Bond Index (A)		7.34	%		(1.12	)%
Class C (POP)		7.89	%		(0.33	)%		03/01/2014
Class C (NAV)		8.89	%		(0.33	)%		03/01/2014
Class I (NAV)		9.99	%		0.67	%		03/01/2014
Class I2 (NAV)		9.87	%		0.67	%		03/01/2014

^(A) The Citigroup Non-U.S. Dollar World Government Bond Index measures the performance of fixed-rate, local currency, investment grade sovereign bonds issued by governments outside the U.S, and is comprised of sovereign debt from 22 countries that is denominated in a variety of currencies.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in global/international markets involve risks different from U.S. markets, such as currency fluctuations, impact from adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing or emerging markets involve greater risks than investments in developed markets. Fixed income investing is subject to credit risk, inflation risk, and interest risk.

Transamerica Funds Annual Report 2016

Page    23

Transamerica Global Equity

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2016 produced mundane returns for equity investors around the globe, with the MSCI World All Country Index up 2.05%. Equity returns were well below their long-term norms and were merely in line with equity market dividend yields. Companies generally experienced their third consecutive year of virtually no earnings growth as hard-hit sectors like energy offset the more rapidly growing technology and media sectors.

Despite weak earnings growth, equity markets were supported by a declining interest rate environment that helped rate-sensitive sectors such as utilities, consumer staples and real estate, all of which outperformed the broader Index. However, interest rates bottomed in most geographies in the wake of the United Kingdom’s vote to leave the European Union (“Brexit”). Late in the period, interest rate-sensitive sectors began to underperform as bond yields started to increase from their lows in early July.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Global Equity Class A returned (0.09)%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the MSCl All Country World Index Net and MSCI World Index ex-U.S., returned 2.05% and (1.76)%, respectively.

STRATEGY REVIEW

The Fund underperformed its primary benchmark due mostly to stock selection in consumer discretionary and utilities. One of our long-standing investment theses has been tourism and travel as one of the few sectors likely to exhibit strong growth characteristics in a slow-growth world. However, fear of the Zika virus and of terrorism weighed on investor sentiment in three of our holdings — Royal Caribbean Cruises, Ltd., United Continental Holdings, Inc. and Southwest Airlines Co. We believe investor concerns were misplaced. These companies generally delivered earnings in-line with expectations and their underperformance was driven by price to earnings multiples compressing to low levels. We think these three companies have strong fundamentals and that their stock prices should rebound.

The Fund’s largest detractor, Kansai Electric Power Co., Inc. in Japan, was forced by a court injunction to delay the re-start of its nuclear reactors. We expect this issue should be resolved shortly, and even without the return of use of those reactors the stock was selling for roughly nine times earnings at period end, less than half the level at which U.S. electric utilities were valued.

Relative contributors were led by the Fund’s holdings in financials and telecommunication services. Reinsurance Group of America, Inc. was our top contributor in financials, while Nippon Telegraph & Telephone Corp. led in telecommunications.

On a geographic basis, the Fund’s underexposure to the “commodity countries” of Australia, Brazil and Canada detracted from relative performance. We believe the recoveries in those markets were overdone, and that the more compelling way to capture the potential growth and inflation from easing regulations and higher interest rates would be through financials rather than commodities, where we see abundant supplies limiting recovery in pricing. Relative contributors included our holdings in Germany and Japan.

David P. Harris, CFA

Jimmy C. Chang, CFA

Co-Portfolio Managers

Rockefeller & Co., Inc.

Transamerica Funds Annual Report 2016

Page    24

Transamerica Global Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(5.59	)%		4.13	%		1.63	%		03/01/2006
Class A (NAV)		(0.09	)%		5.31	%		2.21	%		03/01/2006
MSCI All Country World Index Net (A)		2.05	%		8.03	%		3.78	%
MSCI World Index ex-U.S. (B)		(1.76	)%		5.02	%		1.78	%
Class B (POP)		(5.78	)%		4.34	%		1.58	%		03/01/2006
Class B (NAV)		(0.82	)%		4.51	%		1.58	%		03/01/2006
Class C (POP)		(1.81	)%		4.54	%		1.51	%		03/01/2006
Class C (NAV)		(0.82	)%		4.54	%		1.51	%		03/01/2006
Class I (NAV)		0.24	%		5.67	%		4.95	%		11/30/2009
Class R6 (NAV)		0.36	%		N/A			(2.48	)%		05/29/2015

^(A) The MSCI All Country World Index Net is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

^(B) The MSCI World Index ex-U.S. captures large and mid-cap representation across developed markets countries, excluding the U.S.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares or 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Investments in global/international markets involve risks not associated with U. S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets.

Transamerica Funds Annual Report 2016

Page    25

Transamerica Global Long/Short Equity

(unaudited)

MARKET ENVIRONMENT

The investment environment was challenging for the Fund. Low or no growth companies significantly outperformed as a bond investor mentality took hold of the equity market. Much of this development could be traced back to central bank policies around the world.

The U.S. Federal Reserve took a longer-than-expected pause in the current hiking cycle, causing Treasury yields to move lower. Perhaps the more dramatic moves came from the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”). The ECB increased the size of its quantitative easing program and moved deeper into negative rates, while the BoJ surprised the market by following the ECB move to negative rates. These policies forced traditional bond investors into the equity market, bringing with them a low appetite for uncertainty. Due to central bank policies, dividends and certainty of cash flows had more influence on stock performance over revenue and earnings growth.

PERFORMANCE

For the period ended October 31, 2016, Transamerica Global Long/Short Equity Class A returned (8.80)%, excluding any sales charges. By comparison, its benchmark, the BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index, returned 0.58%.

STRATEGY REVIEW

The Fund’s investment strategy is to purchase securities that the sub-adviser believes are undervalued and sell short securities that the sub-adviser believes are overvalued. As mentioned above, this approach was not rewarded as investors sought the safety of cash over growth and positive change.

As a result, the Fund underperformed its benchmark. Factors important to the Fund’s success, including momentum and earnings yield were not rewarded. Dividend yield, as a standalone factor, had historically provided little in terms of excess return, yet, as a factor, deviated tremendously from its long-term norms and hurt the Fund’s results.

The Fund’s underperformance was across most geographies and sectors as macro flows were much more important than company-specific fundamentals over this period.

From a country perspective, the biggest detractors came from the U.S., Japan and Italy. From a sector perspective, the biggest detractors of performance were in consumer discretionary, financials and utilities.

In terms of individual contributors, the Fund’s long position in Agnico-Eagle Mines, Ltd. and Newfield Exploration Co. were the two largest. Top detractors were ITV PLC and Mediobanca SpA.

During the period, the Fund utilized derivatives. These positions detracted from performance.

Michael Kimmel, CFA

Jung (Michael) L. Kuan, CFA

Co-Portfolio Managers

Picton Mahoney Asset Management

Transamerica Funds Annual Report 2016

Page    26

Transamerica Global Long/Short Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	10 Years or Since Inception of Class			Inception Date
Class A (POP)		(8.80	)% (A)		11/30/2015
Class A (NAV)		(8.80	)% (A)		11/30/2015
BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index (B)		0.58	% (A)
Class I (NAV)		(8.60	)% (A)		11/30/2015
Class I2 (NAV)		(8.60	)% (A)		11/30/2015

^(A) Not annualized.

^(B) The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Fund may use derivatives to hedge its investments or to seek to enhance returns. Derivatives entail risks relating to liquidity, leverage and credit that may reduce returns and increase volatility. Global long/short equity investing involves special risks including, but not limited to, political risks, currency fluctuations, illiquidity and volatility. The Fund may engage in active and frequent trading, resulting in short-term capital gains or losses that could increase an investor’s tax liability. In general shorting a security may have a higher potential loss of capital. Long/short strategies may present the opportunity for significant losses. Such strategies have the potential for heightened volatility and, in general, are not suitable for all investors.

Transamerica Funds Annual Report 2016

Page    27

Transamerica Growth

(unaudited)

MARKET ENVIRONMENT

Numerous factors contributed to market volatility in the 12-month period: decelerating economic growth in China, concerns that emerging economies might face balance sheet risks, the negative effect of lower energy prices on industrial sectors, fears of slowing economic growth in the U.S., uncertainty about the course of future U.S. Federal Reserve monetary tightening, the U.K.’s vote to leave the European Union, and anxiety about the highly-unconventional U.S. presidential election.

Risk aversion in this volatile global market environment affected how investors valued different securities. Low-volatility, high dividend-paying “safety” stocks were significant drivers of market returns. Stocks of higher-growth companies generally underperformed.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Growth Class I2 returned (1.13)%. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 2.28%.

STRATEGY REVIEW

Investor risk aversion hurt higher-growth (therefore higher-valuation stocks). Health care stocks faced the additional headwind of growing concerns about drug pricing. Companies that sell innovative, high-priced drugs sold off, among them Fund holdings Regeneron Pharmaceuticals, Inc. (eye diseases, high cholesterol), Alexion Pharmaceuticals, Inc. (blood and metabolic disorders) and Vertex Pharmaceuticals, Inc. (cystic fibrosis). We believe that the long-term fundamentals of the Fund’s biotechnology positions remain intact and that valuations underestimate the potential of pipeline drugs. Health care companies in which acquired growth plays a greater role, such as Allergan PLC, declined as regulatory changes threatened to remove many of the tax benefits of mergers between U.S. and offshore companies.

In consumer discretionary, NIKE, Inc. declined on inventory overhang, declining average selling prices and increased competition. Amazon.com, Inc., another sector holding, benefited from continued strong execution, margin expansion, and development of a meaningfully important business opportunity in cloud infrastructure. The company continued to invest to drive unit growth in its core retail business and through the proliferation of digital commerce via the mobile market. In consumer staples, deflationary grocery prices hindered supermarket chain Kroger Co.’s (no longer held at period end) growth.

Information technology positions were solid positive contributors to performance. Facebook, Inc. rose on impressive revenue and margins, accelerating advertising revenue growth, and strong user growth and engagement. As the company solidified its dominant position, it continued to increase its appeal to users and advertisers. Long-term growth drivers include Instagram, WhatsApp, and Messenger. Tencent Holdings, Ltd., China’s largest and most-visited internet service portal, continued to perform well fundamentally, driven by its dominant position in China’s online gaming and instant messaging markets and its growing advertising and payment service efforts.

Other technology contributors included NVIDIA Corp. The company’s revenue, gross margin, and earnings exceeded forecasts. The company has transformed itself from a personal-computer-centric graphics provider to a company focused on key high-growth markets, where we believe it can leverage its graphics expertise to offer high-value-added solutions: gaming (where it has dominant market share), automotive, high-performance computing and cloud and enterprise. Alibaba Group Holding, Ltd. reported better-than-expected revenue, earnings, user metrics, gross merchandise value, monetization revenue, and margins. We believe Alibaba Group Holding, Ltd., with its dominant market share, offers an attractive opportunity to invest in the long-term growth of the Chinese e-commerce market. Adobe Systems, Inc. benefited from strong revenue and earnings. Best known for its Photoshop photo-editing tool and the PDF and Flash platforms, the company is transitioning its current installed base from a perpetual license model to a subscription model.

In financials, S&P Global, Inc.’s solid fundamentals reflect significant barriers to entry and substantial recurring revenue. The company provides credit ratings, benchmarks and analytics for the global capital and commodities markets.

In real estate, broadcast and wireless tower operator American Tower Corp. benefited from several long-term drivers of tower industry growth, including the expansion of mobile data, household migration to wireless-only service, high barriers to entry, pricing power, low maintenance expenses, international expansion opportunities, and largely predictable business models with high earnings margins. As a real estate investment trust, the company pays out most of pre-tax profits to shareholders, making it particularly attractive in an environment that favored dividend-paying stocks.

Michael A. Del Balso

Blair A. Boyer

Spiros “Sig” Segalas

Co-Portfolio Managers

Jennison Associates LLC

Transamerica Funds Annual Report 2016

Page    28

Transamerica Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		(1.13	)%		13.25	%		8.27	%		11/15/2005
Russell 1000® Growth Index (A)		2.28	%		13.65	%		8.22	%
Class R6 (NAV)		(1.13	)%		N/A			1.43	%		05/29/2015

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Equities are subject to market risk meaning that stock prices in general may decline over short or extended periods of time.

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

Transamerica Funds Annual Report 2016

Page    29

Transamerica High Yield Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2016 was not completely unlike any other 12-month period in the post-crisis era. Interest rates and growth remained low, global central banks stayed unprecedentedly accommodative, and geopolitical events punctuated the grinding, but still positive, economic improvements.

In December 2015, the U.S. Federal Reserve (“Fed”) raised its Fed funds rate target for the first time since 2006, taking its first substantive step toward normalizing the stance of monetary policy since ceasing the quantitative easing program in 2014. The European Central Bank (“ECB”) and the Bank of Japan (“BoJ”), meanwhile, continued to provide monetary stimulus during the year. The ECB launched a new corporate bond purchase program in the summer, meant to ease lending conditions in the real economy and boost credit market activity. Late in the summer, the BoJ shifted gears and adopted a new policy target — the 10-year Japanese government bond yield. In both cases, these major central banks continued to innovate their policy toolkits. Much of this innovation was attributed to a crisis of confidence that spread across global markets in the first quarter of 2016, when global developed sovereign yields turned increasingly negative.

Domestically, the economic environment steadily improved. Year over year, real gross domestic product accelerated from a 2.0% seasonally-adjusted annual rate to 2.9% in the third quarter. The labor market added approximately 2.3 million jobs at an average pace of 196,000 per month while the unemployment rate hovered around the 5% level. Goods and services prices crept higher in aggregate as the Consumer Price Index went from no growth in September 2015 to registering 1.46% in September 2016. Crude oil prices remained volatile, swinging from as low as $26/barrel to $51/barrel.

In the U.S. financial markets, interest rates finished the fiscal year lower, while equities and the dollar were stronger. Corporate credit had a good year as total returns improved and spreads tightened markedly. Investors were the most challenged, perhaps, by bouts of volatility as the CBOE VIX Index was elevated around calendar year-end and slowly settled down only to surge again mid-year on the U.K.‘s vote to leave the European Union (“Brexit”).

Geopolitics were a notable headwind for investors, but also a source for opportunity. The conflict in Syria raged on as terror attacks continued in the West — from the Bataclan nightclub in Paris last November to the Brussels airport in March. A July coup attempt in Turkey unsettled markets as well. Amid this chaos, the U.S. was embroiled in a caustic and exhausting election campaign season that culminated in a vote for a new president on November 8, 2015.

PERFORMANCE

For the year ended October 31, 2016, Transamerica High Yield Bond Class A returned 6.95%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays U.S. Corporate High-Yield 2% Issuer Capped Index, returned 10.16%.

STRATEGY REVIEW

This was a strong period for high yield market technicals with supportive supply and demand dynamics along with steady inflows into the asset class.

At the ratings level, security selection was the most significant performance driver, with B and CCC and below-rated credits detracting the most from performance. Allocation decisions to different ratings were also a detractor, but being underweight BBs was a contributor in the period. In sum, however, it was B-rated credits that detracted the most.

Looking at industry allocations, the metals/mining and independent energy sectors were the most significant detractors. These were partially offset by positive contributions from positions in retail, consumer cyclical services and media/entertainment. On a security selection basis, electric utilities, health care and retail were the biggest detractors, while building materials, metals/mining and U.S. banking provided some positive offsets. Across both the selection and allocation measures, the consumer non-cyclicals, electric and energy sectors were the largest detractors. Capital goods and communications were the largest contributors.

Kevin Bakker, CFA

Benjamin D. Miller, CFA

James K. Schaeffer, Jr.

Derek Thoms

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2016

Page    30

Transamerica High Yield Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		1.84	%		5.61	%		6.49	%		06/14/1985
Class A (NAV)		6.95	%		6.65	%		7.01	%		06/14/1985
Bloomberg Barclays U.S. Corporate High-Yield 2% Issuer Capped Index (A)		10.16	%		7.17	%		7.69	%
Class B (POP)		1.18	%		5.64	%		6.39	%		10/01/1995
Class B (NAV)		6.18	%		5.80	%		6.39	%		10/01/1995
Class C (POP)		5.34	%		5.88	%		6.29	%		11/11/2002
Class C (NAV)		6.34	%		5.88	%		6.29	%		11/11/2002
Class I (NAV)		7.33	%		6.94	%		7.98	%		11/30/2009
Class I2 (NAV)		7.43	%		7.04	%		7.48	%		11/08/2004
Class R6 (NAV)		7.43	%		N/A			2.90	%		05/29/2015

^(A) The Bloomberg Barclays U.S. Corporate High-Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Interest rates may go up, causing the value of the Fund’s investments to decline. Changes, in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Investing in high-yield bond funds (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases.

Transamerica Funds Annual Report 2016

Page    31

Transamerica High Yield Muni

(unaudited)

MARKET ENVIRONMENT

Municipals continued to reward investors with relatively steady performance during the fiscal year, which was marked by periodic high volatility and low interest rates. Throughout the period, we saw a flatter yield curve, as risk compensation hovered around 2008 lows indicating a discounted threat of inflation. An unexpected result of the U.K. referendum to leave the European Union (“Brexit”) sent 10-Year Treasuries to a low of 1.36% in July. This led many investors to believe the U.S. Federal Reserve (“Fed”) would not raise the Fed funds rate due to the fallout from Brexit. Heading towards the end of the third quarter of 2016, the municipal curve steepened as heavy supply and positive economic data was released. The front end cheapened substantially as one-year municipals on a relative basis yielded about 110% of Treasuries making them attractive, in our view.

We saw a record supply during the period, as municipalities took advantage of refinancing and sought to bring deals to market before rates rise. Total municipal supply was up 11% at period end. Issuance in October was the highest in 30 years at $54 billion, reflecting issuers pricing deals ahead of the U.S. presidential election. Because of the heavy supply, munis exhibited compelling value according to our analysis. Supply and demand dynamics supported muni pricing throughout the fiscal year. Taxes are high and munis are the only tax-exempt asset class available, which we believe should support demand.

In all market environments, we remain selective in the credits we purchase. We have focused on security section, sector selection and credit research to reinforce performance. The Fund has taken advantage of dislocated maturity bands by reoffering many positions in the secondary market for opportunistic trades. At times, the Fund may be overweight or underweight specific maturities, states or issuers due to market conditions.

PERFORMANCE

For the year ended October 31, 2016, the Transamerica High Yield Muni Class A returned 6.72%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays High Yield Municipal Bond Index, returned 8.61%.

STRATEGY REVIEW

We have generally preferred higher quality credits. Credit spreads remained historically tight, and the Bloomberg Barclays High Yield Index carried a lower rating at B1/B2. The Bloomberg Barclays High Yield Municipal Index Yields versus Investment Grade Municipal Index Yields tightened over 100 basis points during the last quarter of the fiscal year. Our underweight duration positioning and higher credit quality were factors that led to the Fund’s underperformance. Our holdings of insured bonds did not fully capture the credit tightening throughout the High Yield Index. With that said, we focused on selling weaker credits at attractive levels and picking yields in other quality names.

During the last year, the Fund was overweight California and Illinois, which contributed to performance. California’s high tax rates continue to support strong in-state demand. Demand combined with the state’s dynamic and powerful economy, the sixth largest economy globally, continued to offer what we believed to be many attractive investment opportunities. On the opposite end of the spectrum, Illinois offered compelling value in higher yields due in part to pension shortfalls and budget concerns. We believe Illinois will have the political resolve necessary to make revenue adjustments. State weightings are constantly being re-evaluated as the market evolves and are dependent on where we can find value along the curve.

Tobacco bonds were one of the top performing sectors led by Ohio Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, as lower quality credit spreads remained tight. We also saw strong performance from longer-dated, multifamily-housing projects.

Matthew Dalton

Portfolio Manager

Belle Haven Investments, L.P.

Transamerica Funds Annual Report 2016

Page    32

Transamerica High Yield Muni

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		3.21	%		8.81	%		07/31/2013
Class A (NAV)		6.72	%		9.93	%		07/31/2013
Bloomberg Barclays High Yield Municipal Bond Index (A)		8.61	%		6.76	%
Class C (POP)		5.12	%		9.35	%		07/31/2013
Class C (NAV)		6.12	%		9.35	%		07/31/2013
Class I (NAV)		6.96	%		10.14	%		07/31/2013
Class I2 (NAV)		N/A			(1.47	)% (B)		09/30/2016

^(A) The Bloomberg Barclays High Yield Municipal Bond Index is comprised of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.

^(B) Not annualized.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and I2 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk. High-yield bond (junk bonds) funds may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events.

Transamerica Funds Annual Report 2016

Page    33

Transamerica Income & Growth

(unaudited)

MARKET ENVIRONMENT

Global markets reflected a series of dramatic changes in sentiment over the 12 months ending October 31, 2016. While U.S. and foreign stocks generally moved together, domestic stocks outperformed for the seventh consecutive fiscal year. Stocks fell sharply early in the period, as oil prices continued their decline and U.S. bond yields moved abruptly lower. Worries about the health of the global economy generally, and renewed concerns over the U.S. labor market in particular, were among the factors pressuring stocks early in the period.

In February, however, stocks, commodity prices (including oil) and bond yields bottomed. U.S. and global equity markets rallied through early June before a sharp, but brief sell-off in the wake of Great Britain’s vote to leave the European Union (“Brexit”). Global equities moved higher again, reaching their peak for the year in late summer/early fall.

Traditional high-yielding equities, including utilities and consumer staples, were among the best performing stocks in the first half of the fiscal year. This was particularly the case in the U.S. where the telecommunication services and utilities sectors outperformed the broader market by a wide margin. This enthusiasm for so-called defensive names likely reflected concerns over domestic and global economic activity, as well as the ongoing profits recession in the U.S. In the second half, investors shifted away from defensive sectors, as technology stocks were by far the best performers and the winning sectors from the first half lagged far behind.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Income & Growth Class A returned 2.89%, excluding any sales charges. By comparison, its benchmark, the MSCl All Country World Index Gross, returned 2.64%.

STRATEGY REVIEW

The Fund seeks to achieve its objective by investing globally in a range of securities, primarily equities with market capitalization in excess of $750 million, which provide current income combined with the potential for capital appreciation.

The Fund outperformed its benchmark over the fiscal year led by its holdings and overweight in real estate investment trusts (“REITs”). Holdings in consumer staples and telecommunication services also contributed. Relative detractors were led by the Fund’s holdings and overweight in energy.

Given their significant appreciation, REITs were reduced by approximately half later in the period. We also reduced our holdings in telecommunications due to valuation concerns. We added to health care and technology companies, which offered slightly lower yields than our typical investments, but we believed these high-quality companies offered attractive valuations and growth profiles.

Individual contributors were led by consumer staples holdings Marine Harvest ASA and Thai Beverage PCL. Marine Harvest ASA is a Norwegian-based integrated fish producer, raising primarily Atlantic salmon. Thai Beverage PCL produces and distributes a wide range of beer and spirits in Southeast Asia. Both companies are dominant players in their respective markets, and continued to offer attractive prospects for organic growth, in our view.

Ship Finance International, Ltd. (no longer held at period end), a large ship-owning company with investments in several categories of ocean-faring vessels and oil rigs, was the Fund’s largest individual detractor followed by Blackstone Group, LP (no longer held at period end), one of the world’s largest financial services providers.

Regionally, the U.S. was the greatest contributor due to solid performance from U.S. stocks. Western Europe was the greatest detractor from returns, largely due to negative returns from U.K. stocks.

William R. Andersen, CFA

Jeff Middleswart

Co-Portfolio Managers

Ranger International Management, LP

Transamerica Funds Annual Report 2016

Page    34

Transamerica Income & Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(2.79	)%		1.42	%		10/31/2012
Class A (NAV)		2.89	%		2.86	%		10/31/2012
MSCI All Country World Index Gross (A)		2.64	%		8.47	%
Class C (POP)		1.12	%		2.11	%		10/31/2012
Class C (NAV)		2.10	%		2.11	%		10/31/2012
Class I (NAV)		3.28	%		3.13	%		10/31/2012
Class I2 (NAV)		3.15	%		3.20	%		10/31/2012

^(A) The MSCI All Country World Index Gross is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the Fund. Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control, cash flow risks, dilution risks and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. ADRs involve the same risk as foreign securities including currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Dividend income may vary depending on market performance and is not guaranteed. A company’s future ability to pay dividends may be limited. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investing in high-yield securities may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases.

Transamerica Funds Annual Report 2016

Page    35

Transamerica Inflation Opportunities

(unaudited)

MARKET ENVIRONMENT

In the first three months of the period, global inflation continued a decline from the previous year, as oil prices still struggled under supply and demand concerns and following the December rate hike by the U.S. Federal Reserve (“Fed”). The Bank of Japan rate cut in late January and the European Central Bank announcement of additional stimulus in early February helped stabilize oil prices and inflation expectations by mid-February. The Fed’s March reduction of forecasted rate hikes cleared the way for a rally in oil prices, which boosted inflation expectations and risk asset prices across the globe. That rally stalled in June, when a stunningly weak U.S. jobs report early in the month raised doubts as to the prospects for U.S. domestic inflationary pressure.

The pullback in oil prices and inflation expectation was driven further by the decision in June of the U.K. to leave the European Union (“Brexit”). U.K. linkers rallied tremendously in the two months following Brexit, aided by declining gilt yields, a weaker pound and expectation of increased Bank of England stimulus. Improving economic conditions and an uptick in inflation across the developed markets saw nominal rates increase faster than breakeven rates, weighing on inflation protected securities, during the last few weeks of the period.

The credit sector outperformed the Treasury sector, as the relative dovishness of central banks and marginally improving economic indicators supported spread assets. Commodity-related issuers outperformed, spurred by a stabilization and appreciation of commodity prices and a correction from the underperofmance during the previous 12 months. Financials lagged industrials, as low and negative rates continued to weigh on profit margins and specific banks dealt with idiosyncratic events, weighing on the broader sector.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Inflation Opportunities Class A returned 4.39%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Global Inflation-Linked Bond Index, returned 2.88%.

STRATEGY REVIEW

With foreign exchange markets volatile during the period, our decision to reduce foreign exchange risk contributed to performance. The biggest contributor was our underweight in the pound, which suffered considerably from the Brexit referendum in late June. The Fund’s underweight in euro also contributed to performance, but was offset by a negative contribution from our underweight in the yen.

Short-duration positioning hurt performance versus the benchmark, as rates globally declined. The Fund’s short duration at the long end of the U.K. curve was the biggest drag on performance, as Gilt yields declined substantially following Brexit. Our short duration exposures along both U.S. and European curves also detracted from performance.

The Fund’s opportunistic credit allocation contributed to excess returns versus the benchmark. The greatest contribution came from exposure to commodity-related issuers, particularly energy-related names, as the sector benefited from increasing oil prices. The Fund also maintained an overweight exposure in financials, which although they lagged industrials, contributed to outperformance versus the benchmark. We have maintained an overweight in financials due to attractive valuations, solid balance sheets, low event risk and strong liquidity. In addition, any increase in the likelihood of a Fed rate hike should support the sector due to the prospect of greater profitability. Security selection within the core allocation detracted from performance, led by our underweight in Japanese inflation-linked bonds and underweight in short-dated U.S. Treasury Inflation-Protected Securities.

During the period, the Fund utilized derivatives. These positions detracted from performance.

Amit Agrawal

Robert A. Vanden Assem, CFA

Co-Portfolio Managers

PineBridge Investments LLC

Transamerica Funds Annual Report 2016

Page    36

Transamerica Inflation Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(0.60	)%		(1.16	)%		03/01/2014
Class A (NAV)		4.39	%		0.66	%		03/01/2014
Bloomberg Barclays Global Inflation-Linked Bond Index (A)		2.88	%		0.66	%
Class C (POP)		2.58	%		(0.10	)%		03/01/2014
Class C (NAV)		3.58	%		(0.10	)%		03/01/2014
Class I (NAV)		4.59	%		0.89	%		03/01/2014
Class I2 (NAV)		4.69	%		0.97	%		03/01/2014
Class R6 (NAV)		N/A			1.31	% (B)		07/25/2016

^(A) The Bloomberg Barclays Global Inflation-Linked Bond Index cover eleven sovereign markets, quasi-sovereign issues in the Euro market and a full credit index in sterling.

^(B) Not annualized.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 4.75% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield (junk bonds) may be subject to greater volatility and risks as the return of principal and income derived from these securities are not guaranteed and can fluctuate based on firm profitability and economic conditions. Interest payment on inflation-related debt securities will vary as the principal and/or interest is adjusted for inflation.

Transamerica Funds Annual Report 2016

Page    37

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

(unaudited)

MARKET ENVIRONMENT

Municipals continued to reward investors with relatively steady performance during the fiscal year, which was marked by periodic high volatility and low interest rates. Throughout the period, we saw a flatter yield curve, as risk compensation hovered around 2008 lows indicating a discounted threat of inflation. An unexpected result of the U.K. referendum to leave the European Union (“Brexit”) sent 10-Year Treasuries to a low of 1.36% in July. This led many investors to believe the U.S. Federal Reserve (“Fed”) would not raise the Fed funds rate due to the fallout from Brexit. Heading towards the end of the third quarter of 2016, the municipal curve steepened as heavy supply and positive economic data was released. The front end cheapened substantially as one-year municipals on a relative basis yielded about 110% of Treasuries making them attractive, in our view.

We saw a record supply during the period, as municipalities took advantage of refinancing and sought to bring deals to market before rates rise. Total municipal supply was up 11% at period end. Issuance in October was the highest in 30 years at $54 billion, reflecting issuers pricing deals ahead of the U.S. presidential election. Because of the heavy supply, munis exhibited compelling value according to our analysis. Supply and demand dynamics supported muni pricing throughout the fiscal year. Taxes are high and munis are the only tax-exempt asset class available, which we believe should support demand.

In all market environments, we remain selective in the credits we purchase. We have focused on security section, sector selection and credit research to reinforce performance. The Fund has taken advantage of dislocated maturity bands by reoffering many positions in the secondary market for opportunistic trades. At times, the Fund may be overweight or underweight specific maturities, states or issuers due to market conditions.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Intermediate Muni Class A returned 4.58%, excluding any sales charges. By comparison, its benchmark, the Bloomberg Barclays Managed Money Intermediate (1-17 Year) Index, returned 3.60%.

STRATEGY REVIEW

We continued to maintain an emphasis to higher quality municipal debt. The Fund’s longer duration contributed to outperformance, as municipals rallied and longer bonds outperformed for most of the year. We remained nimble during the low-rate environment by looking to take advantage of market inefficiencies and a tactical approach to the yield curve. In the normal course of business, the Fund makes many of its positions available for opportunistic trading with an emphasis on active management and achieving total return.

During the last year, the Fund was overweight California and Illinois, which contributed to outperformance. California’s high tax rates continue to support strong in-state demand. Demand combined with the state’s dynamic and powerful economy, the sixth largest economy globally, continued to offer what we believed to be many attractive investment opportunities. On the opposite end of the spectrum, Illinois offered compelling value in higher yields due in part to pension shortfalls and budget concerns. We believe Illinois will have the political resolve necessary to make revenue adjustments. State weightings are constantly being re-evaluated as the market evolves and are dependent on where we can find value along the curve.

General obligation debt and higher education-related securities were the top sector contributors; we continued to focus on the smaller deals that provided more attractive value. At the issuer level, Chicago O’Hare International Airport, Revenue Bonds and Golden State Tobacco Securitization Corp., Revenue Bonds were the top performers, as credit compression benefited these holdings in trading tighter. We saw some underperformance in “pollution control” bonds, but overall this exposure was negligible. We sold our position before spreads decompressed. Low coupon bonds on the long-end cheapened as the curve steepened into the close of the fiscal year.

Matthew Dalton

Brian Steeves

Co-Portfolio Managers

Belle Haven Investments, L.P.

Transamerica Funds Annual Report 2016

Page    38

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		1.18	%		5.35	%		10/31/2012
Class A (NAV)		4.58	%		6.23	%		10/31/2012
Bloomberg Barclays Managed Money Intermediate (1-17 Year) Index (A)		3.60	%		2.75	%
Class C (POP)		3.00	%		5.59	%		10/31/2012
Class C (NAV)		4.00	%		5.59	%		10/31/2012
Class I (NAV)		4.62	%		6.34	%		10/31/2012
Class I2 (NAV)		N/A			(1.18	)% (B)		09/30/2016

^(A) The Bloomberg Barclays Managed Money Intermediate (1-17 Year) Index is comprised of tax-exempt bonds with maturities ranging from 1 to 17 years that are rated Aa3/AA- or higher by at least two of the following statistical ratings agencies: Moody’s, S&P and Fitch.

^(B) Not annualized.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 3.25% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and I2 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Municipal bond prices can rise or fall depending on interest rates. Interest rates may go up, causing the value of the Fund’s investments to decline. All municipal bonds carry credit risk that the issuer will default or be unable to make timely payments of interest and principal. Generally, lower rated bonds carry more credit risk.

Transamerica Funds Annual Report 2016

Page    39

Transamerica International Equity

(unaudited)

MARKET ENVIRONMENT

Geopolitical and macroeconomic issues buffeted equity markets in the fiscal year ended October 31, 2016. Commodity price movements and several key elections with global implications contributed to uncertainty regarding future earnings prospects, particularly for multinational businesses. The MSCI EAFE Index finished down (2.74)%.

Valuations have provided a smaller margin of safety, making the market more vulnerable to negative news, in our view. Continued divergence in monetary policies and regional economic forecasts further underscore the need for disciplined stock selection. The MSCI EAFE Index was trading at 8.6 times cash flow and 14.5 times earnings expected over the next 12 months as of October 31, 2016. We believe Thompson, Siegel & Walmsley LLC’s valuation discipline and focus on fundamentals will be rewarded in this market environment.

PERFORMANCE

For the year ended October 31, 2016, Transamerica International Equity Class I returned (2.46)%. By comparison, its benchmark, the MSCI EAFE Index, returned (2.74)%.

STRATEGY REVIEW

The Fund outperformed its benchmark primarily due to strong stock selection in consumer staples and Japan, which offset the negative effects of underweighting the energy and real estate sectors.

Coca-Cola East Japan Co., Ltd. led our consumer staples holdings, as shares of the bottling company rallied on news it would be merging with Coca-Cola West Japan Co., Ltd. FamilyMart UNY Holdings Co., Ltd. (formerly known as FamilyMart Co., Ltd.) was also a strong performer. The convenience store franchise chain merged with grocery store UNY Group Holdings Co., Ltd. The combined entity had a well-received announcement regarding store closures and other reorganization measures related to the merger.

Our financial holdings were also key contributors. Challenger, Ltd. was the top performer in the group. The investment management firm reported strong life annuity sales in its fiscal year results. The momentum of the firm’s fundamentals suggested that 2017 results may be better than previously expected.

In energy, crude oil prices closed the fiscal year roughly flat, but intermittent volatility resulted in substantial share price movements across the group. Eni SpA was the sole individual underperformer in the sector. The integrated oil giant reported suboptimal financial results in the first half the year and slow progress on asset disposals as the company continued to transform into a less complex, more upstream-focused business. Additionally, Eni SpA is exposed to the Italian banking system, which has been pressured while undergoing reforms.

Among real estate holdings, Savills PLC, a real estate services provider, and British Land Co. PLC, a real estate investment trust, are two London-based holdings that underperformed due to negative sentiment associated with the U.K.‘s referendum vote to leave the European Union.

In addition to Coca-Cola East Japan Co., Ltd. and FamilyMart UNY Holdings Co., Ltd., Japan-based holdings electronics multinational Sony Corp., specialty chemical company Kuraray Co., Ltd. and technology investment holding company SoftBank Group Corp. were strong performers.

Our holdings in Europe were the largest regional detractor, with Teva Pharmaceutical Industries, Ltd. as a significant laggard. The company’s shares declined after the U.S. Patent Trial and Appeal Board invalidated patents on the company’s multiple sclerosis medication Copaxone, opening the door for generic competitors.

Brandon H. Harrell, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Transamerica Funds Annual Report 2016

Page    40

Transamerica International Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(8.17	)%		5.89	%		3.16	%		03/01/2011
Class A (NAV)		(2.83	)%		7.08	%		4.19	%		03/01/2011
Class C (POP)		(4.42	)%		6.39	%		3.51	%		03/01/2011
Class C (NAV)		(3.47	)%		6.39	%		3.51	%		03/01/2011
Class I (NAV)		(2.46	)%		7.49	%		3.32	%		12/18/1992
MSCI EAFE Index (A)		(2.74	)%		5.48	%		1.70	%
Class I2 (NAV)		(2.38	)%		7.59	%		4.68	%		03/01/2011
Class R6 (NAV)		(2.37	)%		N/A			(5.50	)%		05/29/2015

^(A) The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments and relatively small size and lesser liquidity of the markets.

Transamerica Funds Annual Report 2016

Page    41

Transamerica International Small Cap Value

(unaudited)

MARKET ENVIRONMENT

Geopolitical and macroeconomic issues buffeted equity markets in the fiscal year ended October 31, 2016. Global small caps rallied and retrenched several times during the year. Ultimately, the MSCI EAFE Small Cap Index Gross closed the fiscal year up 3.35%, well ahead of large cap peers.

Valuations have risen over the last several years, making the market more vulnerable to negative news. Continued divergence in monetary policies and regional economic forecasts further underscore the need for disciplined stock selection. The MSCI EAFE Small Cap Index was trading at 10 times cash flow and 15.3 times earnings expected over the next 12 months at period end. We believe our valuation discipline and focus on fundamentals will be rewarded in this market environment.

PERFORMANCE

For the year ended October 31, 2016, Transamerica International Small Cap Value Class I returned (2.48)%. By comparison, its benchmark, the MSCI EAFE Small Cap Index Gross, returned 3.35%.

STRATEGY REVIEW

The Fund underperformed its benchmark as negative stock selection in industrials and Japan more than offset the positive effect of our overweight in the consumer staples sector and holdings in information technology.

In industrials, companies related to logistics and transportation were the top detractors. Shares of Japanese logistics company Kintetsu World Express, Inc. tumbled after it announced higher-than-expected integration costs from a recent acquisition. Another detractor, CTT- Correios de Portugal SA (no longer held at period end), the national postal service of Portugal, missed earnings estimates several quarters in a row over the last 12 months. Northgate PLC, the largest commercial vehicle rental provider in the U.K., also saw shares drop sharply after reporting in line earnings just days after the June referendum to leave the European Union. Analysts feared that the cyclical car industry would not be able to withstand a recession but shares rebounded after published reports touted Northgate PLC’s balance sheet strength.

Financials was another sector in which the Fund lost ground. The primary detractor was Swiss asset manager GAM Holdings AG (no longer held at period end), which struggled as poor investment performance weighed on its earnings. Management also lowered profit guidance in August, putting additional pressure on the shares.

Among contributors, bottling company Coca-Cola East Japan Co., Ltd. rallied on news the company would be merging with Coca-Cola West Japan Co.

In technology, stock selection was broadly favorable, led by Eugene Technology Co., Ltd. the Korean semiconductor manufacturing equipment company’s shares rose 70% after reporting strong growth in key divisions. Demand for production capability of 3D NAND chips, a new development with the capability to triple the capacity of memory chips skyrocketed and became a promising growth driver.

Among regions, Japan was the primary detractor. Stock selection was mainly impacted by companies whose business prospects were disadvantaged by the strengthening yen. Kintetsu World Express, Inc. (logistics) and Kumiai Chemical Industry Co., Ltd. were prime examples; they derive substantial revenue from overseas business and were among the Fund’s worst performers. Electric Power Development Co., Ltd. was another significant detractor. The business front-loaded maintenance costs ahead of the deregulation of the Japanese electric power industry, resulting in earnings below expectations. The company’s foreign assets were also negatively impacted by the currency movement.

Brandon H. Harrell, CFA

Stedman D. Oakey, CFA

Co-Portfolio Managers

Thompson, Siegel & Walmsley LLC

Transamerica Funds Annual Report 2016

Page    42

Transamerica International Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class I (NAV)		(2.48	)%		6.27	%		01/04/2013
MSCI EAFE Small Cap Index Gross (A)		3.35	%		8.63	%
Class I2 (NAV)		(2.38	)%		6.38	%		01/04/2013

^(A) The MSCI EAFE Small Cap Index Gross is an equity index which captures small cap representation across developed markets countries around the world, excluding the U.S. and Canada.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Fund shares are sold without a sales load.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and relatively small size and lesser liquidity of the markets. Investing in small-and medium-size companies involves greater risk than is customarily associated with more established companies. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

Transamerica Funds Annual Report 2016

Page    43

Transamerica Large Cap Value

(unaudited)

MARKET ENVIRONMENT

U.S. equity markets achieved their eighth consecutive annual gain, with the Russell 1000^® Value Index up 6.37% for the year ended October 31, 2016. The driving factors that we believe are behind these persistent gains have remained fairly constant, namely accommodative policies by the U.S. Federal Reserve (“Fed”) and other central banks around the world, a corresponding very low interest rate environment, low consumer price inflation, and moderate but relatively steady growth in overall U.S. economic activity.

Some concerns to us are the continued tepid industrial economy in the U.S., the sustainability of the economic policies of the central banks and governments of China, Japan and the European Union, and the outlook for inflation and interest rates. Investors anticipate that the Fed may resume raising interest rates as soon as December, which could potentially lead to headwinds for stocks. However, should interest rates rise substantially, we believe equities may be perceived to be a better investment opportunity than bonds and therefore possess a positive bias for further advancement.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Large Cap Value Class A returned 9.83%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Value Index, returned 6.37%.

STRATEGY REVIEW

We pursue an intensive fundamental research strategy to identify individual investment ideas using a bottom-up stock selection process. Our strategy primarily emphasizes companies that we believe possess leading competitive positions, strong balance sheets, healthy free cash flows that investor-oriented managements will use to enhance shareholder value, and prospects for catalysts that can propel stock prices higher in the near-to-intermediate term. Additionally, as contrarian investors, we typically seek companies that are down in price or have significantly underperformed the market averages, thus avoiding momentum plays.

The Fund substantially outperformed its benchmark during the 12-month period. Our strong outperformance during this period came primarily from stock selection but also benefited from sector weighting.

The top two contributors to performance were specialty glass manufacturer Corning, Inc. and semiconductor equipment company Applied Materials, Inc. Corning, Inc. was purchased when its valuation was depressed due in part to soft demand and pricing for display glass. The stock price rebounded as demand and pricing firmed and the company used its substantial free-cash generation for an aggressive share repurchase program. Late in the fiscal year, we exited the position as we felt it no longer had a compelling valuation. Applied Materials, Inc. stock was purchased for its attractive valuation, strong cash generation and expectations of a favorable multi-year product cycle, cost cutting and new product introductions. As the stock appreciated, we reduced the position, but still saw further upside as the story continued to play out.

Among the top detractors was domestic energy producer and pipeline company Williams Cos., Inc. In mid-2015, Williams Cos., Inc. received an attractive acquisition offer from Energy Transfer Equity, LP. However, both stocks subsequently sold off sharply as oil and gas prices fell and credit markets deteriorated. We sold the Williams Cos., Inc. position when doubts arose as to whether the acquisition would be consummated, which eventually it was not.

In general, corporate profitability and cash generation are strong for many companies, and we continue to find attractive investment ideas that can deliver superior relative performance.

John Levin

Jack Murphy

Co-Portfolio Managers

Levin Capital Strategies, L.P.

Transamerica Funds Annual Report 2016

Page    44

Transamerica Large Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		3.78	%		13.10	%		11.62	%		11/15/2010
Class A (NAV)		9.83	%		14.39	%		12.68	%		11/15/2010
Russell 1000® Value Index (A)		6.37	%		13.31	%		11.89	%
Class C (POP)		8.03	%		13.61	%		11.92	%		11/15/2010
Class C (NAV)		9.00	%		13.61	%		11.92	%		11/15/2010
Class I (NAV)		10.14	%		14.77	%		13.07	%		11/15/2010
Class I2 (NAV)		10.25	%		14.87	%		13.18	%		11/15/2010
Class R6 (NAV)		10.25	%		N/A			5.92	%		05/29/2015

^(A) The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. The Fund may be more concentrated than that of a more diversified fund, subjecting it to greater fluctuation and risk.

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

Transamerica Funds Annual Report 2016

Page    45

Transamerica Mid Cap Growth

(unaudited)

MARKET ENVIRONMENT

Growth in the U.S. for the first half of 2016 was at best moderate, but appeared to increase during the third quarter. Consumer spending, which continued to be the largest contributor to economic gross domestic product (“GDP”) growth, increased along with tightening in the labor market over the fiscal year. There was some increase in household wealth. Both wage growth and employment increased but at a moderate pace. Capital spending continued to be challenged due to the slower pace of global growth. U.S. GDP growth suffered as a result of the large reduction in capital expenditures within the energy sector due to rebalancing global energy markets. The Organization of the Petroleum Exporting Countries (“OPEC”) held a number of meetings to address the imbalance within the energy sector of available supply and on-going demand. Some of these discussions included potential production cuts by member countries, but no solid action occurred. With energy-related activity a material component, the level of industrial production remained weak.

Globally, developed world economies continued to pursue accommodative monetary policies while emerging economies, which in general have growth rates greater than mature economies, continued to slow. Global economic growth remains uncertain and subject to a number of policy and macro issues. While there are growth opportunities as a result of the low level of interest rates and increased levels of liquidity, uncertainties remained due to a new U.S. president and unknown potential policy actions.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Mid Cap Growth Class A returned 0.62%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Growth Index, returned 0.40%.

STRATEGY REVIEW

Stock selection in the energy, health care, materials, consumer staples and financials sectors positively impacted relative performance, partially offset by negative stock selection in the consumer discretionary, industrials and technology sectors. Sector allocation also contributed, led by an overweight position in technology and an underweight in consumer discretionary, while an overweight health care weighed moderately.

Top contributors to performance included Whitewave Foods Co. (no longer held at period end), B/E Aerospace, Inc., F5 Networks, Inc., EQT Corp. (no longer held at period end) and Micron Technology, Inc. In consumer discretionary, Whitewave Foods Co. reported a strong first quarter and raised guidance for the year. The company continued to have one of the strongest growth profiles among the food stocks, which as a group was very strong due to strong investor demand for low-volatility industry groups and merger and acquisition activity.

In the industrials sector, B/E Aerospace, Inc. continued to benefit from a combination of strong order backlog for new commercial airplanes combined with robust demand for after-market retrofits of existing aircraft. This backdrop allowed the company to report second quarter earnings that exceeded expectations, driving its stock higher.

In the information technology sector, F5 Networks, Inc. posted a good fourth quarter 2015, and investors began to look forward to a refresh of the company’s product portfolio in second quarter 2016. Historically, new product cycles have driven accelerating revenue growth for F5.

In the energy sector, EQT Corp. performed very well in the first half of 2016 after a very difficult 2015. Sentiment in oil and gas is the primary driver, and we think EQT Corp. is a very well positioned company. In the information technology sector, Micron Technology, Inc. is a leading provider of memory semiconductors. The Fund used weakness in the stock to initiate a position at a valuation near book value, which has historically been an attractive entry point. The stock performed well since purchase as memory prices firmed.

Top detractors included Acadia Healthcare Co., Inc., Signet Jewelers, Ltd., BorgWarner, Inc. (no longer held at period end), JetBlue Airways Corp. and Mylan NV. In health care, we established a position in Acadia Healthcare Co., Inc., a leader in behavioral health services such as psychological care and addiction treatment. We believe antitrust concerns associated with the company’s recent acquisition of a large U.K.-based behavioral practice created an attractive entry point. Behavioral health is an underserved market with significant secular tailwinds, including a more conducive funding environment.

In consumer discretionary, Signet Jewelers, Ltd.’s stock continued to be weak, especially after disappointing second quarter results and reduced fiscal year 2017 same-store sales guidance. However, the company announced that Leonard Green Partners, a retail-focused private equity firm, took an approximate 10 percent stake. We continued to view the company’s valuation as attractive. Also in consumer discretionary, BorgWarner, Inc. was hit by a number of negative items, including poor communication and guidance, slowing auto production in China and the Volkswagen emissions scandal.

In the industrials sector, JetBlue Airways Corp. reported a solid third quarter and, more importantly, had positive commentary regarding unit revenue outlook for the coming quarter. Unit revenue trends are the single largest factor holding back valuations for airlines broadly. In health care, Mylan NV’s stock was weak during first quarter 2016 due to a poor environment for pharmaceutical and biotechnology stocks as well as an announced acquisition of Meda AB, as investors questioned the significant premium paid to acquire the company. We continued to view Mylan NV’s stock as attractively valued.

Quantum Capital Management’s research team is continually evaluating companies with an emphasis on defining a path toward value creation, productive uses of capital, niche leaders and favorable industry macro factors. Security selection includes internally generated valuations with stock-specific catalysts.

Howard Aschwald, CFA

Timothy Chatard, CFA

Co-Portfolio Managers

Quantum Capital Management

Transamerica Funds Annual Report 2016

Page    46

Transamerica Mid Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(4.91	)%		2.77	%		10/31/2013
Class A (NAV)		0.62	%		4.72	%		10/31/2013
Russell Midcap® Growth Index (A)		0.40	%		6.42	%
Class C (POP)		(1.18	)%		3.91	%		10/31/2013
Class C (NAV)		(0.18	)%		3.91	%		10/31/2013
Class I (NAV)		0.88	%		4.99	%		10/31/2013
Class I2 (NAV)		1.05	%		5.11	%		10/31/2013

^(A) The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks. Investing in small and medium-sized companies involves greater risk than is customarily associated with more established companies. The securities of small and mid-capitalization companies are subject to higher volatility than larger, more established companies.

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

Transamerica Funds Annual Report 2016

Page    47

Transamerica Mid Cap Value Opportunities

(unaudited)

MARKET ENVIRONMENT

U.S. equity markets were driven by the fragile economic recovery coupled with investor concerns about the U.S. Federal Reserve’s (“Fed”) debate on the appropriate timing of an interest rate hike and the contentious presidential election. Global issues further exacerbated the situation with the unexpected outcome of Great Britain’s vote to leave the European Union (“Brexit”) in June and continued concerns of the global impact from slowing growth in China. Despite a noisy macroeconomic backdrop, equity valuations remained high and the Russell Midcap^® Value Index posted a robust 7.84% return for the fiscal year.

Valuations have risen significantly over the last three years, making the market more vulnerable to negative news like a more hawkish Fed and difficulties in emerging markets. The markets continue to be driven significantly by headline noise and the global market outlook. A number of themes played out at different times throughout the year, perhaps most notably the search for yield in the current low interest rate environment. We believe our valuation discipline and focus on fundamentals will be rewarded in this market environment.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Mid Cap Value Opportunities Class A returned 7.72%, excluding any sales charges. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 7.84%.

STRATEGY REVIEW

Though the Fund underperformed the benchmark slightly, the majority of the nine Russell economic sectors generated positive relative returns. The utilities sector was the top contributor. Most of our utilities stocks contributed positively, given that investors were attracted to the consistent earnings growth and dividends provided by the group. Our stock selection was the biggest driver, as we benefited from the buyout of Talen Energy Corp., an independent electrical power producer, as well as double-digit returns in a variety of other electricity, natural gas and water utility providers. The financial services sector was also a top contributor on both stock selection and underweight positioning. Our top performing stocks were mortgage real estate investment trust (“REIT”) Annaly Capital Management, Inc., as well as several property and casualty insurers. Within financial services, we continued to be underweight both banks and REITs due to a lack of positive catalysts and good risk-reward potential.

The consumer discretionary and materials & processing sectors were the largest detractors from relative return. In consumer discretionary Fossil Group, Inc., a watchmaker, and Bed Bath & Beyond, Inc., a home goods retailer, had the largest negative impact. Both companies are facing slowing demand in their respective markets and increasingly competitive environments. In materials/processing, the negative relative return was primarily a function of being underweight a sector that outperformed significantly, and we had no exposure to the rally in gold, steel and copper.

Brett P. Hawkins, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Transamerica Funds Annual Report 2016

Page    48

Transamerica Mid Cap Value Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		1.81	%		6.75	%		04/30/2014
Class A (NAV)		7.72	%		9.18	%		04/30/2014
Russell Midcap® Value Index (A)		7.84	%		5.89	%
Class C (POP)		5.87	%		8.39	%		04/30/2014
Class C (NAV)		6.87	%		8.39	%		04/30/2014
Class I (NAV)		8.00	%		9.49	%		04/30/2014
Class I2 (NAV)		8.12	%		9.56	%		04/30/2014
Class R6 (NAV)		N/A			0.00	% (B)		07/25/2016

^(A) The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

^(B) Not annualized.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in mid-sized companies involves greater risk than is customarily associated with more established companies. The securities of mid-sized companies are subject to higher volatility than larger, more established companies. The prices of securities the sub-adviser believes are undervalued many not appreciate as anticipated or may go down. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced.

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

Transamerica Funds Annual Report 2016

Page    49

Transamerica MLP & Energy Income

(unaudited)

MARKET ENVIRONMENT

After a tumultuous start to the fiscal year and an equally acute recovery, the Master Limited Partnerships (“MLP”) market began to stabilize in light of the recent decoupling of MLP and crude oil prices. The oil price crash and the capital markets freeze of 2015 and early 2016 distorted the stability of most MLP assets. Since then, MLPs have prudently managed their businesses by lowering costs and reducing capital expenditure budgets where appropriate, all of which have largely shielded MLPs from volatile oil price swings. The market appeared to be more comfortable with the volatility in crude prices, a sign that investors are beginning to understand that crude oil is the least important commodity for MLPs and instead appeared more focused on large yields and stabilizing outlooks.

While performance for the broader MLP market was modestly negative for the fiscal year, results were driven more by company-specific fundamentals and less by macro sentiment. Low-yield, high-growth companies generally underperformed as the “risk-on” trade appeared back in vogue. The end of the fiscal year was very significant for many large-cap MLPs, as top performers were the beneficiaries of attractive valuations and positive announcements. These announcements combined with better and more consistent than expected earnings results and stable-to-rising distributions were supportive of the sector. Additionally, the tone from management teams was less cautious than earlier in the year as MLPs continued to prudently manage their businesses by lowering costs and reducing capital expenditure budgets where appropriate.

Equity and debt capital markets were trending significantly below issuance levels prior to the downturn, but capital access improved substantially relative to late 2015 and early 2016. Merger and acquisition activity also remained encouraging; MLPs have clearly realized that mergers and acquisitions may be necessary to backfill growth as the environment for new pipeline construction is becoming increasingly challenging.

PERFORMANCE

For the year ended October 31, 2016, Transamerica MLP & Energy Income Class A returned (0.87)%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica MLP & Energy Income Blended Benchmark (“Blended Benchmark”), returned 4.51% and 2.93%, respectively.

The Blended Benchmark is comprised of the Alerian MLP Index (50)% and the Bloomberg Barclays Investment Grade Credit Index (50)%.

STRATEGY REVIEW

While company fundamentals remained strong, we continued to manage cash levels prudently in order to manage fund flows and invest capital opportunistically. Performance dispersion among MLP sub-sectors was broadly distributed during the fiscal year. While upstream, variable pay and shipping/offshore MLPs posted the worst sub-sector returns, the best relative performance was delivered by the coal, gathering/processing, and gas transportation/storage sub-sectors. Fund performance was most aided by underweighting higher-volatility securities in gathering/processing and shipping/offshore services, while it was most challenged by its general partner and midstream C-Corp holdings.

In terms of individual contributors and detractors from performance, the largest contributors to performance were equity investments in ONEOK Partners, LP and Spectra Energy Corp. ONEOK Partner, LP continued to deliver strong performance despite a challenging commodity price environment, as the company benefited from strong drilling activity in Oklahoma. Spectra Energy Corp. rallied on the announcement of a $30 billion merger with Enbridge, Inc. that created the largest energy infrastructure company in North America at a combined enterprise value of $127 billion.

The largest individual detractors were Williams Cos., Inc. and Kinder Morgan, Inc. Williams Cos., Inc. suffered as a result of a failed merger attempt with Energy Transfer Partners, LP and resulting board member fallout that was further exacerbated by Enterprise Products Partners, LP’s subsequent withdrawal of its indication of interest regarding a potential merger. Kinder Morgan, Inc. lagged primarily from the lowering of its 2016 earnings guidance that is expected to slow their process to deliver its balance sheet and improve cash flow.

The Fund used derivatives only in a covered call writing strategy with the aim of generating additional income and potentially reducing portfolio-level volatility. They contributed positively to the Fund’s return during the period.

John C. Frey

Portfolio Manager

Kayne Anderson Capital Advisors, L.P.

Transamerica Funds Annual Report 2016

Page    50

Transamerica MLP & Energy Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(6.30	)%		(6.23	)%		04/30/2013
Class A (NAV)		(0.87	)%		(4.71	)%		04/30/2013
S&P 500® (A)		4.51	%		10.88	%
Transamerica MLP & Energy Income Blended Benchmark (B) (C) (D)		2.93	%		(0.80	)%
Class C (POP)		(2.74	)%		(5.45	)%		04/30/2013
Class C (NAV)		(1.79	)%		(5.45	)%		04/30/2013
Class I (NAV)		(0.68	)%		(4.47	)%		04/30/2013
Class I2 (NAV)		(0.45	)%		(4.35	)%		04/30/2013

^(A) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The Transamerica MLP & Energy Income Blended Benchmark is composed of the following benchmarks: 50% Alerian MLP Index and 50% Bloomberg Barclays Investment Grade Credit Index.

^(C) The Alerian MLP Index is a composite of the 50 most prominent energy Master Limited Partnerships (“MLPs”) that provides investors with an unbiased, comprehensive benchmark for this asset class.

^(D) The Bloomberg Barclays Investment Grade Credit Index is comprised of the Bloomberg Barclays U.S. Corporate Index, which measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market, as well as a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in MLPs involve risks related to limited control, cash flow changes, dilution risks and risk linked to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. The energy industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels, energy conservation, the success of exploration projects, and tax and other government regulations.

The Fund is subject to certain MLP tax risks. As the Fund is registered as a Regulated Investment Company, the Fund does not pay taxes. Changes to government regulations may impact future returns. The Fund is classified as “non-diversified”, which means it may invest a larger percentage of its assets in a smaller number of issuers or sectors than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in fewer issuers, the Fund will be more susceptible to negative events affecting those issuers.

Transamerica Funds Annual Report 2016

Page    51

Transamerica Multi-Cap Growth

(formerly, Transamerica Growth Opportunities)

(unaudited)

MARKET ENVIRONMENT

Predictable was hardly a word to describe the fiscal year. For most of it, the market struggled to post durable gains due to three overhanging factors: the U.S. presidential elections, the U.K.‘s vote to leave the European Union (“Brexit”) and the expectation of a U.S. Federal Reserve’s (“Fed”) potential rate increase. Furthermore, the sluggish gross domestic product growth of below three percentage points was not enough to propel the broader market out of its flattish range. A combination of low energy prices and U.S. dollar strength contributed to weak corporate profit growth and even declines in some sectors. Low interest rates drove expansion in equity market valuations overall, but corporate earnings growth will be needed from here to deliver continued positive results.

Certain sectors benefited more than others from low interest rates. With bond yields at historic lows and significant market volatility at the beginning of 2016, investors flocked to defensive sectors such as consumer staples, utilities and telecom, in a quest for yield. Other investors, anxious about the anemic growth profit afflicting most domestic companies, looked to companies with high growth rates, often with a disregard for their low profitability or high valuation.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Multi-Cap Growth Class A returned (12.04)%, excluding any sales charges. By comparison, its benchmark, the Russell 3000^® Growth Index, returned 2.08%.

STRATEGY REVIEW

The Fund underperformed its benchmark due to unfavorable stock selection, particularly in health care. Drug pricing and high-profile misbehavior by a few firms brought unwanted focus on the entire pharmaceutical and biotechnology sub-sector. This coincided with rising health-care costs and insurance premiums and uncertainty over the U.S. government’s priorities to exasperate sentiment. Record levels in negative sentiment translated in decade-low multiples. We continued to favor the sub-sector over those with less of a moat, for example device companies that are more vulnerable to competition and hospitals, which generally have high fixed costs and may be exposed to greater bad debt expense in the immediate future.

Consumer discretionary represented another detractor, specifically Tractor Supply Co., Lowe’s Cos., Inc. and Monro Muffler Brake, Inc. We continued to avoid apparel retailers, which has served the Fund well, but underestimated consumer reticence to spend in certain areas.

Information technology and industrials were the top contributors to relative return. While our technology holdings lagged the strong sector performance driven by high-growth, high-valuation stocks, they nonetheless contributed positively. We believe Apple. Inc., MasterCard, Inc., Alphabet, Inc. and Intuit, Inc. all embody good growth prospects at a reasonable valuation.

In industrials, Cummins, Inc. and Union Pacific Corp. posted strong recoveries after having lost favor in 2015. Indirect exposure to oil and a stronger dollar prompted the initial downturn that was greatly overdone, in our view. Focusing on a company’s inherent value regardless of short-term stock price gyrations was important during periods of heightened volatility and risk aversion.

During the period, the Fund utilized derivatives. These positions added to performance.

Michael O. Tempest

Melanie H. Peche, CFA

Co-Portfolio Managers

Alta Capital Management, LLC

Transamerica Funds Annual Report 2016

Page    52

Transamerica Multi-Cap Growth

(formerly, Transamerica Growth Opportunities)

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(16.85	)%		0.87	%		3.15	%		03/01/2000
Class A (NAV)		(12.04	)%		2.03	%		3.74	%		03/01/2000
Russell 3000® Growth Index (A)		2.08	%		13.47	%		8.11	%
Class B (POP)		(16.67	)%		1.08	%		3.16	%		03/01/2000
Class B (NAV)		(12.78	)%		1.19	%		3.16	%		03/01/2000
Class C (POP)		(13.42	)%		1.27	%		3.03	%		11/11/2002
Class C (NAV)		(12.64	)%		1.27	%		3.03	%		11/11/2002
Class I (NAV)		(11.71	)%		2.49	%		7.08	%		11/30/2009
Class I2 (NAV)		(11.56	)%		2.65	%		4.50	%		11/15/2005

^(A) The Russell 3000^® Growth Index measures the performance of the growth sector of the broad U.S. equity market and is comprised of Russell 3000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

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

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

Transamerica Funds Annual Report 2016

Page    53

Transamerica Multi-Managed Balanced

(unaudited)

MARKET ENVIRONMENT

Aegon USA Investment Management, LLC

The fiscal year ended October 31, 2016 was not completely unlike any other 12-month period in the post-crisis era. Interest rates and growth remained low, global central banks stayed unprecedentedly accommodative, and geopolitical events punctuated the grinding, but still positive, economic improvements.

In December 2015, the U.S. Federal Reserve (“Fed”) raised its Fed funds rate target for the first time since 2006, taking its first substantive step toward normalizing the stance of monetary policy since ceasing the quantitative easing program in 2014. The European Central Bank (“ECB”) and the Bank of Japan (“BoJ”), meanwhile, continued to provide monetary stimulus during the period. The ECB launched a new corporate bond purchase program in the summer, meant to ease lending conditions in the real economy and boost credit market activity. Late in the summer, the BoJ shifted gears and adopted a new policy target — the 10-year Japanese government bond yield. In both cases, these major central banks continued to innovate their policy toolkits. Much of this innovation was attributed to a crisis of confidence that spread across global markets in the first quarter of 2016, when global developed sovereign yields turned increasingly negative.

Domestically, the economic environment steadily improved. Year over year, real gross domestic product accelerated from a 2.0% seasonally-adjusted annual rate to 2.9% in the third quarter. The labor market added approximately 2.3 million jobs at an average pace of 196,000 per month while the unemployment rate hovered around the 5% level. Goods and services prices crept higher in aggregate as the Consumer Price Index went from no growth in September 2015 to registering 1.46% in September 2016. Crude oil prices remained volatile, swinging from as low as $26/barrel to $51/barrel.

In the U.S. financial markets, interest rates finished the fiscal year lower, while equities and the dollar were stronger. Corporate credit had a good year as total returns improved and spreads tightened markedly. Investors were the most challenged, perhaps, by bouts of volatility as the CBOE Volatility Index was elevated around calendar year-end and slowly settled down only to surge again mid-year on the U.K.‘s vote to leave the European Union (“Brexit”).

Geopolitics were a notable headwind for investors, but also a source for opportunity. The conflict in Syria raged on as terror attacks continued in the West — from the Bataclan nightclub in Paris last November to the Brussels airport in March. A July coup attempt in Turkey unsettled markets as well. Amid this chaos, the U.S. was embroiled in a caustic and exhausting election campaign season that culminated in a vote for a new president on November 8, 2015.

J.P. Morgan Investment Management Inc.

At the beginning of the fiscal year, in November 2015, U.S. equity markets experienced the same volatility faced earlier in that year as global growth concerns re-surfaced on news of weak industrial activity in China. The strong U.S. dollar also contributed to volatility as the U.S. currency was boosted by rising expectations that the Fed would raise interest rates that December. The major nemeses of equity markets for 2015 — falling oil prices and continued strength in the U.S. dollar — would just not go away.

During the first six weeks of 2016, investor concerns about a potential U.S. recession and continued volatility in commodity prices drove equity markets lower. Additionally, headwinds surrounding global growth and anticipation of continued oil oversupply caused Brent to reach new multiyear lows as the price per barrel fell below $30. These trends began to reverse, as markets cheered the continued weakness in the U.S. dollar and interpreted hawkish Fed signals to indicate that the U.S. economy was strong enough to endure the normalization of monetary policy. However, market optimism soon evaporated in mid-June. Growing support for Brexit began to surface and led to broadly sharper volatility, with markets selling off widely in the two days following the referendum.

Investors quickly cast aside Brexit-related fears during the last four months of the fiscal year as the S&P 500^® reached an all-time high during August. Despite a minor pullback in September, the index enjoyed a gain of 3.85% during the third quarter of 2016. Notably, market leadership began to reverse, as returns were most robust for the technology, financials and media sectors while utilities and telecommunication services were among the biggest laggards. Federal funds futures rates exhibited relatively pronounced volatility during the quarter, as heightened anticipation for a September rate hike quickly evaporated while the likelihood of a December increase firmed.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Multi-Managed Balanced Class A returned 3.57%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.51% and 4.37%, respectively.

Transamerica Funds Annual Report 2016

Page    54

Transamerica Multi-Managed Balanced

(unaudited)

STRATEGY REVIEW

Aegon USA Investment Management, LLC

Strategically, we continued to prefer defensive interest rate positioning into periods of potential volatility. The emphasis remained on minimizing interest rate volatility risks by focusing on spread products, rather than U.S. Treasuries, for example, and using credit selection expertise rather than taking on above-benchmark duration risk.

Interest rates generally moved lower during the year and the Fund experienced a drag from yield curve positioning, mainly due to being underweight duration relative to the index at the long end of the curve. However, the sub-adviser’s strategic short duration bias paid off at the front-end of the curve.

In the trailing 12-months to October 31, 2016, carry and credit spread compression were the primary performance drivers. At the asset class level, excess performance due to security selection primarily came from U.S. Treasuries and high yield. This was somewhat offset by negative selection contributions from the investment grade sector. Allocation decisions also produced outperformance, with the largest contributions coming from investment grade credit, U.S. Treasuries and agency residential mortgage backed securities. By allocation, high yield, non-agency mortgage-backed securities and asset backed securities agency were the detractors.

Fund performance was generally led by lower rated credits. The portfolio’s high yield allocation (i.e., securities rated BB and below) drove its largest component of excess return by rating, while the portfolio’s selection in BBB rated securities was the largest detractor; though the overweight to lower-quality securities relative to what was in the benchmark added to overall performance through excess carry.

J.P. Morgan Investment Management Inc.

The Fund modestly underperformed its benchmark during the 12-month period ended October 31, 2016. The technology, media and utilities sectors added value while the pharmaceutical/medical technology, financials and industrial cyclical sectors detracted from returns.

Within the media space, an underweight position in Walt Disney, Co. contributed to returns. Shares declined in the fourth quarter of 2015 amid a broader media selloff and concerns that television subscriber losses may be worse than expected. Additionally, downward pressures on travel demand due to the Zika scare drove shares lower over the past few months. Although we find the company’s valuation relative to its peers to be unattractive, we have recently become slightly less negative on Walt Disney, Co. as its multiple and consensus estimates have come down. Within the semiconductors sector, owning Broadcom Corp. was also a top contributor as the merger between Broadcom Corp. and Avago Technologies, Ltd. was finalized in the first half of the portfolio’s fiscal year, which may be accretive in the short- and long-term. We continue to have conviction in our position due to the company’s diversified end-markets, strong operating expense controls and access to key growth markets.

On the negative side, in media, owning Twenty-First Century Fox, Inc. weighed on returns during the fourth quarter of 2015 as media stocks broadly sold off due to cord-cutting concerns. Recently, owning Twenty-First Century Fox, Inc. detracted as higher investments in programming and below-the-line items weighed on profits. We remain positive on the company but believe a smaller bet size is warranted given the lack of visible catalysts for the coming year. In retail, an underweight position in Wal-Mart Stores, Inc. weighed on returns as shares rallied in the second quarter of 2016. Wal-Mart Stores, Inc. posted better-than-expected same-store sales growth and forward guidance was also increased. Despite its efforts to invest in labor productivity and digital sales, we believe that the company remains structurally challenged and opportunities for growth will be hard to come by.

During the year, the Fund utilized derivatives. These positions positively added to performance.

Brian Westhoff, CFA

Doug Weih, CFA

Matthew Q. Buchanan

Bradley D. Doyle

Tyler A. Knight

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Aryeh Glatter

Steven G. Lee

Tim Snyder, CFA

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Transamerica Funds Annual Report 2016

Page    55

Transamerica Multi-Managed Balanced

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(2.14	)%		7.49	%		6.04	%		12/02/1994
Class A (NAV)		3.57	%		8.72	%		6.64	%		12/02/1994
S&P 500® (A)		4.51	%		13.57	%		6.70	%
Bloomberg Barclays U.S. Aggregate Bond Index (A)		4.37	%		2.90	%		4.64	%
Class B (POP)		(2.48	)%		7.57	%		5.98	%		10/01/1995
Class B (NAV)		2.52	%		7.72	%		5.98	%		10/01/1995
Class C (POP)		1.84	%		8.01	%		6.00	%		11/11/2002
Class C (NAV)		2.84	%		8.01	%		6.00	%		11/11/2002
Class I (NAV)		3.83	%		9.09	%		10.89	%		11/30/2009
Class R6 (NAV)		3.99	%		N/A			2.01	%		05/29/2015

^(A) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income securities have several risks including fluctuations in market value, changes in interest rates as the values will decrease as interest rates rise, and issuers defaulting on their obligations to pay interest or return principal.

Transamerica Funds Annual Report 2016

Page    56

Transamerica Short-Term Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2016 was not completely unlike any other 12-month period in the post-crisis era. Interest rates and growth remained low, global central banks stayed unprecedentedly accommodative, and geopolitical events punctuated the grinding, but still positive, economic improvements.

In December, the Federal Reserve (“Fed”) raised its Fed funds rate target for the first time since 2006, taking its first substantive step toward normalizing the stance of monetary policy since ceasing the quantitative easing program in 2014. The European Central Bank (“ECB”) and the Bank of Japan (“BoJ”), meanwhile, continued to provide monetary stimulus during the period. The ECB launched a new corporate bond purchase program in the summer, meant to ease lending conditions in the real economy and boost credit market activity. Late in the summer, the BoJ shifted gears and adopted a new policy target — the 10-year Japanese government bond yield. In both cases, these major central banks continued to innovate their policy toolkits. Much of this innovation was attributed to a crisis of confidence that spread across global markets in the first quarter of 2016, when global developed sovereign yields turned increasingly negative.

Domestically, the economic environment steadily improved. Year over year, real gross domestic product accelerated from a 2.0% seasonally-adjusted annual rate to 2.9% in the third quarter. The labor market added approximately 2.3 million jobs at an average pace of 196,000 per month while the unemployment rate hovered around the 5% level. Goods and services prices crept higher in aggregate as the Consumer Price Index went from no growth in September 2015 to registering 1.46% in September 2016. Crude oil prices remained volatile, swinging from as low as $26/barrel to $51/barrel.

In the U.S. financial markets, interest rates finished the fiscal year lower, while equities and the dollar were stronger. Corporate credit had a good year as total returns improved and spreads tightened markedly. Investors were the most challenged, perhaps, by bouts of volatility as the CBOE VIX Index was elevated around calendar year-end and slowly settled down only to surge again mid-year on the U.K.‘s vote to leave the European Union (“Brexit”).

Geopolitics were a notable headwind for investors, but also a source for opportunity. The conflict in Syria raged on as terror attacks continued in the West — from the Bataclan nightclub in Paris last November to the Brussels airport in March. A July coup attempt in Turkey unsettled markets as well. Amid this chaos, the U.S. was embroiled in a caustic and exhausting election campaign season that culminated in a vote for a new president on November 8.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Short-Term Bond Class I2 returned 2.81%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index, returned 1.30%.

STRATEGY REVIEW

Strategically, we continued to prefer defensive interest rate positioning into periods of potential volatility. The emphasis remained on spread products and using credit selection expertise rather than taking on duration risk.

During the period, coupons contributed the most to performance. Interest rates generally moved lower, but toward the end of the fiscal year, one-month and three-month Libor rates started to trend higher as the likelihood of a Fed rate hike in December 2016 increased.

At the asset class level, allocation decisions in high yield, investment grade and U.S Treasuries were the largest contributors. These were offset by cash holdings and emerging markets. The U.S. banking and basic industry sectors contributed most to active returns, while service sector detracted. By rating, the largest contributions came from BBB-, B-, and CCC-rated holdings. These were somewhat offset by BB-rated securities. Based on security selection, the largest contributions came from higher-rated credits, specifically BBB, A and AAA.

Doug Weih, CFA

Matthew Buchanan, CFA

Glen Kneeland

Brian W. Westhoff, CFA

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2016

Page    57

Transamerica Short-Term Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		0.05	%		2.18	%		3.50	%		11/01/2007
Class A (NAV)		2.60	%		2.68	%		3.80	%		11/01/2007
Class C (POP)		0.82	%		1.91	%		3.03	%		11/01/2007
Class C (NAV)		1.82	%		1.91	%		3.03	%		11/01/2007
Class I (NAV)		2.82	%		2.90	%		3.31	%		11/30/2009
Class I2 (NAV)		2.81	%		3.00	%		4.16	%		11/08/2004
BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index (A)		1.30	%		1.06	%		2.55	%
Class R6 (NAV)		2.82	%		N/A			1.91	%		05/29/2015

^(A) The BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities that have a remaining maturity of less than three years and more than one year.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 2.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Fund is subject to a variety of risks, including credit risk, inflation risk, interest rate risk, prepayment risk, and liquidity risk. Additional risks include investing in foreign markets and non-investment grade securities. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significant affect the value of the Fund.

Transamerica Funds Annual Report 2016

Page    58

Transamerica Small Cap Core

(unaudited)

MARKET ENVIRONMENT

The slow but steady U.S. economic expansion continued and emerging markets, particularly China, seemed to find somewhat of a footing in terms of both improving underlying economics as well as equity market performance. This backdrop allowed domestic equity markets to grind higher over the period, although not without considerable volatility in the interim.

Small cap stocks, as measured by the Russell 2000^® Index, ended the fiscal year up a little over 4%, which was perhaps a better result than it first appears considering that the index experienced some volatility in early 2016. Volatility, as is often the case, was episodic and seemed to center primarily around investor concerns surrounding government and central bank policies.

From an equity style perspective, small cap investors went back and forth in their preference for “value” and “growth” stocks for much of the period. For the time frame as a whole, “value” stocks outperformed in keeping with longer term historical precedent. This reversed the trend that had been in place for the last several years and provided a tailwind for the Fund.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Small Cap Core Class A returned 5.01%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Index, returned 4.11%.

STRATEGY REVIEW

Academic and empirical research has shown the existence of a number of market anomalies that can be profitably exploited by a disciplined approach to security selection and portfolio construction. The Fund tends to maintain economically meaningful exposures to the factors which our research has shown to be indicative of prospective outperformance.

The Fund outperformed its benchmark led by positive stock selection 8 of the 11 economic sectors. Sector allocation detracted from relative results during the period primarily due to our overweight in energy and underweight in utilities.

The energy sector’s lackluster results were a reflection of the difficulties brought on by lower oil prices. Utilities’ outperformance was driven by investors’ search for yield in a world of near zero interest rates.

Our health care holdings added the most to relative performance. The Fund’s substantial underweight to the biotechnology industry was a primary driver; these issues within the benchmark collectively lost approximately 25 percent. An analysis of the characteristics of our holdings in the health care sector relative to the biotechnology stocks in the benchmark as of September 30, 2016 showed that the Fund’s holdings were more profitable, traded at a lower valuation and earned superior returns on capital.

Eoin E. Middaugh, CFA

D. Kevin McCreesh, CFA

Co-Portfolio Managers

Systematic Financial Management L.P.

Transamerica Funds Annual Report 2016

Page    59

Transamerica Small Cap Core

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(0.76	)%		0.00	% (A)		10/31/2013
Class A (NAV)		5.01	%		1.90	%		10/31/2013
Russell 2000® Index (B)		4.11	%		3.95	%
Class C (POP)		3.24	%		1.11	%		10/31/2013
Class C (NAV)		4.24	%		1.11	%		10/31/2013
Class I (NAV)		5.39	%		2.15	%		10/31/2013
Class I2 (NAV)		5.30	%		2.22	%		10/31/2013

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

^(B) The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline.

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

Transamerica Funds Annual Report 2016

Page    60

Transamerica Small Cap Growth

(unaudited)

MARKET ENVIRONMENT

The fiscal year was a market roller coaster. A bullish end to calendar year 2015 was followed by a deep correction during the first six weeks of 2016. Since the market low on February 11, 2016, smaller, lower quality (non-earning) stocks led the market. By market cap, the smallest quintile of stocks generated returns of over 43 percent between February 11, 2016 and September 30, 2016. Similarly, stocks with the lowest returns on equity, stocks without earnings, and the fastest growers all outperformed during this timeframe. For the entire fiscal year ended October 31, higher quality stocks, as measured by companies with earnings, outperformed.

While we had viewed small-cap valuations as relatively full, we were able to take advantage of heightened market volatility. We believed market volatility benefited the Fund for two reasons. First, volatility caused excessive moves in stock prices, which provided us with an attractive entry point for stocks on the team’s watch list that were previously considered to be too expensive. Second, in times when volatility was significant enough to lead to a market decline, we were able to outperform on a relative basis the majority of the time due to the Fund’s high-quality profile.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Small Cap Growth Class A returned 3.42%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Growth Index, returned (0.49)%.

STRATEGY REVIEW

The Fund outperformed its benchmark, as it benefited from higher market volatility and the Fund’s high-quality factors performing better.

From a sector perspective, health care, financial services and technology provided the strongest relative outperformance. Detractors included the consumer discretionary and materials and processing sectors.

MarketAxess Holdings, Inc. (no longer held at period end), the leading electronic corporate bond trading platform, was the largest individual contributor. The company consistently reported financial results that were higher than market expectations, underscoring the company’s competitive position and operating momentum. This position was sold based on our valuation discipline and the market capitalization limit for the Fund.

G-III Apparel Group, Ltd., a specialty designer and manufacturer of women’s and men’s apparel under licensed brands, was the largest individual detractor. We believe there were two primary reasons for the weakness. First, the historically warm winter weather pressured sales that carried over into much of 2016. Second, the company announced the dilutive acquisition of Donna Karan International, Inc. from LVMH Moet Hennessey Louis Vuitton S.E.

W. Conrad Doenges

Portfolio Manager

Ranger Investment Management, L.P.

Transamerica Funds Annual Report 2016

Page    61

Transamerica Small Cap Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(2.29	)%		7.70	%		08/31/2012
Class A (NAV)		3.42	%		9.16	%		08/31/2012
Russell 2000® Growth Index (A)		(0.49	)%		11.31	%
Class C (POP)		1.62	%		8.42	%		08/31/2012
Class C (NAV)		2.56	%		8.42	%		08/31/2012
Class I (NAV)		3.64	%		9.47	%		08/31/2012
Class I2 (NAV)		3.71	%		9.59	%		08/31/2012
Class R6 (NAV)		N/A			(2.29	)% (B)		07/25/2016

^(A) The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe, and is comprised of Russell 2000^® Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

^(B) Not annualized.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

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

Transamerica Funds Annual Report 2016

Page    62

Transamerica Small Cap Value

(unaudited)

MARKET ENVIRONMENT

U.S. small cap equities spent over half of the fiscal year in negative territory. It was not until the last four months that stocks turned positive, allowing the Russell 2000^® Index to finish with approximately a four percent return. January was a negative period for returns with higher than normal volatility. However, in mid-February small-cap stocks rallied from the February lows to highs in September before easing during October.

In the small stock universe, there was a large spread between value and growth indexes during the fiscal year, with the Russell 2000^® Value Index returning approximately nine percent versus the Russell 2000^® Growth Index return of negative half of one percent. While returns for the fiscal year were positive, the Fund’s benchmark index, the Russell 2000^® Value, was flat compared to its highs in June, 2015. Finally, the U.K. vote to leave the European Union (“Brexit”) news, while causing some volatility, did not have a material performance impact.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Small Cap Value Class A returned (2.76)%, excluding any sales charges. By comparison, its benchmark, the Russell 2000^® Value Index, returned 8.81%.

STRATEGY REVIEW

The Fund underperformed its benchmark in a challenging period for relative performance. A number of factors were at work beneath the surface that negatively impacted our performance. Many fundamental drivers of stock performance that are positive over long periods of time were perverse during the period. For example, stocks with strong price momentum tend to outperform over time, yet this factor detracted from performance. Likewise, companies that are more profitable than their peers underperformed. In total, these fundamental factors accounted for half of our relative underperformance. The other half was due to stock-specific performance.

Our weakest sector for stock selection was information technology. Three companies (Ixia, Ciena Corp. and Mentor Graphics, Inc., which are no longer held at period end) fell primarily due to either earnings guidance or poor results. These stocks illustrated a phenomenon that characterized small caps this year; companies missing earnings expectations were punished by investors. This was also apparent in the consumer discretionary sector, which was our second weakest, led by poor performance from Kirkland’s, Inc. (no longer held at period end) and 1-800-Flowers.com, Inc. (no longer held at period end).

Our strongest sector was real estate, where strong performers came from the data center or industrial property area, including DuPont Fabros Technology, Inc. (no longer held at period end), DCT Industrial Trust, Inc. and First Industrial Realty Trust, Inc. Another area of positive stock selection was utilities, led by Black Hills Corp. and ONE Gas, Inc. These stocks were attractive to investors looking for yield and relative stability.

David Hanna

James W. Gaul, CFA

Michael J. Vogelzang, CFA

Douglas A. Riley, CFA

Co-Portfolio Managers

Boston Advisors, LLC

Transamerica Funds Annual Report 2016

Page    63

Transamerica Small Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(8.12	)%		4.16	%		04/30/2012
Class A (NAV)		(2.76	)%		5.48	%		04/30/2012
Russell 2000® Value Index (A)		8.81	%		10.03	%
Class C (POP)		(4.24	)%		4.81	%		04/30/2012
Class C (NAV)		(3.35	)%		4.81	%		04/30/2012
Class I (NAV)		(2.45	)%		5.80	%		04/30/2012
Class I2 (NAV)		(2.28	)%		5.95	%		04/30/2012
Class R6 (NAV)		N/A			(1.91	)% (B)		07/25/2016

^(A) The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe, and is comprised of Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

^(B) Not annualized.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge of 1% (in the 1st year) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

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

Transamerica Funds Annual Report 2016

Page    64

Transamerica Small/Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

Stocks were resilient during fiscal 2016, allowing the Fund to record a moderate gain even as investors dealt with myriad macroeconomic and geopolitical challenges. Weakness in emerging markets and commodity prices early in 2016 and the United Kingdom’s vote to leave the European Union (“Brexit”) led to precipitous but temporary market declines as investors weighed their potential effects on profits. Both market corrections gave way to even stronger market rallies, but the Fund’s gains were pared again late in the period by investor uncertainty about the U.S. presidential election. The Fund’s underweights to companies with high dividends and low volatility were a headwind, as these types of stocks did well amid fearful sentiment.

The Fund advanced as the economy exhibited staying power during the fiscal year. The ongoing economic expansion, which is now in its eighth year, actually picked up momentum. Waning macroeconomic headwinds and improving energy markets due to some recovery in crude oil prices were positive contributors to economic growth. Investors also took relief from the U.S. Federal Reserve’s (“Fed”) decision to maintain its accommodative monetary policy.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Small/Mid Cap Value Class A returned 4.69%, excluding any sales charges. By comparison, its benchmark, the Russell 2500^™ Value Index, returned 7.78%.

STRATEGY REVIEW

The Fund underperformed its benchmark. Investors favored stocks with high dividend yields and low perceived volatility due to the persistent low interest rate environment, which hampered our earnings- and cash flow-focused approach. Asset flows also continued to funnel into passive products offering investors exposure to these factors, further constraining relative performance. Some of the flows started to reverse course, however, later in the period as interest rates bounced higher following Brexit.

From an attribution standpoint, stock selection detracted from relative performance, primarily in the industrial and financial sectors. In financials, the Fund’s underweight in interest rate-sensitive real estate investment trusts, which in September became part of the new S&P GICS Real Estate sector. The Fund benefited from strong stock selection in the energy sector. It rotated out of commodity-sensitive exploration and production companies as crude oil prices bottomed early in the fiscal year, and then rotated back in as oil markets recovered.

Sector allocation was also a headwind due to overweights in health care and consumer discretionary and an underweight in utilities. The latter sector benefited from low interest rates, which spurred investors’ increased appetite for yield-oriented investments. Contributors included an overweight in information technology.

Kenneth Burgess, CFA

Portfolio Manager

Systematic Financial Management, L.P.

Transamerica Funds Annual Report 2016

Page    65

Transamerica Small/Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(1.06	)%		9.94	%		8.33	%		04/02/2001
Class A (NAV)		4.69	%		11.19	%		8.94	%		04/02/2001
Russell 2500™ Value Index (A)		7.78	%		12.61	%		6.11	%
Class B (POP)		(0.82	)%		10.27	%		8.36	%		04/02/2001
Class B (NAV)		3.90	%		10.40	%		8.36	%		04/02/2001
Class C (POP)		3.05	%		10.45	%		8.25	%		11/11/2002
Class C (NAV)		3.99	%		10.45	%		8.25	%		11/11/2002
Class I (NAV)		5.06	%		11.61	%		13.20	%		11/30/2009
Class I2 (NAV)		5.18	%		11.72	%		9.52	%		11/15/2005
Class R6 (NAV)		5.18	%		N/A			(0.03	)%		05/29/2015

^(A) The Russell 2500^™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe, and is comprised of Russell 2500^™ Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500^™ Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Public Offering Price (“POP”) returns include the reinvestment of dividends and capital gains and reflect the maximum sales charge of 5.5% for A shares or the maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 6 years) for Class B shares and 1% (in the 1st year) for Class C shares. Shares purchased prior to March 1, 2004 are subject to a maximum applicable contingent deferred sales charge (5% in the 1st year, decreasing to 0% after 7 years) for Class B shares and (2% in the 1st year, decreasing to 0% after 2 years) for Class C shares. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. There are no sales charges on Class I, I2 and R6 shares.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. Value investing carries the risk that the market will not recognize a security’s intrinsic value for a long time or that a stock considered undervalued. The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down.

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

Transamerica Funds Annual Report 2016

Page    66

Transamerica Strategic High Income

(unaudited)

MARKET ENVIRONMENT

Volatility continued to be the key theme for the fiscal year ended October 31, 2016, initially sparked by the first Federal Reserve (“Fed”) rate hike in nearly 10 years. Shortly thereafter, in the beginning of 2016, oil prices continued to slide on fears of oversupply dragging the entire commodity space lower. Risk markets did not react kindly, leading to (10.26)% losses in the S&P 500^® by February 11th while high yield credit lost (5.14)% in the same period. The markets however recovered quickly as oil prices rallied sharply, Great Britain’s vote to leave the European Union (“Brexit”) was largely ignored and the Fed initiated no further rate hikes citing international risks. The market interpreted these developments with a goldilocks view, once again sounding the all clear to buy risk assets. For the fiscal year, despite steep losses early on, high yield returned an impressive 10.17% compared to 4.51% for the S&P 500^®.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Strategic High Income Class A returned 3.88%, excluding any sales charges. By comparison, its primary and secondary benchmarks, the S&P 500^® and the Transamerica Strategic High Income Blended Benchmark (“Blended Benchmark”), returned 4.51% and 6.32%, respectively.

The Blended Benchmark is comprised of S&P 500^® (60)% and the BofA Merrill Lynch High Yield BB/B Rated Constrained Index (40)%.

STRATEGY REVIEW

The volatility in late 2015 and early 2016 presented many opportunities for the Fund, particularly in high yield as oil prices fell. For the fiscal year high yield was the strongest performing asset class within the Fund. Bank lines were extended as oil prices trended higher after reaching a low in January. This resulted in default rates remaining low which benefited the whole high yield sector. As interest rates fell throughout the year preferred stocks became less attractive versus high yield credit, so we reduced our preferred equity exposure while finding better relative value in the high yield space.

In equities, security selection within producer durables and consumer staples contributed the most to return for the period. The best individual contributors to total return for the portfolio were QUALCOMM, Inc., which regained market share in smartphones and announced a large merger with NXP Semiconductors NV (no longer held at period end) and Cisco Systems, Inc, which beat market earnings estimates and announced a seven percent reduction in its workforce.

The largest detractor from performance for the period was poor stock selection in technology and health care. Individually, Gilead Sciences, Inc. was the largest detractor from absolute performance as the company has been unable to increase revenue or find a large acquisition opportunity. Ameriprise Financial, Inc. declined due to weakness in its variable annuity business and on fears of the impact of a new Department of Labor ruling on its business.

In credit, the Fund’s allocation to high yield was the largest contributor to return. Technology credits in Dell, Inc. (no longer held at period end) and Western Digital Corp., along with Olin Corp. (no longer held at period end), a diversified chemicals company, were the biggest contributors to performance. All three companies issued debt to fund acquisitions. The largest detractors from performance were Viking Cruises, Ltd. (no longer held at period end), which experienced significant fundamental deterioration following terrorist attacks across Europe, and SESI LLC, an oilfield services company with operations in the Gulf of Mexico.

William M. Bellamy, CFA

Portfolio Manager

Thompson, Siegel & Walmsley LLC

Transamerica Funds Annual Report 2016

Page    67

Transamerica Strategic High Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(1.83	)%		1.75	%		03/01/2014
Class A (NAV)		3.88	%		3.92	%		03/01/2014
S&P 500® (A)		4.51	%		7.35	%
Transamerica Strategic High Income Blended Benchmark (A) (B) (C)		6.32	%		6.07	%
Class C (POP)		2.17	%		3.14	%		03/01/2014
Class C (NAV)		3.17	%		3.14	%		03/01/2014
Class I (NAV)		4.13	%		4.16	%		03/01/2014
Class I2 (NAV)		1.38	%		2.31	%		03/01/2014

^(A) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

^(B) The Transamerica Strategic High Income Blended Benchmark is composed of the following benchmarks: 60% S&P 500^® and 40% BofA Merrill Lynch High Yield BB/B Rated Constrained Index.

^(C) The BofA Merrill Lynch High Yield BB/B Rated Constrained Index tracks the performance of BB and B rated high yield bonds.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the Fund fall, the value of the Fund will decline. Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield securities may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. Preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility.

Transamerica Funds Annual Report 2016

Page    68

Transamerica Unconstrained Bond

(unaudited)

MARKET ENVIRONMENT

Credit spreads came under pressure in the fourth quarter of 2015. The December 4 meeting of the Organization of Petroleum Exporting Countries (“OPEC”) ended without any agreement to restrain production. On the back of this news, U.S. crude oil futures prices declined, reaching levels not seen since the 2008-2009 financial crisis or earlier. Commodities-fueled turmoil spilled over into unrelated sectors as negative investor sentiment translated into outflows from mutual funds and exchange-traded funds (“ETFs”). The timing of these events coincided with a rapidly evolving U.S. Federal Reserve (“Fed”) and a seasonal decline in broker-dealer inventories, further exaggerating price action in the market.

Oil and other commodity prices continued to trade lower during the first six weeks of 2016 amid what was perceived to be a hawkish Fed tone against a backdrop of slowing global growth and inflation. However, credit spreads narrowed as the central bank of China assuaged concerns of a large yuan devaluation, fears surrounding European bank stability subsided and U.S. economic data came in moderately encouraging. The rally continued from February into summer amid a more dovish stance from the Fed and expanded monetary policy measures from the European Central Bank, which exceeded investors’ consensus expectations. Oil and other commodity prices climbed higher as did investors’ inflation expectations. Retail fund flows poured back into mutual funds and ETFs, providing for a supportive technical backdrop for the market.

The four-month rally in credit spreads took a pause in June as the U.K. surprised markets with a vote to leave the European Union. The vote raised the prospect of sustained anxiety in the global economy and global growth concerns resurfaced. The impact was most pronounced in the two trading sessions immediately following the referendum, as investors saw an uptick in volatility, a sharp decline in risk assets and a record low in the pound. However, in subsequent trading sessions risk assets rallied as investors realized that whatever this regional crisis held in store for global growth, it would likely be more than fully offset by incremental monetary accommodation, as the global central bank narrative would assuredly turn more dovish.

There was a notable pause in the middle part of September as Fed-rate-hike anxiety came to the forefront of investors’ minds. However, the Bank of Japan’s yield cap and a lower trajectory of the median Fed dot plot assured that a very accommodative central bank policy backdrop would remain intact for the foreseeable future. Further supporting risk assets was an unexpected agreement in principle by OPEC to cut production after November’s meeting.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Unconstrained Bond Class I returned 4.86%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index, returned 0.61%.

STRATEGY REVIEW

The Fund benefited from strong asset allocation, which more than offset the impact of security selection and a hedged duration profile each of which detracted slightly from performance. In asset allocation, each of the fixed income segments held contributed positively to performance. The allocation to high-yield bonds was the largest contributor. High yield benefited from stabilization in the commodities, renewed fund flows into mutual funds and ETFs and lower new issuance levels. Allocations to bank loans, European Contingent Convertible Securities and U.S. intermediate investment grade credit also contributed meaningfully.

Security selection on balance detracted slightly from performance. During the year, the Fund utilized derivatives. These positions detracted from performance.

Michael J. Kelly, CFA

Robert A. Vanden Assem, CFA

Steven Oh, CFA

Peter Hu, CFA

Roberto Coronado

Co-Portfolio Managers

PineBridge Investments LLC

Transamerica Funds Annual Report 2016

Page    69

Transamerica Unconstrained Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class I (NAV)		4.86	%		3.04	%		12/08/2014
BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index (A)		0.61	%		0.45	%
Class I2 (NAV)		4.87	%		3.07	%		12/08/2014

^(A) The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains but do not reflect any sales charges. Fund shares are sold without a sales load.

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in the Fund entails interest rate risk, pre-payment risk, and credit risk as well as additional risks in that it may invest in high-yield/non-investment grade bonds. The Fund may also invest in foreign securities, including emerging markets, which carry currency risk if denominated in non-dollar or non-USD and are difficult to trade during periods of stress. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of a bond. Derivatives involve risks in addition to the risks of underlying securities, particularly counterparty and liquidity risk.

Transamerica Funds Annual Report 2016

Page    70

Transamerica US Growth

(unaudited)

MARKET ENVIRONMENT

U.S. equities rose in the fiscal year, as measured by the S&P 500^®, notwithstanding significant volatility. The period started with a November that finished relatively flat but data releases continued to paint a promising picture for the U.S. economy. As widely expected, the U.S. Federal Reserve (“Fed”) delivered its first rate hike since 2006 in December. The S&P 500^® finished the last two months of 2015 slightly down, then plunged during a risk-off environment and moved in virtual lockstep with the price of oil, as fears of a recession and weakness in China weighed on investors’ minds. However, equities reversed and surged in late February and March as solid economic data, a stabilization in oil prices and accommodative commentary from the Fed helped to calm the market’s early-year jitters.

Stocks continued to rise through the second quarter, despite the unexpected result of the U.K. referendum to leave the European Union (“Brexit”), which caused equities to sell off, only to recover a couple of days later. U.S. equities gained in the third quarter, in particular during July, following a solid start to the corporate earnings season and encouraging housing and employment data releases. Stocks were essentially flat in August and September as investors remained focused on the Fed’s actions, specifically on the timing of the next rate hike. Tepid economic data and valuation concerns contributed to increased volatility in September and stock prices dipped in October as U.S. election jitters took center stage. Returns varied by market-cap, as mid- and large-cap stocks, as measured by the S&P MidCap 400^® and S&P 500^® respectively, outperformed small-cap stocks, as measured by the Russell 2000^® Index.

PERFORMANCE

For the year ended October 31, 2016, Transamerica US Growth Class A returned (0.95)%, excluding any sales charges. By comparison, its benchmark, the Russell 1000^® Growth Index, returned 2.28%.

STRATEGY REVIEW

The Fund’s portfolio management team adheres to a disciplined portfolio construction process that allows them to assess risk, weight individual positions accordingly, and in the process, build a portfolio that focuses largely on stock selection with the aim of generating benchmark-relative outperformance.

During the period, stock selection within the health care, information technology and financial sectors detracted from relative performance. This was partially offset by favorable stock selection within the energy, consumer discretionary and industrial sectors. Sector allocation, a result of the bottom-up stock selection process, also detracted from relative performance. The Fund’s marginal overweight allocation in the energy sector, and lack of exposure to the telecommunication services sector detracted most. An underweight allocation to health care and lack of exposure to real estate partially offset negative returns.

The Fund’s largest relative detractors included Allergan PLC, a pharmaceutical company; Herc Holdings, Inc. (formerly Hertz Global Holdings, Inc.), an equipment rental company; and Regeneron Pharmaceuticals, Inc., a biopharmaceutical company. We eliminated our position in Herc Holdings.

The largest relative contributors during the period included Valspar Corp., a manufacturer of paint and coatings; Netflix, Inc., a subscription service television and movie provider; and Wynn Resorts, Ltd., a casino resort operator and developer. Not holding Walt Disney, Co. also aided relative performance. We eliminated our positions in Valspar Corp. and Wynn Resorts, Ltd.

Mammen Chally, CFA

Portfolio Manager

Wellington Management Company LLP

Transamerica Funds Annual Report 2016

Page    71

Transamerica US Growth

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class A (POP)		(6.42	)%		10.08	%		9.34	%		11/13/2009
Class A (NAV)		(0.95	)%		11.33	%		10.23	%		11/13/2009
Russell 1000® Growth Index (A)		2.28	%		13.65	%		13.16	%
Class B (POP)		(6.67	)%		10.26	%		9.35	%		11/13/2009
Class B (NAV)		(1.89	)%		10.39	%		9.35	%		11/13/2009
Class C (POP)		(2.73	)%		10.48	%		9.41	%		11/13/2009
Class C (NAV)		(1.77	)%		10.48	%		9.41	%		11/13/2009
Class I (NAV)		(0.67	)%		11.78	%		11.07	%		11/30/2009
Class I2 (NAV)		(0.53	)%		11.94	%		10.88	%		11/13/2009
Class T (POP)		(9.05	)%		N/A			8.74	%		02/10/2012
Class T (NAV)		(0.59	)%		N/A			10.81	%		02/10/2012

^(A) The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, and is comprised of Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

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

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

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

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

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

Transamerica Funds Annual Report 2016

Page    72

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at May 1, 2016, and held for the entire period until October 31, 2016.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

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

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Bond
Class I2	$	1,000.00	$	1,046.70	$	3.50(B	)	$	1,021.70	$	3.46		0.68	%
Class R6		1,000.00		1,046.70		3.55(B	)		1,021.70		3.51		0.69
Transamerica Capital Growth
Class A		1,000.00		1,080.80		6.43(B	)		1,019.00		6.24		1.23
Class B		1,000.00		1,075.80		11.43(B	)		1,014.10		11.09		2.19
Class C		1,000.00		1,077.10		10.29(B	)		1,015.20		9.98		1.97
Class I		1,000.00		1,082.80		4.87(B	)		1,020.50		4.72		0.93
Class I2		1,000.00		1,083.30		4.29(B	)		1,021.00		4.17		0.82
Transamerica Concentrated Growth
Class A		1,000.00		1,057.20		5.79(B	)		1,019.50		5.69		1.12
Class C		1,000.00		1,053.10		9.29(B	)		1,016.10		9.12		1.80
Class I		1,000.00		1,058.20		4.24(B	)		1,021.00		4.17		0.82
Class I2		1,000.00		1,059.50		3.73(B	)		1,021.50		3.66		0.72

Transamerica Funds Annual Report 2016

Page    73

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Dividend Focused
Class A	$	1,000.00	$	1,020.40	$	4.93(B	)	$	1,020.30	$	4.93		0.97	%
Class C		1,000.00		1,015.50		9.12(B	)		1,016.10		9.12		1.80
Class I		1,000.00		1,020.40		4.06(B	)		1,021.10		4.06		0.80
Class I2		1,000.00		1,020.80		3.56(B	)		1,021.60		3.56		0.70
Class R6		1,000.00		1,021.80		3.56(B	)		1,021.60		3.56		0.70
Transamerica Dynamic Allocation
Class A		1,000.00		1,014.50		5.42(B	)		1,019.80		5.43		1.07	(D)
Class C		1,000.00		1,010.80		9.25(B	)		1,015.90		9.27		1.83	(D)
Class I		1,000.00		1,016.50		4.11(B	)		1,021.10		4.12		0.81	(D)
Transamerica Dynamic Income
Class A		1,000.00		1,034.70		4.30(B	)		1,020.90		4.27		0.84	(D)
Class C		1,000.00		1,029.70		8.27(B	)		1,017.00		8.21		1.62	(D)
Class I		1,000.00		1,035.90		3.12(B	)		1,022.10		3.10		0.61	(D)
Transamerica Emerging Markets Debt
Class A		1,000.00		1,059.00		5.59(B	)		1,019.70		5.48		1.08
Class C		1,000.00		1,054.30		9.66(B	)		1,015.70		9.47		1.87
Class I		1,000.00		1,060.60		4.25(B	)		1,021.00		4.17		0.82
Class I2		1,000.00		1,059.90		3.73(B	)		1,021.50		3.66		0.72
Class R6		1,000.00		1,060.90		3.73(B	)		1,021.50		3.66		0.72
Transamerica Emerging Markets Equity
Class A		1,000.00		1,095.50		9.06(B	)		1,016.50		8.72		1.72
Class C		1,000.00		1,091.10		12.04(B	)		1,013.60		11.59		2.29
Class I		1,000.00		1,097.70		6.54(B	)		1,018.90		6.29		1.24
Class I2		1,000.00		1,097.50		6.06(B	)		1,019.40		5.84		1.15
Transamerica Flexible Income
Class A		1,000.00		1,037.30		4.46(B	)		1,020.80		4.42		0.87
Class B		1,000.00		1,032.70		8.79(B	)		1,016.50		8.72		1.72
Class C		1,000.00		1,033.90		8.03(B	)		1,017.20		7.96		1.57
Class I		1,000.00		1,038.60		3.07(B	)		1,022.10		3.05		0.60
Class I2		1,000.00		1,038.10		2.41(B	)		1,022.80		2.39		0.47
Class R6		1,000.00		1,039.10		2.61(B	)		1,022.60		2.59		0.51
Transamerica Floating Rate
Class A		1,000.00		1,035.50		5.37(B	)		1,019.90		5.33		1.05	(D)
Class C		1,000.00		1,030.50		9.24(B	)		1,016.00		9.17		1.81	(D)
Class I		1,000.00		1,036.80		4.10(B	)		1,021.10		4.06		0.80	(D)
Class I2		1,000.00		1,037.00		3.84(B	)		1,021.40		3.81		0.75	(D)
Transamerica Global Bond
Class A		1,000.00		1,012.20		4.96(B	)		1,020.20		4.98		0.98
Class C		1,000.00		1,008.20		8.73(B	)		1,016.40		8.77		1.73
Class I		1,000.00		1,013.30		3.69(B	)		1,021.50		3.71		0.73
Class I2		1,000.00		1,013.30		3.69(B	)		1,021.50		3.71		0.73
Transamerica Global Equity
Class A		1,000.00		1,024.80		6.77(B	)		1,018.50		6.75		1.33
Class B		1,000.00		1,020.60		10.62(B	)		1,014.60		10.58		2.09
Class C		1,000.00		1,021.60		10.62(B	)		1,014.60		10.58		2.09
Class I		1,000.00		1,026.60		5.30(B	)		1,019.90		5.28		1.04
Class R6		1,000.00		1,027.50		4.57(B	)		1,020.60		4.62		0.91
						4.84(B	)		1,020.40		4.82		0.95
Transamerica Global Long/Short Equity
Class A		1,000.00		982.80		28.16(B	)		996.70		28.36		5.65	(D)
Class I		1,000.00		983.90		26.98(B	)		997.90		27.17		5.41	(D)
Class I2		1,000.00		983.90		29.42(B	)		995.50		29.59		5.90	(D)
Transamerica Government Money Market
Class A		1,000.00		1,000.00		2.11(B	)		1,023.00		2.14		0.42
Class B		1,000.00		1,000.00		2.06(B	)		1,023.10		2.09		0.41
Class C		1,000.00		1,000.00		2.06(B	)		1,023.10		2.09		0.41
Class I		1,000.00		1,000.00		2.06(B	)		1,023.10		2.09		0.41
Class I2		1,000.00		1,000.00		2.01(B	)		1,023.10		2.03		0.40
Transamerica Growth
Class I2		1,000.00		1,057.70		4.29(B	)		1,021.00		4.22		0.83
Class R6		1,000.00		1,057.70		4.29(B	)		1,021.00		4.22		0.83

Transamerica Funds Annual Report 2016

Page    74

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica High Yield Bond
Class A	$	1,000.00	$	1,068.40	$	5.15(B	)	$	1,020.20	$	5.03		0.99	%
Class B		1,000.00		1,064.20		9.24(B	)		1,016.20		9.02		1.78
Class C		1,000.00		1,065.10		8.82(B	)		1,016.60		8.62		1.70
Class I		1,000.00		1,070.70		3.64(B	)		1,021.60		3.56		0.70
Class I2		1,000.00		1,071.10		3.12(B	)		1,022.10		3.05		0.60
Class R6		1,000.00		1,071.10		3.18(B	)		1,022.10		3.10		0.61
Transamerica High Yield Muni
Class A		1,000.00		1,014.60		4.61(B	)		1,020.60		4.62		0.91	(D)
Class C		1,000.00		1,012.60		7.69(B	)		1,017.50		7.71		1.52	(D)
Class I		1,000.00		1,016.20		3.85(B	)		1,021.30		3.86		0.76	(D)
Class I2		1,000.00		985.30		0.55(E	)		1,021.80		3.35		0.66	(D)
Transamerica Income & Growth
Class A		1,000.00		1,041.70		5.80(B	)		1,019.50		5.74		1.13
Class C		1,000.00		1,037.90		9.68(B	)		1,015.60		9.58		1.89
Class I		1,000.00		1,043.10		4.47(B	)		1,020.80		4.42		0.87
Class I2		1,000.00		1,042.40		4.00(B	)		1,021.20		3.96		0.78
Transamerica Inflation Opportunities
Class A		1,000.00		1,027.80		5.05(B	)		1,020.20		5.03		0.99
Class C		1,000.00		1,022.90		8.90(B	)		1,016.30		8.87		1.75
Class I		1,000.00		1,028.70		3.77(B	)		1,021.40		3.76		0.74
Class I2		1,000.00		1,029.70		3.37(B	)		1,021.80		3.35		0.66
Class R6		1,000.00		1,013.10		1.72(F	)		1,021.90		3.25		0.64
Transamerica Intermediate Muni
Class A		1,000.00		1,007.00		3.38(B	)		1,021.80		3.41		0.67	(D)
Class C		1,000.00		1,004.10		6.45(B	)		1,018.70		6.50		1.28	(D)
Class I		1,000.00		1,007.40		2.93(B	)		1,022.20		2.95		0.58	(D)
Class I2		1,000.00		988.20		0.40(E	)		1,022.70		2.44		0.48	(D)
Transamerica International Equity
Class A		1,000.00		1,011.70		6.32(B	)		1,018.90		6.34		1.25
Class C		1,000.00		1,007.50		9.99(B	)		1,015.20		10.03		1.98
Class I		1,000.00		1,013.30		4.61(B	)		1,020.60		4.62		0.91
Class I2		1,000.00		1,013.90		4.10(B	)		1,021.10		4.12		0.81
Class R6		1,000.00		1,013.80		4.10(B	)		1,021.10		4.12		0.81
Transamerica International Small Cap Value
Class I		1,000.00		1,001.80		5.64(B	)		1,019.50		5.69		1.12
Class I2		1,000.00		1,002.60		5.13(B	)		1,020.00		5.18		1.02
Transamerica Large Cap Value
Class A		1,000.00		1,042.70		5.34(B	)		1,019.90		5.28		1.04
Class C		1,000.00		1,039.40		9.23(B	)		1,016.10		9.12		1.80
Class I		1,000.00		1,044.60		4.01(B	)		1,021.20		3.96		0.78
Class I2		1,000.00		1,045.10		3.50(B	)		1,021.70		3.46		0.68
Class R6		1,000.00		1,045.10		3.50(B	)		1,021.70		3.46		0.68
Transamerica Mid Cap Growth
Class A		1,000.00		1,046.70		6.43(B	)		1,018.90		6.34		1.25
Class C		1,000.00		1,041.80		10.42(B	)		1,014.90		10.28		2.03
Class I		1,000.00		1,048.30		4.94(B	)		1,020.30		4.88		0.96
Class I2		1,000.00		1,048.20		4.27(B	)		1,021.00		4.22		0.83
Transamerica Mid Cap Value Opportunities
Class A		1,000.00		1,061.20		5.60(B	)		1,019.70		5.48		1.08
Class C		1,000.00		1,056.90		9.88(B	)		1,015.50		9.68		1.91
Class I		1,000.00		1,063.60		4.51(B	)		1,020.80		4.42		0.87
Class I2		1,000.00		1,062.70		3.89(B	)		1,021.40		3.81		0.75
Class R6		1,000.00		1,000.00		2.12(F	)		1,021.20		4.01		0.79
Transamerica MLP & Energy Income
Class A		1,000.00		1,105.90		8.15(B	)		1,017.40		7.81		1.54
Class C		1,000.00		1,100.70		12.41(B	)		1,013.30		11.89		2.35
Class I		1,000.00		1,107.60		6.57(B	)		1,018.90		6.29		1.24
Class I2		1,000.00		1,108.00		6.09(B	)		1,019.40		5.84		1.15

Transamerica Funds Annual Report 2016

Page    75

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses					Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period			Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Multi-Cap Growth
Class A	$	1,000.00	$	973.00	$	5.95(B	)	$	1,019.10	$	6.09		1.20	%
Class B		1,000.00		968.80		9.70(B	)		1,015.30		9.93		1.96
Class C		1,000.00		970.70		9.66(B	)		1,015.30		9.88		1.95
Class I		1,000.00		975.00		4.32(B	)		1,020.80		4.42		0.87
Class I2		1,000.00		976.60		3.38(B	)		1,021.70		3.46		0.68
Transamerica Multi-Managed Balanced
Class A		1,000.00		1,029.70		5.41(B	)		1,019.80		5.38		1.06
Class B		1,000.00		1,024.50		10.58(B	)		1,014.70		10.53		2.08
Class C		1,000.00		1,025.90		9.22(B	)		1,016.00		9.17		1.81
Class I		1,000.00		1,030.60		4.19(B	)		1,021.00		4.17		0.82
Class R6		1,000.00		1,031.20		3.73(B	)		1,021.50		3.71		0.73
Transamerica Short-Term Bond
Class A		1,000.00		1,016.30		4.21(B	)		1,021.00		4.22		0.83
Class C		1,000.00		1,012.40		8.09(B	)		1,017.10		8.11		1.60
Class I		1,000.00		1,016.50		3.14(B	)		1,022.00		3.15		0.62
Class I2		1,000.00		1,016.90		2.69(B	)		1,022.50		2.69		0.53
Class R6		1,000.00		1,017.00		2.64(B	)		1,022.50		2.64		0.52
Transamerica Small Cap Core
Class A		1,000.00		1,017.30		6.79(B	)		1,018.40		6.80		1.34
Class C		1,000.00		1,013.30		10.58(B	)		1,014.60		10.58		2.09
Class I		1,000.00		1,019.30		5.53(B	)		1,019.70		5.53		1.09
Class I2		1,000.00		1,018.20		5.38(B	)		1,019.80		5.38		1.06
Transamerica Small Cap Growth
Class A		1,000.00		1,045.60		7.04(B	)		1,018.20		6.95		1.37
Class C		1,000.00		1,041.60		10.93(B	)		1,014.40		10.79		2.13
Class I		1,000.00		1,046.80		5.40(B	)		1,019.90		5.33		1.05
Class I2		1,000.00		1,046.60		4.73(B	)		1,020.50		4.67		0.92
Class R6		1,000.00		977.10		2.51(F	)		1,020.40		4.82		0.95
Transamerica Small Cap Value
Class A		1,000.00		1,023.20		6.61(B	)		1,018.60		6.60		1.30
Class C		1,000.00		1,020.10		10.10(B	)		1,015.10		10.08		1.99
Class I		1,000.00		1,024.20		5.14(B	)		1,020.10		5.13		1.01
Class I2		1,000.00		1,026.30		4.48(B	)		1,020.70		4.47		0.88
Class R6		1,000.00		980.90		2.31(F	)		1,020.80		4.42		0.87
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,045.40		6.79(B	)		1,018.50		6.70		1.32
Class B		1,000.00		1,041.40		10.62(B	)		1,014.70		10.48		2.07
Class C		1,000.00		1,041.40		10.31(B	)		1,015.00		10.18		2.01
Class I		1,000.00		1,047.00		4.94(B	)		1,020.30		4.88		0.96
Class I2		1,000.00		1,047.30		4.43(B	)		1,020.80		4.37		0.86
Class R6		1,000.00		1,047.60		4.48(B	)		1,020.80		4.42		0.87
Transamerica Strategic High Income
Class A		1,000.00		1,040.70		6.16(B	)		1,019.10		6.09		1.20	(D)
Class C		1,000.00		1,036.80		10.03(B	)		1,015.30		9.93		1.96	(D)
Class I		1,000.00		1,041.90		4.88(B	)		1,020.40		4.82		0.95	(D)
Class I2		1,000.00		1,027.80		0.00(B	)		1,025.10		0.00		0.00	(D)(G)
Transamerica Unconstrained Bond
Class I		1,000.00		1,041.70		4.88(B	)		1,020.40		4.82		0.95
Class I2		1,000.00		1,042.30		4.31(B	)		1,020.90		4.27		0.84
Transamerica US Growth
Class A		1,000.00		1,024.90		5.90(B	)		1,019.30		5.89		1.16
Class B		1,000.00		1,019.60		10.81(B	)		1,014.40		10.79		2.13
Class C		1,000.00		1,020.20		9.95(B	)		1,015.30		9.93		1.96
Class I		1,000.00		1,026.30		4.23(B	)		1,021.00		4.22		0.83
Class I2		1,000.00		1,027.00		3.57(B	)		1,021.60		3.56		0.70
Class T		1,000.00		1,026.50		3.97(B	)		1,021.20		3.96		0.78

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

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

Transamerica Funds Annual Report 2016

Page    76

Understanding Your Funds’ Expenses (continued)

(unaudited)

^(C)  Expense ratios are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

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

^(E)  Class commenced operations on September 30, 2016. Actual expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (31 days), and divided by the number of days in the year (366 days). For comparability purposes, hypothetical expenses assume that the Funds were in operation for the entire six-month period ended October 31, 2016. Thus, the hypothetical expenses are calculated using the Funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

^(F)  Class commenced operations on July 25, 2016. Actual expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (98 days), and divided by the number of days in the year (366 days). For comparability purposes, hypothetical expenses assume that the Funds were in operation for the entire six-month period ended October 31, 2016. Thus, the hypothetical expenses are calculated using the Funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

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

Transamerica Funds Annual Report 2016

Page    77

Schedules of Investments Composition

At October 31, 2016

(unaudited)

Transamerica Bond
Fund Characteristics	Years
Average Maturity §		6.65
Duration †		4.79
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		7.5	%
AAA		6.7
AA		1.2
A		9.0
BBB		46.8
BB		10.5
B		9.9
CCC and Below		1.1
NR (Not Rated)		10.4
Net Other Assets (Liabilities)		(3.1	)
Total		100.0	%
Transamerica Capital Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		91.9	%
Repurchase Agreement		8.0
Securities Lending Collateral		4.3
Over-the-Counter Foreign Exchange Options Purchased		0.0	*
Net Other Assets (Liabilities)		(4.2	)
Total		100.0	%
Transamerica Concentrated Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		98.6	%
Repurchase Agreement		1.4
Net Other Assets (Liabilities)		(0.0	)*
Total		100.0	%
Transamerica Dividend Focused
Asset Allocation	Percentage of Net Assets
Common Stocks		97.4	%
Repurchase Agreement		2.5
Securities Lending Collateral		1.8
Net Other Assets (Liabilities)		(1.7	)
Total		100.0	%
Transamerica Dynamic Allocation
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		59.5	%
Securities Lending Collateral		26.7
U.S. Fixed Income Fund		14.9
International Fixed Income Fund		14.9
International Equity Fund		10.0
Exchange-Traded Options Purchased		1.0
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		(27.5	)
Total		100.0	%

Transamerica Dynamic Income
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		49.8	%
U.S. Equity Funds		23.0
Securities Lending Collateral		19.9
International Fixed Income Funds		19.3
U.S. Mixed Allocation Fund		7.8
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		(20.3	)
Total		100.0	%
Transamerica Emerging Markets Debt
Fund Characteristics	Years
Average Maturity §		9.09
Duration †		4.99
Credit Quality ‡	Percentage of Net Assets
AAA		7.7	%
AA		1.4
A		6.3
BBB		27.3
BB		30.0
B		18.8
CCC and Below		4.4
NR (Not Rated)		9.0
Net Other Assets (Liabilities)^		(4.9	)
Total		100.0	%
Transamerica Emerging Markets Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		97.0	%
Repurchase Agreement		1.5
Securities Lending Collateral		1.5
Preferred Stock		1.4
Net Other Assets (Liabilities)		(1.4	)
Total		100.0	%
Transamerica Flexible Income
Fund Characteristics	Years
Average Maturity §		5.38
Duration †		3.47
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		12.1	%
AAA		3.2
AA		5.7
A		19.7
BBB		33.7
BB		9.1
B		9.2
CCC and Below		5.8
NR (Not Rated)		5.5
Net Other Assets (Liabilities)		(4.0	)
Total		100.0	%

Transamerica Funds Annual Report 2016

Page    78

Schedules of Investments Composition (continued)

At October 31, 2016

(unaudited)

Transamerica Floating Rate
Fund Characteristics	Years
Average Maturity §		4.58
Duration †		0.46
Credit Quality ‡	Percentage of Net Assets
AAA		11.6	%
BBB		0.4
BB		2.0
B		6.5
CCC and Below		0.9
NR (Not Rated)		85.6
Net Other Assets (Liabilities)		(7.0	)
Total		100.0	%
Transamerica Global Bond
Fund Characteristics	Years
Average Maturity §		7.44
Duration †		5.69
Credit Quality‡	Percentage of Net Assets
U.S. Government and Agency Securities		1.8	%
AAA		30.7
AA		11.4
A		10.1
BBB		22.2
BB		14.2
B		5.7
NR (Not Rated)		4.6
Net Other Assets (Liabilities)^		(0.7	)
Total		100.0	%
Transamerica Global Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		97.2	%
Securities Lending Collateral		4.2
Repurchase Agreement		2.1
Preferred Stock		0.5
Net Other Assets (Liabilities)		(4.0	)
Total		100.0	%
Transamerica Global Long/Short Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		143.1	%
Master Limited Partnerships		2.1
Exchange-Traded Options Purchased		0.1
Rights		0.0	*
Common Stocks Sold Short		(86.6	)
Net Other Assets (Liabilities)^		41.3
Total		100.0	%

Transamerica Government Money Market (formerly, Transamerica Money Market)
Fund Characteristics	Years
Average Maturity §		0.25
Duration †		0.06
Asset Allocation	Percentage of Net Assets
Repurchase Agreements		44.2	%
Short-Term U.S. Government Agency Obligations		39.3
U.S. Government Agency Obligations		16.8
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%
Transamerica Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		100.3	%
Repurchase Agreement		0.0	*
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%
Transamerica High Yield Bond
Fund Characteristics	Years
Average Maturity §		5.73
Duration †		3.61
Credit Quality ‡	Percentage of Net Assets
AAA		4.9	%
A		0.2
BBB		7.4
BB		34.7
B		39.9
CCC and Below		9.8
NR (Not Rated)		8.3
Net Other Assets (Liabilities)		(5.2	)
Total		100.0	%
Transamerica High Yield Muni
Fund Characteristics	Years
Average Maturity §		11.49
Duration †		8.08
Credit Quality ‡	Percentage of Net Assets
AAA		7.0	%
AA		30.1
A		18.4
BBB		18.3
BB		7.1
B		6.3
CCC and Below		0.0	*
NR (Not Rated)		17.3
Net Other Assets (Liabilities)		(4.5	)
Total		100.0	%

Transamerica Funds Annual Report 2016

Page    79

Schedules of Investments Composition (continued)

At October 31, 2016

(unaudited)

Transamerica Income & Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		88.8	%
Master Limited Partnerships		10.4
Securities Lending Collateral		6.3
Repurchase Agreement		1.2
Right		0.0	*
Net Other Assets (Liabilities)		(6.7	)
Total		100.0	%
Transamerica Inflation Opportunities
Fund Characteristics	Years
Average Maturity §		8.51
Duration †		6.53
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		69.2	%
AAA		3.1
AA		10.4
A		2.2
BBB		12.0
BB		2.2
B		0.3
NR (Not Rated)		0.3
Net Other Assets (Liabilities)^		0.3
Total		100.0	%
Transamerica Intermediate Muni
Fund Characteristics	Years
Average Maturity §		7.61
Duration †		6.33
Credit Quality ‡	Percentage of Net Assets
AAA		10.3	%
AA		68.6
A		11.6
BBB		4.9
BB		1.4
B		0.5
NR (Not Rated)		4.1
Net Other Assets (Liabilities)		(1.4	)
Total		100.0	%
Transamerica International Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		95.4	%
Repurchase Agreement		2.5
Securities Lending Collateral		2.2
Preferred Stock		0.7
Net Other Assets (Liabilities)		(0.8	)
Total		100.0	%

Transamerica International Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		98.3	%
Securities Lending Collateral		3.5
Preferred Stock		0.9
Repurchase Agreement		0.6
Net Other Assets (Liabilities)		(3.3	)
Total		100.0	%
Transamerica Large Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		93.1	%
Repurchase Agreement		5.3
Master Limited Partnership		1.6
Securities Lending Collateral		0.0	*
Net Other Assets (Liabilities)		0.0	*
Total		100.0	%
Transamerica Mid Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		99.7	%
Securities Lending Collateral		3.6
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		(3.8	)
Total		100.0	%
Transamerica Mid Cap Value Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		94.1	%
Repurchase Agreement		6.2
Securities Lending Collateral		1.1
Net Other Assets (Liabilities)		(1.4	)
Total		100.0	%
Transamerica MLP & Energy Income
Asset Allocation	Percentage of Net Assets
Common Stocks		50.8	%
Master Limited Partnerships		41.6
Securities Lending Collateral		8.3
Corporate Debt Securities		3.0
Repurchase Agreement		2.3
Convertible Preferred Stock		1.9
Net Other Assets (Liabilities)		(7.9	)
Total		100.0	%
Transamerica Multi-Cap Growth (formerly, Transamerica Growth Opportunities)
Asset Allocation	Percentage of Net Assets
Common Stocks		98.1	%
Securities Lending Collateral		1.7
Repurchase Agreement		1.3
Preferred Stock		0.6
Convertible Preferred Stock		0.1
Net Other Assets (Liabilities)		(1.8	)
Total		100.0	%

Transamerica Funds Annual Report 2016

Page    80

Schedules of Investments Composition (continued)

At October 31, 2016

(unaudited)

Transamerica Multi-Managed Balanced
Asset Allocation	Percentage of Net Assets
Common Stocks		59.6	%
Corporate Debt Securities		15.2
U.S. Government Obligations		8.8
U.S. Government Agency Obligations		6.3
Mortgage-Backed Securities		4.7
Short-Term U.S. Government Agency Obligations		4.4
Asset-Backed Securities		2.5
Repurchase Agreement		1.9
Short-Term U.S. Government Obligations		1.0
Foreign Government Obligations		0.4
Securities Lending Collateral		0.4
Municipal Government Obligations		0.3
Preferred Stocks		0.1
Common Stocks Sold Short		(0.0	)*
Net Other Assets (Liabilities)^		(5.6	)
Total		100.0	%
Transamerica Short-Term Bond
Fund Characteristics	Years
Average Maturity §		2.25
Duration †		1.65
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		0.0	%*
AAA		10.8
AA		13.5
A		27.0
BBB		39.6
BB		2.5
B		2.4
CCC and Below		1.3
NR (Not Rated)		3.9
Net Other Assets (Liabilities)		(1.0	)
Total		100.0	%
Transamerica Small Cap Core
Asset Allocation	Percentage of Net Assets
Common Stocks		99.0	%
Securities Lending Collateral		4.9
Repurchase Agreement		1.2
Net Other Assets (Liabilities)		(5.1	)
Total		100.0	%
Transamerica Small Cap Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		97.7	%
Securities Lending Collateral		6.3
Repurchase Agreement		2.2
Net Other Assets (Liabilities)		(6.2	)
Total		100.0	%

Transamerica Small Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		96.5	%
Securities Lending Collateral		8.3
Master Limited Partnerships		2.0
Repurchase Agreement		0.5
Net Other Assets (Liabilities)		(7.3	)
Total		100.0	%
Transamerica Small/Mid Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		97.7	%
Securities Lending Collateral		4.7
Repurchase Agreement		1.6
Master Limited Partnership		1.1
Net Other Assets (Liabilities)		(5.1	)
Total		100.0	%
Transamerica Strategic High Income
Asset Allocation	Percentage of Net Assets
Common Stocks		45.2	%
Corporate Debt Securities		42.1
Preferred Stocks		9.4
Securities Lending Collateral		5.3
Repurchase Agreement		2.4
Net Other Assets (Liabilities)		(4.4	)
Total		100.0	%
Transamerica Unconstrained Bond
Fund Characteristics	Years
Average Maturity §		7.61
Duration †		2.39
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		9.1	%
AAA		22.6
AA		1.2
A		8.9
BBB		16.6
BB		20.9
B		18.0
CCC and Below		0.8
NR (Not Rated)		4.7
Net Other Assets (Liabilities)^		(2.8	)
Total		100.0	%
Transamerica US Growth
Asset Allocation	Percentage of Net Assets
Common Stocks		99.4	%
Securities Lending Collateral		0.6
Repurchase Agreement		0.3
Net Other Assets (Liabilities)		(0.3	)
Total		100.0	%

Transamerica Funds Annual Report 2016

Page    81

Schedules of Investments Composition (continued)

At October 31, 2016

(unaudited)

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

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

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2016

Page    82

Transamerica Bond

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 8.5%
Cayman Islands - 1.2%
AIM Aviation Finance, Ltd. Series 2015-1A, Class A1, 4.21% (A), 02/15/2040 (B)		$  2,713,333		$  2,699,766
United States - 7.3%
AMPLIT Trust Series 2015-A, Class A, 5.00%, 09/15/2021 (B)		1,420,654		1,424,732
CAM Mortgage Trust Series 2016-1, Class A, 4.00% (A), 01/15/2056 (B)		282,717		281,395
CPS Auto Receivables Trust
Series 2014-D, Class C,
4.35%, 11/16/2020 (B)		1,030,000		1,041,556
Series 2016-C, Class D,
5.92%, 06/15/2022 (B)		825,000		859,842
CWABS Asset-Backed Certificates Trust Series 2004-13, Class AF5B, 4.90% (A), 05/25/2035		481,672		491,794
DT Auto Owner Trust Series 2016-1A, Class D, 4.66%, 12/15/2022 (B)		250,000		255,640
First Investors Auto Owner Trust
Series 2014-3A, Class D,
3.85%, 02/15/2022 (B)		725,000		736,020
Series 2016-2A, Class D,
3.35%, 11/15/2022 (B)		200,000		199,588
Flagship Credit Auto Trust Series 2015-1, Class C, 3.76%, 06/15/2021 (B)		1,400,000		1,402,661
GE Accounts Receivable Funding Series 2010-3, Class TSTC, 6.99%, 08/24/2017 (C) (D) (E)		2,000,000		2,000,000
Home Partners of America Trust Series 2016-1, Class D, 3.83% (A), 03/17/2033 (B)		1,000,000		1,012,221
NYMT Residential LLC Series 2016-RP1A, Class A, 4.00% (A), 03/25/2021 (B)		299,036		298,632
OneMain Financial Issuance Trust
Series 2015-2A, Class B,
3.10%, 07/18/2025 (B)		1,015,000		1,010,445
Series 2015-3A, Class B,
4.16%, 11/20/2028 (B)		980,000		967,967
RCO Depositor II LLC Series 2015-2A, Class A, 4.50% (A), 11/25/2045 (B)		1,021,168		1,020,206
RCO Mortgage LLC Series 2016-1, Class A, 4.50% (A), 11/25/2047		360,482		362,057
SoFi Professional Loan Program LLC
Series 2015-D, Class B,
3.59%, 10/26/2037 (B)		1,470,000		1,496,390
Series 2016-C, Class B,
3.35% (A), 05/25/2037 (B)		240,000		241,900
TAL Advantage V LLC Series 2014-3A, Class A, 3.27%, 11/21/2039 (B)		1,147,833		1,111,348

	Principal		Value
ASSET-BACKED SECURITIES (continued)
United States (continued)
VOLT XXX LLC Series 2015-NPL1, Class A1, 3.63% (A), 10/25/2057 (B)		$   172,894		$   172,941
				16,387,335
Total Asset-Backed Securities (Cost $18,864,063)				19,087,101
CONVERTIBLE BONDS - 3.0%
United States - 3.0%
BioMarin Pharmaceutical, Inc. 1.50%, 10/15/2020		1,159,000		1,350,235
Brookdale Senior Living, Inc. 2.75%, 06/15/2018		565,000		549,816
Cypress Semiconductor Corp. 4.50%, 01/15/2022 (B)		335,000		351,541
Impax Laboratories, Inc. 2.00%, 06/15/2022		30,000		26,025
Ionis Pharmaceuticals, Inc. 1.00%, 11/15/2021		870,000		712,312
Liberty Media Corp. 2.25%, 09/30/2046 (B)		560,000		575,750
Micron Technology, Inc. Series G, 3.00%, 11/15/2043 (F)		165,000		145,509
Rovi Corp. 0.50%, 03/01/2020		1,110,000		1,114,856
RWT Holdings, Inc. 5.63%, 11/15/2019		440,000		441,925
Viavi Solutions, Inc. 0.63%, 08/15/2033		405,000		402,469
Whiting Petroleum Corp. Series 2, 1.25%, 06/05/2020		1,254,000		1,156,031
Total Convertible Bonds (Cost $6,922,649)				6,826,469
CORPORATE DEBT SECURITIES - 59.9%
Argentina - 0.5%
Banco Hipotecario SA 24.73% (A), 01/12/2020 (B)		ARS  8,446,000		567,154
YPF SA 26.33% (A), 07/07/2020 (B)		$  400,000		448,000
				1,015,154
Austria - 0.3%
BRF GmbH 4.35%, 09/29/2026 (B)		665,000		643,055
OGX Austria GmbH
8.38%, 04/01/2022 (B) (E) (G)		6,100,000		61
8.50%, 06/01/2018 (B) (E) (G)		600,000		6
				643,122
Bermuda - 0.1%
Aircastle, Ltd. 5.50%, 02/15/2022		145,000		155,513
Canada - 2.2%
Baytex Energy Corp.
5.13%, 06/01/2021 (B)		20,000		16,850
5.63%, 06/01/2024 (B)		290,000		233,450

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

Transamerica Funds Annual Report 2016

Page    83

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Canada (continued)
Canadian Natural Resources, Ltd. 3.90%, 02/01/2025		$   105,000		$   107,101
MEG Energy Corp. 6.38%, 01/30/2023 (B)		555,000		457,875
Pacific Exploration and Production Corp.
5.13%, 03/28/2023 (B) (G)		150,000		30,000
5.63%, 01/19/2025 (B) (G)		2,635,000		527,000
Valeant Pharmaceuticals International, Inc.
5.50%, 03/01/2023 (B)		270,000		211,950
6.38%, 10/15/2020 (B)		3,900,000		3,363,750
				4,947,976
Colombia - 0.4%
Ecopetrol SA 5.88%, 05/28/2045		1,025,000		904,562
France - 1.8%
Credit Agricole SA 4.38%, 03/17/2025 (B)		1,670,000		1,704,455
Societe Generale SA 4.25%, 04/14/2025 (B)		2,235,000		2,221,729
				3,926,184
Italy - 1.1%
Enel SpA 8.75% (A), 09/24/2073 (B)		1,208,000		1,409,736
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (B)		1,200,000		1,113,577
				2,523,313
Luxembourg - 0.4%
Cosan Luxembourg SA 7.00%, 01/20/2027 (B)		530,000		549,875
Ultrapar International SA 5.25%, 10/06/2026 (B)		425,000		431,332
				981,207
Mexico - 2.4%
America Movil SAB de CV 8.46%, 12/18/2036		MXN  47,400,000		2,422,463
Cemex SAB de CV 7.75%, 04/16/2026 (B) (F)		$  1,060,000		1,187,836
Petroleos Mexicanos 7.47%, 11/12/2026		MXN  22,025,500		1,030,360
Unifin Financiera SAB de CV SOFOM ENR 7.25%, 09/27/2023 (B)		$  655,000		659,258
				5,299,917
Multi-National - 0.4%
JBS USA LUX SA / JBS USA Finance, Inc.
5.75%, 06/15/2025 (B)		945,000		926,100
7.25%, 06/01/2021 (B)		60,000		61,500
				987,600
Netherlands - 3.8%
ABN AMRO Bank NV 4.75%, 07/28/2025 (B)		1,080,000		1,134,529

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Netherlands (continued)
Embraer Netherlands Finance BV 5.05%, 06/15/2025		$   720,000		$   721,800
ING Bank NV 5.80%, 09/25/2023 (B)		1,490,000		1,675,620
Koninklijke Ahold Delhaize NV 5.70%, 10/01/2040		1,395,000		1,657,736
Petrobras Global Finance BV
6.25%, 03/17/2024		1,430,000		1,413,555
6.75%, 01/27/2041		1,480,000		1,311,206
6.88%, 01/20/2040		730,000		653,350
				8,567,796
Spain - 0.3%
Santander Issuances SAU 5.18%, 11/19/2025		600,000		621,611
United Kingdom - 1.9%
Barclays PLC 4.38%, 09/11/2024		1,685,000		1,691,777
Lloyds Banking Group PLC
4.50%, 11/04/2024		435,000		449,278
4.58%, 12/10/2025 (B)		228,000		231,685
4.65%, 03/24/2026		420,000		432,296
Royal Bank of Scotland Group PLC 5.13%, 05/28/2024		560,000		554,428
Standard Chartered PLC 4.30%, 02/19/2027 (B)		1,015,000		1,003,766
				4,363,230
United States - 44.3%
Air Lease Corp. 4.25%, 09/15/2024		1,865,000		1,969,179
Alcatel-Lucent USA, Inc. 6.50%, 01/15/2028		1,865,000		1,986,225
American Airlines Pass-Through Trust
3.70%, 11/01/2024		1,040,868		1,025,255
4.38%, 04/01/2024		694,052		698,356
Arconic, Inc.
5.90%, 02/01/2027		485,000		511,525
6.75%, 01/15/2028		570,000		622,725
AT&T, Inc.
4.35%, 06/15/2045		85,000		77,976
4.50%, 03/09/2048 (B)		1,050,000		984,784
4.75%, 05/15/2046		195,000		190,822
Avnet, Inc. 4.63%, 04/15/2026		1,075,000		1,097,139
Bank of America Corp. 4.25%, 10/22/2026, MTN		1,599,000		1,680,085
Brixmor Operating Partnership, LP
3.25%, 09/15/2023		735,000		734,047
4.13%, 06/15/2026		400,000		410,907
Bruce Mansfield Pass-Through Trust 6.85%, 06/01/2034 (E)		1,480,381		777,200
CBRE Services, Inc. 4.88%, 03/01/2026		1,625,000		1,699,459
CCO Holdings LLC / CCO Holdings Capital Corp. 5.13%, 05/01/2023 (B)		1,070,000		1,104,775

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

Transamerica Funds Annual Report 2016

Page    84

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States (continued)
Charter Communications Operating LLC / Charter Communications Operating Capital 6.48%, 10/23/2045 (B)		$   1,110,000		$   1,300,753
Chesapeake Energy Corp.
4.88%, 04/15/2022 (F)		260,000		221,000
5.75%, 03/15/2023 (F)		35,000		30,275
Cimarex Energy Co. 4.38%, 06/01/2024		335,000		353,063
Continental Airlines Pass-Through Trust 5.50%, 04/29/2022		609,455		639,928
Continental Resources, Inc. 3.80%, 06/01/2024		1,250,000		1,150,000
Cox Communications, Inc. 3.85%, 02/01/2025 (B)		1,685,000		1,710,083
CVS Pass-Through Trust
4.70%, 01/10/2036 (B)		2,600,559		2,777,411
Devon Energy Corp.
5.85%, 12/15/2025 (F)		1,470,000		1,685,005
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
6.02%, 06/15/2026 (B)		2,095,000		2,283,665
Energy Transfer Partners, LP
4.05%, 03/15/2025		1,710,000		1,689,056
EnLink Midstream Partners, LP
4.15%, 06/01/2025		160,000		155,901
4.40%, 04/01/2024		105,000		104,460
Express Scripts Holding Co.
3.40%, 03/01/2027		2,130,000		2,091,130
Ford Motor Credit Co. LLC
4.39%, 01/08/2026, MTN		1,070,000		1,126,645
Forethought Financial Group, Inc.
8.63%, 04/15/2021 (B) (E)		705,000		803,978
Freeport-McMoRan, Inc.
4.55%, 11/14/2024 (F)		370,000		339,475
General Electric Co.
5.00% (A), 01/21/2021 (H)		315,000		333,711
General Motors Co.
5.20%, 04/01/2045		205,000		209,014
General Motors Financial Co., Inc.
5.25%, 03/01/2026		4,225,000		4,601,342
Glencore Funding LLC
4.63%, 04/29/2024 (B)		1,670,000		1,697,889
HCA, Inc.
7.05%, 12/01/2027		180,000		192,150
7.58%, 09/15/2025, MTN		1,020,000		1,137,300
7.69%, 06/15/2025		340,000		380,800
7.75%, 07/15/2036, MTN		125,000		136,250
Hewlett Packard Enterprise Co.
5.15%, 10/15/2025 (B)		1,580,000		1,687,209
Icahn Enterprises, LP / Icahn Enterprises Finance Corp.
5.88%, 02/01/2022		595,000		565,994
IFM US Colonial Pipeline 2 LLC
6.45%, 05/01/2021 (B)		2,300,000		2,594,612
International Lease Finance Corp.
4.63%, 04/15/2021		2,395,000		2,499,781

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States (continued)
INVISTA Finance LLC
4.25%, 10/15/2019 (B)		$   3,725,000		$   3,733,899
Jabil Circuit, Inc.
4.70%, 09/15/2022		1,090,000		1,133,600
Jefferies Group LLC
6.25%, 01/15/2036		1,635,000		1,669,340
Keysight Technologies, Inc.
4.55%, 10/30/2024		1,085,000		1,106,888
Kinder Morgan, Inc.
4.30%, 06/01/2025 (F)		1,630,000		1,694,077
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
5.88%, 08/01/2021 (B)		925,000		878,750
LafargeHolcim Finance US LLC
3.50%, 09/22/2026 (B)		200,000		201,086
Level 3 Financing, Inc.
5.38%, 08/15/2022		65,000		66,788
Mackinaw Power LLC
6.30%, 10/31/2023 (B) (E)		687,800		762,076
Masco Corp.
6.50%, 08/15/2032		895,000		997,925
7.75%, 08/01/2029		415,000		502,150
Morgan Stanley
4.35%, 09/08/2026, MTN		3,175,000		3,370,882
8.00%, 05/09/2017, MTN		AUD 1,405,000		1,097,613
New York Life Global Funding
1.50%, 10/24/2019 (B)		$  2,220,000		2,220,460
Newfield Exploration Co.
5.38%, 01/01/2026		605,000		621,637
5.63%, 07/01/2024		525,000		546,000
Nuance Communications, Inc.
1.00%, 12/15/2035 (B)		525,000		455,109
Oasis Petroleum, Inc.
6.88%, 03/15/2022 (F)		265,000		262,350
Old Republic International Corp.
3.88%, 08/26/2026		855,000		838,126
4.88%, 10/01/2024		800,000		854,126
Owens Corning
4.20%, 12/01/2024		1,290,000		1,363,991
7.00%, 12/01/2036		705,000		875,102
PepsiCo, Inc.
1.35%, 10/04/2019 (F)		2,215,000		2,213,897
QEP Resources, Inc.
5.25%, 05/01/2023		228,000		224,010
Quicken Loans, Inc.
5.75%, 05/01/2025 (B)		1,125,000		1,110,937
Retail Opportunity Investments Partnership, LP
4.00%, 12/15/2024		1,980,000		1,975,456
Rialto Holdings LLC / Rialto Corp.
7.00%, 12/01/2018 (B)		880,000		891,000
Rice Energy, Inc.
6.25%, 05/01/2022		430,000		437,525
Sabine Pass Liquefaction LLC
5.88%, 06/30/2026 (B)		515,000		555,015
Santander Holdings USA, Inc.
4.50%, 07/17/2025		2,178,000		2,223,605

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

Transamerica Funds Annual Report 2016

Page    85

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United States (continued)
SM Energy Co.
5.00%, 01/15/2024 (F)		$   450,000		$   418,500
5.63%, 06/01/2025		205,000		195,263
Solvay Finance America LLC
4.45%, 12/03/2025 (B)		400,000		429,154
Southwestern Energy Co.
4.10%, 03/15/2022 (F)		625,000		559,375
Spirit AeroSystems, Inc.
3.85%, 06/15/2026		155,000		158,222
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
6.38%, 08/01/2022		760,000		782,800
Time Warner Cable LLC
4.50%, 09/15/2042		590,000		554,825
5.50%, 09/01/2041		1,080,000		1,141,049
UAL Pass-Through Trust
6.64%, 01/02/2024		2,032,332		2,169,514
Universal Health Services, Inc.
4.75%, 08/01/2022 (B)		440,000		451,880
5.00%, 06/01/2026 (B)		1,735,000		1,800,062
Viacom, Inc.
5.85%, 09/01/2043		285,000		319,606
Westlake Chemical Corp.
3.60%, 08/15/2026 (B)		1,455,000		1,454,575
Weyerhaeuser Co.
6.88%, 12/15/2033		1,330,000		1,715,712
Whiting Petroleum Corp. 5.75%, 03/15/2021 (F)		610,000		565,775
Williams Partners, LP / ACMP Finance Corp. 4.88%, 03/15/2024		1,690,000		1,732,559
				99,400,630
Total Corporate Debt Securities (Cost $138,348,432)				134,337,815
FOREIGN GOVERNMENT OBLIGATIONS - 6.4%
Argentina - 0.5%
Provincia de Buenos Aires 5.75%, 06/15/2019 (B)		1,075,000		1,101,875
Canada - 2.2%
Province of Ontario 2.00%, 01/30/2019		4,945,000		5,018,037
Mexico - 1.5%
Mexico Bonos Series M, 6.50%, 06/10/2021		MXN  61,000,000		3,298,496
Supranational - 2.2%
European Bank for Reconstruction & Development 6.40%, 03/04/2019, MTN		INR  62,950,000		951,949
International Bank for Reconstruction & Development 4.50%, 08/03/2017		COP  7,020,000,000		2,289,197

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Supranational (continued)
International Finance Corp. 7.80%, 06/03/2019, MTN		INR  109,890,000		$   1,710,594
				4,951,740
Total Foreign Government Obligations (Cost $15,959,866)				14,370,148
LOAN ASSIGNMENTS - 1.2%
United States - 1.2%
Chemours Co. Term Loan B, 3.75% (A), 05/12/2022		$  1,020,895		1,008,645
Chesapeake Energy Corp. Term Loan, 8.50% (A), 08/23/2021		1,556,305		1,659,021
Total Loan Assignments (Cost $2,573,158)				2,667,666
MORTGAGE-BACKED SECURITIES - 6.2%
United States - 6.2%
Alternative Loan Trust
Series 2003-20CB, Class 2A1,
5.75%, 10/25/2033		599,164		616,975
Series 2003-22CB, Class 1A1,
5.75%, 12/25/2033		333,830		341,574
Series 2003-9T1, Class A7,
5.50%, 07/25/2033		582,824		578,857
Series 2004-J3, Class 1A1,
5.50%, 04/25/2034		521,248		529,438
Banc of America Funding Trust Series 2005-7, Class 3A1, 5.75%, 11/25/2035		717,506		735,063
CHL Mortgage Pass-Through Trust Series 2005-11, Class 4A1, 0.80% (A), 04/25/2035		462,144		362,774
Citigroup Mortgage Loan Trust Series 2015-2, Class 1A1, 0.73% (A), 06/25/2047 (B)		1,517,116		1,310,377
COMM Mortgage Trust Series 2016-SAVA, Class C, 3.55% (A), 10/15/2034 (B) (I)		670,000		670,000
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-27, Class 4A4, 5.75%, 11/25/2033		118,948		124,245
GMACM Mortgage Loan Trust Series 2005-AR4, Class 3A1, 3.55% (A), 07/19/2035		720,733		648,062
GS Mortgage Securities Trust Series 2007-GG10, Class AM, 5.79% (A), 08/10/2045		1,180,000		1,138,874
GSR Mortgage Loan Trust Series 2004-14, Class 5A1, 3.20% (A), 12/25/2034		779,276		772,502
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2005-16IP, Class A1, 1.17% (A), 07/25/2045		202,847		169,575

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

Transamerica Funds Annual Report 2016

Page    86

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
United States (continued)
JPMorgan Chase Commercial Mortgage Securities Trust Series 2010-C1, Class C, 6.14% (A), 06/15/2043 (B) (E)		$   1,211,000		$   1,156,161
JPMorgan Mortgage Trust Series 2005-A1, Class 6T1, 3.11% (A), 02/25/2035		464,455		456,905
MASTR Alternative Loan Trust
Series 2003-9, Class 4A1,
5.25%, 11/25/2033		461,235		470,855
Series 2004-5, Class 2A1,
6.00%, 06/25/2034		495,743		505,693
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2004-20, Class 8A7, 5.75%, 11/25/2034		930,700		942,929
UBS-Barclays Commercial Mortgage Trust Series 2012-C2, Class D, 5.04% (A), 05/10/2063 (B)		345,000		344,620
VOLT LI LLC Series 2016-NP11, Class A1, 3.50% (A), 10/25/2046 (B)		670,000		670,000
WFRBS Commercial Mortgage Trust
Series 2011-C2, Class D,
5.60% (A), 02/15/2044 (B)		635,000		665,553
Series 2012-C7, Class E,
4.84% (A), 06/15/2045 (B)		840,000		821,928
Total Mortgage-Backed Securities (Cost $13,980,038)				14,032,960
U.S. GOVERNMENT AGENCY OBLIGATIONS - 1.1%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
3.83% (A), 10/25/2027		1,000,000		1,025,480
4.78% (A), 11/25/2023		1,350,000		1,421,404
Total U.S. Government Agency Obligations (Cost $2,309,108)				2,446,884
U.S. GOVERNMENT OBLIGATIONS - 6.4%
U.S. Treasury - 6.4%
U.S. Treasury Note
0.88%, 05/15/2017		9,505,000		9,521,339
1.00%, 05/31/2018		4,750,000		4,763,172
Total U.S. Government Obligations (Cost $14,279,418)				14,284,511
	Shares		Value
COMMON STOCKS - 0.9%
Brazil - 0.0% (J)
OGX Petroleo e Gas SA, ADR (K)		106,674		84,059
United States - 0.9%
Bristol-Myers Squibb Co.		16,527		841,390
Whiting Petroleum Corp. (F) (K)		137,893		1,136,238
				1,977,628
Total Common Stocks (Cost $2,554,143)				2,061,687

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 1.2%
Bermuda - 0.3%
Bunge, Ltd. 4.88%		5,983		$  581,189
Ireland - 0.2%
Allergan PLC Series A, 5.50%		667		512,923
United States - 0.7%
Belden, Inc. 6.75%		4,000		385,920
Chesapeake Energy Corp. 5.75%		1,385		675,880
Wells Fargo & Co. Series L, Class A, 7.50%		432		563,760
				1,625,560
Total Convertible Preferred Stocks (Cost $2,850,111)				2,719,672
SECURITIES LENDING COLLATERAL - 3.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (L)		8,544,929		8,544,929
Total Securities Lending Collateral (Cost $8,544,929)				8,544,929
	Principal		Value
REPURCHASE AGREEMENT - 4.5%
State Street Bank & Trust Co. 0.03% (L), dated 10/31/2016, to be repurchased at $10,081,304 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due on 05/10/2018, and with a value of $10,285,650.		$  10,081,296		10,081,296
Total Repurchase Agreement (Cost $10,081,296)				10,081,296
Total Investments (Cost $237,267,211) (M)				231,461,138
Net Other Assets (Liabilities) - (3.1)%				(7,046,322	)
Net Assets - 100.0%				$  224,414,816

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

Transamerica Funds Annual Report 2016

Page    87

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Oil, Gas & Consumable Fuels		12.2	%	$	28,299,180
Asset-Backed Securities		8.2			19,087,101
Banks		7.7			17,869,355
Foreign Government Obligations		6.2			14,370,148
U.S. Government Obligations		6.2			14,284,511
Mortgage-Backed Securities		6.1			14,032,960
Health Care Providers & Services		2.9			6,739,388
Media		2.9			6,706,841
Consumer Finance		2.5			5,727,987
Diversified Financial Services		2.3			5,326,204
Pharmaceuticals		2.1			4,956,038
Equity Real Estate Investment Trusts		2.1			4,836,122
Insurance		2.0			4,716,690
Trading Companies & Distributors		2.0			4,624,473
Airlines		2.0			4,533,053
Capital Markets		1.9			4,468,495
Food & Staples Retailing		1.9			4,435,147
Technology Hardware, Storage & Peripherals		1.7			3,970,874
Building Products		1.6			3,739,168
Textiles, Apparel & Luxury Goods		1.6			3,733,899
Electronic Equipment, Instruments & Components		1.6			3,723,547
Chemicals		1.3			2,892,374
Food Products		1.2			2,761,719
Real Estate Management & Development		1.1			2,590,459
U.S. Government Agency Obligations		1.1			2,446,884
Wireless Telecommunication Services		1.1			2,422,463
Communications Equipment		1.0			2,388,694
Beverages		1.0			2,213,897
Electric Utilities		0.9			2,171,812
Biotechnology		0.9			2,062,547
Metals & Mining		0.9			2,037,364
Aerospace & Defense		0.9			2,014,272
Software		0.7			1,569,965
Construction Materials		0.6			1,388,922
Diversified Telecommunication Services		0.6			1,320,370
Independent Power & Renewable Electricity Producers		0.3			777,200
Energy Equipment & Services		0.2			555,015
Semiconductors & Semiconductor Equipment		0.2			497,050
Industrial Conglomerates		0.1			333,711
Automobiles		0.1			209,014
Investments, at Value		91.9			212,834,913
Short-Term Investments		8.1			18,626,225
Total Investments		100.0	%	$	231,461,138

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

Transamerica Funds Annual Report 2016

Page    88

Transamerica Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(N)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable  Inputs (O)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	17,087,101	$	2,000,000	$	19,087,101
Convertible Bonds		—		6,826,469		—		6,826,469
Corporate Debt Securities		—		134,337,815		—		134,337,815
Foreign Government Obligations		—		14,370,148		—		14,370,148
Loan Assignments		—		2,667,666		—		2,667,666
Mortgage-Backed Securities		—		14,032,960		—		14,032,960
U.S. Government Agency Obligations		—		2,446,884		—		2,446,884
U.S. Government Obligations		—		14,284,511		—		14,284,511
Common Stocks		2,061,687		—		—		2,061,687
Convertible Preferred Stocks		2,719,672		—		—		2,719,672
Securities Lending Collateral		8,544,929		—		—		8,544,929
Repurchase Agreement		—		10,081,296		—		10,081,296
Total Investments	$	13,326,288	$	216,134,850	$	2,000,000	$	231,461,138

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(B)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $76,600,366, representing 34.1% of the Fund’s net assets.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, value of the security is $2,000,000, representing 0.9% of the Fund’s net assets.

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

^(E)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $5,499,482, representing 2.5% of the Fund’s net assets.

^(F)  All or a portion of the securities are on loan. The total value of all securities on loan is $8,355,047. 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)  Securities in default.

^(H)  Perpetual maturity. The date displayed is the next call date.

^(I)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after October 31, 2016.

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

^(K)  Non-income producing securities.

^(L)  Rates disclosed reflect the yields at October 31, 2016.

^(M)  Aggregate cost for federal income tax purposes is $237,308,844. Aggregate gross unrealized appreciation and depreciation for all securities is $8,637,241 and $14,484,947, respectively. Net unrealized depreciation for tax purposes is $5,847,706.

^(N)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

CURRENCY ABBREVIATIONS:

ARS	Argentine Peso
AUD	Australian Dollar
COP	Columbian Peso
INR	Indian Rupee
MXN	Mexican Peso

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2016

Page    89

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 91.9%
Aerospace & Defense - 0.3%
United Technologies Corp.		18,292		$  1,869,442
Automobiles - 4.4%
Tesla Motors, Inc. (A)		143,689		28,411,626
Biotechnology - 0.7%
Alnylam Pharmaceuticals, Inc. (A) (B)		34,931		1,243,544
Intrexon Corp. (A) (B)		84,806		2,213,437
Juno Therapeutics, Inc. (A)		43,218		1,049,765
				4,506,746
Capital Markets - 4.8%
S&P Global, Inc.		258,074		31,446,317
Food Products - 2.8%
Mead Johnson Nutrition Co., Class A		242,255		18,113,406
Health Care Equipment & Supplies - 5.3%
DexCom, Inc. (A)		37,491		2,933,296
Intuitive Surgical, Inc. (A)		46,904		31,523,240
				34,456,536
Health Care Technology - 2.4%
athenahealth, Inc. (A) (B)		150,688		15,569,084
Hotels, Restaurants & Leisure - 0.9%
Chipotle Mexican Grill, Inc., Class A (A) (B)		16,065		5,795,609
Internet & Direct Marketing Retail - 14.6%
Amazon.com, Inc. (A)		75,362		59,522,415
JD.com, Inc., ADR (A)		250,986		6,513,087
Netflix, Inc. (A)		90,838		11,342,941
Priceline Group, Inc. (A)		11,836		17,448,986
				94,827,429
Internet Software & Services - 19.8%
Alibaba Group Holding, Ltd., ADR (A)		63,774		6,485,178
Alphabet, Inc., Class C (A)		53,124		41,677,903
Facebook, Inc., Class A (A)		445,615		58,371,109
Tencent Holdings, Ltd.		243,000		6,448,208
Twitter, Inc. (A)		877,284		15,747,248
				128,729,646
IT Services - 8.0%
MasterCard, Inc., Class A		297,450		31,833,099
Visa, Inc., Class A		240,799		19,868,326
				51,701,425
Life Sciences Tools & Services - 4.8%
Illumina, Inc. (A)		228,084		31,051,356
Pharmaceuticals - 2.8%
Zoetis, Inc., Class A		376,951		18,018,258
Semiconductors & Semiconductor Equipment - 1.5%
NVIDIA Corp.		138,191		9,833,672
Software - 13.3%
Activision Blizzard, Inc.		151,733		6,550,314
Mobileye NV (A)		87,256		3,244,178
salesforce.com, Inc. (A)		419,640		31,540,142
ServiceNow, Inc. (A)		40,404		3,551,916
Splunk, Inc. (A)		159,933		9,626,367
Workday, Inc., Class A (A)		363,121		31,475,328
				85,988,245
Technology Hardware, Storage & Peripherals - 2.7%
Apple, Inc.		155,858		17,696,117

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 2.8%
Michael Kors Holdings, Ltd. (A)		237,504		$  12,060,453
Under Armour, Inc., Class A (A) (B)		203,289		6,322,288
				18,382,741
Total Common Stocks (Cost $374,051,694)				596,397,655
	Number of Contracts		Value
OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS PURCHASED - 0.0% (C) (D)
Call - USD vs. CNY (E) Exercise Price $8 Expiration Date 12/01/2016, RBS		118,343,894		118
Total Over-the-Counter Foreign Exchange Options Purchased (Cost $547,033)				118
	Shares		Value
SECURITIES LENDING COLLATERAL - 4.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (F)		27,783,858		27,783,858
Total Securities Lending Collateral (Cost $27,783,858)				27,783,858
	Principal		Value
REPURCHASE AGREEMENT - 8.0%
State Street Bank & Trust Co. 0.03% (F), dated 10/31/2016, to be repurchased at $51,636,812 on 11/01/2016. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 0.61% - 1.00%, due 01/31/2018 - 05/10/2018, and with a total value of $52,674,213.		$  51,636,769		51,636,769
Total Repurchase Agreement (Cost $51,636,769)				51,636,769
Total Investments (Cost $454,019,354) (G)				675,818,400
Net Other Assets (Liabilities) - (4.2)%				(27,445,859	)
Net Assets - 100.0%				$  648,372,541

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

Transamerica Funds Annual Report 2016

Page    90

Transamerica Capital Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(H)

	Level 1 -  Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	589,949,447	$	6,448,208	$	—	$	596,397,655
Over-the-Counter Foreign Exchange Options Purchased		—		118		—		118
Securities Lending Collateral		27,783,858		—		—		27,783,858
Repurchase Agreement		—		51,636,769		—		51,636,769
Total Investments	$	617,733,305	$	58,085,095	$	—	$	675,818,400

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $27,203,843. 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)  Cash in the amount of $80,000 has been segregated by the broker as collateral for open options contracts.

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

^(E) Illiquid derivative. At October 31, 2016, value of the illiquid derivative is $118, representing less than 0.1% of the Fund’s net assets.

^(F) Rates disclosed reflect the yields at October 31, 2016.

^(G) Aggregate cost for federal income tax purposes is $457,687,653. Aggregate gross unrealized appreciation and depreciation for all securities is $248,804,074 and $30,673,327, respectively. Net unrealized appreciation for tax purposes is $218,130,747.

^(H) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

CNY	Chinese Yuan Renminbi
USD	United States Dollar

COUNTERPARTY ABBREVIATION:

RBS Royal Bank of Scotland PLC

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    91

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense - 3.1%
United Technologies Corp.		75,877		$  7,754,629
Biotechnology - 7.9%
BioMarin Pharmaceutical, Inc. (A)		96,089		7,737,086
Gilead Sciences, Inc.		69,259		5,099,540
Incyte Corp. (A)		78,966		6,867,673
				19,704,299
Capital Markets - 6.5%
BlackRock, Inc., Class A		22,032		7,518,200
Charles Schwab Corp.		268,405		8,508,438
				16,026,638
Chemicals - 5.4%
Albemarle Corp.		82,140		6,862,797
Praxair, Inc.		55,829		6,535,343
				13,398,140
Distributors - 3.4%
LKQ Corp. (A)		261,704		8,447,805
Electrical Equipment - 1.8%
Acuity Brands, Inc.		20,419		4,565,076
Electronic Equipment, Instruments & Components - 3.0%
Amphenol Corp., Class A		113,343		7,472,704
Equity Real Estate Investment Trusts - 4.0%
American Tower Corp., Class A		84,204		9,867,867
Health Care Equipment & Supplies - 7.0%
Cooper Cos., Inc.		49,371		8,691,271
Danaher Corp.		111,164		8,731,932
				17,423,203
Health Care Technology - 3.5%
Cerner Corp. (A)		149,343		8,748,513
Household Products - 3.6%
Colgate-Palmolive Co.		125,796		8,976,803
Internet Software & Services - 12.1%
Akamai Technologies, Inc. (A)		105,435		7,324,570
Alphabet, Inc., Class A (A)		14,986		12,137,161
Facebook, Inc., Class A (A)		81,563		10,683,937
				30,145,668
IT Services - 12.1%
Accenture PLC, Class A		76,113		8,847,375

	Shares		Value
COMMON STOCKS (continued)
IT Services (continued)
Fiserv, Inc. (A)		114,745		$  11,300,088
Visa, Inc., Class A		120,114		9,910,606
				30,058,069
Oil, Gas & Consumable Fuels - 6.1%
Enbridge, Inc.		179,799		7,761,923
EOG Resources, Inc.		81,116		7,334,509
				15,096,432
Pharmaceuticals - 3.5%
Roche Holding AG, ADR		301,505		8,645,656
Professional Services - 3.3%
Verisk Analytics, Inc., Class A (A)		99,125		8,083,644
Software - 3.0%
Adobe Systems, Inc. (A)		69,672		7,490,437
Technology Hardware, Storage & Peripherals - 3.9%
Apple, Inc.		85,549		9,713,233
Textiles, Apparel & Luxury Goods - 5.4%
Hanesbrands, Inc.		301,431		7,746,777
NIKE, Inc., Class B		114,141		5,727,595
				13,474,372
Total Common Stocks (Cost $221,867,657)				245,093,188
	Principal		Value
REPURCHASE AGREEMENT - 1.4%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $3,578,650 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $3,653,175.		$  3,578,647		3,578,647
Total Repurchase Agreement (Cost $3,578,647)				3,578,647
Total Investments (Cost $225,446,304) (C)				248,671,835
Net Other Assets (Liabilities) - (0.0)% (D)				(5,856	)
Net Assets - 100.0%				$  248,665,979

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	245,093,188	$	—	$	—	$	245,093,188
Repurchase Agreement		—		3,578,647		—		3,578,647
Total Investments	$	245,093,188	$	3,578,647	$	—	$	248,671,835

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

Transamerica Funds Annual Report 2016

Page    92

Transamerica Concentrated Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  Rate disclosed reflects the yield at October 31, 2016.

^(C)  Aggregate cost for federal income tax purposes is $225,617,385. Aggregate gross unrealized appreciation and depreciation for all securities is $27,475,262 and $4,420,812, respectively. Net unrealized appreciation for tax purposes is $23,054,450.

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

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    93

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 97.4%
Aerospace & Defense - 5.4%
General Dynamics Corp.		77,245		$  11,643,911
Raytheon Co.		143,713		19,632,633
United Technologies Corp.		109,000		11,139,800
				42,416,344
Airlines - 2.2%
Southwest Airlines Co.		421,896		16,896,935
Auto Components - 0.2%
Adient PLC (A)		35,439		1,612,829
Banks - 15.1%
Bank of America Corp.		2,075,371		34,243,621
Comerica, Inc., Class A		194,600		10,136,714
JPMorgan Chase & Co.		401,372		27,799,025
PNC Financial Services Group, Inc.		141,028		13,482,277
Wells Fargo & Co.		700,429		32,226,738
				117,888,375
Building Products - 1.8%
Johnson Controls International PLC		354,397		14,289,287
Capital Markets - 4.5%
Ameriprise Financial, Inc.		128,829		11,387,195
State Street Corp.		337,081		23,666,457
				35,053,652
Chemicals - 0.0% (B)
AdvanSix, Inc. (A)		2,718		43,379
Construction Materials - 0.7%
CRH PLC, ADR		159,696		5,158,181
Consumer Finance - 1.4%
American Express Co.		158,564		10,531,821
Containers & Packaging - 1.1%
International Paper Co.		184,328		8,300,290
Diversified Telecommunication Services - 4.8%
AT&T, Inc.		421,437		15,504,667
Verizon Communications, Inc.		449,232		21,608,059
				37,112,726
Electric Utilities - 2.6%
Entergy Corp., Class B		271,770		20,024,013
Food & Staples Retailing - 3.1%
Wal-Mart Stores, Inc.		349,489		24,471,220
Health Care Equipment & Supplies - 3.1%
Medtronic PLC		292,648		24,002,989
Health Care Providers & Services - 2.0%
Cardinal Health, Inc.		229,385		15,756,456
Household Durables - 0.9%
Whirlpool Corp.		49,100		7,356,162
Industrial Conglomerates - 1.0%
Honeywell International, Inc.		67,952		7,452,975
Insurance - 4.3%
Loews Corp.		424,322		18,258,576
XL Group, Ltd.		440,400		15,281,880
				33,540,456
IT Services - 2.6%
International Business Machines Corp.		132,300		20,333,187
Machinery - 2.7%
Stanley Black & Decker, Inc.		185,658		21,135,307

	Shares		Value
COMMON STOCKS (continued)
Metals & Mining - 0.8%
Rio Tinto PLC, ADR (C)		169,154		$  5,895,017
Multiline Retail - 2.9%
Target Corp.		325,420		22,366,116
Oil, Gas & Consumable Fuels - 11.6%
BP PLC, ADR		709,834		25,234,599
ConocoPhillips		447,701		19,452,608
Occidental Petroleum Corp.		315,330		22,990,710
Phillips 66		275,184		22,331,182
				90,009,099
Pharmaceuticals - 14.0%
Johnson & Johnson		240,129		27,852,563
Merck & Co., Inc.		508,214		29,842,326
Pfizer, Inc.		936,566		29,698,508
Sanofi, ADR		561,700		21,844,513
				109,237,910
Road & Rail - 1.4%
Norfolk Southern Corp.		120,955		11,248,815
Specialty Retail - 1.7%
Gap, Inc., Class A (C)		477,296		13,168,597
Tobacco - 5.5%
Altria Group, Inc.		256,837		16,982,063
Philip Morris International, Inc.		265,353		25,590,643
				42,572,706
Total Common Stocks (Cost $680,305,656)				757,874,844
SECURITIES LENDING COLLATERAL - 1.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (D)		14,161,356		14,161,356
Total Securities Lending Collateral (Cost $14,161,356)				14,161,356
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
State Street Bank & Trust Co. 0.03% (D), dated 10/31/2016, to be repurchased at $19,148,223 on 11/01/2016. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 0.75% - 2.50%, due 06/30/2017 - 07/14/2017, and with a total value of $19,535,588.		$  19,148,207		19,148,207
Total Repurchase Agreement (Cost $19,148,207)				19,148,207
Total Investments (Cost $713,615,219) (E)				791,184,407
Net Other Assets (Liabilities) - (1.7)%				(13,075,405	)
Net Assets - 100.0%				$  778,109,002

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

Transamerica Funds Annual Report 2016

Page    94

Transamerica Dividend Focused

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	757,874,844	$	—	$	—	$	757,874,844
Securities Lending Collateral		14,161,356		—		—		14,161,356
Repurchase Agreement		—		19,148,207		—		19,148,207
Total Investments	$	772,036,200	$	19,148,207	$	—	$	791,184,407

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) Non-income producing securities.

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

^(C)  All or a portion of the securities are on loan. The total value of all securities on loan is $13,819,659. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(E)  Aggregate cost for federal income tax purposes is $714,074,574. Aggregate gross unrealized appreciation and depreciation for all securities is $92,701,935 and $15,592,102, respectively. Net unrealized appreciation for tax purposes is $77,109,833.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    95

Transamerica Dynamic Allocation

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.3%
International Equity Fund - 10.0%
iShares MSCI EAFE ETF (A)		35,107		$  2,029,887
International Fixed Income Fund - 14.9%
Vanguard Total International Bond ETF (A)		54,943		3,037,249
U.S. Equity Funds - 59.5%
iShares Russell 1000 Growth ETF		49,481		5,034,197
iShares Russell 1000 Value ETF (A)		48,966		5,094,423
iShares Russell 2000 ETF (A)		16,817		1,992,814
				12,121,434
U.S. Fixed Income Fund - 14.9%
iShares Core U.S. Aggregate Bond ETF		27,319		3,040,605
Total Exchange-Traded Funds (Cost $19,237,458)				20,229,175
	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED - 1.0%
Put - S&P 500® Exercise Price $1,725 Expiration Date 12/15/2017		3		16,620
Put - S&P 500® Exercise Price $1,750 Expiration Date 12/15/2017		5		28,750
Put - S&P 500® Exercise Price $1,800 Expiration Date 12/15/2017		6		40,200
Put - S&P 500® Exercise Price $1,850 Expiration Date 12/15/2017		8		62,400

	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED (continued)
Put - S&P 500® Exercise Price $1,900 Expiration Date 12/15/2017		7		$  63,280
Total Exchange-Traded Options Purchased (Cost $222,732)				211,250
	Shares		Value
SECURITIES LENDING COLLATERAL - 26.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		5,442,394		5,442,394
Total Securities Lending Collateral (Cost $5,442,394)				5,442,394
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $107,284 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.50%, due 06/30/2017, and with a value of $112,200.		$  107,284		107,284
Total Repurchase Agreement (Cost $107,284)				107,284
Total Investments (Cost $25,009,868) (C)				25,990,103
Net Other Assets (Liabilities) - (27.5)%				(5,608,231	)
Net Assets - 100.0%				$  20,381,872

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	20,229,175	$	—	$	—	$	20,229,175
Exchange-Traded Options Purchased		211,250		—		—		211,250
Securities Lending Collateral		5,442,394		—		—		5,442,394
Repurchase Agreement		—		107,284		—		107,284
Total Investments	$	25,882,819	$	107,284	$	—	$	25,990,103

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $5,329,564. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(C)  Aggregate cost for federal income tax purposes is $26,022,827. Net unrealized depreciation for tax purposes is $32,724.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    96

Transamerica Dynamic Income

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.9%
International Fixed Income Funds - 19.3%
VanEck Vectors Emerging Markets High Yield Bond ETF		1,248,122		$  30,466,658
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (A)		2,643,636		49,621,048
				80,087,706
U.S. Equity Funds - 23.0%
Global SuperDividend US ETF (A)		1,544,678		37,072,272
iShares Core High Dividend ETF (A)		738,205		58,524,892
				95,597,164
U.S. Fixed Income Funds - 49.8%
iShares 20+ Year Treasury Bond ETF (A)		309,422		40,611,637
iShares MBS ETF (A)		114,127		12,511,743
PowerShares Senior Loan Portfolio		142,821		3,310,591
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (A)		2,961,714		81,387,901
Vanguard Long-Term Bond ETF		728,664		69,441,679
				207,263,551
U.S. Mixed Allocation Fund - 7.8%
Alerian MLP ETF (A)		2,666,333		32,609,253
Total Exchange-Traded Funds (Cost $413,606,815)				415,557,674

	Shares		Value
SECURITIES LENDING COLLATERAL - 19.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		82,993,430		$  82,993,430
Total Securities Lending Collateral (Cost $82,993,430)				82,993,430
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $2,085,877 on 11/01/2016. Collateralized by a U.S. Government Obligation, 3.75%, due 11/15/2043, and with a value of $2,129,344.		$  2,085,875		2,085,875
Total Repurchase Agreement (Cost $2,085,875)				2,085,875
Total Investments (Cost $498,686,120) (C)				500,636,979
Net Other Assets (Liabilities) - (20.3)%				(84,500,264	)
Net Assets - 100.0%				$  416,136,715

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	415,557,674	$	—	$	—	$	415,557,674
Securities Lending Collateral		82,993,430		—		—		82,993,430
Repurchase Agreement		—		2,085,875		—		2,085,875
Total Investments	$	498,551,104	$	2,085,875	$	—	$	500,636,979

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $81,238,497. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(C) Aggregate cost for federal income tax purposes is $521,806,195. Aggregate gross unrealized appreciation and depreciation for all securities is $15,901,684 and $37,070,900, respectively. Net unrealized depreciation for tax purposes is $21,169,216.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. See the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    97

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES - 31.7%
Argentina - 1.5%
Banco Hipotecario SA 9.75%, 11/30/2020 (A)		$  3,585,000		$  4,051,050
YPF SA
8.50%, 03/23/2021 (A)		3,135,000		3,447,560
8.50%, 07/28/2025 (A) (B)		2,265,000		2,468,850
8.88%, 12/19/2018 (A)		2,615,000		2,852,834
				12,820,294
Austria - 1.4%
Eldorado Intl. Finance GmbH 8.63%, 06/16/2021 (A) (B)		7,220,000		5,884,300
ESAL GMBH 6.25%, 02/05/2023 (A) (B)		2,725,000		2,622,812
JBS Investments GmbH 7.25%, 04/03/2024 (A)		2,950,000		2,979,500
				11,486,612
Barbados - 0.9%
Columbus Cable Barbados, Ltd. 7.38%, 03/30/2021 (A)		6,740,000		7,211,800
Bermuda - 2.7%
Digicel Group, Ltd. 7.13%, 04/01/2022 (A)		16,650,000		13,190,130
Tengizchevroil Finance Co. International, Ltd. 4.00%, 08/15/2026 (A)		10,200,000		9,833,596
				23,023,726
Canada - 1.1%
First Quantum Minerals, Ltd. 7.00%, 02/15/2021 (A)		7,395,000		7,020,628
Pacific Exploration and Production Corp.
5.63%, 01/19/2025 (A) (C)		5,840,000		1,168,000
5.63%, 01/19/2025 (C) (D)		3,050,000		610,000
				8,798,628
Cayman Islands - 3.0%
Braskem Finance, Ltd.
5.75%, 04/15/2021 (A)		1,810,000		1,877,332
5.75%, 04/15/2021 (D)		400,000		414,880
Dubai Holding Commercial Operations, Ltd. 6.00%, 02/01/2017, MTN		GBP  2,500,000		3,074,935
Lima Metro Line 2 Finance, Ltd. 5.88%, 07/05/2034 (A)		$  2,370,000		2,624,775
Marfrig Overseas, Ltd. 9.50%, 05/04/2020 (A)		2,035,000		2,106,632
Odebrecht Finance, Ltd.
5.25%, 06/27/2029 (D)		4,050,000		1,944,000
5.25%, 06/27/2029 (A)		1,250,000		600,000
Vale Overseas, Ltd.
5.88%, 06/10/2021 (B)		6,350,000		6,770,687
6.88%, 11/10/2039		5,840,000		5,771,088
				25,184,329
Chile - 0.4%
Cencosud SA 5.15%, 02/12/2025 (A) (B)		2,891,000		3,076,151

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Colombia - 1.2%
Bancolombia SA
5.13%, 09/11/2022 (B)		$   3,590,000		$   3,710,983
5.95%, 06/03/2021 (B)		2,615,000		2,880,422
Colombia Telecomunicaciones SA ESP 8.50% (E), 03/30/2020 (A) (F)		3,890,000		3,446,540
				10,037,945
Dominican Republic - 0.4%
Aeropuertos Dominicanos Siglo XXI SA 9.75%, 11/13/2019 (A)		3,359,000		3,518,553
Indonesia - 2.1%
Pelabuhan Indonesia II PT
4.25%, 05/05/2025 (A)		6,825,000		6,850,594
5.38%, 05/05/2045 (A)		6,825,000		6,840,015
Pertamina Persero PT 6.00%, 05/03/2042 (A)		3,705,000		3,906,463
				17,597,072
Kazakhstan - 1.2%
Development Bank of Kazakhstan JSC 4.13%, 12/10/2022 (A)		4,665,000		4,549,308
KazMunayGas National Co. JSC 6.38%, 04/09/2021 (A) (B)		4,900,000		5,384,581
				9,933,889
Luxembourg - 1.9%
Atento Luxco 1 SA
7.38%, 01/29/2020 (A)		800,000		816,000
7.38%, 01/29/2020 (B) (D)		5,185,000		5,288,700
Minerva Luxembourg SA 6.50%, 09/20/2026 (A)		2,270,000		2,223,238
Wind Acquisition Finance SA
7.00%, 04/23/2021 (A)		EUR  2,150,000		2,457,520
7.38%, 04/23/2021 (A)		$  4,932,000		5,067,630
				15,853,088
Malaysia - 0.5%
1MDB Energy, Ltd. 5.99%, 05/11/2022 (D)		3,500,000		3,834,936
Mexico - 3.5%
Banco Inbursa SA Institucion de Banca Multiple 4.13%, 06/06/2024 (A) (B)		4,240,000		4,281,128
Banco Mercantil del Norte SA 5.75% (E), 10/04/2031 (A) (B)		1,975,000		1,908,344
BBVA Bancomer SA 6.75%, 09/30/2022 (A)		2,250,000		2,530,237
Comision Federal de Electricidad 4.75%, 02/23/2027 (A) (B)		1,735,000		1,765,363
El Puerto de Liverpool SAB de CV 3.88%, 10/06/2026 (A)		2,970,000		2,910,600
Grupo Televisa SAB 6.13%, 01/31/2046		4,720,000		5,151,007
Petroleos Mexicanos
4.63%, 09/21/2023 (A)		5,480,000		5,465,204
6.75%, 09/21/2047 (A)		3,800,000		3,766,750
8.63%, 02/01/2022		1,450,000		1,711,000
				29,489,633

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

Transamerica Funds Annual Report 2016

Page    98

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Netherlands - 3.7%
AES Andres BV / Dominican Power Partners 7.95%, 05/11/2026 (A)		$   3,410,000		$   3,614,600
Equate Petrochemical BV 4.25%, 11/03/2026 (A) (G)		5,300,000		5,253,625
Lukoil International Finance BV 6.13%, 11/09/2020 (B) (D)		2,900,000		3,146,964
Lukoil International Finance BV 4.75%, 11/02/2026 (A) (G)		3,975,000		3,986,925
Marfrig Holdings Europe BV
6.88%, 06/24/2019 (A)		485,000		500,763
6.88%, 06/24/2019 (B) (D)		1,920,000		1,982,400
Petrobras Global Finance BV
6.75%, 01/27/2041		5,630,000		4,987,898
8.75%, 05/23/2026		3,875,000		4,365,187
VTR Finance BV 6.88%, 01/15/2024 (A)		2,940,000		3,075,975
				30,914,337
Northern Mariana Islands - 0.6%
MTN Mauritius Investment, Ltd. 6.50%, 10/13/2026 (A)		5,350,000		5,426,237
Panama - 0.6%
ENA Norte Trust 4.95%, 04/25/2028 (A)		3,360,337		3,494,751
Global Bank Corp. 4.50%, 10/20/2021 (A) (B)		1,950,000		1,941,810
				5,436,561
Paraguay - 0.4%
Telefonica Celular del Paraguay SA 6.75%, 12/13/2022 (A)		3,140,000		3,273,450
Sri Lanka - 0.2%
Bank of Ceylon 6.88%, 05/03/2017 (D)		1,590,000		1,613,802
Trinidad and Tobago - 0.3%
Petroleum Co. of Trinidad & Tobago, Ltd. 6.00%, 05/08/2022 (A) (B)		2,812,500		2,801,953
Turkey - 2.0%
Finansbank AS 6.25%, 04/30/2019 (A)		8,425,000		8,805,473
Turkiye Is Bankasi 5.50%, 04/21/2022 (A)		3,525,000		3,513,600
Turkiye Vakiflar Bankasi TAO 5.50%, 10/27/2021 (A)		4,260,000		4,219,360
				16,538,433
United States - 1.2%
Braskem America Finance Co. 7.13%, 07/22/2041 (A)		5,600,000		5,806,528
Cemex Finance LLC 9.38%, 10/12/2022 (A)		4,205,000		4,593,962
				10,400,490
Venezuela - 0.9%
Petroleos de Venezuela SA
5.38%, 04/12/2027 (B) (D)		6,195,000		2,266,131
5.50%, 04/12/2037 (D)		9,760,000		3,577,040

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Venezuela (continued)
Petroleos de Venezuela SA (continued)
8.50%, 11/02/2017 (B) (D)		$   2,136,667		$   1,554,425
				7,397,596
Total Corporate Debt Securities (Cost $265,382,158)				265,669,515
FOREIGN GOVERNMENT OBLIGATIONS - 61.1%
Angola - 1.2%
Angola Government International Bond 9.50%, 11/12/2025 (A)		4,925,000		4,818,866
Republic of Angola Via Northern Lights III BV 7.00%, 08/16/2019 (D)		4,942,500		4,938,200
				9,757,066
Argentina - 5.8%
Argentina Bonos del Tesoro 21.20%, 09/19/2018 (H)		ARS  55,000,000		3,730,551
Argentina Republic Government International Bond
0.00% (E), 12/15/2035		$  20,840,000		2,198,620
2.26% (I), 12/31/2038		EUR  5,275,000		3,659,680
6.25%, 04/22/2019 (A)		$  3,000,000		3,180,000
7.13%, 07/06/2036 (A) (B)		9,835,000		10,139,885
Argentine Bonos del Tesoro
16.00%, 10/17/2023 (H)		ARS  41,725,000		2,770,958
22.75%, 03/05/2018 (H)		90,125,000		6,100,195
Provincia de Buenos Aires
7.88%, 06/15/2027 (A) (B)		$  5,365,000		5,512,537
9.38%, 09/14/2018 (D)		5,120,000		5,568,000
9.95%, 06/09/2021 (A)		4,950,000		5,643,000
				48,503,426
Bahrain - 1.1%
Bahrain Government International Bond 6.00%, 09/19/2044 (A)		7,050,000		5,957,250
CBB International Sukuk Co. SPC 5.62%, 02/12/2024 (A)		3,000,000		3,082,878
				9,040,128
Brazil - 9.4%
Brazil Government International Bond
4.25%, 01/07/2025 (B)		5,850,000		5,791,500
4.88%, 01/22/2021		13,995,000		14,806,710
5.63%, 02/21/2047		9,960,000		9,536,700
6.00%, 04/07/2026		1,500,000		1,653,750
7.13%, 01/20/2037 (B)		2,495,000		2,844,300
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2017 -  01/01/2027 (H)		BRL  149,806,000		44,263,366
				78,896,326
Colombia - 3.5%
Colombia Government International Bond
2.63%, 03/15/2023 (B)		$  9,020,000		8,726,850

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

Transamerica Funds Annual Report 2016

Page    99

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Colombia (continued)
Colombia Government International Bond (continued)
4.38%, 07/12/2021		$  2,490,000		$  2,651,850
5.00%, 06/15/2045		5,280,000		5,359,200
Colombia TES
7.00%, 05/04/2022		COP  20,652,000,000		6,899,695
Series B,
7.50%, 08/26/2026		18,058,600,000		6,052,722
				29,690,317
Cote d’Ivoire - 0.5%
Ivory Coast Government International Bond 5.75% (I), 12/31/2032 (A)		$  4,261,950		4,174,836
Croatia - 3.1%
Croatia Government International Bond
3.88%, 05/30/2022 (D)		EUR  5,139,000		6,087,625
6.00%, 01/26/2024 (A) (B)		$  5,700,000		6,432,450
6.75%, 11/05/2019 (A) (B)		12,240,000		13,443,926
				25,964,001
Ecuador - 0.4%
Ecuador Government International Bond 10.75%, 03/28/2022 (A)		3,160,000		3,341,700
Ghana - 0.9%
Ghana Government International Bond
7.88%, 08/07/2023 (A)		5,830,636		5,580,852
9.25%, 09/15/2022 (A) (B)		2,040,000		2,114,684
				7,695,536
Hungary - 1.8%
Hungary Government Bond
2.50%, 10/27/2021		HUF  2,074,980,000		7,606,468
5.50%, 06/24/2025		1,800,000,000		7,698,614
				15,305,082
Indonesia - 6.7%
Indonesia Government International Bond
3.38%, 04/15/2023 (A) (B)		$  8,320,000		8,393,848
3.75%, 06/14/2028 (A)		EUR  4,670,000		5,502,420
4.75%, 01/08/2026 (A)		$  4,230,000		4,611,148
6.63%, 02/17/2037 (A)		4,450,000		5,586,931
5.88%, 01/15/2024, MTN (A)		1,950,000		2,262,162
Indonesia Treasury Bond
8.25%, 05/15/2036		IDR  255,097,000,000		20,307,797
8.75%, 05/15/2031		37,000,000,000		3,168,876
Perusahaan Penerbit SBSN Indonesia III
4.35%, 09/10/2024 (A)		$  1,535,000		1,611,750
4.55%, 03/29/2026 (A)		4,240,000		4,462,600
				55,907,532
Kazakhstan - 0.5%
KazAgro National Management Holding JSC 4.63%, 05/24/2023 (A)		4,475,000		4,184,125

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Kenya - 0.6%
Kenya Government International Bond 5.88%, 06/24/2019 (A)		$   4,565,000		$   4,722,310
Malaysia - 0.7%
Malaysia Government Bond 3.80%, 08/17/2023		MYR  23,379,000		5,659,669
Mexico - 3.7%
Mexico Bonos
5.75%, 03/05/2026		MXN  155,336,700		7,927,316
10.00%, 11/20/2036		40,638,200		2,916,611
Series M,
6.50%, 06/09/2022		127,900,000		6,923,808
7.75%, 11/13/2042		98,344,400		5,825,848
Mexico Government International Bond
1.38%, 01/15/2025 (G)		EUR  590,000		627,071
4.00%, 10/02/2023		$  2,500,000		2,627,500
4.35%, 01/15/2047		4,075,000		3,854,950
				30,703,104
Mongolia - 0.3%
Mongolia Government International Bond 4.13%, 01/05/2018 (A)		2,650,000		2,544,000
Mozambique - 0.2%
Mozambique International Bond
10.50%, 01/18/2023 (D)		1,050,000		593,250
10.50%, 01/18/2023 (A)		1,675,000		946,375
				1,539,625
Peru - 0.7%
Peru Government International Bond 8.20%, 08/12/2026 (A)		PEN  18,000,000		6,338,526
Philippines - 0.4%
Philippines Government International Bond 4.95%, 01/15/2021		PHP  148,000,000		3,140,482
Poland - 0.5%
Republic of Poland Government Bond 2.50%, 07/25/2026		PLN  18,000,000		4,354,043
Qatar - 0.9%
Qatar Government International Bond
3.25%, 06/02/2026 (A) (B)		$  2,500,000		2,531,250
4.63%, 06/02/2046 (A)		4,480,000		4,716,275
				7,247,525
Romania - 0.5%
Romania Government Bond 5.80%, 07/26/2027		RON  15,000,000		4,416,679
Russian Federation - 3.7%
Russian Federation Federal Bond -  OFZ
7.00%, 08/16/2023		RUB  284,900,000		4,150,021
7.05%, 01/19/2028		777,878,000		11,072,887
7.50%, 02/27/2019		713,170,000		11,008,271

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

Transamerica Funds Annual Report 2016

Page    100

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Russian Federation (continued)
Russian Federation Foreign Bond - Eurobond 5.00%, 04/29/2020 (D)		$  4,500,000		$   4,800,960
				31,032,139
Saudi Arabia - 1.1%
Saudi Government International Bond 4.50%, 10/26/2046 (A)		9,805,000		9,645,669
Serbia - 0.4%
Serbia International Bond 7.25%, 09/28/2021 (A)		3,310,000		3,801,535
South Africa - 2.6%
Republic of South Africa Government Bond
7.00%, 02/28/2031		ZAR  110,000,000		6,786,777
8.75%, 01/31/2044		50,290,307		3,490,251
Republic of South Africa Government International Bond
4.30%, 10/12/2028		$  4,260,000		4,130,922
5.00%, 10/12/2046		7,330,000		7,115,377
				21,523,327
Sri Lanka - 1.1%
Sri Lanka Government International Bond
6.25%, 10/04/2020 (A)		2,435,000		2,544,577
6.25%, 07/27/2021 (D)		6,540,000		6,843,149
				9,387,726
Supranational - 4.6%
Banque Ouest Africaine de Developpement 5.50%, 05/06/2021 (A)		7,380,000		7,818,372
Black Sea Trade & Development Bank 4.88%, 05/06/2021 (A)		3,820,000		4,049,200
Eastern and Southern African Trade and Development Bank 6.38%, 12/06/2018, MTN (D)		5,189,000		5,423,543
Inter-American Development Bank 7.25%, 07/17/2017, MTN		IDR  113,620,000,000		8,706,167
International Bank for Reconstruction & Development 6.38%, 08/07/2018		INR  194,700,000		2,947,328
International Finance Corp.
6.45%, 10/30/2018, MTN		380,000,000		5,702,984
7.75%, 12/03/2016, MTN		235,100,000		3,523,383
				38,170,977
Turkey - 0.9%
Turkey Government International Bond 7.50%, 11/07/2019 (B)		$  6,720,000		7,459,200
Ukraine - 1.3%
Ukraine Government International Bond 7.75%, 09/01/2020 -  09/01/2021 (D)		11,455,000		11,321,986

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
United Arab Emirates - 0.3%
Emirate of Dubai Government International Bonds 5.25%, 01/30/2043, MTN (D)		$  2,450,000		$  2,339,750
United Kingdom - 0.7%
Ukreximbank Via Biz Finance PLC 9.63%, 04/27/2022 (D)		6,055,000		5,970,593
Venezuela - 0.7%
Venezuela Government International Bond 7.75%, 10/13/2019 (B) (D)		11,305,000		5,737,287
Zambia - 0.3%
Zambia Government International Bond 8.50%, 04/14/2024 (A)		2,290,000		2,228,422
Total Foreign Government Obligations (Cost $498,526,672)				511,744,649
	Shares		Value
COMMON STOCK - 0.1%
United States - 0.1%
NII Holdings, Inc. (B) (J)		193,157		473,235
Total Common Stock (Cost $3,259,550)				473,235
	Principal		Value
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 0.5%
Argentina - 0.5%
Letras del Banco Central de la Republica Argentina
15.04% (K), 12/21/2016		ARS  37,644,788		2,398,921
15.43% (K), 12/21/2016		28,859,224		1,839,060
Total Short-Term Foreign Government Obligations (Cost $4,242,397)				4,237,981
	Shares		Value
SECURITIES LENDING COLLATERAL - 6.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (K)		53,411,313		53,411,313
Total Securities Lending Collateral (Cost $53,411,313)				53,411,313

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

Transamerica Funds Annual Report 2016

Page    101

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
REPURCHASE AGREEMENT - 5.2%
State Street Bank & Trust Co. 0.03% (K), dated 10/31/2016, to be repurchased at $43,383,633 on 11/01/2016. Collateralized by a U.S. Government Obligation, 0.58%, due 02/02/2017, and with a value of $44,253,520.		$  43,383,597		$  43,383,597
Total Repurchase Agreement (Cost $43,383,597)				43,383,597
Total Investments (Cost $868,205,687) (L)				878,920,290
Net Other Assets (Liabilities) - (4.9)%				(41,324,948	)
Net Assets - 100.0%				$  837,595,342

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date			Currency Purchased		Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY		11/08/2016	USD		5,438,186		COP	16,121,502,397	$	83,598	$	—
BOA		11/02/2016	USD		127,519		GBP	100,000		5,115		—
BOA		11/30/2016	USD		18,877,805		EUR	17,340,245		—		(180,343	)
HSBC		11/30/2016	EUR		165,839		USD	181,283		986		—
HSBC		11/30/2016	USD		3,181,858		GBP	2,602,802		—		(5,822	)
JPM		11/28/2016	RUB		262,254,150		USD	4,145,000		—		(37,417	)
JPM		11/29/2016	RON		28,168,705		USD	6,824,475		40,877		—
JPM		11/30/2016	PLN		57,436,146		USD	14,497,853		131,012		—
SCB		11/02/2016	GBP		100,000		USD	127,741		—		(5,336	)
SCB		11/08/2016	COP		16,058,425,000		USD	5,450,000		—		(116,362	)
SCB		11/30/2016	USD		5,287,842		MXN	99,279,234		54,080		—
TDB		11/30/2016	USD		1,817,898		EUR	1,662,899		—		(9,745	)
TDB		11/30/2016	USD		15,574,005		HUF	4,413,205,695		—		(118,060	)
Total									$	315,668	$	(473,085	)

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		58.2	%	$	511,744,649
Oil, Gas & Consumable Fuels		7.7			67,301,361
Banks		5.0			44,005,517
Metals & Mining		2.2			19,562,403
Wireless Telecommunication Services		2.2			19,089,602
Media		1.8			15,438,782
Diversified Telecommunication Services		1.6			14,245,140
Marine		1.6			13,690,609
Food Products		1.4			12,415,345
Commercial Services & Supplies		1.0			9,179,635
Chemicals		0.9			8,098,740
Transportation Infrastructure		0.8			7,013,304
Paper & Forest Products		0.7			5,884,300
Electric Utilities		0.6			5,600,299
Diversified Financial Services		0.6			5,253,625
Construction Materials		0.5			4,593,962
Independent Power & Renewable Electricity Producers		0.4			3,614,600
Food & Staples Retailing		0.4			3,076,151

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

Transamerica Funds Annual Report 2016

Page    102

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Multiline Retail		0.3	%	$	2,910,600
Road & Rail		0.3			2,624,775
Construction & Engineering		0.3			2,544,000
Investments, at Value		88.5			777,887,399
Short-Term Investments		11.5			101,032,891
Total Investments		100.0	%	$	878,920,290

SECURITY VALUATION:

Valuation Inputs ^(M)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	265,669,515		$	—	$	265,669,515
Foreign Government Obligations		—		511,744,649			—		511,744,649
Common Stock		473,235		—			—		473,235
Short-Term Foreign Government Obligations		—		4,237,981			—		4,237,981
Securities Lending Collateral		53,411,313		—			—		53,411,313
Repurchase Agreement		—		43,383,597			—		43,383,597
Total Investments	$	53,884,548	$	825,035,742		$	—	$	878,920,290
Other Financial Instruments
Forward Foreign Currency Contracts (N)	$	—	$	315,668		$	—	$	315,668
Total Other Financial Instruments	$	—	$	315,668		$	—	$	315,668
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (N)	$	—	$	(473,085	)	$	—	$	(473,085	)
Total Other Financial Instruments	$	—	$	(473,085	)	$	—	$	(473,085	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $362,937,389, representing 43.3% of the Fund’s net assets.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $52,313,736. 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)  Securities in default.

^(D)  Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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. At October 31, 2016, the total value of Regulation S securities is $85,857,621, representing 10.3% of the Fund’s net assets.

^(E)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(F)  Perpetual maturity. The date displayed is the next call date.

^(G)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

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

^(I)  Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2016; the maturity dates disclosed are the ultimate maturity dates.

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

Transamerica Funds Annual Report 2016

Page    103

Transamerica Emerging Markets Debt

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(J)  Non-income producing security.

^(K)  Rates disclosed reflect the yields at October 31, 2016.

^(L)  Aggregate cost for federal income tax purposes is $872,490,056. Aggregate gross unrealized appreciation and depreciation for all securities is $23,199,213 and $16,768,979, respectively. Net unrealized appreciation for tax purposes is $6,430,234.

^(M)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

CURRENCY ABBREVIATIONS:

ARS	Argentine Peso
BRL	Brazilian Real
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
MXN	Mexican Peso
MYR	Malaysian Ringgit
PEN	Peruvian Nuevo Sol
PHP	Philippine Peso
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BOA	Bank of America, N.A.
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
SCB	Standard Chartered Bank
TDB	Toronto Dominion Bank

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Funds Annual Report 2016

Page    104

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 97.0%
Brazil - 6.5%
Banco Bradesco SA, ADR (A)		199,984		$  2,081,833
BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros (A)		47,200		277,995
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (A)		70,700		743,764
Fleury SA		26,800		354,731
Itau Unibanco Holding SA, Class H, ADR		81,316		970,105
Kroton Educacional SA		219,500		1,093,374
Lojas Renner SA		36,300		307,049
Petroleo Brasileiro SA, Class A, ADR (A)		194,200		2,147,852
Rumo Logistica Operadora Multimodal SA (A)		157,900		353,197
Vale SA, Class B, ADR (B)		226,400		1,566,688
				9,896,588
Chile - 0.6%
Enersis Americas SA, ADR		68,000		589,560
Enersis Chile SA, ADR		68,030		338,109
				927,669
China - 27.2%
AAC Technologies Holdings, Inc.		276,000		2,633,469
Alibaba Group Holding, Ltd., ADR (A)		37,100		3,772,699
Bank of China, Ltd., Class H		5,764,000		2,586,370
China Cinda Asset Management Co., Ltd., Class H		1,165,000		419,100
China Communications Construction Co., Ltd., Class H		610,000		671,700
China Construction Bank Corp., Class H		4,791,000		3,508,826
China Eastern Airlines Corp, Ltd., Class H (B)		1,018,000		458,100
China Everbright Bank Co., Ltd., Class H		1,245,000		568,277
China Merchants Bank Co., Ltd., Class H		117,000		285,426
China Petroleum & Chemical Corp., ADR		14,623		1,058,998
Dongfeng Motor Group Co., Ltd., Class H		804,000		836,598
Fosun International, Ltd.		222,000		322,314
Geely Automobile Holdings, Ltd.		2,420,000		2,496,277
Guangzhou Automobile Group Co., Ltd., Class H		1,036,000		1,252,997
Guangzhou R&F Properties Co., Ltd., Class H		190,000		268,504
Industrial & Commercial Bank of China, Ltd., Class H		3,534,000		2,127,996
KWG Property Holding, Ltd.		1,328,500		770,835
NetEase, Inc., ADR		12,200		3,135,278
New Oriental Education & Technology Group, Inc., ADR (A)		17,700		887,301
PetroChina Co., Ltd., Class H		4,896,000		3,371,088
Shanghai Pharmaceuticals Holding Co., Ltd., Class H		217,400		560,631
Sinopec Shanghai Petrochemical Co., Ltd., Class H		1,264,000		645,401
Sinopharm Group Co., Ltd., Class H		163,200		794,373
Sinotrans, Ltd., Class H		694,000		326,618
Tencent Holdings, Ltd.		261,600		6,941,775
Tianneng Power International, Ltd.		430,000		388,109
				41,089,060
Hong Kong - 3.0%
China High Speed Transmission Equipment Group Co., Ltd.		444,000		459,712
China Mobile, Ltd.		140,500		1,609,612

	Shares		Value
COMMON STOCKS (continued)
Hong Kong (continued)
China Overseas Land & Investment, Ltd.		316,000		$   975,843
Kingboard Chemical Holdings, Ltd.		396,800		1,174,199
Nine Dragons Paper Holdings, Ltd.		363,000		295,809
				4,515,175
Hungary - 0.5%
MOL Hungarian Oil & Gas PLC		5,914		379,325
OTP Bank PLC		14,187		397,579
				776,904
India - 4.8%
HDFC Bank, Ltd., ADR		28,661		2,028,626
ICICI Bank, Ltd., ADR		135,000		1,119,150
Infosys, Ltd., ADR		67,340		1,027,608
State Bank of India, GDR (C)		18,480		704,088
Tata Motors, Ltd., Series V, ADR		61,035		2,405,389
				7,284,861
Indonesia - 1.4%
Adaro Energy Tbk PT		4,564,100		554,422
Bank Central Asia Tbk PT		353,700		420,845
Bank Negara Indonesia Persero Tbk PT		851,600		363,862
Telekomunikasi Indonesia Persero Tbk PT		2,380,700		769,969
				2,109,098
Malaysia - 2.6%
CIMB Group Holdings BHD		1,094,300		1,312,116
Tenaga Nasional Bhd		776,500		2,654,353
				3,966,469
Mexico - 5.3%
Arca Continental SAB de CV		60,000		372,869
Cemex SAB de CV, ADR (A)		116,700		1,012,956
Fomento Economico Mexicano SAB de CV, ADR		12,300		1,176,741
Gruma SAB de CV, Class B		138,770		1,929,021
Grupo Financiero Banorte SAB de CV, Class O		305,800		1,803,963
Grupo Lala SAB de CV		93,053		173,050
Grupo Mexico SAB de CV, Series B		245,000		601,450
Industrias Penoles SAB de CV		17,705		428,316
Wal-Mart de Mexico SAB de CV		211,900		448,218
				7,946,584
Peru - 1.6%
Cia de Minas Buenaventura SAA, ADR (A)		38,900		516,981
Credicorp, Ltd.		12,605		1,874,111
				2,391,092
Poland - 0.4%
KGHM Polska Miedz SA		29,200		529,035
Republic of Korea - 16.2%
CJ CheilJedang Corp.		1,482		452,662
Daelim Industrial Co., Ltd.		10,004		714,290
Hana Financial Group, Inc.		66,729		1,912,791
Hankook Tire Co., Ltd.		6,849		330,404
Hyundai Development Co-Engineering & Construction		18,073		766,039
Hyundai Mobis Co., Ltd.		4,434		1,061,758
Hyundai Motor Co.		2,523		308,691
Industrial Bank of Korea		61,362		707,868
KB Financial Group, Inc.		41,345		1,528,419

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

Transamerica Funds Annual Report 2016

Page    105

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Republic of Korea (continued)
Kia Motors Corp.		46,722		$   1,661,862
Korea Electric Power Corp.		57,219		2,462,780
KT&G Corp.		6,390		631,042
LG Electronics, Inc.		13,655		570,425
LG Uplus Corp.		173,006		1,784,113
Lotte Chemical Corp.		5,205		1,312,338
POSCO, ADR		18,700		971,465
S-Oil Corp.		5,543		380,271
Samsung Electronics Co., Ltd.		4,323		6,192,176
SK Hynixm, Inc.		8,249		295,573
Woori Bank		45,539		497,477
				24,542,444
Russian Federation - 2.9%
Gazprom PJSC, ADR		422,558		1,825,450
Lukoil PJSC, ADR		30,124		1,468,545
MMC Norilsk Nickel PJSC, ADR		66,834		1,011,533
				4,305,528
South Africa - 8.0%
AngloGold Ashanti, Ltd., ADR (A)		60,400		829,896
Barclays Africa Group, Ltd.		106,750		1,237,892
Exxaro Resources, Ltd. (B)		65,901		484,834
FirstRand, Ltd.		278,076		996,506
Impala Platinum Holdings, Ltd. (A)		78,306		314,763
Naspers, Ltd., Class N		21,765		3,647,852
Sanlam, Ltd.		137,088		664,509
Sappi, Ltd. (A)		222,398		1,237,034
Sasol, Ltd.		28,628		794,949
Standard Bank Group, Ltd.		76,913		816,032
Tiger Brands, Ltd.		38,019		1,082,676
				12,106,943
Taiwan - 14.7%
Advanced Semiconductor Engineering, Inc.		472,000		554,898
China Life Insurance Co., Ltd.		762,624		704,444
China Steel Corp.		448,000		323,676
Chunghwa Telecom Co., Ltd.		269,000		920,605
Compal Electronics, Inc.		603,000		359,230
E Ink Holdings, Inc.		587,000		498,506
Elite Advanced Laser Corp.		67,600		246,344
FLEXium Interconnect, Inc.		271,770		774,210
Foxconn Technology Co., Ltd.		287,910		835,698
Highwealth Construction Corp.		722,230		1,069,928
Hon Hai Precision Industry Co., Ltd.		286,330		773,950
Largan Precision Co., Ltd.		23,000		2,722,174
Nan Ya Plastics Corp.		408,800		851,086
Pegatron Corp.		619,000		1,667,274
PharmaEngine, Inc.		102,592		700,581
Primax Electronics, Ltd.		212,000		335,895

	Shares		Value
COMMON STOCKS (continued)
Taiwan (continued)
Quanta Computer, Inc.		362,000		$   734,152
Realtek Semiconductor Corp.		160,000		542,502
Taishin Financial Holding Co., Ltd.		866,468		317,126
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		212,500		6,608,750
Uni-President Enterprises Corp.		309,800		599,819
				22,140,848
Thailand - 1.1%
Kasikornbank PCL		111,600		548,474
PTT Global Chemical PCL		394,100		675,648
Supalai PCL		717,800		500,445
				1,724,567
Turkey - 0.2%
KOC Holding AS		79,171		330,066
Total Common Stocks (Cost $129,346,109)				146,582,931
PREFERRED STOCK - 1.4%
Brazil - 1.4%
Itausa - Investimentos Itau SA 3.63% (D)		720,000		2,129,323
Total Preferred Stock (Cost $1,724,442)				2,129,323
SECURITIES LENDING COLLATERAL - 1.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (D)		2,234,109		2,234,109
Total Securities Lending Collateral (Cost $2,234,109)				2,234,109
	Principal		Value
REPURCHASE AGREEMENT - 1.5%
State Street Bank & Trust Co. 0.03% (D), dated 10/31/2016, to be repurchased at $2,278,702 on 11/01/2016. Collateralized by a U.S. Government Obligation, 3.75%, due 11/15/2043, and with a value of $2,330,344.		$  2,278,700		2,278,700
Total Repurchase Agreement (Cost $2,278,700)				2,278,700
Total Investments (Cost $135,583,360) (E)				153,225,063
Net Other Assets (Liabilities) - (1.4)%				(2,076,773	)
Net Assets - 100.0%				$  151,148,290

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		20.8	%	$	31,848,575
Internet Software & Services		9.0			13,849,752
Oil, Gas & Consumable Fuels		8.1			12,465,734
Technology Hardware, Storage & Peripherals		6.6			10,124,425

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

Transamerica Funds Annual Report 2016

Page    106

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Automobiles		5.8	%	$	8,961,814
Electronic Equipment, Instruments & Components		5.6			8,576,508
Semiconductors & Semiconductor Equipment		5.4			8,248,067
Metals & Mining		4.6			7,093,803
Electric Utilities		3.9			6,044,802
Food Products		2.8			4,237,228
Media		2.4			3,647,852
Real Estate Management & Development		2.3			3,585,555
Chemicals		2.3			3,484,473
Diversified Telecommunication Services		2.3			3,474,687
Construction & Engineering		1.4			2,152,029
Diversified Consumer Services		1.3			1,980,675
Auto Components		1.2			1,780,271
Health Care Providers & Services		1.1			1,709,735
Wireless Telecommunication Services		1.1			1,609,612
Beverages		1.0			1,549,610
Paper & Forest Products		1.0			1,532,843
Insurance		0.9			1,368,953
IT Services		0.7			1,027,608
Construction Materials		0.7			1,012,956
Diversified Financial Services		0.6			996,506
Water Utilities		0.5			743,764
Biotechnology		0.5			700,581
Capital Markets		0.5			697,095
Industrial Conglomerates		0.4			652,380
Tobacco		0.4			631,042
Household Durables		0.4			570,425
Electrical Equipment		0.3			459,712
Airlines		0.3			458,100
Food & Staples Retailing		0.3			448,218
Road & Rail		0.2			353,197
Air Freight & Logistics		0.2			326,618
Multiline Retail		0.2			307,049
Investments, at Value		97.1			148,712,254
Short-Term Investments		2.9			4,512,809
Total Investments		100.0	%	$	153,225,063

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	49,312,621	$	97,270,310	$	—	$	146,582,931
Preferred Stock		2,129,323		—		—		2,129,323
Securities Lending Collateral		2,234,109		—		—		2,234,109
Repurchase Agreement		—		2,278,700		—		2,278,700
Total Investments	$	53,676,053	$	99,549,010	$	—	$	153,225,063

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

Transamerica Funds Annual Report 2016

Page    107

Transamerica Emerging Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $2,123,501. 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)  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. At October 31, 2016, the value of the Regulation S security is $704,088, representing 0.5% of the Fund’s net assets.

^(D)  Rates disclosed reflect the yields at October 31, 2016.

^(E)  Aggregate cost for federal income tax purposes is $137,965,038. Aggregate gross unrealized appreciation and depreciation for all securities is $19,956,594 and $4,696,569, respectively. Net unrealized appreciation for tax purposes is $15,260,025.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    108

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 10.9%
BXG Receivables Note Trust  Series 2015-A, Class A,  2.88%, 05/02/2030 (A)		$  3,000,941		$  3,001,028
CIFC Funding, Ltd.  Series 2012-2A, Class A3R,  3.54% (B), 12/05/2024 (A)		1,980,000		1,969,605
Countrywide Asset-Backed Certificates  Series 2006-6, Class 2A3,  0.81% (B), 09/25/2036		1,642,886		1,537,960
Diamond Resorts Owner Trust
Series 2013-1, Class A,
1.95%, 01/20/2025 (A)		140,371		139,769
Series 2013-2, Class A,
2.27%, 05/20/2026 (A)		511,936		510,499
Series 2014-1, Class A,
2.54%, 05/20/2027 (A)		271,984		271,865
Green Tree Agency Advance Funding Trust I  Series 2016-T1, Class CT1,  3.61%, 10/15/2048 (A)		605,000		603,784
GSAA Trust  Series 2006-1, Class A3,  0.86% (B), 01/25/2036		2,273,504		1,592,725
GSAMP Trust  Series 2006-HE1, Class A2D,  0.84% (B), 01/25/2036		1,218,359		1,192,967
Hilton Grand Vacations Trust  Series 2013-A, Class A,  2.28%, 01/25/2026 (A)		153,239		152,672
HSBC Home Equity Loan Trust  Series 2007-2, Class M1,  0.84% (B), 07/20/2036		100,000		97,292
JGWPT XXIII LLC  Series 2011-1A, Class A,  4.70%, 10/15/2056 (A)		2,258,554		2,466,701
Lehman XS Trust  Series 2005-8, Class 1A3,  0.88% (B), 12/25/2035		2,263,706		1,495,343
Marine Park CLO, Ltd.  Series 2012-1A, Class BR,  3.40% (B), 05/18/2023 (A)		3,085,000		3,084,901
NRZ Advance Receivables Trust
Series 2015-T2, Class AT2,
3.30%, 08/17/2048 (A)		2,265,000		2,269,117
Series 2015-T4, Class DT4,
4.67%, 11/15/2047 (A)		605,000		606,006
Series 2016-T2, Class BT2,
3.02%, 10/15/2049 (A)		425,000		424,792
Series 2016-T2, Class CT2,
3.51%, 10/15/2049 (A)		650,000		649,685
OCP CLO, Ltd.  Series 2015-8A, Class A1,  2.41% (B), 04/17/2027 (A)		725,000		725,128
Ocwen Master Advance Receivables Trust
Series 2016-T1, Class CT1,
3.61%, 08/17/2048 (A)		1,000,000		998,437
Series 2016-T2, Class CT2,
3.81%, 08/16/2049 (A)		1,600,000		1,595,500

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		$   809,524		$   806,043
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		1,200,000		1,199,864
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class A4,  0.85% (B), 02/25/2036		304,628		300,775
SBA Tower Trust  Series 2014-1A, Class C,  2.90% (B), 10/15/2044 (A)		3,245,000		3,300,549
Sierra Timeshare Receivables Funding LLC  Series 2014-1A, Class A,  2.07%, 03/20/2030 (A)		148,761		147,964
Soundview Home Loan Trust  Series 2006-3, Class A3,  0.69% (B), 11/25/2036		2,651,104		2,528,552
Spirit Master Funding LLC
Series 2014-1A, Class A2,
5.37%, 07/20/2040 (A)		1,300,000		1,345,686
Series 2014-3A, Class A,
5.74%, 03/20/2042 (A)		4,053,585		4,355,709
SpringCastle America Funding LLC  Series 2016-AA, Class A,  3.05%, 04/25/2029 (A)		1,750,000		1,764,840
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes  Series 2015-T2, Class CT2,  3.74%, 01/15/2047 (A)		709,000		709,136
Store Master Funding I LLC  Series 2015-1A, Class A1,  3.75%, 04/20/2045 (A)		3,806,238		3,844,909
STORE Master Funding LLC  Series 2013-3A, Class A2,  5.21%, 11/20/2043 (A)		639,733		671,421
Truman Capital Mortgage Loan Trust  Series 2005-1, Class A,  0.96% (B), 03/25/2037 (A)		267,486		262,818
Welk Resorts LLC  Series 2015-AA, Class A,  2.79%, 06/16/2031 (A)		1,850,493		1,848,182
Westgate Resorts LLC
Series 2013-1A, Class A,
2.25%, 08/20/2025 (A)		333,044		333,252
Series 2015-1A, Class A,
2.75%, 05/20/2027 (A)		465,502		462,539
Total Asset-Backed Securities (Cost $46,226,012)				49,268,015
CORPORATE DEBT SECURITIES - 59.3%
Aerospace & Defense - 0.4%
Bombardier, Inc.
4.75%, 04/15/2019 (A)		1,360,000		1,353,200
7.50%, 03/15/2025 (A)		720,000		644,400
				1,997,600
Airlines - 2.5%
America West Airlines Pass-Through Trust  8.06%, 01/02/2022		694,987		781,860

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

Transamerica Funds Annual Report 2016

Page    109

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
American Airlines Pass-Through Trust  4.00%, 01/15/2027		$   3,070,264		$   3,269,800
Continental Airlines Pass-Through Trust  6.90%, 10/19/2023		352,946		375,005
Delta Air Lines Pass-Through Trust  4.75%, 11/07/2021		2,079,491		2,235,453
Northwest Airlines Pass-Through Trust  7.03%, 05/01/2021		924,999		1,040,624
UAL Pass-Through Trust  10.40%, 05/01/2018		218,596		219,271
United Airlines Pass-Through Trust 3.75%, 03/03/2028		1,945,896		2,044,407
US Airways Pass-Through Trust 3.95%, 05/15/2027		383,479		404,566
Virgin Australia Trust 5.00%, 04/23/2025 (A)		673,167		698,410
				11,069,396
Automobiles - 0.5%
General Motors Co. 4.88%, 10/02/2023		2,255,000		2,428,037
Banks - 10.7%
Bank of America Corp.
4.10%, 07/24/2023		745,000		800,778
6.30% (B), 03/10/2026 (C)		505,000		551,031
6.88%, 04/25/2018, MTN		1,936,000		2,082,671
Bank One Capital III 8.75%, 09/01/2030		195,000		277,286
Bank One Corp. 8.00%, 04/29/2027		825,000		1,112,872
Barclays Bank PLC 10.18%, 06/12/2021 (A)		2,707,000		3,422,823
BBVA Bancomer SA 6.50%, 03/10/2021 (A)		3,600,000		3,945,420
Citigroup, Inc.
2.26% (B), 09/01/2023		1,110,000		1,113,941
5.95% (B), 01/30/2023 (C)		3,085,000		3,200,687
Commerzbank AG 8.13%, 09/19/2023 (A)		2,435,000		2,799,276
Cooperatieve Rabobank UA 11.00% (B), 06/30/2019 (A) (C)		2,850,000		3,433,965
Discover Bank 3.45%, 07/27/2026		1,420,000		1,420,951
First Horizon National Corp. 3.50%, 12/15/2020		1,320,000		1,344,078
HSBC Holdings PLC 6.38% (B), 09/17/2024 (C)		2,805,000		2,795,211
ING Bank NV 5.80%, 09/25/2023 (A)		2,240,000		2,519,052
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (A)		595,000		552,149
KeyBank NA 3.40%, 05/20/2026, MTN		460,000		466,520
Lloyds Bank PLC 6.50%, 09/14/2020, MTN (A)		2,680,000		3,024,688
Macquarie Bank, Ltd. 6.63%, 04/07/2021 (A) (D)		1,000,000		1,153,243
Regions Bank 7.50%, 05/15/2018		2,530,000		2,741,612

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Royal Bank of Scotland Group PLC 6.10%, 06/10/2023		$   3,175,000		$   3,290,967
Santander Bank NA 2.00%, 01/12/2018		1,250,000		1,249,560
Toronto-Dominion Bank 3.63% (B), 09/15/2031		1,115,000		1,113,778
Wells Fargo & Co. 7.98% (B), 03/15/2018 (C)		3,205,000		3,341,212
Wells Fargo Bank NA 5.95%, 08/26/2036		459,000		563,534
				48,317,305
Beverages - 0.4%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		818,000		860,751
Molson Coors Brewing Co. 2.10%, 07/15/2021		900,000		896,424
				1,757,175
Building Products - 1.5%
Associated Materials LLC / AMH New Finance, Inc. 9.13%, 11/01/2017 (D)		2,875,000		2,745,625
Boise Cascade Co. 5.63%, 09/01/2024 (A)		675,000		682,594
Builders FirstSource, Inc. 10.75%, 08/15/2023 (A)		728,000		837,200
Owens Corning 4.20%, 12/15/2022		2,154,000		2,286,934
				6,552,353
Capital Markets - 4.1%
Ameriprise Financial, Inc. 7.30%, 06/28/2019		1,180,000		1,348,274
Deutsche Bank AG
2.12% (B), 08/20/2020		945,000		908,435
4.25%, 10/14/2021 (A)		1,310,000		1,318,628
Goldman Sachs Group, Inc. 5.70% (B), 05/10/2019 (C)		1,665,000		1,685,812
Morgan Stanley
5.45% (B), 07/15/2019 (C)		1,425,000		1,428,705
5.75%, 01/25/2021		1,250,000		1,417,180
Oaktree Capital Management, LP 6.75%, 12/02/2019 (A)		3,335,000		3,752,785
Prospect Capital Corp. 5.88%, 03/15/2023		3,430,000		3,503,546
UBS AG 7.63%, 08/17/2022		1,605,000		1,859,794
UBS Group AG 7.13% (B), 08/10/2021 (C) (E)		1,055,000		1,078,738
				18,301,897
Commercial Services & Supplies - 0.4%
Steelcase, Inc. 6.38%, 02/15/2021		1,480,000		1,673,824
Construction & Engineering - 0.2%
SBA Tower Trust 2.88%, 07/15/2046 (A)		1,005,000		1,017,715

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

Transamerica Funds Annual Report 2016

Page    110

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction Materials - 0.9%
LafargeHolcim Finance US LLC 3.50%, 09/22/2026 (A)		$   1,867,000		$   1,877,138
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		1,927,000		2,016,241
				3,893,379
Consumer Finance - 2.6%
Ally Financial, Inc. 8.00%, 03/15/2020		500,000		566,250
BMW US Capital LLC 2.80%, 04/11/2026 (A)		1,180,000		1,190,194
Discover Financial Services 3.75%, 03/04/2025		1,705,000		1,718,267
Ford Motor Credit Co. LLC 4.38%, 08/06/2023		2,625,000		2,800,048
General Motors Financial Co., Inc. 4.20%, 03/01/2021		898,000		944,731
Springleaf Finance Corp. 8.25%, 12/15/2020		3,980,000		4,318,300
				11,537,790
Containers & Packaging - 0.3%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 3.85% (B), 12/15/2019 (A)		900,000		914,625
Coveris Holdings SA 7.88%, 11/01/2019 (A)		420,000		433,650
				1,348,275
Diversified Financial Services - 0.6%
ILFC E-Capital Trust I 4.00% (B), 12/21/2065 (A)		1,520,000		1,212,200
Jefferies Group LLC 5.13%, 01/20/2023		1,420,000		1,506,212
				2,718,412
Diversified Telecommunication Services - 3.1%
AT&T, Inc. 3.40%, 05/15/2025		1,945,000		1,938,644
CenturyLink, Inc. 5.80%, 03/15/2022		1,435,000		1,456,525
Frontier Communications Corp. 7.63%, 04/15/2024		1,085,000		965,650
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		2,855,000		3,129,794
Unison Ground Lease Funding LLC 6.39%, 04/15/2040 (A)		6,130,000		6,588,899
				14,079,512
Electric Utilities - 0.3%
EDP Finance BV 5.25%, 01/14/2021 (A)		1,310,000		1,408,617
Electronic Equipment, Instruments & Components - 0.4%
Arrow Electronics, Inc. 3.50%, 04/01/2022		1,705,000		1,750,847
Energy Equipment & Services - 0.9%
Noble Holding International, Ltd. 6.05%, 03/01/2041		1,061,000		619,359
NuStar Logistics, LP 8.15%, 04/15/2018		1,921,000		2,060,272

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Regency Energy Partners, LP / Regency Energy Finance Corp. 5.88%, 03/01/2022		$   50,000		$   55,998
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (A)		510,000		529,186
Seadrill, Ltd. 6.13%, 09/15/2017 (A)		2,025,000		901,125
				4,165,940
Equity Real Estate Investment Trusts - 2.6%
CBL & Associates, LP 5.25%, 12/01/2023		1,497,000		1,515,560
EPR Properties 7.75%, 07/15/2020		1,850,000		2,143,908
Government Properties Income Trust 3.75%, 08/15/2019		2,184,000		2,232,493
Hospitality Properties Trust 5.00%, 08/15/2022		1,653,000		1,787,810
Kilroy Realty, LP 6.63%, 06/01/2020		1,796,000		2,051,846
VEREIT Operating Partnership, LP
3.00%, 02/06/2019		634,000		641,297
4.13%, 06/01/2021		1,250,000		1,300,000
				11,672,914
Food & Staples Retailing - 0.4%
CVS Health Corp. 2.13%, 06/01/2021		387,000		387,034
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		1,529,000		1,600,997
				1,988,031
Food Products - 0.8%
Bunge, Ltd. Finance Corp. 3.25%, 08/15/2026		515,000		515,472
Kraft Heinz Foods Co.
4.38%, 06/01/2046		1,904,000		1,931,006
4.88%, 02/15/2025 (A)		1,015,000		1,115,186
				3,561,664
Health Care Equipment & Supplies - 1.1%
Mallinckrodt International Finance SA 3.50%, 04/15/2018 (D)		2,135,000		2,118,988
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.88%, 04/15/2020 (A)		200,000		200,750
Thermo Fisher Scientific, Inc. 2.95%, 09/19/2026		2,720,000		2,678,759
				4,998,497
Health Care Providers & Services - 1.2%
CHS / Community Health Systems, Inc.
6.88%, 02/01/2022		1,200,000		915,000
7.13%, 07/15/2020		1,700,000		1,372,750
Express Scripts Holding Co. 3.40%, 03/01/2027		1,665,000		1,634,616
Owens & Minor, Inc. 3.88%, 09/15/2021		1,610,000		1,654,476
				5,576,842

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

Transamerica Funds Annual Report 2016

Page    111

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure - 0.9%
International Game Technology PLC 6.50%, 02/15/2025 (A)		$   1,542,000		$   1,668,907
Scientific Games International, Inc. 7.00%, 01/01/2022 (A)		1,094,000		1,163,578
Wyndham Worldwide Corp. 2.50%, 03/01/2018		1,358,000		1,370,483
				4,202,968
Household Durables - 0.8%
Beazer Homes USA, Inc. 8.75%, 03/15/2022 (A)		650,000		690,625
Meritage Homes Corp. 4.50%, 03/01/2018		1,675,000		1,698,031
Newell Brands, Inc. 4.20%, 04/01/2026		1,090,000		1,177,759
				3,566,415
Household Products - 0.7%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		2,970,000		3,048,052
Independent Power & Renewable Electricity Producers - 1.1%
Dynegy, Inc. 7.63%, 11/01/2024 (D)		1,495,000		1,431,463
NRG Energy, Inc.
7.25%, 05/15/2026 (A)		320,000		314,851
7.88%, 05/15/2021		2,898,000		3,028,410
				4,774,724
Industrial Conglomerates - 0.7%
General Electric Co. 5.00% (B), 01/21/2021 (C)		2,839,000		3,007,637
Insurance - 3.9%
American Financial Group, Inc. 9.88%, 06/15/2019		1,325,000		1,585,577
American International Group, Inc. 5.85%, 01/16/2018, MTN		700,000		735,896
Chubb Corp. 6.38% (B), 03/29/2067		2,742,000		2,584,335
CNA Financial Corp. 5.88%, 08/15/2020		2,780,000		3,131,423
Fidelity National Financial, Inc. 6.60%, 05/15/2017		1,813,000		1,857,353
Lincoln National Corp. 8.75%, 07/01/2019		625,000		728,650
Oil Insurance, Ltd. 3.82% (B), 12/01/2016 (A) (C)		1,920,000		1,526,400
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		580,000		581,001
Principal Financial Group, Inc. 8.88%, 05/15/2019		500,000		587,304
Reinsurance Group of America, Inc. 3.52% (B), 12/15/2065		1,875,000		1,582,500
Sompo Japan Nipponkoa Insurance, Inc. 5.33% (B), 03/28/2073 (A) (D)		2,190,000		2,456,304
				17,356,743
IT Services - 0.1%
First Data Corp. 6.75%, 11/01/2020 (A)		423,000		437,805

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery - 0.2%
CNH Industrial Capital LLC 3.88%, 07/16/2018		$   660,000		$   665,775
Media - 1.6%
Cablevision Systems Corp. 7.75%, 04/15/2018		2,375,000		2,502,656
Clear Channel Worldwide Holdings, Inc. 7.63%, 03/15/2020		3,760,000		3,632,063
CSC Holdings LLC 10.13%, 01/15/2023 (A)		1,050,000		1,183,875
				7,318,594
Metals & Mining - 0.2%
Glencore Finance Canada, Ltd. 5.80%, 11/15/2016 (A) (D)		325,000		325,487
Rio Tinto Finance USA, Ltd. 9.00%, 05/01/2019		647,000		761,031
				1,086,518
Multi-Utilities - 0.5%
Black Hills Corp.
4.25%, 11/30/2023		730,000		786,210
5.88%, 07/15/2020		700,000		784,635
Dominion Resources, Inc. 2.96% (F), 07/01/2019		805,000		823,417
				2,394,262
Oil, Gas & Consumable Fuels - 4.8%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 (D)		1,823,000		2,072,374
CITGO Holding, Inc. 10.75%, 02/15/2020 (A)		1,249,000		1,275,229
CITGO Petroleum Corp. 6.25%, 08/15/2022 (A)		1,085,000		1,109,413
Energy Transfer Partners, LP 2.50%, 06/15/2018		980,000		986,908
EnLink Midstream Partners, LP
4.85%, 07/15/2026		1,000,000		1,018,626
5.05%, 04/01/2045		1,095,000		975,990
Exxon Mobil Corp. 3.04%, 03/01/2026		1,160,000		1,199,463
Linn Energy LLC / Linn Energy Finance Corp. 6.25%, 11/01/2019 (G)		3,950,000		1,313,375
Lukoil International Finance BV 3.42%, 04/24/2018 (A)		1,175,000		1,188,021
ONEOK Partners, LP 4.90%, 03/15/2025 (D)		2,825,000		3,078,541
Petrobras Global Finance BV 3.00%, 01/15/2019 (D)		1,630,000		1,595,770
Petroleum Co. of Trinidad & Tobago, Ltd. 9.75%, 08/14/2019 (A)		1,209,000		1,338,411
Ras Laffan Liquefied Natural Gas Co., Ltd. III 6.75%, 09/30/2019 (A)		1,445,000		1,638,023
Rosneft Oil Co. via Rosneft International Finance, Ltd. 3.15%, 03/06/2017 (A)		535,000		535,000
YPF SA 8.50%, 07/28/2025 (A) (D)		2,242,000		2,443,780
				21,768,924

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

Transamerica Funds Annual Report 2016

Page    112

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals - 1.7%
Actavis Funding SCS
3.45%, 03/15/2022		$   848,000		$   880,394
3.80%, 03/15/2025		2,376,000		2,465,846
4.55%, 03/15/2035		860,000		887,957
Actavis, Inc. 3.25%, 10/01/2022		1,735,000		1,786,830
Mylan NV 3.15%, 06/15/2021 (A)		1,005,000		1,021,141
Pfizer, Inc. 4.40%, 05/15/2044		179,000		201,257
Valeant Pharmaceuticals International, Inc. 5.88%, 05/15/2023 (A)		689,000		542,587
				7,786,012
Professional Services - 0.3%
Ceridian HCM Holding, Inc. 11.00%, 03/15/2021 (A)		1,351,000		1,421,927
Road & Rail - 1.2%
Aviation Capital Group Corp.
4.63%, 01/31/2018 (A)		940,000		971,734
7.13%, 10/15/2020 (A)		3,610,000		4,267,634
				5,239,368
Semiconductors & Semiconductor Equipment - 0.3%
KLA-Tencor Corp. 4.13%, 11/01/2021		1,204,000		1,287,216
Specialty Retail - 0.1%
Claire’s Stores, Inc. 9.00%, 03/15/2019 (A)		810,000		405,000
Technology Hardware, Storage & Peripherals - 1.6%
Apple, Inc. 2.85%, 02/23/2023		1,667,000		1,728,874
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 6.02%, 06/15/2026 (A)		1,520,000		1,656,884
Hewlett Packard Enterprise Co. 3.85%, 10/15/2020 (A)		1,493,000		1,581,787
Western Digital Corp. 7.38%, 04/01/2023 (A)		2,240,000		2,450,000
				7,417,545
Tobacco - 0.4%
Imperial Brands Finance PLC 2.05%, 07/20/2018 (A)		630,000		633,492
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		1,020,000		1,186,102
				1,819,594
Trading Companies & Distributors - 0.2%
International Lease Finance Corp. 8.25%, 12/15/2020		825,000		981,750
Wireless Telecommunication Services - 2.1%
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		680,000		702,542
4.88%, 08/15/2040 (A)		1,915,000		2,081,316
6.11%, 01/15/2040 (A)		2,892,000		3,190,724
Sprint Communications, Inc. 9.00%, 11/15/2018 (A)		3,105,000		3,415,500
				9,390,082
Total Corporate Debt Securities (Cost $262,930,159)				267,192,933

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS - 1.1%
Argentina - 0.5%
Argentina Republic Government International Bond 7.50%, 04/22/2026 (A)		$   2,076,000		$   2,268,030
Indonesia - 0.2%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		780,000		850,283
Mexico - 0.1%
Mexico Bonos
7.25%, 12/15/2016		MXN  5,700,000		302,410
8.50%, 12/13/2018		5,328,600		298,525
				600,935
Philippines - 0.2%
Philippines Government International Bond 4.95%, 01/15/2021		PHP  50,000,000		1,060,974
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (A)		$  360,000		359,100
Total Foreign Government Obligations (Cost $5,261,684)				5,139,322
LOAN ASSIGNMENTS - 1.0%
Containers & Packaging - 0.6%
Coveris Holdings SA Term Loan B1, 4.50% (B), 05/08/2019		2,593,333		2,586,850
Food & Staples Retailing - 0.2%
Albertson’s LLC Term Loan B6, 4.75% (B), 06/22/2023		920,847		929,365
Metals & Mining - 0.1%
Atkore International, Inc. 2nd Lien Term Loan, 7.75% (B), 10/09/2021		550,000		550,229
Oil, Gas & Consumable Fuels - 0.1%
Chesapeake Energy Corp. Term Loan, 8.50% (B), 08/23/2021		411,765		438,941
Total Loan Assignments (Cost $4,458,396)				4,505,385
MORTGAGE-BACKED SECURITIES - 14.0%
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A, 4.08%, 03/13/2031 (A)		416,119		422,587
Alternative Loan Trust
Series 2004-3T1, Class A3,
5.00%, 05/25/2034		233,907		235,540
Series 2005-14, Class 2A1,
0.74% (B), 05/25/2035		1,197,934		993,353
Series 2005-14, Class 4A1,
0.75% (B), 05/25/2035		2,388,098		1,940,803
Series 2006-OC1, Class 2A3A,
0.85% (B), 03/25/2036		2,495,973		2,059,184

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

Transamerica Funds Annual Report 2016

Page    113

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
American Home Mortgage Assets Trust Series 2007-2, Class A1, 0.66% (B), 03/25/2047		$   880,812		$   677,915
Banc of America Funding Trust Series 2007-3, Class TA2, 0.71% (B), 04/25/2037		572,291		383,475
BB-UBS Trust Series 2012-TFT, Class C, 3.47% (B), 06/05/2030 (A)		2,345,000		2,300,342
BBCMS Trust Series 2014-BXO, Class C, 2.53% (B), 08/15/2027 (A)		2,257,088		2,240,662
BCAP LLC Trust Series 2009-RR14, Class 1A1, 6.00% (B), 05/26/2037 (A)		265,134		273,104
BHMS Mortgage Trust Series 2014-ATLS, Class CFX, 4.69% (B), 07/05/2033 (A)		2,000,000		1,986,075
CD Commercial Mortgage Trust Series 2007-CD4, Class A1A, 5.29% (B), 12/11/2049		494,828		497,007
CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class B, 3.21%, 04/10/2028 (A)		2,200,000		2,239,800
CHL Mortgage Pass-Through Trust Series 2005-11, Class 4A1, 0.80% (B), 04/25/2035		417,420		327,666
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		264,600		274,666
Series 2015-A, Class A1,
3.50% (B), 06/25/2058 (A)		511,126		519,016
COMM Mortgage Trust
Series 2010-RR1, Class GEB,
5.54% (B), 12/11/2049 (A)		815,000		824,663
Series 2014-PAT, Class D,
2.68% (B), 08/13/2027 (A)		2,755,000		2,713,546
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class B, 3.80%, 10/05/2030 (A)		1,175,000		1,152,602
CSMC Trust
Series 2010-18R, Class 1A11,
2.95% (B), 08/26/2035 (A)		37,049		36,941
Series 2010-RR2, Class 1B,
5.51% (B), 04/15/2047 (A)		4,200,000		4,202,633
Series 2014-11R, Class 17A1,
0.67% (B), 12/27/2036 (A)		1,465,906		1,372,224
Series 2015-DEAL, Class D,
3.64% (B), 04/15/2029 (A)		1,000,000		993,738
GP Portfolio Trust Series 2014-GPP, Class D, 3.28% (B), 02/15/2027 (A)		650,000		643,076
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		2,000,000		2,061,053
GSR Mortgage Loan Trust Series 2007-OA1, Class 2A1, 0.66% (B), 05/25/2037		322,154		187,653

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Impac CMB Trust Series 2007-A, Class A, 0.78% (B), 05/25/2037 (A)		$   420,223		$   381,702
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2007-AR15, Class 2A1, 3.99% (B), 08/25/2037		1,332,691		1,050,562
Jefferies Re-REMIC Trust
Series 2009-R2, Class 2A,
3.15% (B), 12/26/2037 (A)		192,061		190,955
Series 2009-R7, Class 10A3,
6.00%, 12/26/2036 (A)		109,277		111,035
Series 2009-R7, Class 1A1,
2.78% (B), 02/26/2036 (A)		587,001		575,145
Series 2009-R7, Class 4A1,
3.17% (B), 09/26/2034 (A)		100,139		99,538
Series 2009-R9, Class 1A1,
2.81% (B), 08/26/2046 (A)		266,312		267,538
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-LD11, Class AM,
5.75% (B), 06/15/2049		2,760,000		2,788,496
Series 2014-DSTY, Class C,
3.80% (B), 06/10/2027 (A)		2,000,000		2,007,447
Series 2014-INN, Class C,
2.24% (B), 06/15/2029 (A)		1,725,000		1,699,043
Series 2015-CSMO, Class C,
2.78% (B), 01/15/2032 (A)		1,730,000		1,729,484
JPMorgan Commercial Mortgage-Backed Securities Trust Series 2009-RR2, Class MLB, 5.81% (B), 06/15/2050 (A)		4,046,000		4,079,425
LB Commercial Mortgage Trust Series 2007-C3, Class A1A, 5.87% (B), 07/15/2044		378,627		385,304
Merrill Lynch Mortgage Investors Trust Series 2006-A1, Class 1A1, 3.17% (B), 03/25/2036		2,206,309		1,734,325
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4A,
5.79% (B), 08/15/2045 (A)		2,451,822		2,464,462
Series 2010-R4, Class 3A,
5.50%, 08/26/2047 (A)		378,538		378,663
Series 2014-R4, Class 4A,
3.29% (B), 11/21/2035 (A)		2,606,237		2,631,759
ORES LLC Series 2014-LV3, Class A, 3.00%, 03/27/2024 (A)		8,415		8,415
RALI Trust
Series 2006-QO1, Class 3A1,
0.80% (B), 02/25/2046		6,060,094		3,934,908
Series 2006-QO2, Class A1,
0.75% (B), 02/25/2046		124,210		54,524
Series 2007-QH5, Class AI1,
0.74% (B), 06/25/2037		429,474		321,256
Residential Asset Securitization Trust Series 2004-A4, Class A11, 5.50%, 08/25/2034		2,350,768		2,427,692

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

Transamerica Funds Annual Report 2016

Page    114

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
SCG Trust Series 2013-SRP1, Class AJ, 2.48% (B), 11/15/2026 (A)		$   900,000		$   877,623
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 3.03% (B), 06/15/2029 (A)		1,060,000		1,059,542
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-G, Class A1,
2.89% (B), 06/25/2033		168,535		168,905
Series 2003-L, Class 1A2,
2.86% (B), 11/25/2033		117,029		117,160
Total Mortgage-Backed Securities (Cost $63,005,805)				63,104,232
MUNICIPAL GOVERNMENT OBLIGATION - 1.1%
California - 1.1%
State of California, General Obligation Unlimited 7.95%, 03/01/2036		4,345,000		5,177,589
Total Municipal Government Obligation (Cost $4,581,635)				5,177,589
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.6%
Federal Home Loan Mortgage Corp., Interest Only STRIPS 5.00%, 08/01/2035		1,649,420		359,351
Federal National Mortgage Association 3.00%, TBA (H)		10,888,000		11,209,536
Total U.S. Government Agency Obligations (Cost $12,604,653)				11,568,887
U.S. GOVERNMENT OBLIGATIONS - 7.0%
U.S. Treasury - 5.5%
U.S. Treasury Bond 2.50%, 05/15/2046		217,000		213,025
U.S. Treasury Note
0.50%, 07/31/2017		2,400,000		2,397,749
0.63%, 07/31/2017		2,877,000		2,876,776
1.13%, 06/30/2021		910,000		902,321
1.38%, 07/31/2018 - 01/31/2021		1,679,000		1,689,015
1.50%, 08/15/2026		3,275,000		3,177,261
1.63%, 02/15/2026		885,000		870,343
1.75%, 05/15/2022		4,174,100		4,239,646
2.00%, 02/15/2025 - 08/15/2025		8,374,000		8,526,958
				24,893,094
U.S. Treasury Inflation-Protected Securities - 1.5%
U.S. Treasury Inflation-Indexed Bond 2.50%, 01/15/2029		5,133,377		6,447,219
Total U.S. Government Obligations (Cost $30,236,914)				31,340,313
	Shares		Value
COMMON STOCK - 0.1%
Diversified Telecommunication Services - 0.1%
Verizon Communications, Inc.		7,000		336,700
Total Common Stock (Cost $219,221)				336,700

	Shares		Value
CONVERTIBLE PREFERRED STOCK - 0.2%
Pharmaceuticals - 0.2%
Allergan PLC Series A, 5.50%		1,369		$  1,052,761
Total Convertible Preferred Stock (Cost $1,369,007)				1,052,761
PREFERRED STOCKS - 1.5%
Banks - 0.6%
CoBank ACB Series F, 6.25% (B)		14,300		1,524,291
GMAC Capital Trust I Series 2, 6.60% (B)		44,000		1,123,320
				2,647,611
Diversified Telecommunication Services - 0.9%
Centaur Funding Corp. Series B, 9.08% (A)		3,533		4,168,940
Total Preferred Stocks (Cost $6,800,725)				6,816,551
WARRANT - 0.1%
Banks - 0.1%
Wells Fargo & Co. (I) Exercise Price $34 Expiration Date 10/28/2018		25,210		352,184
Total Warrant (Cost $194,117)				352,184
	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.5%
Federal Home Loan Bank Discount Notes
0.16% (J), 12/02/2016		$  1,100,000		1,099,801
0.33% (J), 01/13/2017		440,000		439,714
0.36% (J), 01/25/2017		675,000		674,490
Total Short-Term U.S. Government Agency Obligations (Cost $2,213,762)				2,214,005
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.0%
U.S. Treasury Bill
0.03% (J), 11/10/2016		950,000		949,970
0.17% (J), 12/08/2016		500,000		499,913
0.29% (J), 01/12/2017		1,150,000		1,149,394
0.32% (J), 01/12/2017		6,560,000		6,556,543
Total Short-Term U.S. Government Obligations (Cost $9,154,658)				9,155,820
	Shares		Value
SECURITIES LENDING COLLATERAL - 2.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (J)		9,381,515		9,381,515
Total Securities Lending Collateral (Cost $9,381,515)				9,381,515

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

Transamerica Funds Annual Report 2016

Page    115

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (J), dated 10/31/2016, to be repurchased at $2,176,544 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $2,221,050.		$  2,176,542		$  2,176,542
Total Repurchase Agreement (Cost $2,176,542)				2,176,542
Total Investments (Cost $460,814,805) (K)				468,782,754
Net Other Assets (Liabilities) - (4.0)%				(17,847,383	)
Net Assets - 100.0%				$  450,935,371

SECURITY VALUATION:

Valuation Inputs ^(L)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	49,268,015	$	—	$	49,268,015
Corporate Debt Securities		—		267,192,933		—		267,192,933
Foreign Government Obligations		—		5,139,322		—		5,139,322
Loan Assignments		—		4,505,385		—		4,505,385
Mortgage-Backed Securities		—		63,104,232		—		63,104,232
Municipal Government Obligation		—		5,177,589		—		5,177,589
U.S. Government Agency Obligations		—		11,568,887		—		11,568,887
U.S. Government Obligations		—		31,340,313		—		31,340,313
Common Stock		336,700		—		—		336,700
Convertible Preferred Stock		1,052,761		—		—		1,052,761
Preferred Stocks		6,816,551		—		—		6,816,551
Warrant		352,184		—		—		352,184
Short-Term U.S. Government Agency Obligations		—		2,214,005		—		2,214,005
Short-Term U.S. Government Obligations		—		9,155,820		—		9,155,820
Securities Lending Collateral		9,381,515		—		—		9,381,515
Repurchase Agreement		—		2,176,542		—		2,176,542
Total Investments	$	17,939,711	$	450,843,043	$	—	$	468,782,754

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $182,152,353, representing 40.4% of the Fund’s net assets.

^(B)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(C)  Perpetual maturity. The date displayed is the next call date.

^(D)  All or a portion of the securities are on loan. The total value of all securities on loan is $9,190,612. 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)  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. At October 31, 2016, the value of the Regulation S security is $1,078,738, representing 0.2% of the Fund’s net assets.

^(F)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2016; the maturity date disclosed is the ultimate maturity date.

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

Transamerica Funds Annual Report 2016

Page    116

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(G)  Security in default.

^(H)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after October 31, 2016.

^(I)  Non-income producing security.

^(J)  Rates disclosed reflect the yields at October 31, 2016.

^(K)  Aggregate cost for federal income tax purposes is $461,290,024. Aggregate gross unrealized appreciation and depreciation for all securities is $17,391,712 and $9,898,982, respectively. Net unrealized appreciation for tax purposes is $7,492,730.

^(L)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATIONS:

MXN	Mexican Peso
PHP	Philippine Peso

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Annual Report 2016

Page    117

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES - 8.2%
Banks - 0.4%
CIT Group, Inc. 5.25%, 03/15/2018		$  1,500,000		$  1,553,490
Building Products - 0.5%
Norbord, Inc. 6.25%, 04/15/2023 (A)		2,000,000		2,125,000
Chemicals - 0.2%
Hexion, Inc. 6.63%, 04/15/2020		750,000		656,250
Consumer Finance - 0.8%
Springleaf Finance Corp.
5.25%, 12/15/2019		2,500,000		2,509,375
8.25%, 12/15/2020 (B)		500,000		542,500
				3,051,875
Containers & Packaging - 1.6%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
3.85% (C), 12/15/2019 (A)		2,000,000		2,032,500
4.07% (C), 05/15/2021 (A) (B)		2,500,000		2,550,000
Coveris Holdings SA 7.88%, 11/01/2019 (A)		1,625,000		1,677,812
				6,260,312
Food Products - 0.4%
Post Holdings, Inc.
6.75%, 12/01/2021 (A)		500,000		535,000
7.75%, 03/15/2024 (A)		1,000,000		1,105,200
				1,640,200
Health Care Providers & Services - 1.1%
CHS / Community Health Systems, Inc. 5.13%, 08/01/2021		1,000,000		932,500
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 (A)		3,350,000		3,396,063
				4,328,563
Hotels, Restaurants & Leisure - 0.1%
Scientific Games International, Inc. 7.00%, 01/01/2022 (A)		500,000		531,800
Household Products - 0.5%
Kronos Acquisition Holdings, Inc. 9.00%, 08/15/2023 (A)		1,100,000		1,127,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		1,000,000		1,026,280
				2,153,780
Machinery - 0.6%
Xerium Technologies, Inc. 9.50%, 08/15/2021 (A)		2,500,000		2,537,500
Media - 0.6%
Cablevision Systems Corp. 7.75%, 04/15/2018		1,500,000		1,580,625
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		1,000,000		1,011,750
				2,592,375
Oil, Gas & Consumable Fuels - 0.5%
CITGO Petroleum Corp. 6.25%, 08/15/2022 (A)		1,896,000		1,938,660

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 0.1%
Infor US, Inc. 5.75%, 08/15/2020 (A)		$   500,000		$   523,125
Technology Hardware, Storage & Peripherals - 0.4%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 5.45%, 06/15/2023 (A)		1,500,000		1,606,287
Wireless Telecommunication Services - 0.4%
Sprint Communications, Inc. 6.00%, 11/15/2022		1,500,000		1,397,820
Total Corporate Debt Securities (Cost $32,207,654)				32,897,037
LOAN ASSIGNMENTS - 83.8%
Aerospace & Defense - 0.6%
Silver II US Holdings LLC Term Loan, 4.00% (C), 12/13/2019		1,501,237		1,381,450
Triumph Group, Inc. Term Loan A, 1.00% (C), 04/30/2021 (D)		1,000,000		960,000
				2,341,450
Airlines - 0.3%
Air Canada Term Loan B, 3.61% (C), 09/21/2023		1,000,000		1,001,250
Auto Components - 0.4%
Jason, Inc. 1st Lien Term Loan, 5.50% (C), 06/30/2021		997,455		947,583
K&N Engineering, Inc. 1st Lien Term Loan, TBD, 10/19/2023 (D) (E)		500,000		496,250
				1,443,833
Beverages - 0.4%
Blue Ribbon LLC Term Loan, 5.00% (C), 11/13/2021		1,616,065		1,624,651
Biotechnology - 0.9%
Concordia Healthcare Corp. Term Loan, 5.25% (C), 10/21/2021		2,481,250		2,226,406
Inventiv Health, Inc. Term Loan B, TBD, 09/28/2023 (D) (E)		1,500,000		1,499,196
				3,725,602
Building Products - 0.8%
Builders FirstSource, Inc. Term Loan B, 4.75% (C), 08/11/2022		836,231		839,576
Ply Gem Industries, Inc. Term Loan, 4.00% (C), 02/01/2021		2,181,138		2,189,317
				3,028,893

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

Transamerica Funds Annual Report 2016

Page    118

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
LOAN ASSIGNMENTS (continued)
Capital Markets - 1.5%
Donnelley Financial Solutions, Inc. Term Loan B, 5.00% (C), 09/30/2023		$   600,000		$   601,500
Duff & Phelps Investment Management Co.
Term Loan B,
4.75% (C), 04/23/2020		969,946		967,825
Term Loan B1,
4.75% (C), 04/23/2020		491,250		490,176
Guggenheim Partners LLC Term Loan, 3.50% (C), 07/21/2023		2,574,453		2,580,889
SIG Combibloc US Acquisition, Inc. Term Loan, 4.00% (C), 03/13/2022		1,258,170		1,259,350
				5,899,740
Chemicals - 0.9%
Minerals Technologies, Inc.
Term Loan,
4.75% (C), 05/09/2021		2,100,000		2,118,375
Term Loan B1,
3.75% (C), 05/09/2021		143,012		143,965
Trinseo Materials Operating S.C.A. Term Loan B, 4.25% (C), 11/05/2021		1,481,250		1,486,497
				3,748,837
Commercial Services & Supplies - 5.3%
Advanced Disposal Services, Inc. Term Loan B, TBD, 10/26/2023 (D) (E)		579,886		580,611
Asurion LLC
Term Loan B1,
5.00% (C), 05/24/2019		750,784		751,409
Term Loan B4,
5.00% (C), 08/04/2022		730,961		733,885
EWT Holdings III Corp.
1st Lien Term Loan,
4.75% (C), 01/15/2021 (D)		2,129,494		2,129,494
5.50% (C), 01/15/2021		497,500		498,744
GFL Environmental, Inc. Term Loan B, 3.75% (C), 09/23/2023		750,000		749,063
Multi Packaging Solutions, Inc.
Term Loan,
4.25% (C), 09/30/2020		388,463		387,492
Term Loan A,
4.25% (C), 09/30/2020		387,484		386,515
Term Loan B,
4.25% (C), 09/30/2020		1,553,772		1,548,916
RGIS Services LLC Term Loan C, 5.50% (C), 10/18/2017		481,288		446,395
Spin Holdco, Inc. Term Loan B, 4.25% (C), 11/14/2019 (D)		1,497,462		1,487,167
TruGreen, Ltd. 1st Lien Term Loan B, 6.50% (C), 04/13/2023		2,992,500		3,024,295

	Principal		Value
LOAN ASSIGNMENTS (continued)
Commercial Services & Supplies (continued)
U.S. Security Associates Holdings, Inc. Term Loan, 6.00% (C), 07/14/2023		$   500,000		$   501,459
USS Parent Holding Corp. Term Loan, 5.50% (C), 07/26/2023		1,743,590		1,750,128
Varsity Brands, Inc. 1st Lien Term Loan, 5.00% (C), 12/11/2021 (D)		4,441,118		4,462,400
W/S Packaging Group, Inc. Term Loan B, 6.01% (C), 08/09/2019		1,356,598		1,153,108
Waste Industries USA, Inc. Term Loan, 3.50% (C), 02/27/2020		593,970		594,898
				21,185,979
Communications Equipment - 1.1%
AVSC Holding Corp.
1st Lien Term Loan,
4.50% (C), 01/24/2021		2,630,484		2,633,772
2nd Lien Term Loan,
TBD, 01/24/2022 (D) (E)		900,000		855,000
Riverbed Technology, Inc. Term Loan, 5.00% (C), 04/24/2022		1,000,000		1,007,159
				4,495,931
Construction & Engineering - 0.7%
Granite Acquisition, Inc.
Term Loan B,
5.00% (C), 12/19/2021		1,902,888		1,882,432
Term Loan C,
5.00% (C), 12/19/2021		63,218		62,539
Pike Corp. 1st Lien Term Loan, 5.50% (C), 12/22/2021		729,032		728,121
				2,673,092
Construction Materials - 0.4%
Forterra, Inc. Term Loan B, 6.00% (C), 10/18/2023		1,500,000		1,498,125
Consumer Finance - 0.6%
Altice US Finance I Corp. Term Loan, 4.25% (C), 12/14/2022		2,468,149		2,472,777
Containers & Packaging - 6.2%
Anchor Glass Container Corp. 1st Lien Term Loan, 4.75% (C), 07/01/2022		4,959,402		4,987,918
Berry Plastics Holding Corp. Term Loan H, 3.75% (C), 10/01/2022		474,934		476,300
BWAY Holding Co., Inc. Term Loan B, 5.50% (C), 08/14/2020		2,366,449		2,379,761
Consolidated Container Co. LLC Term Loan, 5.00% (C), 07/03/2019		1,893,759		1,885,868

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

Transamerica Funds Annual Report 2016

Page    119

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
LOAN ASSIGNMENTS (continued)
Containers & Packaging (continued)
Coveris Holdings SA Term Loan B1, 4.50% (C), 05/08/2019		$   3,459,461		$   3,450,813
Expera Specialty Solutions LLC Term Loan B, 1.00% (C), 10/27/2023 (D)		2,500,000		2,493,750
Hilex Poly Co. LLC Term Loan B, 6.00% (C), 12/05/2021		1,529,068		1,540,536
PCI Pharma Services 1st Lien Term Loan, 5.00% (C), 06/24/2023 (D)		1,992,500		1,992,500
Printpack Holdings, Inc. Term Loan, 5.00% (C), 07/12/2023		2,791,352		2,794,841
Tekni-Plex, Inc. Term Loan B, 4.50% (C), 06/01/2022		2,962,500		2,953,612
				24,955,899
Distributors - 0.6%
Autoparts Holdings, Ltd. 1st Lien Term Loan, 7.00% (C), 07/29/2017		2,536,370		2,448,231
Diversified Consumer Services - 1.8%
Affinion Group, Inc. Term Loan B, 6.75% (C), 04/30/2018		971,214		944,506
Pre-Paid Legal Services, Inc. 1st Lien Term Loan, 6.50% (C), 07/01/2019		3,258,829		3,253,397
William Morris Endeavor Entertainment LLC
1st Lien Term Loan,
5.25% (C), 05/06/2021		1,963,630		1,971,485
2nd Lien Term Loan,
8.25% (C), 05/06/2022		1,000,000		998,125
				7,167,513
Diversified Financial Services - 1.6%
Cortes NP Acquisition Corp. Term Loan B, TBD, 09/29/2023 (D) (E)		2,650,000		2,636,750
Duke Finance LLC Term Loan, 7.00% (C), 10/28/2022		1,743,728		1,743,728
Russell Investment Group Term Loan B, 6.75% (C), 06/01/2023		1,995,000		1,998,326
				6,378,804
Diversified Telecommunication Services - 1.1%
Cincinnati Bell, Inc. Term Loan B, 4.00% (C), 09/10/2020		873,000		873,182
Global Tel*Link Corp. 1st Lien Term Loan, 5.00% (C), 05/23/2020		1,707,680		1,653,603

	Principal		Value
LOAN ASSIGNMENTS (continued)
Diversified Telecommunication Services (continued)
Hawaiian Telcom Communications, Inc. Term Loan B, 5.25% (C), 06/06/2019		$   1,972,064		$   1,978,226
				4,505,011
Electric Utilities - 0.3%
Lonestar Generation LLC Term Loan B, 5.47% (C), 02/22/2021		1,464,979		1,267,207
Electrical Equipment - 0.2%
Trojan Battery Co. LLC Term Loan, 5.75% (C), 06/11/2021		983,695		976,317
Electronic Equipment, Instruments & Components - 1.0%
Alcara Technologies Term Loan B, 6.75% (C), 08/17/2023		3,000,000		3,018,750
Zebra Technologies Corp. Term Loan B, 4.09% (C), 10/27/2021		818,182		826,136
				3,844,886
Energy Equipment & Services - 0.3%
Paragon Offshore Finance Co. Term Loan B, TBD, 07/18/2021 (D) (E)		3,916,263		1,258,100
Equity Real Estate Investment Trusts - 0.6%
Communications Sales & Leasing, Inc. Term Loan B, 5.00% (C), 10/24/2022		987,500		988,734
ESH Hospitality, Inc. Term Loan B, 3.75% (C), 08/30/2023		1,000,000		1,005,536
Istar Financial, Inc. Term Loan B, 5.50% (C), 07/01/2020		498,700		505,557
				2,499,827
Food & Staples Retailing - 4.1%
Albertson’s LLC Term Loan B6, 4.75% (C), 06/22/2023		2,428,658		2,451,123
Chef’s Warehouse, Inc.
1st Lien Term Loan,
6.75% (C), 06/22/2022		2,058,953		2,038,364
Delayed Draw Term Loan,
6.75% (C), 06/22/2022		94,591		93,645
Give & Go Prepared Foods Corp. 1st Lien Term Loan, 6.50% (C), 07/29/2023		2,500,000		2,492,708
Hostess Brands LLC
1st Lien Term Loan,
4.50% (C), 08/03/2022		1,977,519		1,987,052
2nd Lien Term Loan,
8.50% (C), 08/03/2023		2,325,000		2,333,719
Rite Aid Corp.
2nd Lien Term Loan,
4.88% (C), 06/21/2021		1,500,000		1,502,625
5.75% (C), 08/21/2020		2,280,000		2,285,700

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

Transamerica Funds Annual Report 2016

Page    120

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
LOAN ASSIGNMENTS (continued)
Food & Staples Retailing (continued)
Supervalu, Inc. Refinance Term Loan B, 5.50% (C), 03/21/2019		$   1,183,420		$   1,186,009
				16,370,945
Food Products - 2.4%
B&G Foods, Inc. Term Loan B, 3.84% (C), 11/02/2022		640,110		644,751
Bellisio Foods, Inc. Term Loan, 5.00% (C), 08/01/2019		736,985		729,615
CSM Bakery Solutions LLC 1st Lien Term Loan, 5.00% (C), 07/03/2020		2,441,131		2,370,949
Del Monte Foods, Inc. 1st Lien Term Loan, 4.25% (C), 02/18/2021		1,704,953		1,579,923
Dole Food Co., Inc. Term Loan B, 4.56% (C), 11/01/2018		2,306,004		2,314,652
Hearthside Group Holdings LLC Term Loan, 4.50% (C), 06/02/2021		977,500		978,086
Shearer’s Foods, Inc. 1st Lien Term Loan, 4.94% (C), 06/30/2021		980,000		982,450
				9,600,426
Health Care Equipment & Supplies - 3.2%
Alere, Inc.
Term Loan A,
3.53% (C), 06/18/2020		661,538		654,096
Term Loan B,
4.25% (C), 06/18/2022		1,763,353		1,753,556
CPI Buyer LLC 1st Lien Term Loan, 5.50% (C), 08/15/2021 (D)		3,073,914		3,058,545
DJO Finance LLC Term Loan, 4.25% (C), 06/08/2020		2,715,625		2,680,322
Halyard Health, Inc. Term Loan B, 4.00% (C), 11/01/2021		1,869,295		1,870,852
Kinetic Concepts, Inc. Term Loan F1, 5.00% (C), 11/04/2020		457,613		459,996
New Millennium HoldCo, Inc. Term Loan, 7.50% (C), 12/21/2020		162,958		102,612
Onex Carestream Finance, LP 1st Lien Term Loan, 5.00% (C), 06/07/2019		2,478,892		2,300,057
				12,880,036

	Principal		Value
LOAN ASSIGNMENTS (continued)
Health Care Providers & Services - 4.9%
Community Health Systems, Inc.
Term Loan G,
3.75% (C), 12/31/2019		$   2,162,451		$   2,053,126
Term Loan H,
4.00% (C), 01/27/2021		1,974,702		1,868,315
HCA, Inc. Term Loan B6, 3.78% (C), 03/17/2023		1,890,500		1,908,518
IASIS Healthcare LLC Term Loan B2, 4.50% (C), 05/03/2018 (D)		2,941,694		2,918,896
Medpace Holdings, Inc. 1st Lien Term Loan, 4.75% (C), 04/01/2021		526,004		525,346
Ortho-Clinical Diagnostics, Inc. Term Loan B, 4.75% (C), 06/30/2021 (D)		3,197,443		3,110,514
Quorum Health Corp. Term Loan B, 6.75% (C), 04/29/2022		2,860,625		2,680,815
RadNet, Inc. Term Loan B, 4.77% (C), 07/01/2023		1,500,000		1,502,501
Surgery Center Holdings, Inc. 1st Lien Term Loan, 4.75% (C), 11/03/2020		2,977,378		2,984,822
Valitas Health Services, Inc. Term Loan B, 8.00% (C), 06/02/2017		648,401		288,539
				19,841,392
Hotels, Restaurants & Leisure - 3.7%
Affinity Gaming LLC
2nd Lien Term Loan,
TBD, 09/14/2024 (D) (E)		1,400,000		1,404,375
Term Loan,
5.00% (C), 07/01/2023		498,750		500,309
AMF Bowling Centers, Inc. Term Loan, 6.00% (C), 08/17/2023		2,000,000		1,988,750
Caesars Entertainment Resort Properties LLC Term Loan B, 7.00% (C), 10/11/2020		984,968		988,866
Hilton Worldwide Finance LLC
Term Loan B1,
3.50% (C), 10/26/2020		75,122		75,350
Term Loan B2,
3.03% (C), 10/25/2023		767,953		771,656
MGM Growth Properties Operating Partnership LLC Term Loan B, TBD, 04/25/2023 (D) (E)		500,000		501,406
Mohegan Tribal Gaming Authority
Term Loan A,
4.78% (C), 06/15/2018		1,694,478		1,686,005
4.78% (C), 09/28/2021 (D)		1,408,365		1,404,844
NEP / NCP Holdco, Inc. Term Loan, 4.25% (C), 01/22/2020		1,457,709		1,451,332

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

Transamerica Funds Annual Report 2016

Page    121

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
LOAN ASSIGNMENTS (continued)
Hotels, Restaurants & Leisure (continued)
NPC International, Inc. Term Loan B, 4.75% (C), 12/28/2018		$   1,275,257		$   1,276,054
Scientific Games International, Inc.
Term Loan B1,
6.00% (C), 10/18/2020		1,949,912		1,959,661
Term Loan B2,
6.00% (C), 10/01/2021		983,731		986,959
				14,995,567
Household Durables - 1.9%
American Bath Group LLC 1st Lien Term Loan,  6.75% (C), 09/30/2023 (D)		2,500,000		2,493,750
API Heat Transfer ThermaSys Corp. Term Loan,  5.26% (C), 05/03/2019		942,308		759,343
Hoffmaster Group, Inc. 1st Lien Term Loan,  5.28% (C), 05/09/2020		2,400,817		2,399,816
Libbey Glass, Inc. Term Loan B,  3.75% (C), 04/09/2021		1,421,037		1,421,629
Otter Products LLC Term Loan,  5.75% (C), 06/03/2020 (D)		678,603		613,004
				7,687,542
Household Products - 1.9%
KIK Custom Products, Inc. Term Loan B,  6.00% (C), 08/26/2022		2,970,000		2,958,863
Reynolds Group Holdings, Inc. Term Loan,  4.25% (C), 02/05/2023		4,315,056		4,323,393
Spectrum Brands, Inc. Term Loan,  3.29% (C), 06/23/2022		346,731		349,692
				7,631,948
Independent Power & Renewable Electricity Producers - 1.4%
Calpine Corp.
Term Loan B5,
3.59% (C), 05/27/2022		790,000		790,988
Term Loan B6,
4.00% (C), 01/15/2023		1,985,000		1,993,932
Dynegy, Inc. Term Loan B,  5.00% (C), 06/27/2023		2,500,000		2,509,722
Terra-Gen Finance Co. LLC Term Loan B,  5.25% (C), 12/09/2021		467,437		396,153
				5,690,795
Internet Software & Services - 0.4%
Ancestry.com Operations, Inc. 1st Lien Term Loan, TBD, 10/19/2023 (D) (E)		650,000		650,487
Rackspace Hosting, Inc. 1st Lien Term Loan, TBD, 10/26/2023 (D) (E)		1,000,000		1,005,536
				1,656,023

	Principal		Value
LOAN ASSIGNMENTS (continued)
IT Services - 1.7%
First Data Corp.
Term Loan,
3.52% (C), 03/24/2021		$   1,095,424		$   1,098,288
4.27% (C), 07/08/2022		3,000,000		3,020,001
USAGM HoldCo LLC Term Loan,  4.75% (C), 07/28/2022 (D)		2,607,626		2,604,366
				6,722,655
Life Sciences Tools & Services - 0.2%
Jaguar Holding Co. II Term Loan B,  4.25% (C), 08/18/2022		740,625		740,162
Machinery - 3.7%
Apex Tool Group LLC Term Loan B,  4.50% (C), 01/31/2020		965,000		950,525
Doosan Infracore International, Inc. Term Loan B,  4.50% (C), 05/28/2021		1,097,019		1,096,562
Filtration Group Corp. 1st Lien Term Loan,  4.25% (C), 11/21/2020		2,457,322		2,461,008
Gardner Denver, Inc. Term Loan,  4.25% (C), 07/30/2020		1,251,307		1,213,573
Harsco Corp. Term Loan B, TBD, 10/21/2023 (D) (E)		500,000		503,750
Husky Injection Molding Systems, Ltd. 1st Lien Term Loan, TBD, 06/30/2021 (D) (E)		1,000,000		998,889
Manitowoc Foodservice, Inc. Term Loan B,  5.75% (C), 03/03/2023		1,758,654		1,782,102
Rexnord LLC 1st Lien Term Loan B,  4.00% (C), 08/21/2020		1,856,895		1,858,442
Wastequip LLC Term Loan,  5.50% (C), 08/09/2019		3,857,524		3,852,702
				14,717,553
Marine - 0.5%
Commercial Barge Line Co. 1st Lien Term Loan,  9.75% (C), 11/12/2020		1,950,000		1,884,187
Media - 4.5%
Block Communications, Inc. Term Loan B,  4.09% (C), 11/07/2021		980,017		984,305
CSC Holdings LLC Term Loan,  3.88% (C), 10/11/2024		1,657,895		1,662,039
Cumulus Media Holdings, Inc. Term Loan,  4.25% (C), 12/23/2020		1,410,278		969,566
Learfield Communications, Inc. 1st Lien Term Loan,  4.25% (C), 10/09/2020		2,203,474		2,202,097

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

Transamerica Funds Annual Report 2016

Page    122

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
LOAN ASSIGNMENTS (continued)
Media (continued)
Liberty Cablevision of Puerto Rico LLC 1st Lien Term Loan,  4.50% (C), 01/07/2022		$   2,797,959		$   2,751,325
MGOC, Inc. Term Loan B,  4.00% (C), 07/31/2020		1,284,062		1,283,603
Mission Broadcasting, Inc. Term Loan B2, TBD, 09/26/2023 (D) (E)		204,545		205,276
Nexstar Broadcasting, Inc. Term Loan B, TBD, 09/21/2023 (D) (E)		2,295,455		2,303,652
Nielsen Finance LLC Term Loan B3,  3.03% (C), 10/04/2023		500,000		501,875
Quincy Newspapers, Inc. Term Loan B,  5.55% (C), 10/13/2022		1,956,556		1,963,893
Univision Communications, Inc. Term Loan C4,  4.00% (C), 03/01/2020		953,985		954,912
WMG Acquisition Corp.
Term Loan,
3.75% (C), 07/01/2020		746,927		744,944
Term Loan B,
TBD, 10/20/2023 (D) (E)		1,656,145		1,652,005
				18,179,492
Metals & Mining - 1.5%
American Rock Salt Holdings LLC 1st Lien Term Loan,  4.75% (C), 05/20/2021		1,472,399		1,419,025
Atkore International, Inc.
1st Lien Term Loan,
4.50% (C), 04/09/2021		1,101,648		1,104,402
2nd Lien Term Loan,
7.75% (C), 10/09/2021		692,000		692,289
FMG Resources PTY, Ltd. Term Loan B,  3.75% (C), 06/30/2019		616,680		616,102
Novelis, Inc. Term Loan B,  4.00% (C), 06/02/2022		1,975,000		1,979,937
				5,811,755
Multi-Utilities - 1.0%
PrimeLine Utility Services LLC Term Loan,  6.50% (C), 11/12/2022		2,468,421		2,468,421
Solenis International, LP 1st Lien Term Loan,  4.25% (C), 07/31/2021		1,409,825		1,404,733
				3,873,154
Oil, Gas & Consumable Fuels - 2.2%
Chesapeake / MPS Merger, Ltd. Term Loan D,  4.25% (C), 10/14/2023		1,650,000		1,650,000

	Principal		Value
LOAN ASSIGNMENTS (continued)
Oil, Gas & Consumable Fuels (continued)
CITGO Holding, Inc. Term Loan B,  9.50% (C), 05/12/2018		$   2,023,654		$   2,036,302
Maple Holdings Acquisition Corp. Term Loan B,  5.25% (C), 03/03/2023		2,290,410		2,318,468
MEG Energy Corp. Refinance Term Loan,  3.75% (C), 03/31/2020 (D)		1,897,383		1,787,492
Southeast PowerGen LLC Term Loan B,  4.50% (C), 12/02/2021		940,000		916,500
				8,708,762
Paper & Forest Products - 0.5%
Dunn Paper, Inc. 1st Lien Term Loan,  5.75%(C), 08/31/2022 (D)		2,000,000		2,002,500
Personal Products - 0.9%
Revlon Consumer Products Corp. Term Loan B,  4.25% (C), 09/07/2023		3,500,000		3,506,562
Pharmaceuticals - 3.0%
Akorn, Inc. Term Loan B,  5.25% (C), 04/16/2021		2,502,343		2,527,367
Amneal Pharmaceuticals LLC Term Loan,  4.50% (C), 11/01/2019		1,900,703		1,906,247
Catalent Pharma Solutions, Inc. Term Loan B,  4.25% (C), 05/20/2021		2,695,536		2,707,890
Endo Luxembourg Finance Co. I SARL Term Loan B,  3.75% (C), 09/26/2022		992,500		990,329
Valeant Pharmaceuticals International, Inc.
Series E, Term Loan B,
5.25% (C), 08/05/2020		3,202,498		3,196,714
Term Loan B F1,
5.50% (C), 04/01/2022		569,350		568,994
				11,897,541
Professional Services - 0.8%
Ceridian LLC Term Loan,  4.50% (C), 09/15/2020		3,262,814		3,197,558
Real Estate Management & Development - 1.9%
CityCenter Holdings LLC Term Loan B,  4.25% (C), 10/16/2020		1,606,663		1,615,367
DTZ U.S. Borrower LLC 1st Lien Term Loan,  4.25% (C), 11/04/2021		3,069,500		3,061,187
Realogy Corp. Term Loan B,  3.75% (C), 07/20/2022		3,063,014		3,080,880
				7,757,434

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

Transamerica Funds Annual Report 2016

Page    123

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
LOAN ASSIGNMENTS (continued)
Semiconductors & Semiconductor Equipment - 1.7%
Ardent Legacy Acquisitions, Inc. Term Loan B,  6.50% (C), 08/04/2021		$   4,035,229		$   4,015,053
Avago Technologies Cayman, Ltd. Term Loan B3,  3.53% (C), 02/01/2023		2,698,877		2,725,866
				6,740,919
Software - 4.4%
Aristocrat Technologies, Inc. Term Loan B,  3.63% (C), 10/20/2021		1,204,288		1,208,804
BMC Foreign Holding Co. Term Loan,  5.00% (C), 09/10/2020		486,250		475,309
BMC Software Finance, Inc. Term Loan,  5.00% (C), 09/10/2020		468,889		462,149
Dell Software Group Term Loan B, TBD, 09/23/2022 (D) (E)		2,000,000		1,993,214
Infor, Inc.
Term Loan B3,
3.75% (C), 06/03/2020		965,201		959,169
Term Loan B5,
3.75% (C), 06/03/2020		1,405,611		1,400,560
Kronos, Inc.
1st Lien Term Loan,
TBD, 10/04/2023 (D) (E)		3,000,000		3,012,189
Term Loan,
4.50% (C), 10/30/2019		1,938,834		1,939,743
Magic Newco LLC 1st Lien Term Loan,  6.50% (C), 12/12/2018		1,671,385		1,672,221
Solera LLC Term Loan B,  5.75% (C), 03/03/2023		2,987,494		3,018,199
Sophia, LP Term Loan B,  4.75% (C), 09/30/2022		788,330		789,315
SS&C Technologies, Inc.
Term Loan B1,
4.00% (C), 07/08/2022		667,489		672,018
Term Loan B2,
4.00% (C), 07/08/2022		81,233		81,784
				17,684,674
Specialty Retail - 1.3%
Men’s Wearhouse, Inc. Term Loan,  5.00% (C), 06/18/2021 (D)		2,500,000		2,412,500
PetSmart, Inc. Term Loan B1,  4.00% (C), 03/11/2022		2,951,278		2,955,581
				5,368,081
Technology Hardware, Storage & Peripherals - 1.8%
Dell, Inc. Term Loan A2,  2.79% (C), 09/07/2021		3,750,000		3,712,969

	Principal		Value
LOAN ASSIGNMENTS (continued)
Technology Hardware, Storage & Peripherals (continued)
Diebold, Inc. Term Loan,  5.25% (C), 11/06/2023		$   2,400,000		$   2,425,500
Western Digital Corp. Term Loan B1,  4.50% (C), 04/29/2023		957,600		968,174
				7,106,643
Textiles, Apparel & Luxury Goods - 0.1%
Augusta Sportswear Group, Inc. Term Loan B, TBD, 10/20/2023 (D) (E)		500,000		497,500
Trading Companies & Distributors - 0.6%
LBM Borrower LLC 1st Lien Term Loan,  6.25% (C), 08/20/2022		2,550,625		2,546,641
Total Loan Assignments (Cost $336,263,568)				335,740,402
	Shares		Value
COMMON STOCK - 0.0% (F)
Health Care Equipment & Supplies - 0.0% (F)
Millennium Health Equity (G)		4,938		9,259
Total Common Stock (Cost $27,159)				9,259
EXCHANGE-TRADED FUNDS - 2.8%
U.S. Fixed Income Funds - 2.8%
PowerShares Senior Loan Portfolio		200,000		4,636,000
SPDR Blackstone / GSO Senior Loan ETF		100,000		4,731,000
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		70,000		1,923,600
Total Exchange-Traded Funds (Cost $11,503,783)				11,290,600
SECURITIES LENDING COLLATERAL - 0.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (H)		2,484,100		2,484,100
Total Securities Lending Collateral (Cost $2,484,100)				2,484,100
	Principal		Value
REPURCHASE AGREEMENT - 11.6%
State Street Bank & Trust Co. 0.03% (H), dated 10/31/2016, to be repurchased at $46,680,262 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.75%, due 02/15/2024, and with a value of $47,618,250.		$  46,680,223		46,680,223
Total Repurchase Agreement (Cost $46,680,223)				46,680,223
Total Investments (Cost $429,166,487) (I)				429,101,621
Net Other Assets (Liabilities) - (7.0)%				(28,136,401	)
Net Assets - 100.0%				$  400,965,220

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

Transamerica Funds Annual Report 2016

Page    124

Transamerica Floating Rate

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	32,897,037	$	—	$	32,897,037
Loan Assignments		—		335,740,402		—		335,740,402
Common Stock		9,259		—		—		9,259
Exchange-Traded Funds		11,290,600		—		—		11,290,600
Securities Lending Collateral		2,484,100		—		—		2,484,100
Repurchase Agreement		—		46,680,223		—		46,680,223
Total Investments	$	13,783,959	$	415,317,662	$	—	$	429,101,621

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $21,686,447, representing 5.4% of the Fund’s net assets.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $2,434,036. 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 securities. The rates disclosed are as of October 31, 2016.

^(D) Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(E)  All or a portion of the security represents unsettled loan commitments at October 31, 2016 where the rate will be determined at time of settlement.

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

^(G)  Non-income producing security.

^(H)  Rates disclosed reflect the yields at October 31, 2016.

^(I)  Aggregate cost for federal income tax purposes is $429,209,335. Aggregate gross unrealized appreciation and depreciation for all securities is $3,453,711 and $3,561,425, respectively. Net unrealized depreciation for tax purposes is $107,714.

^(J)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

TBD To Be Determined

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

Transamerica Funds Annual Report 2016

Page    125

Transamerica Global Bond

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES - 19.0%
Austria - 0.8%
Eldorado Intl. Finance GmbH 8.63%, 06/16/2021 (A)		$  200,000		$  163,000
JBS Investments GmbH 7.75%, 10/28/2020 (A)		200,000		208,500
				371,500
Bermuda - 1.4%
Digicel, Ltd. 6.75%, 03/01/2023 (A)		500,000		448,600
Tengizchevroil Finance Co. International, Ltd. 4.00%, 08/15/2026 (A)		235,000		226,558
				675,158
Canada - 0.8%
Royal Bank of Canada 4.65%, 01/27/2026, MTN (B)		340,000		368,660
Cayman Islands - 2.4%
Dubai Holding Commercial Operations, Ltd. 6.00%, 02/01/2017, MTN		GBP  150,000		184,496
Marfrig Overseas, Ltd. 9.50%, 05/04/2020 (A)		$  300,000		310,560
Vale Overseas, Ltd. 5.88%, 06/10/2021 (B)		600,000		639,750
				1,134,806
Colombia - 0.9%
Bancolombia SA 6.13%, 07/26/2020 (B)		400,000		428,400
France - 1.0%
SFR Group SA 5.63%, 05/15/2024 (A)		EUR  400,000		460,506
Guernsey, Channel Islands - 0.7%
Credit Suisse Group Funding Guernsey, Ltd. 4.55%, 04/17/2026 (A)		$  340,000		356,598
Ireland - 2.3%
GE Capital UK Funding Unlimited Co.
4.13%, 09/28/2017, MTN		GBP  500,000		629,909
5.13%, 05/24/2023, MTN		320,000		476,337
				1,106,246
Luxembourg - 0.5%
Gazprom OAO Via GAZ Capital SA 3.76%, 03/15/2017, MTN (C)		EUR  200,000		221,572
Netherlands - 0.9%
Petrobras Global Finance BV
8.38%, 05/23/2021		$  250,000		276,575
8.75%, 05/23/2026		140,000		157,710
				434,285
Sri Lanka - 1.0%
Bank of Ceylon 6.88%, 05/03/2017 (C)		455,000		461,812
Turkey - 0.4%
Turkiye Garanti Bankasi AS 3.38%, 07/08/2019, MTN (C)		EUR  200,000		221,515

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
United Kingdom - 0.7%
HSBC Holdings PLC 3.90%, 05/25/2026		$  340,000		$   351,931
United States - 5.2%
Bank of America Corp. 3.50%, 04/19/2026, MTN		340,000		348,983
Citigroup, Inc. 4.45%, 09/29/2027		235,000		247,599
Goldman Sachs Group, Inc. 5.20%, 12/17/2019		NZD  1,270,000		946,048
Morgan Stanley
3.13%, 08/05/2021		CAD  700,000		544,672
7.60%, 08/08/2017, MTN		NZD  500,000		368,972
				2,456,274
Total Corporate Debt Securities (Cost $9,495,463)				9,049,263
FOREIGN GOVERNMENT OBLIGATIONS - 65.5%
Argentina - 0.8%
Argentina Republic Government International Bond
0.00% (D), 12/15/2035		$  1,835,000		193,592
7.13%, 07/06/2036 (A)		195,000		201,045
				394,637
Australia - 1.8%
Queensland Treasury Corp. 5.50%, 06/21/2021 (C)		AUD  1,000,000		875,025
Belgium - 2.8%
Kingdom of Belgium Government Bond 1.60%, 06/22/2047 (C)		EUR  1,143,596		1,333,900
Brazil - 6.1%
Brazil Government International Bond
4.88%, 01/22/2021		$  440,000		465,520
5.63%, 02/21/2047		245,000		234,588
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2017 - 01/01/2027		BRL  7,415,000		2,196,025
				2,896,133
Canada - 5.7%
Canada Government Bond
1.25%, 03/01/2018		CAD  650,000		489,000
2.25%, 06/01/2025		1,390,000		1,132,374
3.50%, 12/01/2045		528,000		537,999
Province of British Columbia Canada 6.60%, 01/09/2020 (A)		INR  4,800,000		71,733
Province of Quebec 4.50%, 12/01/2020		CAD  550,000		464,099
				2,695,205
Colombia - 0.2%
Colombia TES 7.00%, 05/04/2022		COP  225,900,000		75,472
Croatia - 2.5%
Croatia Government International Bond
3.88%, 05/30/2022 (C)		EUR  625,000		740,371
6.75%, 11/05/2019 (A)		$  400,000		439,344
				1,179,715

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

Transamerica Funds Annual Report 2016

Page    126

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
France - 1.0%
France Republic Government Bond OAT 3.25%, 05/25/2045 (C)		EUR  311,263		$   500,814
Germany - 0.5%
Bundesrepublik Deutschland 2.50%, 08/15/2046 (C)		161,614		257,458
Hungary - 3.9%
Hungary Government Bond
2.50%, 10/27/2021		HUF  219,510,000		804,680
5.50%, 06/24/2025		140,000,000		598,781
Hungary Government International Bond 4.13%, 02/19/2018		$  450,000		463,118
				1,866,579
Indonesia - 1.5%
Indonesia Government International Bond 3.75%, 06/14/2028 (A)		EUR  315,000		371,148
Indonesia Treasury Bond 8.25%, 05/15/2036		IDR  4,236,000,000		337,220
				708,368
Ireland - 4.1%
Ireland Government Bond 1.00%, 05/15/2026 (C)		EUR  1,720,000		1,949,117
Italy - 2.3%
Italy Buoni Poliennali del Tesoro 1.50%, 06/01/2025		985,000		1,086,089
Mexico - 1.1%
Mexico Bonos 10.00%, 11/20/2036		MXN  2,344,500		168,265
Series M, 7.75%, 11/13/2042		5,673,600		336,100
				504,365
Netherlands - 2.4%
Netherlands Government Bond 2.50%, 01/15/2033 (C)		EUR  790,000		1,134,372
Poland - 0.5%
Republic of Poland Government Bond 2.50%, 07/25/2026		PLN  1,000,000		241,891
Republic of Korea - 0.4%
Export-Import Bank of Korea 3.00%, 05/22/2018, MTN (C)		NOK  1,500,000		184,958
Romania - 1.2%
Romania Government Bond
2.50%, 04/29/2019		RON  1,490,000		372,417
5.80%, 07/26/2027		690,000		203,167
				575,584
Russian Federation - 2.4%
Russian Federation Federal Bond - OFZ
7.00%, 08/16/2023		RUB  40,700,000		592,860
7.50%, 02/27/2019		36,299,000		560,300
				1,153,160

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Slovenia - 0.9%
Slovenia Government Bond 4.63%, 09/09/2024 (C)		EUR  293,000		$   423,176
Spain - 2.8%
Spain Government Bond
1.30%, 10/31/2026 (C)		530,000		586,297
5.15%, 10/31/2028 (C)		475,000		735,105
				1,321,402
Supranational - 12.7%
Banque Ouest Africaine de Developpement 5.50%, 05/06/2021 (A)		$  455,000		482,027
Black Sea Trade & Development Bank 4.88%, 05/06/2021 (A)		455,000		482,300
European Investment Bank 2.25%, 03/07/2020, MTN (C)		GBP  600,000		771,452
Inter-American Development Bank
7.00%, 02/04/2019, MTN		IDR  4,250,000,000		325,571
7.25%, 07/17/2017, MTN		13,000,000,000		996,129
International Bank for Reconstruction & Development
6.38%, 08/07/2018		INR  17,100,000		258,856
3.00%, 10/19/2026, MTN		AUD  1,224,000		947,790
3.50%, 01/22/2021, MTN		NZD  645,000		473,815
3.75%, 05/19/2017, MTN		NOK  3,250,000		398,698
International Finance Corp.
3.88%, 02/26/2018, MTN		NZD  500,000		364,238
7.75%, 12/03/2016, MTN		INR  35,000,000		524,536
				6,025,412
Sweden - 2.2%
Kommuninvest I Sverige AB 1.22% (D), 11/15/2016		NOK  1,500,000		181,552
Sweden Government Bond 1.00%, 11/12/2026		SEK  7,150,000		849,118
				1,030,670
Turkey - 2.6%
Turkey Government International Bond 5.88%, 04/02/2019		EUR  1,040,000		1,247,264
United Kingdom - 3.1%
U.K. Gilt
3.50%, 01/22/2045 (C)		GBP  490,000		813,127
4.25%, 06/07/2032 (C)		250,000		417,218
4.75%, 12/07/2030 (C)		130,000		224,453
				1,454,798
Total Foreign Government Obligations (Cost $31,697,421)				31,115,564
MORTGAGE-BACKED SECURITY - 1.4%
United States - 1.4%
Hilton USA Trust Series 2013-HLT, Class AFX, 2.66%, 11/05/2030 (A)		$  665,939		666,182
Total Mortgage-Backed Security (Cost $667,968)				666,182

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

Transamerica Funds Annual Report 2016

Page    127

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATION - 1.8%
FREMF Mortgage Trust Series 2012-K707, Class B, 3.88% (D), 01/25/2047 (A)		$   830,000		$   860,941
Total U.S. Government Agency Obligation (Cost $855,840)				860,941
	Shares		Value
SECURITIES LENDING COLLATERAL - 2.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (E)		1,139,858		1,139,858
Total Securities Lending Collateral (Cost $1,139,858)				1,139,858

	Principal		Value
REPURCHASE AGREEMENT - 10.6%
State Street Bank & Trust Co. 0.03% (E), dated 10/31/2016, to be repurchased at $5,026,038 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.88%, due 02/22/2017, and with a value of $5,129,163.		$  5,026,033		$  5,026,033
Total Repurchase Agreement (Cost $5,026,033)				5,026,033
Total Investments (Cost $48,882,583) (F)				47,857,841
Net Other Assets (Liabilities) - (0.7)%				(355,052	)
Net Assets - 100.0%				$  47,502,789

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date			Currency Purchased			Currency Sold		Unrealized Appreciation		Unrealized Depreciation
BOA		11/30/2016	USD		7,272,567	EUR		6,680,231	$	—	$	(69,476	)
HSBC		11/30/2016	JPY		773,287,627	USD		7,404,345		—		(23,358	)
HSBC		11/30/2016	USD		1,868,596	AUD		2,448,947		7,152		—
HSBC		11/30/2016	USD		1,479,980	GBP		1,210,643		—		(2,708	)
JPM		11/30/2016	PLN		7,174,615	USD		1,810,994		16,365		—
SCB		11/30/2016	USD		3,272,118	CAD		4,357,414		22,838		—
SCB		11/30/2016	USD		298,820	MXN		5,610,346		3,056		—
TDB		11/30/2016	NOK		1,464,446	USD		177,197		53		—
TDB		11/30/2016	USD		1,349,735	HUF		382,474,318		—		(10,232	)
TDB		11/30/2016	USD		2,212,200	NZD		3,100,708		—		(2,387	)
Total									$	49,464	$	(108,161	)

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Foreign Government Obligations		65.0	%	$	31,115,564
Banks		5.1			2,428,900
Capital Markets		4.6			2,216,290
Diversified Financial Services		2.3			1,106,246
Diversified Telecommunication Services		1.9			909,106
Oil, Gas & Consumable Fuels		1.9			882,415
U.S. Government Agency Obligation		1.8			860,941
Mortgage-Backed Security		1.4			666,182
Metals & Mining		1.3			639,750
Food Products		1.1			519,060
Commercial Services & Supplies		0.4			184,496
Paper & Forest Products		0.3			163,000
Investments, at Value		87.1			41,691,950
Short-Term Investments		12.9			6,165,891
Total Investments		100.0	%	$	47,857,841

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

Transamerica Funds Annual Report 2016

Page    128

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	9,049,263		$	—	$	9,049,263
Foreign Government Obligations		—		31,115,564			—		31,115,564
Mortgage-Backed Security		—		666,182			—		666,182
U.S. Government Agency Obligation		—		860,941			—		860,941
Securities Lending Collateral		1,139,858		—			—		1,139,858
Repurchase Agreement		—		5,026,033			—		5,026,033
Total Investments	$	1,139,858	$	46,717,983		$	—	$	47,857,841
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	49,464		$	—	$	49,464
Total Other Financial Instruments	$	—	$	49,464		$	—	$	49,464
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (H)	$	—	$	(108,161	)	$	—	$	(108,161	)
Total Other Financial Instruments	$	—	$	(108,161	)	$	—	$	(108,161	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $5,749,042, representing 12.1% of the Fund’s net assets.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $1,115,910. 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)  Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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. At October 31, 2016, the total value of Regulation S securities is $11,851,742, representing 24.9% of the Fund’s net assets.

^(D)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(E)  Rates disclosed reflect the yields at October 31, 2016.

^(F)  Aggregate cost for federal income tax purposes is $48,982,238. Aggregate gross unrealized appreciation and depreciation for all securities is $1,044,976 and $2,169,373, respectively. Net unrealized depreciation for tax purposes is $1,124,397.

^(G)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen

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

Transamerica Funds Annual Report 2016

Page    129

Transamerica Global Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CURRENCY ABBREVIATIONS (continued):

MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RON	New Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

BOA	Bank of America, N.A.
HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
SCB	Standard Chartered Bank
TDB	Toronto Dominion Bank

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Funds Annual Report 2016

Page    130

Transamerica Global Equity

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 97.2%
China - 2.7%
Baidu, Inc., ADR (A)		7,607		$  1,345,374
Tencent Holdings, Ltd.		70,900		1,881,391
				3,226,765
France - 3.4%
Cie de Saint-Gobain		37,393		1,660,193
Safran SA		35,035		2,408,730
				4,068,923
Germany - 2.8%
HeidelbergCement AG		34,964		3,306,971
Indonesia - 0.7%
Bank Rakyat Indonesia Persero Tbk PT		864,400		808,222
Italy - 1.0%
Luxottica Group SpA		22,971		1,143,565
Japan - 12.7%
Amada Holdings Co., Ltd.		127,523		1,456,780
Kansai Electric Power Co., Inc. (A)		231,700		2,219,345
Kyocera Corp. (B)		47,900		2,334,023
Nabtesco Corp. (B)		35,866		1,073,894
NGK Spark Plug Co., Ltd. (B)		58,495		1,157,963
Nippon Telegraph & Telephone Corp.		69,100		3,070,525
ORIX Corp.		83,200		1,321,347
SMC Corp.		4,615		1,341,769
Tokyo Gas Co., Ltd.		243,000		1,103,429
				15,079,075
Mexico - 0.5%
Grupo Financiero Banorte SAB de CV, Class O		97,400		574,578
Netherlands - 3.6%
ABN AMRO Group NV, CVA (C)		54,831		1,265,511
ING Groep NV		224,806		2,960,136
				4,225,647
Republic of Korea - 5.1%
Hyundai Motor Co.		9,887		1,209,683
Korea Electric Power Corp.		66,140		2,846,751
Korea Electric Power Corp., ADR		25,141		548,325
NAVER Corp.		1,049		785,661
Samsung SDI Co., Ltd.		8,306		684,515
				6,074,935
Sweden - 2.7%
Atlas Copco AB, A Shares (B)		43,801		1,285,105
Swedbank AB, Class A		82,727		1,938,081
				3,223,186
Switzerland - 1.8%
Novartis AG, ADR		30,590		2,172,502
United Kingdom - 8.7%
Berkeley Group Holdings PLC		32,843		948,314
BP PLC, ADR		53,311		1,895,206
Compass Group PLC		123,931		2,246,553
Delphi Automotive PLC, Class A		26,497		1,724,160
Pentair PLC		35,583		1,961,691
Prudential PLC		98,941		1,616,131
				10,392,055
United States - 51.5%
Abbott Laboratories		40,328		1,582,471

	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Aflac, Inc.		15,578		$   1,072,857
Alphabet, Inc., Class C (A)		4,452		3,492,772
Amazon.com, Inc. (A)		2,827		2,232,821
Becton Dickinson and Co.		8,712		1,462,832
Biogen, Inc. (A)		3,971		1,112,595
Cabot Oil & Gas Corp.		54,478		1,137,501
Capital One Financial Corp.		34,968		2,589,031
Cerner Corp. (A)		25,171		1,474,517
ConocoPhillips		38,276		1,663,092
CVS Health Corp.		42,797		3,599,228
Facebook, Inc., Class A (A)		12,435		1,628,861
Illumina, Inc. (A)		8,620		1,173,527
JPMorgan Chase & Co.		47,988		3,323,649
Kinder Morgan, Inc.		128,583		2,626,951
Mallinckrodt PLC (A)		23,501		1,392,669
Microsoft Corp.		53,013		3,176,539
NIKE, Inc., Class B		29,737		1,492,203
Oracle Corp.		51,308		1,971,253
Regeneron Pharmaceuticals, Inc., Class A (A)		1,810		624,486
Reinsurance Group of America, Inc., Class A		27,541		2,970,572
Royal Caribbean Cruises, Ltd., Class A		37,414		2,876,014
SBA Communications Corp., Class A (A)		10,537		1,193,631
Shire PLC, Class B, ADR		13,155		2,218,459
Southwest Airlines Co.		65,585		2,626,679
St. Jude Medical, Inc.		13,765		1,071,468
Ultragenyx Pharmaceutical, Inc. (A) (B)		9,240		545,068
United Continental Holdings, Inc. (A)		30,261		1,701,576
Visa, Inc., Class A		36,307		2,995,690
WEC Energy Group, Inc.		34,580		2,065,117
Wells Fargo & Co.		44,517		2,048,227
				61,142,356
Total Common Stocks (Cost $110,965,156)				115,438,780
PREFERRED STOCK - 0.5%
Republic of Korea - 0.5%
Hyundai Motor Co. 4.19% (D)		6,473		568,526
Total Preferred Stock (Cost $709,904)				568,526
SECURITIES LENDING COLLATERAL - 4.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (D)		5,053,170		5,053,170
Total Securities Lending Collateral (Cost $5,053,170)				5,053,170

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

Transamerica Funds Annual Report 2016

Page    131

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.03% (D), dated 10/31/2016, to be repurchased at $2,531,942 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.75%, due 08/23/2017, and with a value of $2,583,225.		$  2,531,940		$   2,531,940
Total Repurchase Agreement (Cost $2,531,940)				2,531,940
Total Investments (Cost $119,260,170) (E)				123,592,416
Net Other Assets (Liabilities) - (4.0)%				(4,786,626	)
Net Assets - 100.0%				$  118,805,790

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Banks		10.5	%	$	12,918,404
Internet Software & Services		7.4			9,134,059
Oil, Gas & Consumable Fuels		5.9			7,322,750
Machinery		5.8			7,119,239
Insurance		4.6			5,659,560
Electric Utilities		4.5			5,614,421
Software		4.2			5,147,792
Hotels, Restaurants & Leisure		4.1			5,122,567
Biotechnology		3.6			4,500,608
Airlines		3.5			4,328,255
Diversified Telecommunication Services		3.5			4,264,156
Health Care Equipment & Supplies		3.3			4,116,771
Food & Staples Retailing		2.9			3,599,228
Pharmaceuticals		2.9			3,565,171
Construction Materials		2.7			3,306,971
Electronic Equipment, Instruments & Components		2.4			3,018,538
IT Services		2.4			2,995,690
Auto Components		2.3			2,882,123
Textiles, Apparel & Luxury Goods		2.1			2,635,768
Consumer Finance		2.1			2,589,031
Aerospace & Defense		2.0			2,408,730
Internet & Direct Marketing Retail		1.8			2,232,821
Multi-Utilities		1.7			2,065,117
Automobiles		1.4			1,778,209
Building Products		1.3			1,660,193
Health Care Technology		1.2			1,474,517
Diversified Financial Services		1.1			1,321,347
Life Sciences Tools & Services		1.0			1,173,527
Gas Utilities		0.9			1,103,429
Household Durables		0.8			948,314
Investments, at Value		93.9			116,007,306
Short-Term Investments		6.1			7,585,110
Total Investments		100.0	%	$	123,592,416

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

Transamerica Funds Annual Report 2016

Page    132

Transamerica Global Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	71,364,192	$	44,074,588	$	—	$	115,438,780
Preferred Stock		—		568,526		—		568,526
Securities Lending Collateral		5,053,170		—		—		5,053,170
Repurchase Agreement		—		2,531,940		—		2,531,940
Total Investments	$	76,417,362	$	47,175,054	$	—	$	123,592,416

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) Non-income producing securities.

^(B) All or a portion of the securities are on loan. The total value of all securities on loan is $4,825,996. 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)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2016, the value of the 144A security is $1,265,511, representing 1.1% of the Fund’s net assets.

^(D)  Rates disclosed reflect the yields at October 31, 2016.

^(E)  Aggregate cost for federal income tax purposes is $119,677,532. Aggregate gross unrealized appreciation and depreciation for all securities is $9,350,976 and $5,436,092, respectively. Net unrealized appreciation for tax purposes is $3,914,884.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
CVA	Commanditaire Vennootschap op Aandelen (Dutch Certificate)

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

Transamerica Funds Annual Report 2016

Page    133

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 143.1%
Australia - 1.2%
BlueScope Steel, Ltd.		8,300		$  49,248
Orocobre, Ltd. (A)		18,800		54,773
				104,021
Belgium - 2.1%
Bekaert SA (B)		1,600		71,169
KBC Group NV (A) (B)		1,900		115,779
				186,948
Bermuda - 0.9%
Arch Capital Group, Ltd. (A) (B)		1,000		77,970
Brazil - 0.8%
Minerva SA (A)		12,500		39,591
QGEP Participacoes SA		20,500		35,451
				75,042
Canada - 2.6%
Agnico Eagle Mines, Ltd. (B)		1,700		86,360
Baytex Energy Corp. (A)		3,300		12,705
Bonavista Energy Corp.		12,000		39,186
Gran Tierra Energy, Inc. (A)		10,500		30,687
Silver Standard Resources, Inc. (A) (B)		2,800		30,728
Silver Standard Resources, Inc. (A) (B)		2,500		27,400
				227,066
China - 2.3%
AAC Technologies Holdings, Inc.		6,100		58,203
Alibaba Group Holding, Ltd., ADR (A)		400		40,676
China BlueChemical, Ltd., H Shares		26,000		5,029
Fu Shou Yuan International Group, Ltd.		59,900		35,142
PICC Property & Casualty Co., Ltd., Class H		42,200		68,342
				207,392
Denmark - 2.6%
Pandora A/S (B)		1,300		169,220
Royal Unibrew A/S		1,400		65,498
				234,718
Finland - 1.6%
UPM-Kymmene OYJ (B)		5,900		137,307
France - 5.8%
AXA SA (B)		4,400		99,186
BNP Paribas SA		1,100		63,806
Capgemini SA (B)		450		37,286
Cellectis SA, ADR (A) (B)		400		7,072
Cie Generale des Etablissements Michelin, Class B (B)		1,000		108,271
Orange SA		1,000		15,753
Societe Generale SA		600		23,422
TOTAL SA (B)		2,600		124,783
Vinci SA (B)		500		36,215
				515,794
Germany - 5.0%
Allianz SE, Class A (B)		600		93,528
Aroundtown Property Holdings PLC (A)		12,200		58,258
Daimler AG (B)		650		46,316
Deutsche EuroShop AG (B)		3,000		129,589
HeidelbergCement AG (B)		400		37,833
ThyssenKrupp AG (B)		3,200		74,085
				439,609

	Shares		Value
COMMON STOCKS (continued)
Hong Kong - 3.9%
Beijing Enterprises Water Group, Ltd. (A)		66,500		$   48,274
BOC Hong Kong Holdings, Ltd. (B)		10,600		37,859
CK Hutchison Holdings, Ltd.		9,900		122,481
WH Group, Ltd. (C)		75,000		60,827
Xinyi Glass Holdings, Ltd. (A)		85,000		73,103
				342,544
Ireland - 2.3%
Adient PLC (A)		213		9,693
Allegion PLC		1,500		95,760
Experian PLC (B)		1,600		30,806
Greencore Group PLC		16,100		65,031
				201,290
Israel - 0.2%
Teva Pharmaceutical Industries, Ltd., ADR		500		21,370
Italy - 2.4%
Buzzi Unicem SpA (B)		2,600		50,575
Hera SpA		8,000		20,462
Intesa Sanpaolo SpA		30,000		69,488
Mediobanca SpA (B)		3,500		25,646
Prysmian SpA (B)		1,000		24,886
Recordati SpA		800		22,640
				213,697
Japan - 10.4%
Fuji Heavy Industries, Ltd. (B)		700		27,327
Haseko Corp. (B)		5,100		49,750
Japan Display, Inc. (A)		4,800		9,475
Kose Corp. (B)		1,200		109,736
LaSalle Logiport REIT		25		26,533
MEIJI Holdings Co., Ltd. (B)		300		29,980
Mitsubishi Corp. (B)		1,900		41,508
Mitsubishi UFJ Financial Group, Inc. (B)		23,800		123,596
Nihon M&A Center, Inc. (B)		1,400		45,590
Nippon Telegraph & Telephone Corp. (B)		3,900		173,300
ORIX Corp. (B)		2,300		36,528
Resorttrust, Inc. (B)		3,050		61,105
Sanwa Holdings Corp. (B)		4,600		45,969
Suruga Bank, Ltd. (B)		3,000		73,376
Temp Holdings Co., Ltd. (B)		3,000		50,977
Tosoh Corp. (B)		2,300		15,067
				919,817
Luxembourg - 0.5%
B&M European Value Retail SA		13,900		39,914
Mexico - 2.7%
Compartamos SAB de CV		8,000		15,779
Gruma SAB de CV, Class B		5,600		77,845
Grupo Aeroportuario del Centro Norte SAB de CV, Class B		9,000		52,521
PLA Administradora Industrial S de RL de CV, REIT (A)		9,300		15,425
Wal-Mart de Mexico SAB de CV		35,000		74,033
				235,603
Netherlands - 5.0%
ING Groep NV (B)		10,100		132,992
Koninklijke Ahold Delhaize NV (B)		3,576		81,632
Koninklijke Vopak NV (B)		1,100		55,552

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

Transamerica Funds Annual Report 2016

Page    134

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Netherlands (continued)
NN Group NV (B)		3,100		$   93,413
Royal Dutch Shell PLC, Class B (B)		3,200		82,841
				446,430
Norway - 0.8%
Avance Gas Holding, Ltd. (C)		1,700		4,156
Europris ASA (A) (C)		5,600		28,534
Statoil ASA (B)		2,500		40,969
				73,659
Philippines - 0.6%
Manila Electric Co.		4,000		22,816
Security Bank Corp.		6,000		27,313
				50,129
Portugal - 0.4%
EDP - Energias de Portugal SA		11,600		38,342
Republic of Korea - 2.8%
Kangwon Land, Inc.		3,400		112,764
Korea Electric Power Corp.		900		38,737
Samsung Electronics Co., Ltd.		38		54,430
SK Hynixm, Inc.		1,100		39,415
				245,346
Singapore - 0.6%
SATS, Ltd.		14,000		48,704
South Africa - 2.0%
Hyprop Investments, Ltd., REIT		4,000		35,509
Mondi PLC (B)		2,900		56,652
Naspers, Ltd., Class N		400		67,041
SPAR Group, Ltd.		1,500		21,248
				180,450
Spain - 3.9%
ACS Actividades de Construccion y Servicios SA (B)		2,881		88,332
Aena SA (B) (C)		200		29,365
Euskaltel SA (A) (C)		4,000		40,309
Ferrovial SA (B)		2,400		46,698
Iberdrola SA (B)		17,811		121,399
Merlin Properties Socimi SA, REIT (B)		2,000		22,482
				348,585
Sweden - 1.8%
Intrum Justitia AB		2,300		70,919
Svenska Cellulosa AB SCA, Class B		600		16,999
Tobii AB (A)		9,500		73,363
				161,281
Switzerland - 6.9%
Allied World Assurance Co. Holdings AG (B)		1,800		77,364
Forbo Holding AG (A)		75		95,650
Georg Fischer AG		165		146,316
Swiss Life Holding AG (A) (B)		660		174,746
Swiss Re AG (B)		1,300		120,732
				614,808
Thailand - 0.9%
Intouch Holdings PCL		54,400		82,383
United Kingdom - 8.4%
3i Group PLC (B)		11,000		90,343
Acacia Mining PLC (B)		2,700		17,135

	Shares		Value
COMMON STOCKS (continued)
United Kingdom (continued)
BP PLC (B)		10,500		$   62,165
British American Tobacco PLC		200		11,485
BT Group PLC, Class A		4,800		22,088
Centrica PLC		9,000		23,596
Hammerson PLC, REIT		2,000		13,488
Imperial Brands PLC (B)		1,800		87,148
Indivior PLC		12,500		48,103
Ithaca Energy, Inc. (A)		60,700		58,880
ITV PLC		21,900		45,704
JD Sports Fashion PLC (B)		1,500		27,889
John Wood Group PLC (B)		1,600		15,060
National Grid PLC, Class B (B)		1,800		23,464
Reckitt Benckiser Group PLC, Class A (B)		1,300		116,365
Taylor Wimpey PLC		47,100		81,691
				744,604
United States - 61.7%
Agilent Technologies, Inc. (B)		3,000		130,710
Albemarle Corp. (B)		1,100		91,905
Alphabet, Inc., Class A (A) (B)		100		80,990
Amazon.com, Inc. (A) (B)		37		29,223
Amdocs, Ltd. (B)		500		29,225
American Financial Group, Inc. (B)		600		44,700
American Homes 4 Rent, Class A, REIT (B)		6,100		128,771
Anadarko Petroleum Corp., Class A (B)		1,300		77,272
Apple, Inc. (B)		1,100		124,894
ARRIS International PLC (A)		800		22,224
AvalonBay Communities, Inc., REIT (B)		200		34,236
Baxter International, Inc. (B)		800		38,072
BroadSoft, Inc. (A) (B)		1,400		58,170
BWX Technologies, Inc. (B)		1,400		54,908
Callaway Golf Co. (B)		3,000		30,630
Care Capital Properties, Inc., REIT (B)		1,900		50,483
Carlisle Cos., Inc. (B)		1,200		125,820
Celgene Corp. (A) (B)		300		30,654
Citizens Financial Group, Inc. (B)		2,200		57,948
Comcast Corp., Class A (B)		400		24,728
Comerica, Inc., Class A (B)		2,500		130,225
CommVault Systems, Inc. (A) (B)		600		32,100
Continental Resources, Inc., Class B (A) (B)		1,700		83,147
Crown Castle International Corp., REIT (B)		1,300		118,287
Curtiss-Wright Corp. (B)		700		62,734
DineEquity, Inc. (B)		800		63,280
Dr. Pepper Snapple Group, Inc. (B)		600		52,674
E*TRADE Financial Corp. (A) (B)		1,400		39,424
East West Bancorp, Inc. (B)		1,600		63,216
Edwards Lifesciences Corp. (A) (B)		600		57,132
Ensign Group, Inc. (B)		1,200		22,164
Finisar Corp. (A) (B)		1,100		30,118
First Republic Bank, Class A (B)		800		59,544
Five9, Inc. (A) (B)		1,900		27,208
Glaukos Corp. (A) (B)		400		13,360
Great Plains Energy, Inc. (B)		2,400		68,256
Groupon, Inc., Class A (A)		5,600		22,344
Helmerich & Payne, Inc. (B)		400		25,244
Hexcel Corp. (B)		1,300		59,137
HRG Group, Inc. (A) (B)		3,600		54,144
Huntington Ingalls Industries, Inc. (B)		300		48,408

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

Transamerica Funds Annual Report 2016

Page    135

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
United States (continued)
Ingersoll-Rand PLC (B)		700		$   47,103
Inphi Corp. (A) (B)		700		25,970
Intuitive Surgical, Inc. (A) (B)		102		68,552
Johnson Controls International PLC (B)		2,136		86,124
KAR Auction Services, Inc. (B)		1,200		51,096
KeyCorp (B)		9,000		127,080
L-3 Communications Holdings, Inc. (B)		848		116,125
Level 3 Communications, Inc. (A) (B)		1,200		67,380
Liberty TripAdvisor Holdings, Inc., Class A (A) (B)		1,500		33,300
Lowe’s Cos., Inc. (B)		1,100		73,315
LyondellBasell Industries NV, Class A (B)		600		47,730
Macy’s, Inc. (B)		1,500		54,735
Matador Resources Co. (A) (B)		6,100		133,041
Merck & Co., Inc. (B)		500		29,360
Micron Technology, Inc. (A) (B)		1,800		30,888
Mohawk Industries, Inc. (A) (B)		600		110,580
Molson Coors Brewing Co., Class B (B)		600		62,286
Morgan Stanley (B)		2,200		73,854
Newfield Exploration Co. (A) (B)		2,000		81,180
Norfolk Southern Corp. (B)		1,400		130,200
Nutanix, Inc., Class A (A)		300		7,350
NVIDIA Corp. (B)		600		42,696
NVR, Inc. (A) (B)		5		7,615
Panera Bread Co., Class A (A) (B)		38		7,249
Parsley Energy, Inc., Class A (A) (B)		1,600		52,640
Priceline Group, Inc. (A) (B)		34		50,124
PVH Corp. (B)		800		85,584
QUALCOMM, Inc. (B)		500		34,360
Ross Stores, Inc. (B)		1,200		75,048
salesforce.com, Inc. (A) (B)		400		30,064
Shire PLC (B)		2,300		130,907
Southwest Airlines Co. (B)		1,800		72,090
Stanley Black & Decker, Inc. (B)		1,000		113,840
Sun Communities, Inc., REIT (B)		1,600		123,088
Supernus Pharmaceuticals, Inc. (A) (B)		1,400		27,720
Synchrony Financial (B)		4,800		137,232
Take-Two Interactive Software, Inc. (A) (B)		800		35,512
Terex Corp. (B)		2,600		62,088
Thermo Fisher Scientific, Inc. (B)		500		73,515
UnitedHealth Group, Inc. (B)		700		98,931
VCA, Inc. (A) (B)		1,300		79,898
VMware, Inc., Class A (A) (B)		400		31,440
Vonage Holdings Corp. (A) (B)		5,800		39,788
WEX, Inc. (A) (B)		700		76,370
WP Carey, Inc., REIT (B)		1,200		72,888
Xilinx, Inc. (B)		600		30,522
Zoetis, Inc., Class A (B)		500		23,900
				5,470,067
Total Common Stocks (Cost $12,360,249)				12,684,890
MASTER LIMITED PARTNERSHIPS - 2.1%
Canada - 0.3%
Brookfield Infrastructure Partners, LP		800		27,064
United States - 1.8%
Cedar Fair, LP		400		22,740
DCP Midstream Partners, LP		1,100		36,685

	Shares			Value
MASTER LIMITED PARTNERSHIPS (continued)
United States (continued)
Enterprise Products Partners, LP		4,000			$   100,960
					160,385
Total Master Limited Partnerships (Cost $201,981)					187,449
RIGHTS - 0.0% (D)
Bermuda - 0.0% (D)
Avance Gas Holdings Ltd. (A) Exercise Price NOK 17 Expiration Date 11/10/2016		405			157
Spain - 0.0% (D)
Ferrovial SA (A) Exercise Price TBD Expiration Date 11/18/2016		2,400			1,028
Total Rights (Cost $1,070)					1,185
	Number of Contracts			Value
EXCHANGE-TRADED OPTIONS PURCHASED - 0.1%
Call - Edwards Lifesciences Corp. Exercise Price $125 Expiration Date 11/18/2016		4			4
Call - Microsoft Corp. Exercise Price $62 Expiration Date 11/18/2016		5			105
Put - Polaris Industries, Inc. Exercise Price $80 Expiration Date 11/18/2016		3			1,920
Put - SeaWorld Entertainment, Inc. Exercise Price $12 Expiration Date 12/16/2016		29			652
Put - Tempur Sealy International, Inc. Exercise Price $55 Expiration Date 12/16/2016		6			1,710
Total Exchange-Traded Options Purchased (Cost $5,433)					4,391
Total Investments (Cost $12,568,733) (E)					12,877,915
	Shares			Value
SECURITIES SOLD SHORT - (86.6)% (F)
COMMON STOCKS - (86.6)%
Australia - (0.7)%
BHP Billiton PLC		(2,600	)		(39,287	)
Insurance Australia Group, Ltd.		(6,500	)		(27,244	)
					(66,531	)
Austria - (1.2)%
OMV AG		(3,400	)		(106,279	)
Belgium - (1.1)%
Colruyt SA		(1,800	)		(96,752	)
Brazil - (0.9)%
Cia Brasileira de Distribuicao, ADR		(1,300	)		(24,765	)
Vale SA, Class B, ADR		(7,600	)		(52,592	)
					(77,357	)

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

Transamerica Funds Annual Report 2016

Page    136

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares			Value
COMMON STOCKS (continued)
Canada - (1.9)%
EnCana Corp.		(4,600	)		$(43,884	)
Goldcorp, Inc.		(2,700	)		(41,040	)
Inter Pipeline, Ltd.		(1,700	)		(35,247	)
Kinross Gold Corp.		(6,500	)		(25,248	)
MAG Silver Corp.		(1,000	)		(14,630	)
Valeant Pharmaceuticals International, Inc.		(300	)		(5,352	)
					(165,401	)
Cayman Islands - (0.3)%
Greenlight Capital Re, Ltd., Class A		(1,300	)		(25,870	)
China - (2.4)%
China Minsheng Banking Corp., Ltd., H Shares		(69,200	)		(78,966	)
Tingyi Cayman Islands Holding Corp.		(120,000	)		(129,507	)
					(208,473	)
Denmark - (1.0)%
Novozymes A/S, B Shares		(2,400	)		(89,153	)
France - (3.0)%
Accor SA		(1,000	)		(37,966	)
Bollore SA		(15,500	)		(51,045	)
DBV Technologies SA		(600	)		(41,469	)
Essilor International SA		(600	)		(67,446	)
Iliad SA		(250	)		(52,445	)
Kering		(75	)		(16,635	)
					(267,006	)
Germany - (3.2)%
adidas AG		(400	)		(65,601	)
Bayerische Motoren Werke AG		(900	)		(78,416	)
Krones AG		(800	)		(81,541	)
Telefonica Deutschland Holding AG		(15,000	)		(58,142	)
					(283,700	)
Hong Kong - (4.7)%
Bank of East Asia, Ltd.		(15,941	)		(64,232	)
China Merchants Port Holdings Co., Ltd.		(10,000	)		(25,917	)
First Pacific Co., Ltd.		(40,000	)		(30,327	)
HK Electric Investments & HK Electric Investments, Ltd. (C)		(26,000	)		(25,646	)
Hong Kong & China Gas Co., Ltd.		(55,000	)		(107,794	)
Nord Anglia Education, Inc.		(300	)		(6,462	)
Shangri-La Asia, Ltd.		(82,000	)		(90,188	)
SJM Holdings, Ltd.		(90,000	)		(62,317	)
					(412,883	)
India - (0.2)%
Wipro, Ltd., ADR		(2,200	)		(21,274	)
Israel - (0.3)%
Check Point Software Technologies, Ltd.		(300	)		(25,368	)
Italy - (0.6)%
Prada SpA		(8,900	)		(31,214	)
Saipem SpA		(45,000	)		(18,524	)
					(49,738	)
Japan - (2.5)%
Asahi Intecc Co., Ltd.		(200	)		(8,677	)
ITO En, Ltd.		(2,500	)		(91,304	)
Mizuno Corp.		(8,800	)		(47,411	)
Shiseido Co., Ltd.		(1,900	)		(49,063	)
Sumco Corp.		(2,200	)		(23,118	)
					(219,573	)

	Shares			Value
COMMON STOCKS (continued)
Macau - (1.3)%
Sands China, Ltd.		(27,500	)		$   (119,672	)
Mexico - (1.8)%
Cemex SAB de CV, ADR		(2,600	)		(22,568	)
Coca-Cola Femsa SAB de CV, ADR		(900	)		(67,509	)
Grupo Bimbo SAB de CV, Series A		(13,000	)		(35,050	)
Grupo Carso SAB de CV, Series A1		(8,800	)		(38,457	)
					(163,584	)
New Zealand - (0.4)%
Fletcher Building, Ltd.		(5,200	)		(38,370	)
Norway - (0.1)%
Schibsted ASA, Class A		(300	)		(7,193	)
Poland - (0.5)%
Powszechna Kasa Oszczednosci Bank Polski SA		(6,000	)		(42,026	)
Singapore - (0.5)%
Raffles Medical Group, Ltd.		(39,777	)		(43,029	)
South Africa - (3.4)%
Discovery, Ltd.		(12,000	)		(102,550	)
Fortress Income Fund, Ltd.		(10,000	)		(23,777	)
Pick n Pay Stores, Ltd.		(12,500	)		(61,175	)
Shoprite Holdings, Ltd.		(8,000	)		(118,068	)
					(305,570	)
Spain - (2.2)%
Banco Bilbao Vizcaya Argentaria SA		(4,200	)		(30,328	)
Bankinter SA		(4,300	)		(32,920	)
EDP Renovaveis SA		(5,000	)		(37,785	)
Repsol SA		(2,200	)		(30,828	)
Telefonica SA		(6,100	)		(62,007	)
					(193,868	)
Sweden - (0.9)%
Svenska Handelsbanken AB, A Shares		(5,900	)		(80,477	)
Switzerland - (4.6)%
Baloise Holding AG		(200	)		(24,617	)
Barry Callebaut AG		(25	)		(31,125	)
Clariant AG		(2,800	)		(46,377	)
Helvetia Holding AG		(190	)		(98,883	)
Swatch Group AG		(200	)		(60,169	)
TE Connectivity, Ltd.		(300	)		(18,861	)
Zurich Insurance Group AG		(490	)		(128,201	)
					(408,233	)
Turkey - (0.2)%
Anadolu Efes Biracilik Ve Malt Sanayii AS		(3,500	)		(21,390	)
United Kingdom - (10.2)%
Associated British Foods PLC		(900	)		(27,121	)
Aviva PLC		(21,000	)		(113,817	)
Barclays PLC		(31,400	)		(73,139	)
Capital & Counties Properties PLC		(6,700	)		(23,643	)
Fiat Chrysler Automobiles NV		(6,100	)		(44,664	)
HSBC Holdings PLC		(16,194	)		(122,140	)
J D Wetherspoon PLC		(1,100	)		(11,714	)
Marks & Spencer Group PLC		(19,900	)		(82,938	)
Merlin Entertainments PLC (C)		(12,100	)		(68,246	)
Pearson PLC		(6,000	)		(55,631	)
Pennon Group PLC		(4,100	)		(41,879	)
Rio Tinto PLC, ADR		(1,900	)		(66,215	)

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

Transamerica Funds Annual Report 2016

Page    137

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares			Value
COMMON STOCKS (continued)
United Kingdom (continued)
Royal Bank of Scotland Group PLC		(11,300	)		$   (26,155	)
United Utilities Group PLC		(8,300	)		(95,496	)
Willis Towers Watson PLC		(200	)		(25,180	)
Worldpay Group PLC (C)		(7,000	)		(24,402	)
					(902,380	)
United States - (36.5)%
Aflac, Inc.		(200	)		(13,774	)
American Express Co.		(800	)		(53,136	)
American States Water Co.		(1,800	)		(71,964	)
AmerisourceBergen Corp., Class A		(300	)		(21,096	)
ARMOUR Residential REIT, Inc.		(300	)		(6,801	)
athenahealth, Inc.		(300	)		(30,996	)
Autodesk, Inc.		(400	)		(28,912	)
Blackbaud, Inc.		(200	)		(12,280	)
Boeing Co.		(200	)		(28,486	)
Bristol-Myers Squibb Co.		(500	)		(25,455	)
Cabot Oil & Gas Corp.		(3,100	)		(64,728	)
CalAtlantic Group, Inc.		(1,500	)		(48,480	)
CarMax, Inc.		(200	)		(9,988	)
Casey’s General Stores, Inc.		(300	)		(33,897	)
CH Robinson Worldwide, Inc.		(400	)		(27,248	)
Clean Harbors, Inc.		(1,100	)		(52,052	)
Colgate-Palmolive Co.		(500	)		(35,680	)
Commerce Bancshares, Inc.		(1,500	)		(74,730	)
Concho Resources, Inc.		(300	)		(38,082	)
Cracker Barrel Old Country Store, Inc.		(200	)		(27,600	)
Deere & Co.		(200	)		(17,660	)
Diebold, Inc.		(400	)		(8,720	)
Ecolab, Inc.		(400	)		(45,668	)
EOG Resources, Inc.		(200	)		(18,084	)
Equity Residential, REIT		(600	)		(37,050	)
EW Scripps Co., Class A		(1,400	)		(18,564	)
Express Scripts Holding Co.		(900	)		(60,660	)
First Solar, Inc.		(1,900	)		(76,931	)
FleetCor Technologies, Inc.		(300	)		(52,590	)
Flowserve Corp.		(1,100	)		(46,585	)
FMC Technologies, Inc.		(1,100	)		(35,497	)
Ford Motor Co.		(1,900	)		(22,306	)
G-III Apparel Group, Ltd.		(1,200	)		(31,344	)
GEO Group, Inc., REIT		(500	)		(11,980	)
Healthcare Realty Trust, Inc., REIT		(1,800	)		(57,402	)
Healthcare Services Group, Inc.		(1,500	)		(55,455	)
Heartland Express, Inc.		(3,700	)		(68,080	)
Illumina, Inc.		(300	)		(40,842	)
International Business Machines Corp.		(600	)		(92,214	)
Ionis Pharmaceuticals, Inc.		(700	)		(18,186	)
J.M. Smucker, Co.		(200	)		(26,262	)
Kimco Realty Corp., REIT		(3,100	)		(82,491	)
Lindsay Corp.		(300	)		(23,490	)
Lions Gate Entertainment Corp.		(1,300	)		(26,468	)
Marathon Petroleum Corp.		(1,800	)		(78,462	)
Mattel, Inc.		(2,600	)		(81,978	)
MEDNAX, Inc.		(300	)		(18,375	)
Mercury General Corp.		(500	)		(27,235	)
MGP Ingredients, Inc.		(200	)		(7,042	)
Microchip Technology, Inc.		(700	)		(42,385	)
New York Community Bancorp, Inc.		(2,800	)		(40,208	)

	Shares			Value
COMMON STOCKS (continued)
United States (continued)
Nielsen Holdings PLC		(500	)		$   (22,510	)
PAREXEL International Corp.		(600	)		(34,956	)
Pennsylvania Real Estate Investment Trust		(2,200	)		(42,922	)
People’s United Financial, Inc.		(4,600	)		(74,704	)
Phillips 66		(900	)		(73,035	)
Pilgrim’s Pride Corp.		(1,400	)		(30,576	)
PNM Resources, Inc.		(1,700	)		(55,845	)
Qorvo, Inc.		(400	)		(22,260	)
Regal Entertainment Group, Class A		(700	)		(15,057	)
Reliance Steel & Aluminum Co.		(200	)		(13,756	)
RingCentral, Inc., Class A		(900	)		(18,630	)
Rockwell Collins, Inc.		(400	)		(33,728	)
Sabre Corp.		(800	)		(20,664	)
Schlumberger, Ltd.		(600	)		(46,938	)
Sealed Air Corp.		(1,200	)		(54,756	)
Signature Bank		(200	)		(24,112	)
Silgan Holdings, Inc.		(1,500	)		(76,425	)
Spirit Airlines, Inc.		(1,200	)		(57,516	)
Square, Inc., Class A		(1,800	)		(20,160	)
SS&C Technologies Holdings, Inc.		(600	)		(19,158	)
Stericycle, Inc.		(300	)		(24,027	)
T. Rowe Price Group, Inc.		(300	)		(19,203	)
Texas Roadhouse, Inc.		(500	)		(20,260	)
Travelers Cos., Inc.		(600	)		(64,908	)
Tribune Media Co., Class A		(900	)		(29,340	)
TripAdvisor, Inc.		(300	)		(19,344	)
Triumph Group, Inc.		(600	)		(14,220	)
Ultimate Software Group, Inc.		(100	)		(21,099	)
United Therapeutics Corp.		(200	)		(24,014	)
Valley National Bancorp		(7,300	)		(71,978	)
Vulcan Materials Co.		(300	)		(33,960	)
Walt Disney, Co.		(400	)		(37,076	)
Webster Financial Corp.		(2,000	)		(80,800	)
WESCO Aircraft Holdings, Inc.		(500	)		(6,425	)
Western Digital Corp.		(400	)		(23,376	)
Wynn Resorts, Ltd.		(100	)		(9,455	)
					(3,232,792	)
Total Common Stocks (Proceeds $7,585,693)					(7,673,942	)
Total Securities Sold Short (Proceeds $7,585,693)					(7,673,942	)
Net Other Assets (Liabilities) - 41.3%					3,660,383
Net Assets - 100.0%					$  8,864,356

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

Transamerica Funds Annual Report 2016

Page    138

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

EXCHANGE-TRADED OPTIONS WRITTEN:

Description		Exercise Price		Expiration Date		Number of Contracts		Premiums (Received)			Value
Call - American Express Co.	USD		70.00		11/18/2016		5	$	(158	)	$	(60	)
Call - Edwards Lifesciences Corp.	USD		130.00		11/18/2016		4		(177	)		(4	)
Call - SeaWorld Entertainment, Inc.	USD		15.00		12/16/2016		29		(1,138	)		(1,450	)
Put - Microsoft Corp.	USD		58.50		11/18/2016		5		(173	)		(270	)
Put - Polaris Industries, Inc.	USD		70.00		11/18/2016		3		(249	)		(195	)
Total								$	(1,895	)	$	(1,979	)

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Oil, Gas & Consumable Fuels		12.0	%	$	623,828
Equity Real Estate Investment Trusts		7.4			385,568
Household Durables		5.7			296,806
Aerospace & Defense		5.0			258,453
Banks		4.9			254,583
Electric Utilities		4.5			235,123
Capital Markets		4.4			230,008
Building Products		4.4			227,853
Technology Hardware, Storage & Peripherals		4.2			220,591
Industrial Conglomerates		4.0			209,844
Machinery		3.8			200,071
Insurance		3.8			197,702
Paper & Forest Products		3.7			193,959
Auto Components		3.7			191,067
Diversified Telecommunication Services		3.6			186,024
Construction & Engineering		3.3			172,273
Specialty Retail		3.2			166,264
Real Estate Management & Development		3.2			164,204
Metals & Mining		3.0			158,130
Internet Software & Services		3.0			156,224
Household Products		2.9			151,828
Pharmaceuticals		2.7			142,286
Life Sciences Tools & Services		2.5			128,427
Internet & Direct Marketing Retail		2.2			115,647
Transportation Infrastructure		2.0			104,673
Health Care Equipment & Supplies		1.9			100,993
Consumer Finance		1.9			99,875
Tobacco		1.9			98,633
Biotechnology		1.6			84,964
Wireless Telecommunication Services		1.6			82,383
Multi-Utilities		1.3			67,522
Road & Rail		1.2			62,120
Software		1.2			61,839
Personal Products		1.2			60,673
Professional Services		1.1			59,273
Health Care Providers & Services		1.1			57,833
Communications Equipment		1.0			52,342
Textiles, Apparel & Luxury Goods		1.0			49,841
Electronic Equipment, Instruments & Components		0.9			48,817
Trading Companies & Distributors		0.8			41,508
Multiline Retail		0.8			40,245
Semiconductors & Semiconductor Equipment		0.8			39,157
Diversified Consumer Services		0.6			28,680
Electrical Equipment		0.5			24,886

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

Transamerica Funds Annual Report 2016

Page    139

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Airlines		0.3	%	$	14,574
Diversified Financial Services		0.1			6,201
Exchange-Traded Options Purchased		0.1			4,391
Food Products		(0.1	)		(6,367	)
Construction Materials		(0.1	)		(6,490	)
Beverages		(0.1	)		(6,787	)
Mortgage Real Estate Investment Trusts		(0.1	)		(6,801	)
Commercial Services & Supplies		(0.2	)		(9,519	)
Chemicals		(0.4	)		(21,467	)
Health Care Technology		(0.6	)		(30,996	)
Independent Power & Renewable Electricity Producers		(0.7	)		(37,785	)
Thrifts & Mortgage Finance		(0.8	)		(40,208	)
Media		(1.0	)		(51,856	)
Energy Equipment & Services		(1.2	)		(60,655	)
Automobiles		(1.4	)		(71,743	)
Air Freight & Logistics		(1.5	)		(78,293	)
IT Services		(1.7	)		(88,423	)
Leisure Products		(1.9	)		(98,759	)
Gas Utilities		(2.1	)		(107,794	)
Containers & Packaging		(2.5	)		(131,181	)
Food & Staples Retailing		(3.0	)		(157,744	)
Water Utilities		(3.1	)		(161,065	)
Hotels, Restaurants & Leisure		(3.5	)		(180,280	)
Total Investments and Securities Sold Short		100.0	%	$	5,203,973

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	6,206,776		$	6,478,114		$	—	$	12,684,890
Master Limited Partnerships		187,449			—			—		187,449
Rights		—			1,185			—		1,185
Exchange-Traded Options Purchased		4,391			—			—		4,391
Total Investments	$	6,398,616		$	6,479,299		$	—	$	12,877,915
LIABILITIES
Securities Sold Short
Common Stocks	$	(3,828,364	)	$	(3,845,578	)	$	—	$	(7,673,942	)
Total Securities Sold Short	$	(3,828,364	)	$	(3,845,578	)	$	—	$	(7,673,942	)
Other Financial Instruments
Exchange-Traded Options Written	$	(1,979	)	$	—		$	—	$	(1,979	)
Total Other Financial Instruments	$	(1,979	)	$	—		$	—	$	(1,979	)

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

Transamerica Funds Annual Report 2016

Page    140

Transamerica Global Long/Short Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of these securities have been segregated as collateral for open options and securities sold short transactions. The total value of all securities segregated as collateral for open options and securities sold short transactions is $9,507,425.

^(C)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $44,897, representing 0.5% of the Fund’s net assets.

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

^(E)  Aggregate cost for federal income tax purposes is $12,759,529. Aggregate gross unrealized appreciation and depreciation for all securities is $541,496 and $423,110, respectively. Net unrealized appreciation for tax purposes is $118,386.

^(F)  Cash in the amount of $1,008,149 has been segregated by the custodian as collateral for open options and securities sold short transactions.

^(G)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust
TBD	To Be Determined

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

Transamerica Funds Annual Report 2016

Page    141

Transamerica Government Money Market

(formerly, Transamerica Money Market)

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.8%
Federal Agricultural Mortgage Corp. 0.68% (A), 04/03/2018		$  6,000,000		$  6,000,000
Federal Farm Credit Banks
0.48% (A), 04/20/2017		100,000		99,976
0.55% (A), 03/29/2017		2,700,000		2,699,485
0.57% (A), 02/13/2017 - 06/22/2017		3,840,000		3,839,740
0.58% (A), 04/17/2017		1,580,000		1,579,862
0.65% (A), 08/01/2017 - 11/13/2017		3,920,000		3,920,227
Federal Home Loan Banks
0.58% (A), 07/12/2017		4,100,000		4,100,000
0.61% (A), 10/27/2017		5,000,000		5,000,000
0.80% (A), 12/18/2017		1,950,000		1,953,115
0.81% (A), 08/25/2017		2,600,000		2,600,927
0.83% (A), 10/04/2017		6,500,000		6,500,965
Federal National Mortgage Association 0.81% (A), 03/21/2018		3,500,000		3,513,514
Total U.S. Government Agency Obligations (Cost $41,807,811)				41,807,811
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 39.3%
Federal Agricultural Mortgage Corp.
0.55% (A), 08/25/2017		3,250,000		3,250,134
0.57% (A), 05/09/2017		3,400,000		3,399,822
Federal Farm Credit Banks 0.57% (A), 02/15/2017		6,400,000		6,399,812
Federal Farm Credit Discount Notes
0.37% (B), 12/27/2016		4,000,000		3,997,760
0.49% (B), 11/01/2016		6,250,000		6,250,000
0.50% (B), 11/14/2016		3,200,000		3,199,434
0.66% (B), 08/07/2017		1,350,000		1,343,199
Federal Home Loan Bank Discount Notes
0.28% (B), 11/30/2016 - 12/23/2016		7,870,000		7,867,682
0.30% (B), 12/22/2016		6,800,000		6,797,158
0.34% (B), 11/14/2016 - 11/16/2016		4,000,000		3,999,479
0.35% (B), 11/23/2016 - 12/05/2016		11,950,000		11,946,531
0.47% (B), 03/06/2017		3,650,000		3,644,170
0.49% (B), 01/27/2017		10,000,000		9,988,400
0.55% (B), 11/10/2016		6,500,000		6,499,123
Federal Home Loan Banks
0.53% (A), 01/06/2017		4,000,000		4,000,000
0.54% (A), 06/01/2017		3,400,000		3,399,701
0.59% (A), 04/19/2017		5,100,000		5,100,000
Federal Home Loan Mortgage Corp. Discount Notes 0.34% (B), 01/05/2017		6,800,000		6,795,887
Total Short-Term U.S. Government Agency Obligations (Cost $97,878,292)				97,878,292
REPURCHASE AGREEMENTS - 44.2%
Barclays Capital, Inc. 0.32% (B), dated 10/31/2016, to be repurchased at $22,200,197 on 11/01/2016. Collateralized by U.S. Government Agency Obligations, 4.92% - 6.12%, due 03/25/2035 - 07/20/2045, and with a total value of $22,644,000.		22,200,000		22,200,000

	Principal		Value
REPURCHASE AGREEMENTS (continued)
Barclays Capital, Inc. 0.51% (B), dated 10/21/2016, to be repurchased at $9,207,820 on 12/20/2016. Collateralized by U.S. Government Agency Obligations, 5.57% - 6.24%, due 05/25/2035 - 05/15/2041, and with a total value of $9,384,000. (C)		$  9,200,000		$  9,200,000
Goldman Sachs & Co. 0.32% (B), dated 10/31/2016, to be repurchased at $10,000,089 on 11/01/2016. Collateralized by a U.S. Government Agency Obligations, 3.50% - 4.50%, due 08/01/2041 - 09/01/2046 and with a total value of $10,200,000.		10,000,000		10,000,000
ING Financial Markets LLC 0.26% (B), dated 10/31/2016, to be repurchased at $24,500,177 on 11/01/2016. Collateralized by a U.S. Government Obligation, 1.63%, due 02/15/2026, and with a value of $24,992,348.		24,500,000		24,500,000
Jefferies LLC 0.48% (B), dated 10/31/2016, to be repurchased at $13,000,173 on 11/01/2016. Collateralized by U.S. Government Agency Obligations, 2.45% - 4.75%, due 06/01/2022 - 07/15/2049, and with a total value of $13,260,000.		13,000,000		13,000,000
Nomura Securities International, Inc. 0.34% (B), dated 10/31/2016, to be repurchased at $31,000,293 on 11/01/2016. Collateralized by a U.S. Government Obligation and U.S. Government Agency Obligations, 1.71% - 9.00%, due 11/01/2016 - 04/20/2066, and with a total value of $31,620,000.		31,000,000		31,000,000
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $392,526 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.50%, due 05/15/2024, and with a value of $401,250.		392,525		392,525
Total Repurchase Agreements (Cost $110,292,525)				110,292,525
Total Investments (Cost $249,978,628) (D)				249,978,628
Net Other Assets (Liabilities) - (0.3)%				(660,698	)
Net Assets - 100.0%				$  249,317,930

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

Transamerica Funds Annual Report 2016

Page    142

Transamerica Government Money Market

(formerly, Transamerica Money Market)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
U.S. Government Agency Obligations	$	—	$	41,807,811	$	—	$	41,807,811
Short-Term U.S. Government Agency Obligations		—		97,878,292		—		97,878,292
Repurchase Agreements		—		110,292,525		—		110,292,525
Total Investments	$	—	$	249,978,628	$	—	$	249,978,628

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(B)  Rates disclosed reflect the yields at October 31, 2016.

^(C)  Illiquid security. At October 31, 2016, value of the illiquid security is $9,200,000, representing 3.7% of the Fund’s net assets.

^(D)  Aggregate cost for federal income tax purposes is $249,978,628.

^(E) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    143

Transamerica Growth

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 100.3%
Aerospace & Defense - 1.7%
Boeing Co.		44,357		$  6,317,767
Air Freight & Logistics - 0.9%
FedEx Corp.		19,455		3,391,396
Automobiles - 0.9%
Tesla Motors, Inc. (A)		16,507		3,263,929
Beverages - 2.1%
Constellation Brands, Inc., Class A		17,465		2,918,751
Monster Beverage Corp. (A)		34,500		4,979,730
				7,898,481
Biotechnology - 9.3%
Alexion Pharmaceuticals, Inc. (A)		38,690		5,049,045
Biogen, Inc. (A)		17,630		4,939,574
BioMarin Pharmaceutical, Inc. (A)		27,527		2,216,474
Celgene Corp. (A)		90,483		9,245,553
Regeneron Pharmaceuticals, Inc., Class A (A)		13,106		4,521,832
Shire PLC, Class B, ADR		39,136		6,599,895
Vertex Pharmaceuticals, Inc. (A)		26,855		2,037,220
				34,609,593
Capital Markets - 2.3%
Goldman Sachs Group, Inc.		25,102		4,474,180
S&P Global, Inc.		34,669		4,224,418
				8,698,598
Chemicals - 0.5%
Albemarle Corp.		23,005		1,922,068
Communications Equipment - 1.3%
Palo Alto Networks, Inc. (A)		30,319		4,663,972
Energy Equipment & Services - 1.3%
Halliburton Co.		102,762		4,727,052
Equity Real Estate Investment Trusts - 1.4%
American Tower Corp., Class A		44,883		5,259,839
Food & Staples Retailing - 1.4%
Costco Wholesale Corp.		34,048		5,034,678
Hotels, Restaurants & Leisure - 3.3%
Marriott International, Inc., Class A		97,219		6,678,945
Starbucks Corp.		106,973		5,677,057
				12,356,002
Internet & Direct Marketing Retail - 10.3%
Amazon.com, Inc. (A)		28,806		22,751,555
Expedia, Inc.		6,858		886,259
Netflix, Inc. (A)		58,119		7,257,320
Priceline Group, Inc. (A)		4,961		7,313,655
				38,208,789
Internet Software & Services - 16.6%
Alibaba Group Holding, Ltd., ADR (A)		128,085		13,024,964
Alphabet, Inc., Class A (A)		11,783		9,543,052
Alphabet, Inc., Class C (A)		12,164		9,543,144
Facebook, Inc., Class A (A)		134,789		17,656,011
Tencent Holdings, Ltd.		446,570		11,850,108
				61,617,279
IT Services - 8.0%
FleetCor Technologies, Inc. (A)		31,446		5,512,484
MasterCard, Inc., Class A		99,798		10,680,382
Visa, Inc., Class A		165,854		13,684,613
				29,877,479
Life Sciences Tools & Services - 0.7%
Illumina, Inc. (A)		20,081		2,733,827

	Shares		Value
COMMON STOCKS (continued)
Media - 2.3%
Charter Communications, Inc., Class A (A)		8,582		$   2,144,556
Time Warner, Inc.		48,095		4,279,974
Walt Disney Co.		20,772		1,925,357
				8,349,887
Oil, Gas & Consumable Fuels - 1.3%
Concho Resources, Inc. (A)		38,402		4,874,750
Pharmaceuticals - 3.4%
Allergan PLC (A)		36,732		7,674,784
Bristol-Myers Squibb Co.		99,809		5,081,276
				12,756,060
Semiconductors & Semiconductor Equipment - 5.1%
NVIDIA Corp.		88,782		6,317,727
NXP Semiconductors NV (A)		53,155		5,315,500
QUALCOMM, Inc.		106,105		7,291,536
				18,924,763
Software - 11.6%
Adobe Systems, Inc. (A)		83,246		8,949,777
Atlassian Corp. PLC, Class A (A)		7,052		189,417
Microsoft Corp.		213,018		12,764,039
Mobileye NV (A)		22,327		830,118
Red Hat, Inc. (A)		63,282		4,901,191
salesforce.com, Inc. (A)		95,901		7,207,919
Splunk, Inc. (A)		62,227		3,745,443
Workday, Inc., Class A (A)		53,755		4,659,483
				43,247,387
Specialty Retail - 7.1%
Home Depot, Inc.		35,957		4,387,114
Industria de Diseno Textil SA		259,013		9,054,539
O’Reilly Automotive, Inc. (A)		24,870		6,576,623
TJX Cos., Inc.		59,593		4,394,984
Ulta Salon Cosmetics & Fragrance, Inc. (A)		7,868		1,914,599
				26,327,859
Technology Hardware, Storage & Peripherals - 4.5%
Apple, Inc.		145,971		16,573,547
Textiles, Apparel & Luxury Goods - 3.0%
adidas AG		39,762		6,521,123
NIKE, Inc., Class B		88,935		4,462,758
				10,983,881
Total Common Stocks (Cost $222,755,046)				372,618,883
	Principal		Value
REPURCHASE AGREEMENT - 0.0% (B)
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $183,674 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $190,950.		$  183,674		183,674
Total Repurchase Agreement (Cost $183,674)				183,674
Total Investments (Cost $222,938,720) (D)				372,802,557
Net Other Assets (Liabilities) - (0.3)%				(1,124,154	)
Net Assets - 100.0%				$  371,678,403

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

Transamerica Funds Annual Report 2016

Page    144

Transamerica Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	345,193,113	$	27,425,770	$	—	$	372,618,883
Repurchase Agreement		—		183,674		—		183,674
Total Investments	$	345,193,113	$	27,609,444	$	—	$	372,802,557

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

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

^(C)  Rate disclosed reflects the yield at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $224,590,809. Aggregate gross unrealized appreciation and depreciation for all securities is $153,563,965 and $5,352,217, respectively. Net unrealized appreciation for tax purposes is $148,211,748.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    145

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES - 91.1%
Aerospace & Defense - 1.1%
Bombardier, Inc.
6.00%, 10/15/2022 (A)		$  6,289,000		$  5,581,487
7.50%, 03/15/2025 (A)		325,000		290,875
7.75%, 03/15/2020 (A)		5,148,000		5,225,220
Triumph Group, Inc. 5.25%, 06/01/2022		3,138,000		2,871,270
				13,968,852
Airlines - 2.5%
American Airlines Group, Inc.
4.63%, 03/01/2020 (A) (B)		1,740,000		1,750,875
5.50%, 10/01/2019 (A)		6,090,000		6,287,925
American Airlines Pass-Through Trust
5.60%, 01/15/2022 (A)		4,280,453		4,478,424
5.63%, 01/15/2021 (A)		3,280,809		3,430,496
6.00%, 01/15/2017 (A)		1,090,301		1,097,061
6.13%, 07/15/2018 (A)		2,810,000		2,908,350
Continental Airlines Pass-Through Certificates 6.13%, 04/29/2018		2,224,000		2,335,200
Continental Airlines Pass-Through Trust
5.50%, 04/29/2022		783,585		822,765
6.90%, 10/19/2023		3,784,169		4,020,679
United Airlines Pass-Through Trust 4.63%, 03/03/2024		967,523		984,455
United Continental Holdings, Inc. 6.38%, 06/01/2018		661,000		694,876
US Airways Pass-Through Trust
5.45%, 06/03/2018		881,000		898,620
6.75%, 12/03/2022		1,654,581		1,795,220
				31,504,946
Auto Components - 0.2%
Goodyear Tire & Rubber Co. 5.00%, 05/31/2026		2,000,000		2,017,500
Automobiles - 0.2%
Fiat Chrysler Automobiles NV 5.25%, 04/15/2023 (B)		2,575,000		2,626,500
Banks - 3.2%
Bank of America Corp. 8.00% (C), 01/30/2018 (D)		8,883,000		9,049,556
Barclays PLC
6.63% (C), 09/15/2019 (B) (D)		1,765,000		1,619,388
8.25% (C), 12/15/2018 (D)		3,867,000		3,915,337
BNP Paribas SA 7.63% (C), 03/30/2021 (A) (D)		1,530,000		1,598,850
CIT Group, Inc.
4.25%, 08/15/2017		1,500,000		1,519,200
5.00%, 05/15/2017		450,000		455,625
5.25%, 03/15/2018		1,583,000		1,639,450
5.50%, 02/15/2019 (A)		1,950,000		2,052,375
Citigroup, Inc. 6.30% (C), 05/15/2024 (D)		4,678,000		4,789,102
JPMorgan Chase & Co. 7.90% (C), 04/30/2018 (D)		6,101,000		6,288,606
Lloyds Banking Group PLC 7.50% (C), 06/27/2024 (D)		3,750,000		3,862,500
Royal Bank of Scotland Group PLC 8.63% (C), 08/15/2021 (D)		1,650,000		1,641,750

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Societe Generale SA 7.38% (C), 09/13/2021 (A) (D)		$   2,200,000		$   2,181,300
				40,613,039
Beverages - 0.8%
Cott Beverages, Inc.
5.38%, 07/01/2022		6,389,000		6,484,835
6.75%, 01/01/2020		3,825,000		3,973,219
				10,458,054
Biotechnology - 0.3%
Concordia International Corp.
7.00%, 04/15/2023 (A) (B)		1,595,000		917,125
9.00%, 04/01/2022 (A)		832,000		811,200
9.50%, 10/21/2022 (A) (B)		2,787,000		1,714,005
				3,442,330
Building Products - 2.8%
Associated Materials LLC / AMH New Finance, Inc. 9.13%, 11/01/2017		10,383,000		9,915,765
Boise Cascade Co. 5.63%, 09/01/2024 (A)		2,040,000		2,062,950
Builders FirstSource, Inc.
5.63%, 09/01/2024 (A)		1,698,000		1,714,980
10.75%, 08/15/2023 (A)		4,838,000		5,563,700
Griffon Corp. 5.25%, 03/01/2022		9,452,000		9,570,150
Norbord, Inc. 6.25%, 04/15/2023 (A)		3,198,000		3,397,875
Ply Gem Industries, Inc. 6.50%, 02/01/2022		4,147,000		4,268,604
				36,494,024
Capital Markets - 1.1%
Credit Suisse Group AG
6.25% (C), 12/18/2024 (A) (D)		543,000		523,995
7.50% (C), 12/11/2023 (A) (D)		5,895,000		6,101,325
Deutsche Bank AG 7.50% (C), 04/30/2025 (D)		3,400,000		2,775,250
Goldman Sachs Capital II 4.00% (C), 12/01/2016 (D)		553,000		454,842
Morgan Stanley 5.55% (C), 07/15/2020 (D)		4,000,000		4,095,000
				13,950,412
Chemicals - 1.0%
Hexion, Inc.
6.63%, 04/15/2020		11,375,000		9,953,125
10.00%, 04/15/2020		620,000		604,500
Tronox Finance LLC 7.50%, 03/15/2022 (A) (B)		3,100,000		2,774,500
				13,332,125
Commercial Services & Supplies - 0.6%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.25%, 03/15/2025 (A) (B)		2,750,000		2,612,500
5.50%, 04/01/2023 (B)		3,747,000		3,709,530
United Rentals North America, Inc. 5.50%, 05/15/2027 (E)		1,320,000		1,313,400
				7,635,430

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

Transamerica Funds Annual Report 2016

Page    146

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Construction & Engineering - 1.9%
Abengoa Finance SA 7.75%, 02/01/2020 (A) (F) (G)		$   1,606,000		$   56,210
Abengoa Greenfield SA 6.50%, 10/01/2019 (A) (F) (G)		2,490,000		112,050
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.88%, 02/15/2021 (A)		8,508,000		8,337,840
Brookfield Residential Properties, Inc. 6.38%, 05/15/2025 (A) (B)		5,102,000		5,089,245
K Hovnanian Enterprises, Inc.
7.00%, 01/15/2019 (A)		3,515,000		2,460,500
7.25%, 10/15/2020 (A)		5,630,000		5,067,000
8.00%, 11/01/2019 (A)		1,450,000		855,500
9.13%, 11/15/2020 (A)		2,977,000		1,994,590
				23,972,935
Consumer Finance - 3.8%
Ally Financial, Inc.
4.75%, 09/10/2018		2,825,000		2,902,998
5.75%, 11/20/2025		1,761,000		1,802,824
7.50%, 09/15/2020		2,518,000		2,839,045
8.00%, 03/15/2020		2,163,000		2,449,597
Altice Financing SA
6.63%, 02/15/2023 (A)		3,575,000		3,682,250
7.50%, 05/15/2026 (A)		2,150,000		2,214,500
Altice US Finance I Corp. 5.38%, 07/15/2023 (A)		1,295,000		1,324,850
Navient Corp.
4.88%, 06/17/2019, MTN (B)		2,923,000		2,948,576
5.00%, 06/15/2018, MTN		1,700,000		1,695,750
5.00%, 10/26/2020		98,000		96,775
5.88%, 10/25/2024		3,429,000		3,060,382
6.63%, 07/26/2021		1,609,000		1,621,068
OneMain Financial Holdings LLC
6.75%, 12/15/2019 (A)		2,688,000		2,782,080
7.25%, 12/15/2021 (A)		6,046,000		6,257,610
Springleaf Finance Corp.
6.00%, 06/01/2020		3,625,000		3,656,719
7.75%, 10/01/2021 (B)		6,643,000		6,921,342
8.25%, 12/15/2020		2,720,000		2,951,200
				49,207,566
Containers & Packaging - 1.7%
ARD Finance SA 7.13%, 09/15/2023 Cash Rate 7.125% (A) (H)		1,063,000		1,052,370
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
3.85% (C), 12/15/2019 (A)		5,280,000		5,365,800
7.25%, 05/15/2024 (A)		750,000		791,250
Ball Corp.
4.38%, 12/15/2020		1,185,000		1,262,025
5.25%, 07/01/2025		2,832,000		3,011,124
Coveris Holdings SA 7.88%, 11/01/2019 (A)		4,855,000		5,012,787
Owens-Brockway Glass Container, Inc.
5.88%, 08/15/2023 (A) (B)		2,263,000		2,411,509
6.38%, 08/15/2025 (A)		931,000		1,021,773

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Containers & Packaging (continued)
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.13%, 07/15/2023 (A)		$   1,313,000		$   1,347,873
7.00%, 07/15/2024 (A)		681,000		727,819
				22,004,330
Diversified Financial Services - 1.5%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust
3.95%, 02/01/2022		795,000		810,280
4.25%, 07/01/2020		900,000		933,750
4.63%, 10/30/2020 - 07/01/2022		575,000		602,781
Glen Meadow Pass-Through Trust 6.51% (C), 02/12/2067 (A)		9,996,000		7,871,850
ILFC E-Capital Trust I 4.00% (C), 12/21/2065 (A)		6,926,000		5,523,485
Jefferies Finance LLC / JFIN Co-Issuer Corp. 7.50%, 04/15/2021 (A)		3,313,000		3,238,458
				18,980,604
Diversified Telecommunication Services - 8.0%
CenturyLink, Inc.
6.45%, 06/15/2021		798,000		851,865
7.50%, 04/01/2024 (B)		1,074,000		1,118,303
7.60%, 09/15/2039		8,031,000		7,147,590
7.65%, 03/15/2042		13,799,000		12,281,110
Frontier Communications Corp.
6.88%, 01/15/2025		500,000		418,750
7.63%, 04/15/2024		5,710,000		5,081,900
9.00%, 08/15/2031		4,583,000		3,987,210
10.50%, 09/15/2022		1,060,000		1,102,400
11.00%, 09/15/2025		4,101,000		4,199,014
Hughes Satellite Systems Corp.
5.25%, 08/01/2026 (A)		435,000		428,475
6.50%, 06/15/2019		743,000		810,799
6.63%, 08/01/2026 (A)		3,696,000		3,659,040
7.63%, 06/15/2021		10,624,000		11,646,560
Intelsat Jackson Holdings SA
7.25%, 04/01/2019 (B)		5,411,000		4,362,619
7.50%, 04/01/2021 (B)		633,000		465,255
8.00%, 02/15/2024 (A)		722,000		725,610
SFR Group SA 7.38%, 05/01/2026 (A)		4,361,000		4,404,610
Sprint Capital Corp.
6.90%, 05/01/2019		3,343,000		3,518,507
8.75%, 03/15/2032		1,386,000		1,406,790
UPCB Finance IV, Ltd. 5.38%, 01/15/2025 (A)		3,140,000		3,187,100
Virgin Media Finance PLC
5.75%, 01/15/2025 (A)		5,065,000		5,014,350
6.38%, 04/15/2023 (A)		7,835,000		7,991,700
Virgin Media Secured Finance PLC
5.25%, 01/15/2026 (A)		3,060,000		3,028,482
5.50%, 08/15/2026 (A)		900,000		907,875
Wind Acquisition Finance SA
4.75%, 07/15/2020 (A)		3,760,000		3,778,800
7.38%, 04/23/2021 (A)		7,936,000		8,154,240

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

Transamerica Funds Annual Report 2016

Page    147

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Windstream Services LLC 7.75%, 10/01/2021 (B)		$   3,853,000		$   3,819,286
				103,498,240
Electric Utilities - 1.2%
Elwood Energy LLC 8.16%, 07/05/2026		3,775,979		4,229,096
Homer City Generation, LP
8.14%, 10/01/2019		2,220,483		865,989
8.73%, 10/01/2026		6,137,938		2,393,796
Red Oak Power LLC 9.20%, 11/30/2029		4,740,000		4,953,300
Terraform Global Operating LLC 13.75%, 08/15/2022 (A) (B)		2,261,000		2,351,440
				14,793,621
Electronic Equipment, Instruments & Components - 0.4%
Belden, Inc. 5.50%, 09/01/2022 (A)		4,262,000		4,357,895
Sanmina Corp. 4.38%, 06/01/2019 (A)		1,071,000		1,116,518
				5,474,413
Energy Equipment & Services - 3.4%
CSI Compressco, LP / Compressco Finance, Inc. 7.25%, 08/15/2022		4,049,000		3,866,795
Genesis Energy, LP / Genesis Energy Finance Corp. 6.75%, 08/01/2022		4,360,000		4,479,900
Noble Holding International, Ltd.
6.05%, 03/01/2041		2,022,000		1,180,343
8.20%, 04/01/2045		1,723,000		1,160,871
NuStar Logistics, LP
4.80%, 09/01/2020		4,236,000		4,288,950
6.75%, 02/01/2021		2,590,000		2,816,625
8.15%, 04/15/2018		960,000		1,029,600
Regency Energy Partners, LP / Regency Energy Finance Corp.
5.75%, 09/01/2020		4,165,000		4,564,178
5.88%, 03/01/2022		1,783,000		1,996,905
Rowan Cos., Inc. 4.88%, 06/01/2022		3,162,000		2,719,320
Sabine Pass Liquefaction LLC
5.63%, 02/01/2021 - 03/01/2025		5,854,000		6,184,274
5.88%, 06/30/2026 (A)		4,682,000		5,045,791
Weatherford International LLC 6.80%, 06/15/2037		2,326,000		1,860,800
Weatherford International, Ltd. 6.75%, 09/15/2040		3,302,000		2,616,835
				43,811,187
Equity Real Estate Investment Trusts - 0.9%
CBL & Associates, LP 5.25%, 12/01/2023		5,267,000		5,332,300
Communications Sales & Leasing, Inc. / CSL Capital LLC 8.25%, 10/15/2023		1,525,000		1,608,875
Iron Mountain US Holdings, Inc. 5.38%, 06/01/2026 (A)		1,930,000		1,949,300

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
Iron Mountain, Inc. 4.38%, 06/01/2021 (A)		$   1,184,000		$   1,222,480
VEREIT Operating Partnership, LP 4.13%, 06/01/2021		1,270,000		1,320,800
				11,433,755
Food & Staples Retailing - 0.9%
Albertsons Cos. LLC / Safeway, Inc.
5.75%, 03/15/2025 (A)		1,850,000		1,826,302
6.63%, 06/15/2024 (A)		3,829,000		3,972,587
Rite Aid Corp.
6.13%, 04/01/2023 (A)		1,675,000		1,767,125
6.75%, 06/15/2021		3,887,000		4,081,350
				11,647,364
Food Products - 1.2%
Aramark Services, Inc. 5.75%, 03/15/2020		174,000		179,003
JBS USA LUX SA / JBS USA Finance, Inc.
5.75%, 06/15/2025 (A)		4,296,000		4,210,080
7.25%, 06/01/2021 (A)		2,523,000		2,586,075
Pilgrim’s Pride Corp. 5.75%, 03/15/2025 (A)		2,105,000		2,152,362
Post Holdings, Inc.
7.38%, 02/15/2022		2,215,000		2,320,212
8.00%, 07/15/2025 (A)		3,915,000		4,463,100
				15,910,832
Gas Utilities - 0.3%
Ferrellgas, LP / Ferrellgas Finance Corp. 6.75%, 06/15/2023		3,432,000		3,200,340
Health Care Equipment & Supplies - 1.6%
DJO Finco, Inc. / DJO Finance LLC 8.13%, 06/15/2021 (A)		3,221,000		2,955,268
Hologic, Inc. 5.25%, 07/15/2022 (A)		2,868,000		3,033,197
Mallinckrodt International Finance SA 4.75%, 04/15/2023 (B)		3,955,000		3,445,794
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
5.50%, 04/15/2025 (A)		2,675,000		2,474,375
5.75%, 08/01/2022 (A)		5,011,000		4,747,922
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA 6.63%, 05/15/2022 (A)		5,256,000		4,507,020
				21,163,576
Health Care Providers & Services - 5.6%
CHS / Community Health Systems, Inc.
6.88%, 02/01/2022		8,404,000		6,408,050
7.13%, 07/15/2020		7,490,000		6,048,175
8.00%, 11/15/2019 (B)		5,170,000		4,549,600
DaVita, Inc.
5.13%, 07/15/2024		775,000		758,047
5.75%, 08/15/2022		4,835,000		4,955,972
HCA Holdings, Inc. 6.25%, 02/15/2021		6,185,000		6,672,069
HCA, Inc.
5.25%, 04/15/2025 - 06/15/2026		5,094,000		5,329,928
7.50%, 02/15/2022		8,386,000		9,543,268

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

Transamerica Funds Annual Report 2016

Page    148

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
HealthSouth Corp. 5.75%, 11/01/2024 - 09/15/2025		$   6,103,000		$   6,298,200
LifePoint Health, Inc.
5.38%, 05/01/2024 (A) (B)		2,834,000		2,816,429
5.50%, 12/01/2021		1,477,000		1,530,541
5.88%, 12/01/2023		1,981,000		2,010,715
Tenet Healthcare Corp.
4.38%, 10/01/2021		3,045,000		3,029,775
5.00%, 03/01/2019		2,042,000		1,980,107
6.00%, 10/01/2020		1,293,000		1,362,020
6.75%, 06/15/2023		1,367,000		1,255,931
8.13%, 04/01/2022		7,810,000		7,634,275
				72,183,102
Hotels, Restaurants & Leisure - 5.3%
Boyd Gaming Corp.
6.38%, 04/01/2026 (A)		635,000		679,450
6.88%, 05/15/2023		4,633,000		4,957,310
FelCor Lodging, LP 5.63%, 03/01/2023		4,755,000		4,907,112
International Game Technology PLC
6.25%, 02/15/2022 (A)		1,479,000		1,567,740
6.50%, 02/15/2025 (A)		9,162,000		9,916,033
LG FinanceCo Corp. 5.88%, 11/01/2024 (A)		416,000		419,900
MGM Resorts International
6.00%, 03/15/2023		3,410,000		3,691,325
6.63%, 12/15/2021		4,410,000		4,925,441
6.75%, 10/01/2020		2,134,000		2,368,740
11.38%, 03/01/2018		1,331,000		1,487,393
NCL Corp., Ltd. 4.63%, 11/15/2020 (A)		3,565,000		3,609,562
Rivers Pittsburgh Borrower, LP / Rivers Pittsburgh Finance Corp. 6.13%, 08/15/2021 (A)		3,734,000		3,855,355
Scientific Games International, Inc.
7.00%, 01/01/2022 (A)		1,050,000		1,116,780
10.00%, 12/01/2022		11,824,000		10,937,200
Studio City Finance, Ltd. 8.50%, 12/01/2020 (A) (B)		3,820,000		3,953,700
Viking Cruises, Ltd.
6.25%, 05/15/2025 (A)		3,502,000		3,204,330
8.50%, 10/15/2022 (A)		6,671,000		6,737,710
				68,335,081
Household Durables - 2.4%
Beazer Homes USA, Inc.
5.75%, 06/15/2019		675,000		696,938
7.25%, 02/01/2023		6,761,000		6,794,805
7.50%, 09/15/2021		784,000		791,840
8.75%, 03/15/2022 (A)		1,295,000		1,375,937
KB Home
7.00%, 12/15/2021		767,000		822,608
7.25%, 06/15/2018		2,765,000		2,930,900
7.63%, 05/15/2023		3,480,000		3,706,200
8.00%, 03/15/2020		990,000		1,098,900
Meritage Homes Corp.
4.50%, 03/01/2018		2,098,000		2,126,847
7.00%, 04/01/2022		115,000		128,340
7.15%, 04/15/2020		3,883,000		4,310,130

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables (continued)
Tempur Sealy International, Inc.
5.50%, 06/15/2026		$   2,961,000		$   3,049,830
5.63%, 10/15/2023		2,797,000		2,894,895
				30,728,170
Household Products - 1.2%
Kronos Acquisition Holdings, Inc. 9.00%, 08/15/2023 (A)		4,945,000		5,068,625
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.75%, 10/15/2020		745,000		764,579
6.88%, 02/15/2021		2,710,000		2,804,850
9.88%, 08/15/2019		6,766,000		6,935,150
				15,573,204
Independent Power & Renewable Electricity Producers - 2.8%
Calpine Corp.
5.25%, 06/01/2026 (A)		2,336,000		2,371,040
5.38%, 01/15/2023		500,000		495,000
5.75%, 01/15/2025		2,635,000		2,562,538
6.00%, 01/15/2022 (A)		7,560,000		7,902,544
Dynegy, Inc.
6.75%, 11/01/2019		1,420,000		1,437,168
7.63%, 11/01/2024 (B)		3,507,000		3,357,952
8.00%, 01/15/2025 (A)		1,165,000		1,124,225
NRG Energy, Inc.
6.63%, 03/15/2023 (B)		1,500,000		1,496,250
6.63%, 01/15/2027 (A)		1,897,000		1,776,654
7.25%, 05/15/2026 (A)		5,945,000		5,849,345
7.88%, 05/15/2021		7,759,000		8,108,155
				36,480,871
Insurance - 1.4%
Genworth Holdings, Inc.
4.80%, 02/15/2024		2,000,000		1,630,000
4.90%, 08/15/2023		1,857,000		1,522,740
7.20%, 02/15/2021		3,515,000		3,260,162
7.63%, 09/24/2021		1,426,000		1,336,875
Lincoln National Corp. 3.16% (C), 05/17/2066		12,759,000		10,374,981
				18,124,758
IT Services - 1.1%
First Data Corp.
5.00%, 01/15/2024 (A)		1,451,000		1,472,765
5.75%, 01/15/2024 (A)		2,000,000		2,030,000
6.75%, 11/01/2020 (A)		9,208,000		9,530,280
7.00%, 12/01/2023 (A)		1,355,000		1,419,362
				14,452,407
Machinery - 1.3%
CNH Industrial Capital LLC 3.88%, 07/16/2018 - 10/15/2021		4,665,000		4,670,881
Cortes NP Acquisition Corp. 9.25%, 10/15/2024 (A)		2,463,000		2,572,296
Meritor, Inc.
6.25%, 02/15/2024		2,328,000		2,295,990
6.75%, 06/15/2021		1,047,000		1,065,323
Novelis Corp.
5.88%, 09/30/2026 (A)		1,241,000		1,256,512
6.25%, 08/15/2024 (A)		600,000		624,000

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

Transamerica Funds Annual Report 2016

Page    149

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
Wise Metals Group LLC / Wise Alloys Finance Corp. 8.75%, 12/15/2018 (A) (B)		$   2,192,000		$   2,170,080
Xerium Technologies, Inc. 9.50%, 08/15/2021 (A)		2,318,000		2,352,770
				17,007,852
Media - 8.2%
AMC Entertainment Holdings, Inc. 5.88%, 11/15/2026 (A) (E)		800,000		803,000
Cablevision Systems Corp.
5.88%, 09/15/2022		3,274,000		3,020,265
7.75%, 04/15/2018		3,999,000		4,213,946
8.00%, 04/15/2020		3,987,000		4,226,220
8.63%, 09/15/2017		3,604,000		3,766,180
CBS Radio, Inc. 7.25%, 11/01/2024 (A)		1,020,000		1,059,525
CCO Holdings LLC / CCO Holdings Capital Corp.
5.13%, 02/15/2023		2,675,000		2,768,625
5.50%, 05/01/2026 (A)		488,000		499,897
5.75%, 02/15/2026 (A)		400,000		416,750
5.88%, 04/01/2024 (A)		1,000,000		1,057,500
Cequel Communications Holdings I LLC / Cequel Capital Corp.
6.38%, 09/15/2020 (A)		1,003,000		1,033,090
7.75%, 07/15/2025 (A)		550,000		588,500
Clear Channel Worldwide Holdings, Inc.
6.50%, 11/15/2022		7,289,000		7,364,595
7.63%, 03/15/2020		14,403,000		13,865,805
CSC Holdings LLC
6.63%, 10/15/2025 (A)		2,290,000		2,481,788
10.13%, 01/15/2023 (A)		2,422,000		2,730,805
10.88%, 10/15/2025 (A)		875,000		1,006,250
DISH DBS Corp.
5.00%, 03/15/2023		2,820,000		2,777,700
5.88%, 11/15/2024		6,100,000		6,141,937
7.75%, 07/01/2026		5,285,000		5,803,617
7.88%, 09/01/2019		3,950,000		4,404,250
iHeartCommunications, Inc.
9.00%, 03/01/2021		440,000		314,600
10.63%, 03/15/2023 (B)		2,082,000		1,501,643
Regal Entertainment Group 5.75%, 06/15/2023 - 02/01/2025		3,022,000		3,071,966
Unitymedia GmbH 6.13%, 01/15/2025 (A)		2,876,000		2,998,230
Univision Communications, Inc.
5.13%, 02/15/2025 (A)		1,444,000		1,447,610
6.75%, 09/15/2022 (A)		18,066,000		19,037,951
Ziggo Secured Finance BV 5.50%, 01/15/2027 (A)		7,267,000		7,176,162
				105,578,407
Metals & Mining - 1.8%
ArcelorMittal 8.00%, 10/15/2039		4,255,000		4,574,125
Constellium NV
5.75%, 05/15/2024 (A) (B)		3,705,000		3,278,925
7.88%, 04/01/2021 (A)		908,000		967,020
8.00%, 01/15/2023 (A)		3,230,000		3,149,250

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
FMG Resources Pty, Ltd. 9.75%, 03/01/2022 (A)		$   946,000		$   1,097,360
Freeport-McMoRan, Inc. 5.45%, 03/15/2043		3,800,000		3,154,000
Novelis, Inc. 8.38%, 12/15/2017		700,000		703,500
Teck Resources, Ltd.
3.75%, 02/01/2023		882,000		834,041
6.00%, 08/15/2040		4,268,000		4,118,620
8.00%, 06/01/2021 (A)		563,000		615,078
8.50%, 06/01/2024 (A) (B)		563,000		651,672
				23,143,591
Multiline Retail - 0.1%
Dollar Tree, Inc. 5.75%, 03/01/2023		1,138,000		1,211,970
Oil, Gas & Consumable Fuels - 6.6%
Antero Resources Corp. 5.38%, 11/01/2021		1,360,000		1,380,400
Callon Petroleum Co. 6.13%, 10/01/2024 (A)		2,662,000		2,741,860
Carrizo Oil & Gas, Inc. 7.50%, 09/15/2020		2,481,000		2,577,139
Chesapeake Energy Corp. 8.00%, 12/15/2022 (A) (B)		4,383,000		4,446,006
CITGO Holding, Inc. 10.75%, 02/15/2020 (A)		6,957,000		7,103,097
CITGO Petroleum Corp. 6.25%, 08/15/2022 (A)		2,901,000		2,966,272
Concho Resources, Inc. 5.50%, 04/01/2023		2,784,000		2,848,032
Continental Resources, Inc.
4.50%, 04/15/2023		1,669,000		1,589,723
5.00%, 09/15/2022 (B)		2,328,000		2,281,440
Diamondback Energy, Inc. 4.75%, 11/01/2024 (A)		1,184,000		1,184,000
EnLink Midstream Partners, LP
4.15%, 06/01/2025		1,240,000		1,208,236
5.05%, 04/01/2045		3,302,000		2,943,122
Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas, Inc.
6.50%, 11/15/2020		956,000		976,315
6.75%, 02/01/2022		1,783,000		1,823,117
6.88%, 02/15/2023		1,777,000		1,843,637
Gulfport Energy Corp. 6.00%, 10/15/2024 (A)		974,000		992,263
Kinder Morgan, Inc.
7.75%, 01/15/2032, MTN		1,922,000		2,350,421
8.05%, 10/15/2030, MTN		486,000		572,409
Linn Energy LLC / Linn Energy Finance Corp.
6.25%, 11/01/2019 (F)		6,460,000		2,147,950
6.50%, 05/15/2019 (F)		1,350,000		448,875
7.75%, 02/01/2021 (F)		3,333,000		1,083,225
Oasis Petroleum, Inc. 6.50%, 11/01/2021 (B)		706,000		701,588
ONEOK, Inc. 7.50%, 09/01/2023 (B)		3,027,000		3,465,915

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

Transamerica Funds Annual Report 2016

Page    150

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
PDC Energy, Inc. 6.13%, 09/15/2024 (A)		$   4,794,000		$   4,985,760
Peabody Energy Corp.
6.25%, 11/15/2021 (F)		516,000		228,330
6.50%, 09/15/2020 (F)		1,440,000		637,200
10.00%, 03/15/2022 (A) (F)		1,389,000		1,003,553
Rose Rock Midstream, LP / Rose Rock Finance Corp. 5.63%, 11/15/2023		2,018,000		1,937,280
SM Energy Co.
5.63%, 06/01/2025		929,000		884,873
6.50%, 11/15/2021 (B)		3,027,000		3,072,405
6.50%, 01/01/2023		723,000		719,385
6.75%, 09/15/2026 (B)		474,000		485,850
Sunoco, LP / Sunoco Finance Corp.
5.50%, 08/01/2020		3,552,000		3,605,280
6.25%, 04/15/2021		662,000		678,550
6.38%, 04/01/2023		3,825,000		3,911,062
Targa Resources Partners, LP / Targa Resources Partners Finance Corp.
5.00%, 01/15/2018		2,682,000		2,755,755
5.13%, 02/01/2025 (A)		1,670,000		1,665,825
6.75%, 03/15/2024		1,695,000		1,813,650
Tesoro Logistics, LP / Tesoro Logistics Finance Corp. 6.38%, 05/01/2024		1,525,000		1,643,188
Whiting Petroleum Corp. 5.75%, 03/15/2021 (B)		2,917,000		2,705,517
WPX Energy, Inc. 8.25%, 08/01/2023 (B)		2,865,000		3,094,200
				85,502,705
Personal Products - 0.6%
Revlon Consumer Products Corp. 5.75%, 02/15/2021		7,614,000		7,690,140
Pharmaceuticals - 1.5%
Endo, Ltd. / Endo Finance LLC 6.00%, 07/15/2023 (A)		5,732,000		4,986,840
Valeant Pharmaceuticals International, Inc.
5.63%, 12/01/2021 (A)		1,430,000		1,172,600
5.88%, 05/15/2023 (A)		10,687,000		8,416,012
6.38%, 10/15/2020 (A)		3,842,000		3,313,725
7.50%, 07/15/2021 (A)		1,453,000		1,293,170
				19,182,347
Professional Services - 0.5%
Ceridian HCM Holding, Inc. 11.00%, 03/15/2021 (A)		5,711,000		6,010,827
Road & Rail - 0.7%
Aviation Capital Group Corp. 6.75%, 04/06/2021 (A)		2,062,000		2,446,625
Hertz Corp.
5.50%, 10/15/2024 (A) (B)		2,750,000		2,669,975
5.88%, 10/15/2020 (B)		2,891,000		2,970,503
6.75%, 04/15/2019		1,458,000		1,487,466
				9,574,569

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Semiconductors & Semiconductor Equipment - 0.1%
Micron Technology, Inc. 7.50%, 09/15/2023 (A)		$   639,000		$   705,296
Software - 0.6%
Infor US, Inc.
5.75%, 08/15/2020 (A)		1,288,000		1,347,570
6.50%, 05/15/2022		4,439,000		4,588,816
Sophia, LP / Sophia Finance, Inc. 9.00%, 09/30/2023 (A)		2,075,000		2,178,750
				8,115,136
Specialty Retail - 1.2%
Claire’s Stores, Inc.
6.13%, 03/15/2020 (A)		600,000		294,000
9.00%, 03/15/2019 (A)		5,986,000		2,993,000
L Brands, Inc.
6.75%, 07/01/2036		3,692,000		3,919,058
6.88%, 11/01/2035		3,968,000		4,206,080
Men’s Wearhouse, Inc. 7.00%, 07/01/2022		3,998,000		3,688,155
				15,100,293
Technology Hardware, Storage & Peripherals - 2.5%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
5.45%, 06/15/2023 (A)		2,173,000		2,326,974
5.88%, 06/15/2021 (A)		1,031,000		1,086,631
7.13%, 06/15/2024 (A)		1,031,000		1,129,414
8.35%, 07/15/2046 (A)		1,560,000		1,890,238
Diebold, Inc. 8.50%, 04/15/2024 (A)		3,885,000		4,117,129
Riverbed Technology, Inc. 8.88%, 03/01/2023 (A)		3,866,000		4,117,290
Seagate HDD Cayman
4.75%, 06/01/2023 (B)		3,522,000		3,504,390
4.75%, 01/01/2025		1,350,000		1,286,550
4.88%, 06/01/2027		3,615,000		3,266,174
5.75%, 12/01/2034		1,900,000		1,654,663
Western Digital Corp.
7.38%, 04/01/2023 (A)		2,400,000		2,625,000
10.50%, 04/01/2024 (A)		4,222,000		4,876,410
				31,880,863
Textiles, Apparel & Luxury Goods - 0.5%
Levi Strauss & Co. 6.88%, 05/01/2022		6,209,000		6,519,450
Trading Companies & Distributors - 1.3%
International Lease Finance Corp. 5.88%, 04/01/2019		1,250,000		1,343,350
United Rentals North America, Inc.
5.50%, 07/15/2025		4,807,000		4,867,087
7.63%, 04/15/2022		9,910,000		10,538,096
				16,748,533
Wireless Telecommunication Services - 3.2%
Sprint Communications, Inc.
9.00%, 11/15/2018 (A)		16,045,000		17,649,500
11.50%, 11/15/2021		4,758,000		5,566,860
Sprint Corp. 7.88%, 09/15/2023		7,426,000		7,351,740

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

Transamerica Funds Annual Report 2016

Page    151

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services (continued)
T-Mobile USA, Inc.
6.13%, 01/15/2022		$   702,000		$   740,610
6.25%, 04/01/2021		3,000,000		3,123,750
6.63%, 04/01/2023		1,881,000		1,998,901
6.73%, 04/28/2022		4,939,000		5,161,255
				41,592,616
Total Corporate Debt Securities (Cost $1,189,913,340)				1,172,584,163
LOAN ASSIGNMENTS - 2.9%
Automobiles - 0.3%
FCA US LLC Term Loan B, 3.50% (C), 05/24/2017		4,000,000		4,003,000
Commercial Services & Supplies - 0.3%
ADS Waste Holdings, Inc. Term Loan B2, 3.75% (C), 10/09/2019		4,032,928		4,034,610
Containers & Packaging - 0.3%
Anchor Glass Container Corp. 1st Lien Term Loan, 4.75% (C), 07/01/2022		3,974,910		3,997,766
Diversified Financial Services - 0.2%
Cortes NP Acquisition Corp. Term Loan B, TBD (I), 09/29/2023 (E)		3,025,000		3,009,875
Household Products - 0.4%
Reynolds Group Holdings, Inc. Term Loan, 4.25% (C), 02/05/2023		5,000,000		5,009,660
IT Services - 0.4%
First Data Corp. Term Loan,
3.52% (C), 03/24/2021		2,397,237		2,403,504
4.27% (C), 07/08/2022		3,000,000		3,020,001
				5,423,505
Marine - 0.2%
Commercial Barge Line Co. 1st Lien Term Loan, 9.75% (C), 11/12/2020		2,670,525		2,580,395
Metals & Mining - 0.1%
Atkore International, Inc. 1st Lien Term Loan,
4.50% (C), 04/09/2021		654,925		656,562
2nd Lien Term Loan,
7.75% (C), 10/09/2021		580,000		580,242
				1,236,804
Oil, Gas & Consumable Fuels - 0.2%
CITGO Holding, Inc. Term Loan B, 9.50% (C), 05/12/2018		2,256,092		2,270,193
Software - 0.5%
BMC Software Finance, Inc. Term Loan, 5.00% (C), 09/10/2020		3,751,111		3,697,189

	Principal		Value
LOAN ASSIGNMENTS (continued)
Software (continued)
Kronos, Inc. 2nd Lien Term Loan, TBD (I), 10/04/2024		$   2,022,000		$   2,082,344
				5,779,533
Total Loan Assignments (Cost $37,202,633)				37,345,341
	Shares		Value
COMMON STOCK - 0.1%
IT Services - 0.1%
Unisys Corp. (B) (J)		61,972		647,607
Total Common Stock (Cost $1,487,452)				647,607
PREFERRED STOCK - 1.1%
Banks - 1.1%
GMAC Capital Trust I Series 2, 6.60% (C)		591,125		15,091,421
Total Preferred Stock (Cost $15,121,012)				15,091,421
SECURITIES LENDING COLLATERAL - 5.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (K)		65,401,839		65,401,839
Total Securities Lending Collateral (Cost $65,401,839)				65,401,839
	Principal		Value
REPURCHASE AGREEMENT - 4.9%
State Street Bank & Trust Co. 0.03% (K), dated 10/31/2016, to be repurchased at $63,227,399 on 11/01/2016. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 1.00% - 3.88%, due 05/10/2018 - 05/15/2018, and with a total value of $64,494,150.		$  63,227,347		63,227,347
Total Repurchase Agreement (Cost $63,227,347)				63,227,347
Total Investments (Cost $1,372,353,623) (L)				1,354,297,718
Net Other Assets (Liabilities) - (5.2)%				(67,026,282	)
Net Assets - 100.0%				$  1,287,271,436

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

Transamerica Funds Annual Report 2016

Page    152

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(M)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Corporate Debt Securities	$	—	$	1,172,584,163	$	—	$	1,172,584,163
Loan Assignments		—		37,345,341		—		37,345,341
Common Stock		647,607		—		—		647,607
Preferred Stock		15,091,421		—		—		15,091,421
Securities Lending Collateral		65,401,839		—		—		65,401,839
Repurchase Agreement		—		63,227,347		—		63,227,347
Total Investments	$	81,140,867	$	1,273,156,851	$	—	$	1,354,297,718

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $479,301,110, representing 37.2% of the Fund’s net assets.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $64,063,102. 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 securities. The rates disclosed are as of October 31, 2016.

^(D)  Perpetual maturity. The date displayed is the next call date.

^(E)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(F)  Securities in default.

^(G)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $168,260, representing less than 0.1% of the Fund’s net assets.

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

^(I)  All or a portion of the securities represent unsettled loan commitments at October 31, 2016 where the rate will be determined at time of settlement.

^(J)  Non-income producing security.

^(K)  Rates disclosed reflect the yields at October 31, 2016.

^(L)  Aggregate cost for federal income tax purposes is $1,372,590,320. Aggregate gross unrealized appreciation and depreciation for all securities is $34,853,348 and $53,145,950, respectively. Net unrealized depreciation for tax purposes is $18,292,602.

^(M)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
TBD	To Be Determined

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

Transamerica Funds Annual Report 2016

Page    153

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 97.8%
Alabama - 0.0% (A)
County of Perry, General Obligation Unlimited Series A, 5.50%, 12/01/2040		$  30,000		$  31,494
Alaska - 0.3%
Northern Tobacco Securitization Corp., Revenue Bonds Series A, 5.00%, 06/01/2046		350,000		330,404
Arizona - 2.9%
Arizona Health Facilities Authority, Revenue Bonds 2.75% (B), 12/01/2039		200,000		201,524
Industrial Development Authority of the City of Phoenix, Revenue Bonds
4.63%, 07/01/2026 (C) (D)		600,000		602,988
Series A, AMBAC,
4.50%, 07/01/2032		40,000		40,307
Industrial Development Authority of the County of Pima, Revenue Bonds Series A,
5.63%, 07/01/2038		25,000		24,342
Series R,
2.88%, 07/01/2021		300,000		300,906
Industrial Development Authority of the County of Yavapai, Revenue Bonds Series B, 4.50%, 09/01/2018 (C)		135,000		135,077
La Paz County Industrial Development Authority, Revenue Bonds Series A, 4.38%, 02/15/2028 (C)		210,000		208,142
5.00%, 02/15/2046 (C)		1,000,000		1,080,110
Maricopa County Industrial Development Authority, Revenue Bonds
2.63%, 07/01/2021		500,000		499,990
5.00%, 07/01/2036		610,000		670,280
				3,763,666
California - 5.7%
Aromas-San Juan Unified School District, General Obligation Unlimited Series B, AGM, Zero Coupon, 08/01/2042		300,000		174,111
California County Tobacco Securitization Agency, Revenue Bonds
5.70% (E), 06/01/2046		250,000		256,472
6.00%, 06/01/2042		15,000		15,060
California Municipal Finance Authority, Revenue Bonds 5.13%, 07/01/2035 (C)		450,000		489,321
California School Finance Authority, Revenue Bonds Series A, 5.35%, 08/01/2024 (F)		280,000		305,592
California Statewide Communities Development Authority, Revenue Bonds Series A, 5.25%, 12/01/2056 (C)		500,000		557,805

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Statewide Financing Authority, Revenue Bonds Series B, 6.00%, 05/01/2043		$  20,000		$  20,150
Coachella Valley Unified School District, General Obligation Unlimited Series C, AGM, Zero Coupon, 08/01/2037 - 08/01/2038		35,000		15,879
Cypress School District, General Obligation Unlimited Zero Coupon, 08/01/2050		100,000		65,351
Folsom Cordova Unified School District School Facilities Improvement District No. 3, General Obligation Unlimited Series B, AGC, Zero Coupon, 10/01/2034		515,000		266,111
Golden State Tobacco Securitization Corp., Revenue Bonds Series A-1,
4.50%, 06/01/2027		2,120,000		2,124,579
5.00%, 06/01/2033		235,000		231,245
5.13%, 06/01/2047		200,000		192,410
5.75%, 06/01/2047		60,000		59,071
Hesperia Unified School District, Certificate of Participation BAM, 3.00%, 02/01/2034		275,000		274,081
Huntington Beach Union High School District, Certificate of Participation BAM, 3.00%, 09/01/2041		1,500,000		1,439,955
Menifee Union School District Public Financing Authority, Special Tax Series A, BAM, 5.00%, 09/01/2036		190,000		221,373
Oxnard School District, Certificate of Participation BAM, 2.00% (B), 08/01/2045		500,000		493,795
Paramount Unified School District, General Obligation Unlimited 0.00% (E), 08/01/2045		50,000		47,197
Santee School District, General Obligation Unlimited Series E, AGM, Zero Coupon, 05/01/2051		150,000		39,303
Tobacco Securitization Authority of Southern California, Revenue Bonds Series A1, 5.13%, 06/01/2046		30,000		29,227
				7,318,088
Colorado - 6.8%
Anthem West Metropolitan District, General Obligation Unlimited BAM, 4.13%, 12/01/2044		70,000		74,048

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

Transamerica Funds Annual Report 2016

Page    154

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
3.25%, 06/01/2046		$  965,000		$  896,157
3.63%, 11/01/2026 (C) (G)		1,000,000		993,780
3.63%, 08/01/2046		110,000		105,446
3.75%, 06/15/2047		1,000,000		986,330
4.00%, 12/15/2025 (C)		535,000		552,762
Series A,
3.25%, 12/15/2036		500,000		486,300
Colorado Health Facilities Authority, Revenue Bonds
3.13%, 09/01/2042		1,000,000		873,770
Series A,
4.00%, 11/15/2046		2,000,000		2,110,400
Eagle Bend Metropolitan District No. 2, General Obligation Unlimited BAM, 3.50%, 12/01/2040		400,000		402,728
Gateway Regional Metropolitan District, General Obligation Limited AGM, 3.13%, 12/01/2041		140,000		134,912
3.25%, 12/01/2045		500,000		480,835
Heather Ridge Metropolitan District No. 1, General Obligation Unlimited AGM, 3.25%, 12/01/2039		150,000		146,418
Solaris Metropolitan District No. 3, General Obligation Limited Series B, 7.00%, 12/15/2046 (F)		500,000		493,660
				8,737,546
Connecticut - 0.7%
Connecticut Housing Finance Authority, Revenue Bonds Series C-2, 3.20%, 11/15/2046		140,000		132,980
Mohegan Tribe of Indians of Connecticut, Revenue Bonds Series C, 4.75%, 02/01/2020 (C)		750,000		753,218
				886,198
Delaware - 0.6%
Delaware State Economic Development Authority, Revenue Bonds Series A, 5.00%, 09/01/2036 - 09/01/2046		670,000		765,584
District of Columbia - 1.7%
District of Columbia, Revenue Bonds 5.00%, 06/01/2046		1,000,000		1,126,410
District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds 6.75%, 05/15/2040		1,000,000		1,034,690
				2,161,100

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida - 4.2%
Cape Coral Health Facilities Authority, Revenue Bonds 6.00%, 07/01/2050 (C)		$  300,000		$  326,364
Capital Projects Finance Authority, Revenue Bonds Series F1, NATL, 5.00%, 10/01/2031		60,000		59,998
Capital Trust Agency, Inc., Revenue Bonds Series A, 5.00%, 07/01/2050		550,000		564,355
City of Port St. Lucie, Special Assessment 3.25%, 07/01/2045		2,500,000		2,361,050
City of Tampa, Revenue Bonds Series A, 4.00%, 11/15/2046		250,000		263,800
Florida Development Finance Corp., Revenue Bonds Series A, 4.00%, 07/15/2026 (C)		1,420,000		1,375,454
6.00%, 02/15/2037 (D) (F)		10,000		10,001
Florida Housing Finance Corp., Revenue Bonds Series A, GNMA, FNMA, FHLMC, 3.20%, 07/01/2030		300,000		309,057
School Board of Miami-Dade County, Certificate of Participation Series A, AMBAC, 5.00%, 11/01/2019		135,000		135,000
				5,405,079
Guam - 0.2%
Guam Government Waterworks Authority, Revenue Bonds 5.00%, 01/01/2046		100,000		113,702
Guam Power Authority, Revenue Bonds Series A, 5.00%, 10/01/2034		100,000		108,507
				222,209
Idaho - 0.7%
Boise City Airport Revenue, Revenue Bonds Series F, 4.00%, 09/01/2040		200,000		211,430
Idaho Health Facilities Authority, Revenue Bonds
5.10%, 06/01/2028		25,000		25,082
5.20%, 06/01/2033		200,000		200,670
6.00%, 03/01/2029		20,000		20,156
Idaho Housing & Finance Association, Revenue Bonds Series A, 5.00%, 06/01/2035 (F)		425,000		458,809
				916,147
Illinois - 10.5%
Chicago O’Hare International Airport, Revenue Bonds Series D, 4.13%, 01/01/2040		200,000		210,986
5.00%, 01/01/2044		50,000		56,795

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

Transamerica Funds Annual Report 2016

Page    155

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Chicago Transit Authority, Revenue Bonds AGM, 5.00%, 06/01/2022		$  10,000		$  11,256
City of Chicago, General Obligation Unlimited Series 3A, AMBAC, 4.20%, 01/01/2017		20,000		20,056
Series A, 5.00%, 01/01/2019 - 01/01/2033		115,000		117,249
Series A, AGM, 4.75%, 01/01/2036		70,000		70,213
5.00%, 01/01/2024 - 01/01/2029		90,000		95,768
5.50%, 01/01/2017		10,000		10,052
Series A, AMBAC, 5.00%, 01/01/2018		50,000		50,250
Series A, NATL, 5.00%, 01/01/2042		200,000		200,570
Series B, AGM, 5.00%, 01/01/2029		40,000		40,342
Series C, Zero Coupon, 01/01/2024		75,000		50,696
5.00%, 01/01/2026 - 01/01/2038		1,015,000		1,019,567
Series C, AGM-CR, NATL-RE, 5.00%, 01/01/2031		35,000		36,353
Series C, NATL, 4.00%, 01/01/2017		25,000		25,058
City of Chicago Wastewater Transmission Revenue, Revenue Bonds Series C, 5.00%, 01/01/2025 - 01/01/2026		310,000		361,677
City of Chicago Waterworks Revenue, Revenue Bonds 5.00%, 11/01/2026		15,000		17,033
City of Freeport, General Obligation Unlimited BAM, 4.00%, 01/01/2036		510,000		549,749
City of Waukegan, General Obligation Unlimited Series C, AGM, 3.75%, 12/30/2023		385,000		402,132
Cook County High School District No. 201, General Obligation Limited Series C, AGM, Zero Coupon, 12/01/2025		125,000		95,405
Cook County High School District No. 220, General Obligation Limited BAM-TCRS, 3.00%, 12/01/2022		275,000		290,768
Cook County School District No. 132, General Obligation Limited Series A, AGM, 4.10%, 12/01/2024		378,000		407,514
Cook County School District No. 157, General Obligation Unlimited Series A, AGM, Zero Coupon, 11/01/2033		950,000		495,140
Illinois Finance Authority, Revenue Bonds
4.45%, 11/01/2036		1,000,000		1,051,380
5.25%, 11/15/2026		200,000		200,594

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Finance Authority, Revenue Bonds (continued)
AGM, 5.00%, 12/01/2036		$  205,000		$  232,671
Series C, 5.00%, 08/15/2021		30,000		34,586
Illinois Housing Development Authority, Revenue Bonds
Series A-1, 2.40%, 07/01/2021		185,000		189,862
2.60%, 01/01/2022		375,000		387,855
Kankakee County Public Building Commission, Revenue Bonds AMBAC, 3.90%, 12/01/2017		100,000		100,176
Lake County School District No. 38, General Obligation Unlimited AMBAC, Zero Coupon, 02/01/2020		60,000		54,949
Metropolitan Pier & Exposition Authority, Revenue Bonds
Series B, AGM, 5.00%, 06/15/2050		20,000		21,299
Series B, AGM-CR, 4.25%, 06/15/2042		570,000		598,756
Northern Illinois University, Revenue Bonds
AGM, 5.00%, 04/01/2024		25,000		27,032
5.25%, 04/01/2028		300,000		324,777
Public Building Commission of Chicago, Revenue Bonds AMBAC, 5.25%, 03/01/2033		65,000		74,166
Southern Illinois University, Certificate of Participation Series A-1, BAM, 4.50%, 02/15/2031 - 02/15/2032		105,000		110,606
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited AMBAC, BAM-TCRS, Zero Coupon, 12/01/2023		500,000		423,590
State of Illinois, General Obligation Unlimited
AGM, 4.00%, 02/01/2032 (G)		660,000		657,730
4.00%, 01/01/2037		335,000		329,516
AMBAC, 5.00%, 11/01/2023		25,000		25,085
Stephenson County School District No. 145, General Obligation Limited AMBAC, Zero Coupon, 01/01/2021		30,000		27,206
Village of Elk Grove Village, General Obligation Unlimited 4.00%, 01/01/2022		60,000		67,557
Village of North Riverside, Revenue Bonds AGM, 3.63%, 12/01/2030		565,000		579,713

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

Transamerica Funds Annual Report 2016

Page    156

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Western Illinois Economic Development Authority, Revenue Bonds 4.00%, 06/01/2033 - 06/01/2036		$  3,180,000		$  3,015,926
Will County Community High School District No. 210, General Obligation Unlimited
4.00%, 01/01/2018		25,000		25,184
Series A, 5.00%, 01/01/2027		55,000		56,732
Williamson County Community Unit School District No. 5, General Obligation Unlimited Series B, AGC, Zero Coupon, 01/01/2041		1,185,000		234,511
				13,486,088
Indiana - 1.5%
East Chicago Sanitary District, Revenue Bonds 4.00%, 07/15/2031		1,440,000		1,540,354
Hamilton County Redevelopment Commission, Tax Allocation 5.00%, 02/01/2025		75,000		75,151
Indiana Finance Authority, Revenue Bonds
4.00%, 02/01/2032		185,000		193,597
Series A, 5.00%, 08/15/2021		45,000		52,466
				1,861,568
Iowa - 1.4%
City of Coralville, Certificate of Participation Series E, 3.38%, 06/01/2036		1,475,000		1,390,173
Iowa Tobacco Settlement Authority, Revenue Bonds
Series A, 6.50%, 06/01/2023		75,000		75,653
Series C, 5.38%, 06/01/2038		125,000		124,487
5.50%, 06/01/2042		105,000		104,909
5.63%, 06/01/2046		110,000		108,050
				1,803,272
Kansas - 3.1%
Kansas Independent College Finance Authority, Revenue Notes Series C, 4.90%, 05/01/2017		1,500,000		1,505,265
Kansas Rural Water Finance Authority, Revenue Bonds 4.25%, 03/01/2038		25,000		25,889
Marais Des Cygnes Public Utility Authority, Revenue Bonds AGM, 3.25%, 12/01/2035		710,000		704,987
Sedgwick County Unified School District No. 262, General Obligation Unlimited 5.00%, 09/01/2033		210,000		243,407

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas (continued)
Wyandotte County-Kansas City Unified Government, Revenue Bonds 4.00%, 12/01/2028		$  1,500,000		$  1,502,430
				3,981,978
Kentucky - 0.0% (A)
Kentucky Area Development Districts, Certificate of Participation Series M, 5.35%, 12/01/2028		25,000		25,018
Louisiana - 0.2%
Parish of St. Charles, Revenue Bonds 4.00% (B), 12/01/2040		30,000		32,761
Tangipahoa Parish Recreation District No. 3, General Obligation Limited 5.00%, 04/01/2036		225,000		256,520
				289,281
Maryland - 0.5%
Maryland Community Development Administration Housing Revenue, Revenue Bonds 3.25%, 03/01/2036		430,000		438,682
State of Maryland, General Obligation Unlimited Series B, 5.00%, 03/15/2020		165,000		180,587
				619,269
Massachusetts - 2.8%
Massachusetts Development Finance Agency, Revenue Bonds
4.00%, 07/01/2035		125,000		137,845
Series D, 5.00%, 07/01/2044		500,000		552,085
Massachusetts Educational Financing Authority, Revenue Bonds 3.50%, 07/01/2033		3,000,000		2,907,570
				3,597,500
Michigan - 1.9%
Bad Axe Public Schools, General Obligation Unlimited Series B, 4.00%, 05/01/2024		50,000		58,003
City of Detroit, General Obligation Unlimited
AGC, 4.00%, 04/01/2018		17,050		17,462
Series G, AGC, 5.00%, 04/01/2018		6,200		6,411
City of Detroit Sewage Disposal System Revenue, Revenue Bonds
Series A, NATL,
Zero Coupon, 07/01/2017		30,000		29,380
5.25%, 07/01/2018		50,000		51,319
Series B, NATL, 4.25%, 07/01/2025		25,000		25,032
Series C, NATL, 5.00%, 07/01/2017		50,000		50,077

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

Transamerica Funds Annual Report 2016

Page    157

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
City of Detroit Sewage Disposal System Revenue, Revenue Bonds (continued)
Series E, BHAC, FGIC, 5.75%, 07/01/2031		$  150,000		$  161,329
City of Detroit Water Supply System Revenue, Revenue Bonds
Series B, NATL, 5.00%, 07/01/2018		50,000		50,077
Series D, AGM, 5.00%, 07/01/2023		25,000		25,039
County of Wayne, General Obligation Limited Series A, AGM, 4.50%, 02/01/2026		35,000		35,554
Detroit Local Development Finance Authority, Tax Allocation Series A, ACA-CBI, 5.50%, 05/01/2021		100,000		97,524
Michigan Finance Authority, Revenue Bonds
4.00%, 11/01/2046		200,000		202,872
Series D-1, 5.00%, 07/01/2027		500,000		594,705
Series G-10A, AGC, 4.00%, 04/01/2018		92,950		97,051
Series G-11A, AGC, 5.00%, 04/01/2018		33,800		35,771
Michigan Tobacco Settlement Finance Authority, Revenue Bonds
Series A, 5.13%, 06/01/2022		160,000		157,232
5.25%, 06/01/2022		20,000		19,748
Royal Oak Hospital Finance Authority, Revenue Bonds Series D, 5.00%, 09/01/2039		100,000		112,863
Warren Consolidated Schools, General Obligation Unlimited Series B, BAM, 5.00%, 05/01/2025		500,000		611,635
Wayne Charter County Economic Development Corp., Revenue Bonds 7.38%, 12/01/2033		50,000		39,408
				2,478,492
Minnesota - 6.5%
City of Deephaven, Revenue Bonds
Series A, 4.00%, 07/01/2037		300,000		287,346
5.25%, 07/01/2037		80,000		87,442
City of Ham Lake, Revenue Bonds
Series A, 4.00%, 07/01/2028		375,000		372,221
5.00%, 07/01/2031		250,000		265,333
City of Minneapolis, Revenue Bonds
Series A,
4.00%, 07/01/2026 (F)		1,500,000		1,499,940
5.00%, 07/01/2047 (F)		200,000		202,268
City of Minneapolis, Tax Allocation 4.00%, 03/01/2025		250,000		256,273

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
City of St. Cloud, Revenue Bonds Series A, 3.75%, 04/01/2026 (F)		$  340,000		$  341,333
Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds
4.00%, 09/01/2031		325,000		328,149
Series A,
4.50%, 07/01/2028 (F)		750,000		739,912
5.00%, 07/01/2036 (F)		1,315,000		1,281,178
5.00%, 12/01/2050		450,000		480,802
Series B,
5.25%, 04/01/2043 (F)		400,000		408,496
Minnesota Housing Finance Agency, Revenue Bonds
Series F,
2.35%, 01/01/2023		365,000		372,800
2.40%, 07/01/2023		45,000		46,848
2.90%, 01/01/2026		750,000		782,760
Township of Baytown, Revenue Bonds Series A, 4.00%, 08/01/2041		500,000		486,930
Western Minnesota Municipal Power Agency, Revenue Bonds Series A, AGM, 5.00%, 01/01/2017		75,000		75,545
				8,315,576
Mississippi - 1.5%
Mississippi Development Bank, Revenue Bonds 4.00%, 01/01/2017		340,000		341,891
Mississippi Home Corp., Revenue Bonds
Series 3A, GNMA, 5.55%, 08/20/2049		5,000		5,056
Series 4A,
4.40%, 07/01/2041		1,000,000		1,008,740
State of Mississippi, Revenue Bonds Series E, 5.00%, 10/15/2025		500,000		620,825
				1,976,512
Missouri - 0.6%
City of Blue Springs, Tax Allocation Series A, 4.00%, 06/01/2026		80,000		81,822
City of Pevely, General Obligation Limited AGC, 5.25%, 03/01/2022		40,000		40,099
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds Series A, 5.00%, 12/01/2040		500,000		581,835
Parkville Industrial Development Authority, Revenue Bonds 4.65%, 02/01/2018 (D) (F)		10,000		10,108
				713,864

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

Transamerica Funds Annual Report 2016

Page    158

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Montana - 0.3%
City of Forsyth, Revenue Bonds Series A, 3.90% (B), 03/01/2031		$  315,000		$  332,574
Lewistown Special Improvement District No. 2005, Special Assessment 4.60%, 07/01/2022		25,000		25,040
Yellowstone County School District No. 4, General Obligation Unlimited 4.65%, 07/01/2019		25,000		25,081
				382,695
New Jersey - 2.2%
Casino Reinvestment Development Authority, Revenue Bonds AGM, 5.00%, 11/01/2026		575,000		654,718
City of Jersey City, General Obligation Unlimited BAM, 5.00%, 12/01/2022		500,000		597,120
Essex County Improvement Authority, Revenue Bonds Series A, 7.00%, 12/01/2053 (F)		115,000		123,288
New Jersey Economic Development Authority, Revenue Bonds
5.75%, 09/15/2027 (F)		400,000		452,684
Series A, NATL, 5.00%, 07/01/2029		20,000		20,511
Series B,
6.50%, 04/01/2031		10,000		11,965
Tobacco Settlement Financing Corp., Revenue Bonds
Series 1A,
4.50%, 06/01/2023		30,000		30,419
4.75%, 06/01/2034		325,000		311,301
5.00%, 06/01/2029 - 06/01/2041		625,000		608,245
Series 1B,
Zero Coupon, 06/01/2041		10,000		2,660
				2,812,911
New Mexico - 0.0% (A)
Town of Clayton, Revenue Bonds AGC, 4.05%, 11/01/2018		25,000		25,000
New York - 8.7%
Esopus Fire District, General Obligation Unlimited AMBAC, 4.30%, 08/01/2017		20,000		20,053
Housing Development Corp., Revenue Bonds Series C1A, 3.45%, 05/01/2050		3,000,000		2,994,090
New York City Industrial Development Agency, Revenue Bonds NATL, 4.75%, 03/01/2046		50,000		50,162

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
New York Counties Tobacco Trust IV, Revenue Bonds Series A, 5.00%, 06/01/2038 - 06/01/2042		$  250,000		$  243,112
New York Counties Tobacco Trust VI, Revenue Bonds
3.75%, 06/01/2045		6,260,000		5,833,068
5.00%, 06/01/2045		1,000,000		1,103,210
New York State Dormitory Authority, Revenue Bonds
5.00%, 02/15/2017		10,000		10,077
Series A,
5.00%, 07/01/2041		100,000		117,681
Niagara Falls City School District, Certificate of Participation AGM, 4.00%, 06/15/2026		90,000		101,200
Niagara Tobacco Asset Securitization Corp., Revenue Bonds 5.00%, 05/15/2019		10,000		10,868
Port Authority of New York & New Jersey, Revenue Bonds
AGM,
4.50%, 12/01/2028		50,000		50,230
AGM-CR,
6.50%, 12/01/2028		50,000		50,259
TSASC, Inc., Revenue Bonds
Series 1,
5.00%, 06/01/2034		320,000		317,181
5.13%, 06/01/2042		150,000		144,610
Village of Brewster, General Obligation Unlimited 5.00%, 05/01/2033		50,000		64,148
Westchester Tobacco Asset Securitization, Revenue Bonds 5.13%, 06/01/2045 (D) (F)		20,000		20,000
				11,129,949
North Carolina - 0.1%
North Carolina Medical Care Commission, Revenue Bonds NATL,
4.38%, 01/01/2033		25,000		25,034
5.00%, 01/01/2033		100,000		100,259
				125,293
North Dakota - 1.5%
City of Mandan, Revenue Bonds Series A, 3.25%, 09/01/2041		1,365,000		1,279,483
Jamestown Park District, Revenue Bonds Series B, 2.90%, 07/01/2035		650,000		643,591
				1,923,074
Ohio - 4.3%
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		1,445,000		1,365,511

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

Transamerica Funds Annual Report 2016

Page    159

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds (continued)
5.38%, 06/01/2024		$  20,000		$  19,701
5.75%, 06/01/2034		350,000		326,312
5.88%, 06/01/2030 - 06/01/2047		205,000		193,302
6.00%, 06/01/2042		110,000		104,862
6.50%, 06/01/2047		265,000		260,662
City of Cleveland, Revenue Bonds 5.38%, 09/15/2027 (D) (F)		20,000		20,060
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series A, 7.05%, 11/15/2040 (D) (F)		100,000		106,887
County of Allen, Revenue Bonds GNMA, 4.10%, 12/20/2017		25,000		25,191
County of Hamilton, Revenue Bonds 5.00%, 01/01/2036		100,000		110,023
County of Scioto, Revenue Bonds 3.50%, 02/15/2038		2,060,000		2,053,779
County of Warren, Revenue Bonds 5.00%, 07/01/2021 - 07/01/2026		550,000		649,189
Dayton-Montgomery County Port Authority, Revenue Bonds Series 1, 7.00%, 01/15/2040 (F)		150,000		153,115
Toledo-Lucas County Port Authority, Revenue Bonds Series A, 5.00%, 07/01/2046		100,000		107,842
				5,496,436
Oklahoma - 0.2%
Marshall County Justice Authority, Revenue Bonds 3.75%, 03/01/2036		255,000		246,462
Norman Regional Hospital Authority, Revenue Bonds 5.38%, 09/01/2036		20,000		20,003
				266,465
Oregon - 1.4%
City of Forest Grove, Revenue Bonds 5.50%, 03/01/2037 (F)		105,000		105,772
County of Jackson Airport Revenue, Revenue Bonds AGM, 3.00%, 12/01/2035		300,000		301,080
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds 3.00%, 09/01/2041		600,000		541,212
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.75%, 06/15/2046 (C) (D)		500,000		514,015
Series B,
6.75%, 06/15/2022 (C) (D)		355,000		357,101
				1,819,180

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania - 3.1%
Carbon County Area Vocational Technical School Authority, Revenue Bonds 5.00%, 03/01/2028		$  20,000		$  21,098
City of Harrisburg, General Obligation Unlimited Series D, AMBAC, Zero Coupon, 03/15/2017		25,000		24,665
Cumberland County Municipal Authority, Revenue Bonds 3.25%, 01/01/2039		150,000		139,414
McKean County Hospital Authority, Revenue Bonds ACA, 5.25%, 10/01/2030		50,000		50,009
Penn Hills School District, General Obligation Limited Series A, BAM, 4.00%, 11/15/2026 - 11/15/2027		600,000		646,472
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds ACA,
5.00%, 07/01/2023		170,000		170,155
Series AM,
4.00%, 06/15/2018		35,000		36,705
Pennsylvania Housing Finance Agency, Revenue Bonds
Series 119,
3.50%, 10/01/2041		180,000		189,648
Series A,
3.25%, 10/01/2025		410,000		430,246
4.25%, 10/01/2035		650,000		691,145
School District of Philadelphia, General Obligation Unlimited Series C, 5.00%, 09/01/2020		85,000		94,018
State Public School Building Authority, Revenue Bonds
Series A, BAM,
5.00%, 06/15/2019		340,000		372,997
Series B, AGM,
4.50%, 06/01/2032		35,000		35,102
5.00%, 06/01/2033		1,100,000		1,102,959
				4,004,633
Puerto Rico - 6.1%
Commonwealth of Puerto Rico, General Obligation Unlimited AGC-ICC,
5.50%, 07/01/2022		100,000		111,297
AGM,
5.13%, 07/01/2030		110,000		110,174
5.25%, 07/01/2020		100,000		107,753
5.50%, 07/01/2017 - 07/01/2019		225,000		235,385
AGM-CR,
4.50%, 07/01/2023		15,000		15,017
5.00%, 07/01/2028		10,000		10,015
Series A, AGC-ICC,
4.75%, 07/01/2018		15,000		15,672
5.00%, 07/01/2022 - 07/01/2033		365,000		370,122
5.25%, 07/01/2030		35,000		35,060

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

Transamerica Funds Annual Report 2016

Page    160

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Commonwealth of Puerto Rico, General Obligation Unlimited (continued)
5.50%, 07/01/2029		$  245,000		$  287,740
Series A, AGM,
4.00%, 07/01/2022		140,000		145,044
4.13%, 07/01/2023 - 07/01/2024		50,000		51,796
5.00%, 07/01/2035		105,000		112,798
5.38%, 07/01/2025		170,000		185,540
6.00%, 07/01/2033		85,000		85,190
Series A-4, AGM,
5.00%, 07/01/2031		25,000		26,533
5.25%, 07/01/2030		25,000		26,719
Series B, AGC-ICC,
5.00%, 07/01/2035		400,000		400,528
Series C, AGM,
5.25%, 07/01/2026 - 07/01/2027		135,000		145,774
5.38%, 07/01/2028		15,000		15,029
5.50%, 07/01/2032		35,000		35,065
5.75%, 07/01/2037		190,000		190,369
Series D, AGM,
3.88%, 07/01/2019		30,000		30,029
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Revenue Bonds
Series A, AGC,
5.00%, 07/01/2028		185,000		190,169
5.13%, 07/01/2047		175,000		179,590
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
3.63%, 07/01/2023		175,000		174,121
3.65%, 07/01/2024		95,000		94,525
Series SS, AGM,
5.00%, 07/01/2019 - 07/01/2030		175,000		175,355
Series TT, AGC-ICC,
5.00%, 07/01/2032		25,000		25,293
Series TT, AGM-CR,
4.20%, 07/01/2019		75,000		75,295
5.00%, 07/01/2017		15,000		15,347
Series UU, AGC,
4.25%, 07/01/2027		170,000		171,078
5.00%, 07/01/2026		50,000		50,655
Series UU, AGM,
5.00%, 07/01/2020 - 07/01/2024		375,000		380,585
Series V, AGM,
5.25%, 07/01/2027		70,000		79,190
Puerto Rico Highways & Transportation Authority, Revenue Bonds AGC-ICC,
5.00%, 07/01/2028		50,000		50,535
Series AA, AGM,
4.95%, 07/01/2026		15,000		15,637
Series CC, AGM,
5.25%, 07/01/2033 - 07/01/2036		65,000		76,108
Series D, AGM,
5.00%, 07/01/2027 - 07/01/2032		425,000		429,552
Series E, AGM,
5.50%, 07/01/2017 - 07/01/2023		215,000		235,884

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highways & Transportation Authority, Revenue Bond (continued)
Series I, AGC-ICC, FGIC,
5.00%, 07/01/2026		$  20,000		$  20,214
Series K, AGC-ICC,
4.40%, 07/01/2025		30,000		30,258
5.00%, 07/01/2030		30,000		30,573
Series K, AGC-ICC, AGM-CR,
5.00%, 07/01/2018		10,000		10,107
Series L, AGC,
4.00%, 07/01/2020		165,000		169,856
5.25%, 07/01/2019		100,000		106,117
Series M, AGC-ICC,
5.00%, 07/01/2032		95,000		96,008
Series N, AGC,
5.25%, 07/01/2036		35,000		41,286
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2026		70,000		80,342
Series Y, AGM,
6.25%, 07/01/2021		135,000		151,034
Puerto Rico Infrastructure Financing Authority, Revenue Bonds Series C, BHAC-CR, FGIC, 5.50%, 07/01/2021		75,000		85,631
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
4.75%, 08/01/2022		110,000		111,570
5.00%, 08/01/2019 - 08/01/2030		1,210,000		1,238,686
Series A, AGM-CR,
4.75%, 08/01/2025		15,000		15,214
Series C, AGM,
5.25%, 08/01/2017 - 08/01/2019		100,000		103,940
Puerto Rico Public Buildings Authority, Revenue Bonds
AGC-ICC,
5.25%, 07/01/2033		55,000		55,175
Series F, AGC-ICC,
5.25%, 07/01/2019		25,000		26,562
Series F, AGC-ICC, AGM-CR,
5.25%, 07/01/2025		20,000		22,602
Series I, AGC-ICC,
5.00%, 07/01/2036		50,000		50,055
Series K, AGM,
5.25%, 07/01/2027		25,000		26,300
Series L, AGM-CR,
5.50%, 07/01/2021		65,000		71,291
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds
Series A, BHAC-CR, FGIC,
Zero Coupon, 08/01/2041		45,000		13,979
Series A-1, AGM-CR,
Zero Coupon, 08/01/2024		40,000		27,280
				7,751,648
Rhode Island - 1.2%
Providence Redevelopment Agency, Revenue Bonds Series A, 5.00%, 04/01/2020		350,000		385,112

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

Transamerica Funds Annual Report 2016

Page    161

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Rhode Island (continued)
Rhode Island Turnpike & Bridge Authority, Revenue Bonds Series A, 4.00%, 10/01/2027		$  750,000		$  849,075
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2035		300,000		325,005
				1,559,192
South Carolina - 1.5%
County of Lancaster, Special Assessment Series A, 3.13%, 12/01/2022 (F)		825,000		864,188
South Carolina Jobs-Economic Development Authority, Revenue Bonds 5.00%, 10/01/2041 (C)		1,000,000		1,038,630
				1,902,818
Texas - 8.8%
Arlington Higher Education Finance Corp., Revenue Bonds Series A, 4.63%, 08/15/2046		500,000		503,490
Central Texas Turnpike System, Revenue Bonds Series C, 5.00%, 08/15/2023		500,000		594,345
City of Houston Airport System Revenue, Revenue Bonds
5.00%, 07/01/2029 (F)		150,000		167,627
Series C,
5.00%, 07/15/2020 (F)		500,000		548,515
City of Lockhart, General Obligation Limited BAM, 5.00%, 08/01/2025		145,000		178,137
Dallas County Flood Control District No. 1, General Obligation Unlimited 5.00%, 04/01/2028 - 04/01/2032 (C)		2,000,000		2,099,550
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
5.00%, 07/01/2046		1,000,000		1,024,360
Series A,
3.38%, 08/15/2021		1,000,000		994,410
5.00%, 04/01/2048		100,000		108,269
Series A1,
5.00%, 07/01/2051		1,595,000		1,779,669
Series C,
5.00%, 07/01/2031		250,000		266,355
5.25%, 07/01/2036		400,000		432,072
Series D,
6.00%, 07/01/2026		125,000		125,661
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited BAM, 3.25%, 10/01/2032		1,140,000		1,154,090
Pottsboro Higher Education Finance Corp., Revenue Bonds Series A, 5.00%, 08/15/2036		655,000		668,166

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Red River Education Finance Corp., Revenue Bonds 3.00%, 06/01/2034		$  500,000		$  468,220
Willow Creek Farms Municipal Utility District, General Obligation Unlimited BAM, 3.00%, 09/01/2023		130,000		138,005
				11,250,941
U. S. Virgin Islands - 0.3%
Virgin Islands Public Finance Authority, Revenue Bonds NATL, 5.00%, 10/01/2021 - 10/01/2024		300,000		300,982
Virgin Islands Water & Power Authority - Electric System, Revenue Bonds AMBAC,
4.50%, 07/01/2028		60,000		60,136
Series A,
5.00%, 07/01/2027		45,000		43,658
				404,776
Utah - 1.3%
City of Park City Water Revenue, Revenue Bonds 4.00%, 12/15/2016		100,000		100,402
City of St. George Electric Revenue, Revenue Bonds AGM, 3.13%, 06/01/2038		575,000		561,280
Intermountain Power Agency, Revenue Bonds Series A, 4.00%, 07/01/2018		25,000		26,262
Utah Charter School Finance Authority, Revenue Bonds
5.00%, 04/15/2030 (C)		420,000		428,799
6.00%, 04/15/2045 (C)		500,000		526,850
Series A,
5.75%, 07/15/2020		30,000		31,547
				1,675,140
Vermont - 0.8%
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds 5.00%, 10/01/2042		905,000		1,019,998
Virginia - 0.1%
Fairfax County Economic Development Authority, Revenue Bonds 4.00%, 04/01/2017		25,000		25,342
Tobacco Settlement Financing Corp., Revenue Bonds Series B1, 5.00%, 06/01/2047		145,000		135,272
				160,614
Wisconsin - 1.6%
Milwaukee Housing Authority, Revenue Bonds Series A, 3.63%, 07/01/2035		290,000		300,814

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

Transamerica Funds Annual Report 2016

Page    162

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin (continued)
Public Finance Authority, Revenue Bonds Series A, 4.75%, 12/01/2035		$  1,600,000		$  1,668,288
State of Wisconsin, General Obligation Unlimited Series C, 4.00%, 05/01/2017		25,000		25,421
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
Series A, 6.75%, 09/01/2037		25,000		25,288
Series B, 5.00%, 05/15/2036		25,000		25,040
				2,044,851
Total Municipal Government Obligations (Cost $123,794,126)				125,441,547
	Shares		Value
INVESTMENT COMPANY - 0.1%
U.S. Fixed Income Fund - 0.1%
Pioneer Municipal High Income Advantage Trust		12,000		153,000
Total Investment Company (Cost $158,264)				153,000

	Principal		Value
REPURCHASE AGREEMENT - 6.6%
State Street Bank & Trust Co. 0.03% (H), dated 10/31/2016, to be repurchased at $8,453,381 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.75%, due 07/14/2017, and with a value of $8,627,231.		$  8,453,374		$  8,453,374
Total Repurchase Agreement (Cost $8,453,374)				8,453,374
Total Investments (Cost $132,405,764) (I)				134,047,921
Net Other Assets (Liabilities) - (4.5)%				(5,724,874	)
Net Assets - 100.0%				$  128,323,047

SECURITY VALUATION:

Valuation Inputs ^(J)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Municipal Government Obligations	$	—	$	125,441,547	$	—	$	125,441,547
Investment Company		153,000		—		—		153,000
Repurchase Agreement		—		8,453,374		—		8,453,374
Total Investments	$	153,000	$	133,894,921	$	—	$	134,047,921

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

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

^(B)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(C)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $12,039,966, representing 9.4% of the Fund’s net assets.

^(D)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $1,641,160, representing 1.3% of the Fund’s net assets.

^(E)  Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2016; the maturity dates disclosed are the ultimate maturity dates.

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

Transamerica Funds Annual Report 2016

Page    163

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(F)  Restricted securities. At October 31, 2016, the restricted securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	California School Finance Authority, Revenue Bonds, Series A, 5.35%, 08/01/2024		02/29/2016	$	306,260	$	305,592		0.2	%
Municipal Government Obligations	Solaris Metropolitan District No. 3, General Obligation Limited, Series B, 7.00%, 12/15/2046		10/07/2016		499,940		493,660		0.4
Municipal Government Obligations	Florida Development Finance Corp., Revenue Bonds, Series A, 6.00%, 02/15/2037		07/16/2015		9,910		10,001		0.0	(A)
Municipal Government Obligations	Idaho Housing & Finance Association, Revenue Bonds, Series A, 5.00%, 06/01/2035		04/06/2015		429,186		458,809		0.4
Municipal Government Obligations	City of Minneapolis, Revenue Bonds, Series A, 4.00%, 07/01/2026		06/09/2016		1,500,010		1,499,940		1.2
Municipal Government Obligations	City of Minneapolis, Revenue Bonds, Series A, 5.00%, 07/01/2047		06/09/2016		203,958		202,268		0.2
Municipal Government Obligations	City of St. Cloud, Revenue Bonds, Series A, 3.75%, 04/01/2026		04/08/2016		340,010		341,333		0.3
Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series A, 4.50%, 07/01/2028		09/09/2016		750,010		739,912		0.6
Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series A, 5.00%, 07/01/2036		09/09/2016		1,315,010		1,281,178		1.0
Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series B, 5.25%, 04/01/2043		06/19/2015		392,806		408,496		0.3
Municipal Government Obligations	Parkville Industrial Development Authority, Revenue Bonds, 4.65%, 02/01/2018		05/24/2016		9,954		10,108		0.0	(A)
Municipal Government Obligations	Essex County Improvement Authority, Revenue Bonds, Series A, 7.00%, 12/01/2053		12/10/2015		115,006		123,288		0.1
Municipal Government Obligations	New Jersey Economic Development Authority, Revenue Bonds, 5.75%, 09/15/2027		02/11/2016 -  03/08/2016		443,717		452,684		0.3
Municipal Government Obligations	Westchester Tobacco Asset Securitization, Revenue Bonds, 5.13%, 06/01/2045		03/30/2015		17,138		20,000		0.0	(A)
Municipal Government Obligations	City of Cleveland, Revenue Bonds, 5.38%, 09/15/2027		07/27/2015		20,062		20,060		0.0	(A)
Municipal Government Obligations	Cleveland-Cuyahoga County Port Authority, Revenue Bonds, Series A, 7.05%, 11/15/2040		04/11/2014		97,648		106,887		0.1

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

Transamerica Funds Annual Report 2016

Page    164

Transamerica High Yield Muni

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Dayton-Montgomery County Port Authority, Revenue Bonds, Series 1, 7.00%, 01/15/2040		10/08/2015	$	150,005	$	153,115		0.1	%
Municipal Government Obligations	City of Forest Grove, Revenue Bonds, 5.50%, 03/01/2037		11/30/2015		105,598		105,772		0.1
Municipal Government Obligations	County of Lancaster, Special Assessment, Series A, 3.13%, 12/01/2022		01/22/2016		823,730		864,188		0.7
Municipal Government Obligations	City of Houston Airport System Revenue, Revenue Bonds, 5.00%, 07/01/2029		05/09/2014		147,659		167,627		0.1
Municipal Government Obligations	City of Houston Airport System Revenue, Revenue Bonds, Series C, 5.00%, 07/15/2020		03/11/2015		528,050		548,515		0.4
Total				$	8,205,667	$	8,313,433		6.5	%

^(G) Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(H)  Rate disclosed reflects the yield at October 31, 2016.

^(I)  Aggregate cost for federal income tax purposes is $132,405,776. Aggregate gross unrealized appreciation and depreciation for all securities is $2,910,019 and $1,267,874, respectively. Net unrealized appreciation for tax purposes is $1,642,145.

^(J)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

ACA	ACA Financial Guaranty Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
NATL	National Public Finance Guarantee Corp.

PORTFOLIO ABBREVIATIONS:

CBI	Certificates of Bond Insurance
CR	Custodial Receipts
ICC	Insured Custody Certificate
RE	Reinsured
TCRS	Temporary Custodian Receipts

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

Transamerica Funds Annual Report 2016

Page    165

Transamerica Income & Growth

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 88.8%
Aerospace & Defense - 2.6%
BAE Systems PLC		446,832		$  2,967,056
Airlines - 1.1%
Japan Airlines Co., Ltd.		43,466		1,283,215
Automobiles - 2.8%
Daimler AG		44,790		3,191,510
Banks - 8.2%
Bank of Montreal		55,270		3,517,369
Commonwealth Bank of Australia		11,060		617,455
JPMorgan Chase & Co.		47,440		3,285,695
Lloyds Banking Group PLC		2,775,840		1,945,483
				9,366,002
Beverages - 2.3%
Thai Beverage PCL		3,766,003		2,612,178
Biotechnology - 2.9%
AbbVie, Inc., Class G		58,370		3,255,879
Capital Markets - 2.4%
Ares Capital Corp. (A)		83,645		1,279,768
CME Group, Inc., Class A		14,860		1,487,486
				2,767,254
Chemicals - 3.0%
Dow Chemical Co.		17,840		959,971
LyondellBasell Industries NV, Class A		31,135		2,476,789
				3,436,760
Communications Equipment - 1.9%
Cisco Systems, Inc.		70,710		2,169,383
Construction & Engineering - 1.1%
Ferrovial SA		61,679		1,200,127
Diversified Telecommunication Services - 5.6%
AT&T, Inc.		41,300		1,519,427
BCE, Inc.		35,502		1,612,982
HKT Trust & HKT, Ltd.		2,392,540		3,282,375
				6,414,784
Equity Real Estate Investment Trusts - 7.7%
Ascendas Real Estate Investment Trust		1,770,623		3,016,264
Prologis, Inc., Class A		27,540		1,436,486
Spirit Realty Capital, Inc.		175,730		2,092,944
STORE Capital Corp.		82,108		2,240,727
				8,786,421
Food & Staples Retailing - 2.6%
Wal-Mart de Mexico SAB de CV		1,372,330		2,902,796
Food Products - 6.5%
Austevoll Seafood ASA		198,210		1,787,221
Marine Harvest ASA (A) (B)		309,110		5,608,040
				7,395,261
Hotels, Restaurants & Leisure - 2.8%
Las Vegas Sands Corp.		54,020		3,126,678
Insurance - 7.1%
Insurance Australia Group, Ltd.		654,940		2,745,152
Muenchener Rueckversicherungs-Gesellschaft AG		8,916		1,728,480
Swiss Re AG		38,700		3,594,088
				8,067,720

	Shares		Value
COMMON STOCKS (continued)
IT Services - 1.5%
Paychex, Inc.		30,890		$  1,705,128
Media - 3.0%
Regal Entertainment Group, Class A		156,459		3,365,433
Mortgage Real Estate Investment Trusts - 8.8%
Blackstone Mortgage Trust, Inc., Class A		154,708		4,672,182
Colony Capital, Inc.		67,540		1,283,935
Starwood Property Trust, Inc.		184,177		4,096,096
				10,052,213
Multiline Retail - 1.3%
Kohl’s Corp.		34,530		1,510,688
Pharmaceuticals - 3.0%
GlaxoSmithKline PLC		169,780		3,363,418
Semiconductors & Semiconductor Equipment - 4.2%
Intel Corp.		45,510		1,586,934
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		102,430		3,185,573
				4,772,507
Software - 2.5%
Microsoft Corp.		48,020		2,877,358
Transportation Infrastructure - 3.9%
Macquarie Infrastructure Corp.		47,150		3,857,341
Sydney Airport		114,630		545,866
				4,403,207
Total Common Stocks (Cost $90,460,141)				100,992,976
MASTER LIMITED PARTNERSHIPS - 10.4%
Capital Markets - 1.2%
AllianceBernstein Holding, LP		58,867		1,283,301
Electric Utilities - 3.1%
Brookfield Infrastructure Partners, LP		104,635		3,539,802
Oil, Gas & Consumable Fuels - 6.1%
Energy Transfer Partners, LP, Class B		78,930		2,760,971
Enterprise Products Partners, LP		25,260		637,562
Spectra Energy Partners, LP		52,790		2,250,966
TC Pipelines, LP		25,270		1,318,083
				6,967,582
Total Master Limited Partnerships (Cost $10,198,752)				11,790,685
RIGHT - 0.0% (C)
Construction & Engineering - 0.0% (C)
Ferrovial SA (B) Exercise Price $0.00 Expiration Date 11/14/2016		61,679		26,406
Total Right (Cost $27,503)				26,406
SECURITIES LENDING COLLATERAL - 6.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (D)		7,176,103		7,176,103
Total Securities Lending Collateral (Cost $7,176,103)				7,176,103

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

Transamerica Funds Annual Report 2016

Page    166

Transamerica Income & Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.03% (D), dated 10/31/2016, to be repurchased at $1,410,421 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.75%, due 07/14/2017, and with a value of $1,440,381.		$  1,410,420		$  1,410,420
Total Repurchase Agreement (Cost $1,410,420)				1,410,420
Total Investments (Cost $109,272,919) (E)				121,396,590
Net Other Assets (Liabilities) - (6.7)%				(7,622,030	)
Net Assets - 100.0%				$  113,774,560

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	61,505,048	$	39,487,928	$	—	$	100,992,976
Master Limited Partnerships		11,790,685		—		—		11,790,685
Right		—		26,406		—		26,406
Securities Lending Collateral		7,176,103		—		—		7,176,103
Repurchase Agreement		—		1,410,420		—		1,410,420
Total Investments	$	80,471,836	$	40,924,754	$	—	$	121,396,590

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $6,853,909. 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)  Non-income producing securities.

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

^(D)  Rates disclosed reflect the yields at October 31, 2016.

^(E)  Aggregate cost for federal income tax purposes is $111,272,532. Aggregate gross unrealized appreciation and depreciation for all securities is $12,441,151 and $2,317,093, respectively. Net unrealized appreciation for tax purposes is $10,124,058.

^(F) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    167

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITY - 0.1%
Invitation Homes Trust Series 2014-SFR1, Class A, 1.53% (A), 06/17/2031 (B)		$  194,965		$  194,458
Total Asset-Backed Security (Cost $195,575)				194,458
CORPORATE DEBT SECURITIES - 10.4%
Banks - 3.9%
BAC Capital Trust XIV 4.00% (A), 11/16/2016 (C)		700,000		574,000
Banco Santander Chile 1.78% (A), 04/11/2017 (B)		200,000		199,500
Bank of America Corp.
1.94% (A), 11/19/2024, MTN (D)		1,000,000		918,750
2.94% (A), 02/18/2020, MTN (D)		400,000		405,000
BankBoston Capital Trust III 1.60% (A), 06/15/2027		100,000		87,000
BankBoston Capital Trust IV 1.44% (A), 06/08/2028		212,000		183,380
Barclays PLC 2.92% (A), 08/10/2021		216,000		221,175
Chase Capital II 1.39% (A), 02/01/2027		54,000		49,108
Chase Capital III 1.39% (A), 03/01/2027		216,000		196,430
Citigroup, Inc. 2.07% (A), 08/02/2021		432,000		435,171
Corestates Capital II 1.53% (A), 01/15/2027 (B)		269,000		238,065
JPMorgan Chase & Co. 2.11% (A), 10/24/2023		215,000		214,154
JPMorgan Chase Capital XIII 1.79% (A), 09/30/2034		967,000		838,872
JPMorgan Chase Capital XXI 1.83% (A), 01/15/2087		412,000		346,080
PNC Financial Services Group, Inc. 5.00% (A), 11/01/2026 (C) (E)		430,000		429,364
Societe Generale SA 7.38% (A), 09/13/2021 (B) (C)		200,000		198,300
Standard Chartered PLC 6.41% (A), 01/30/2017 (B) (C) (F)		500,000		485,625
SunTrust Capital III 1.50% (A), 03/15/2028		765,000		615,825
Toronto-Dominion Bank 3.63% (A), 09/15/2031		60,000		59,934
Wachovia Capital Trust II 1.38% (A), 01/15/2027		308,000		269,500
Wells Fargo Capital II 1.39% (A), 01/30/2027		219,000		192,173
				7,157,406
Capital Markets - 1.5%
Credit Suisse Group Funding Guernsey, Ltd. 3.17% (A), 04/16/2021 (B)		694,000		721,450
Goldman Sachs Capital II 4.00% (A), 12/01/2016 (C)		23,000		18,918
Goldman Sachs Capital III 4.00% (A), 12/01/2016 (C)		118,000		95,758

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc.
2.24% (A), 11/15/2021		$  648,000		$  647,293
2.64% (A), 10/28/2027, MTN		150,000		150,277
Morgan Stanley
2.83% (A), 04/25/2023, MTN		201,000		207,030
2.84% (A), 06/09/2023, MTN		442,000		443,105
State Street Capital Trust IV 1.85% (A), 06/01/2077		534,000		459,240
				2,743,071
Commercial Services & Supplies - 0.1%
Pitney Bowes, Inc. 3.38%, 10/01/2021		187,000		186,489
Construction & Engineering - 0.1%
Valmont Industries, Inc. 5.25%, 10/01/2054		180,000		164,471
Electric Utilities - 0.1%
WEC Energy Group, Inc. 6.25% (A), 05/15/2067		212,000		185,500
Equity Real Estate Investment Trusts - 0.1%
Columbia Property Trust Operating Partnership, LP 3.65%, 08/15/2026		71,000		70,522
Liberty Property, LP 3.25%, 10/01/2026		48,000		47,659
				118,181
Insurance - 1.9%
Catlin Insurance Co., Ltd. 7.25% (A), 01/19/2017 (B) (C)		1,000,000		805,000
Genworth Holdings, Inc. 6.15% (A), 11/15/2066		1,200,000		573,000
Prudential Financial, Inc. 8.88% (A), 06/15/2068		217,000		239,785
XLIT, Ltd. 6.50% (A), 04/15/2017 (C)		2,350,000		1,802,156
				3,419,941
Metals & Mining - 1.6%
Alcoa Nederland Holding BV 6.75%, 09/30/2024 (B)		217,000		224,595
Glencore Finance Canada, Ltd. 2.70%, 10/25/2017 (B)		223,000		223,803
Glencore Funding LLC 4.00%, 04/16/2025 (B)		218,000		214,730
Goldcorp, Inc. 2.13%, 03/15/2018		869,000		870,926
Newcrest Finance Pty, Ltd.
4.20%, 10/01/2022 (B)		712,000		739,179
5.75%, 11/15/2041 (B)		430,000		435,312
Vale Overseas, Ltd. 6.25%, 08/10/2026		212,000		227,370
				2,935,915
Oil, Gas & Consumable Fuels - 1.1%
Anadarko Petroleum Corp. 4.85%, 03/15/2021		473,000		513,500
BP Capital Markets PLC 1.72% (A), 09/16/2021		424,000		425,743

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

Transamerica Funds Annual Report 2016

Page    168

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
EnLink Midstream Partners, LP 4.85%, 07/15/2026		$  468,000		$  476,717
Hess Corp. 4.30%, 04/01/2027		103,000		102,538
Phillips 66 Partners, LP 3.55%, 10/01/2026		430,000		428,418
				1,946,916
Total Corporate Debt Securities (Cost $20,006,592)				18,857,890
FOREIGN GOVERNMENT OBLIGATIONS - 15.4%
Australia - 0.9%
Australia Government Bond 1.00%, 11/21/2018 (G)		AUD  2,000,000		1,616,989
Brazil - 0.3%
Brazil Notas do Tesouro Nacional 10.00%, 01/01/2019		BRL  2,000,000		610,656
France - 2.7%
France Republic Government Bond OAT
0.10%, 03/01/2025 (G)		EUR  2,215,554		2,625,421
2.25%, 07/25/2020 (G)		1,829,355		2,285,383
				4,910,804
Italy - 2.4%
Italy Buoni Poliennali del Tesoro
0.10%, 05/15/2022 (G)		1,511,280		1,654,993
2.10%, 09/15/2021 (G)		2,176,448		2,642,471
				4,297,464
Mexico - 1.7%
Mexico Udibonos
Series S,
2.50%, 12/10/2020		MXN  15,052,648		797,111
4.50%, 12/04/2025		38,455,669		2,298,469
				3,095,580
New Zealand - 0.8%
New Zealand Government Bond 2.00%, 09/20/2025 (G)		NZD  2,000,000		1,536,478
Spain - 1.3%
Spain Government Inflation-Linked Bond 0.55%, 11/30/2019 (G)		EUR  2,001,580		2,282,708
United Kingdom - 5.3%
U.K. Gilt Inflation-Linked 0.13%, 03/22/2024 - 03/22/2044 (G)		GBP  5,593,866		9,637,585
Total Foreign Government Obligations (Cost $29,803,730)				27,988,264
MORTGAGE-BACKED SECURITIES - 1.8%
COMM Mortgage Trust Series 2015-CR24, Class A2, 3.02%, 08/10/2048		$  89,445		93,191
CSAIL Commercial Mortgage Trust Series 2015-C1, Class A2, 2.97%, 04/15/2050		53,400		55,461

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
GS Mortgage Securities Corp. II Series 2015-GC30, Class A2, 2.73%, 05/10/2050		$  100,125		$  102,839
GS Mortgage Securities Trust Series 2014-GSFL, Class B, 2.28% (A), 07/15/2031 (B)		3,000,000		2,971,155
Total Mortgage-Backed Securities (Cost $3,249,779)				3,222,646
U.S. GOVERNMENT AGENCY OBLIGATIONS - 2.7%
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
2.18% (A), 04/25/2024		2,919,369		2,936,358
2.73% (A), 02/25/2024		1,500,000		1,533,108
Federal National Mortgage Association Connecticut Avenue Securities 2.53% (A), 10/25/2023		373,533		376,787
Total U.S. Government Agency Obligations (Cost $4,836,377)				4,846,253
U.S. GOVERNMENT OBLIGATIONS - 66.5%
U.S. Treasury Inflation-Protected Securities - 66.5%
U.S. Treasury Inflation-Indexed Bond
0.75%, 02/15/2045		5,567,503		5,593,314
1.00%, 02/15/2046		2,201,674		2,371,850
1.38%, 02/15/2044		1,216,324		1,408,877
1.75%, 01/15/2028		716,226		830,954
2.38%, 01/15/2025		5,712,686		6,763,718
3.38%, 04/15/2032		4,753,151		6,888,309
3.88%, 04/15/2029		6,399,382		9,115,101
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2017 - 07/15/2026		59,047,945		59,911,099
0.25%, 01/15/2025		3,518,336		3,564,915
0.38%, 07/15/2025		711,333		730,194
0.63%, 07/15/2021 - 01/15/2026		5,691,808		5,948,038
1.13%, 01/15/2021		11,122,302		11,820,137
1.25%, 07/15/2020		3,985,671		4,255,736
1.38%, 07/15/2018		1,390,528		1,447,000
Total U.S. Government Obligations (Cost $117,805,510)				120,649,242
	Shares		Value
PREFERRED STOCKS - 0.6%
Banks - 0.0% (H)
Santander Finance Preferred SAU 4.00% (A)		2,750		65,890
Consumer Finance - 0.5%
Navient Corp.
2.84% (A)		8,200		204,590
2.89% (A)		32,242		794,765
				999,355
Insurance - 0.1%
Prudential Financial, Inc. 3.24% (A)		4,655		123,823
Total Preferred Stocks (Cost $1,151,511)				1,189,068

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

Transamerica Funds Annual Report 2016

Page    169

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.0% (H)
U.S. Treasury Bill
0.05% (I), 11/17/2016		$  25,000		$  24,998
0.09% (I), 11/25/2016		25,000		24,997
Total Short-Term U.S. Government Obligations (Cost $49,992)				49,995
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (I)		498,713		498,713
Total Securities Lending Collateral (Cost $498,713)				498,713

	Principal		Value
REPURCHASE AGREEMENT - 1.9%
State Street Bank & Trust Co. 0.03% (I), dated 10/31/2016, to be repurchased at $3,448,837 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.88%, due 02/22/2017, and with a value of $3,518,144.		$  3,448,834		$  3,448,834
Total Repurchase Agreement (Cost $3,448,834)				3,448,834
Total Investments (Cost $181,046,613) (J)				180,945,363
Net Other Assets (Liabilities) - 0.3%				456,924
Net Assets - 100.0%				$  181,402,287

FORWARD FOREIGN CURRENCY CONTRACTS:
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
GSC		11/17/2016		USD	4,420,790		EUR	4,000,000	$	26,816	$	—
GSC		11/29/2016		USD	2,380,391		EUR	2,167,386		—		(1,623	)
JPMS		11/07/2016		USD	1,888,999		GBP	1,479,906		77,357		—
JPMS		11/17/2016		USD	4,277,400		EUR	3,875,855		19,799		—
JPMS		11/29/2016		USD	1,651,331		EUR	1,503,375		—		(917	)
JPMS		11/29/2016		USD	2,450,358		GBP	2,000,000		984		—
Total									$	124,956	$	(2,540	)

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Security	$	—	$	194,458		$	—	$	194,458
Corporate Debt Securities		—		18,857,890			—		18,857,890
Foreign Government Obligations		—		27,988,264			—		27,988,264
Mortgage-Backed Securities		—		3,222,646			—		3,222,646
U.S. Government Agency Obligations		—		4,846,253			—		4,846,253
U.S. Government Obligations		—		120,649,242			—		120,649,242
Preferred Stocks		1,189,068		—			—		1,189,068
Short-Term U.S. Government Obligations		—		49,995			—		49,995
Securities Lending Collateral		498,713		—			—		498,713
Repurchase Agreement		—		3,448,834			—		3,448,834
Total Investments	$	1,687,781	$	179,257,582		$	—	$	180,945,363
Other Financial Instruments
Forward Foreign Currency Contracts (L)	$	—	$	124,956		$	—	$	124,956
Total Other Financial Instruments	$	—	$	124,956		$	—	$	124,956
LIABILITIES
Other Financial Instruments
Forward Foreign Currency Contracts (L)	$	—	$	(2,540	)	$	—	$	(2,540	)
Total Other Financial Instruments	$	—	$	(2,540	)	$	—	$	(2,540	)

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

Transamerica Funds Annual Report 2016

Page    170

Transamerica Inflation Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(B)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $7,651,172, representing 4.2% of the Fund’s net assets.

^(C)  Perpetual maturity. The date displayed is the next call date.

^(D)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $1,323,750, representing 0.7% of the Fund’s net assets.

^(E)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after October 31, 2016.

^(F)  All or a portion of the security is on loan. The value of the security on loan is $488,700. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.

^(G)  Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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. At October 31, 2016, the total value of Regulation S securities is $24,282,028, representing 13.4% of the Fund’s net assets.

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

^(I)  Rates disclosed reflect the yields at October 31, 2016.

^(J)  Aggregate cost for federal income tax purposes is $181,190,359. Aggregate gross unrealized appreciation and depreciation for all securities is $3,478,280 and $3,723,276, respectively. Net unrealized depreciation for tax purposes is $244,996.

^(K)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

CURRENCY ABBREVIATIONS:

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

COUNTERPARTY ABBREVIATIONS:

GSC	Goldman Sachs & Co.
JPMS	JPMorgan Securities LLC

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Funds Annual Report 2016

Page    171

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 95.4%
Alabama - 0.5%
Alabama Federal AID Highway Finance Authority, Revenue Bonds 5.00%, 09/01/2017		$  320,000		$  331,155
Alabama State University, Revenue Bonds AGC, 4.25%, 05/01/2021		25,000		26,309
County of Jefferson, Revenue Bonds
Series A, AGM-CR,
5.25%, 01/01/2023		300,000		301,653
5.50%, 01/01/2022		85,000		85,468
Industrial Development Board of the City of Mobile, Revenue Bonds 1.63% (A), 07/15/2034		2,225,000		2,240,753
Jasper Water Works & Sewer Board, Inc., Revenue Bonds 5.00%, 06/01/2022 - 06/01/2024		960,000		1,102,911
Marshall County Board of Education, Special Tax AGM, 4.00%, 03/01/2031 - 03/01/2033		1,385,000		1,507,538
Tuscaloosa Public Educational Building Authority, Revenue Bonds Series A, BAM, 5.00%, 07/01/2017		1,125,000		1,155,578
University of Alabama Hospital Revenue, Revenue Bonds Series A, AMBAC, 5.00%, 09/01/2036		25,000		25,068
				6,776,433
Alaska - 0.1%
Alaska Housing Finance Corp., Revenue Bonds Series D, 5.00%, 12/01/2025		250,000		307,182
Alaska Industrial Development & Export Authority, Revenue Bonds 5.00%, 04/01/2022		500,000		586,240
City of Valdez, Revenue Bonds Series C, 5.00%, 01/01/2021		50,000		56,609
North Slope Borough Service Area 10, Revenue Bonds 5.00%, 06/30/2022		535,000		617,385
State of Alaska International Airports System, Revenue Bonds Series A, 5.00%, 10/01/2031		65,000		77,172
				1,644,588
Arizona - 1.5%
Arizona Board of Regents, Certificate of Participation Series A, 5.00%, 06/01/2019		150,000		164,556
Arizona Health Facilities Authority, Revenue Bonds Series D, 5.00%, 01/01/2017		75,000		75,535
BluePath Trust, Revenue Bonds 2.75%, 09/01/2026 (B) (C)		5,900,000		5,784,714

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arizona (continued)
City of Goodyear Water & Sewer Revenue, Revenue Bonds AGM, 4.00%, 07/01/2026 - 07/01/2027		$  235,000		$  267,781
City of Tucson, Certificate of Participation AGM, 3.00%, 07/01/2029		1,000,000		1,008,790
County of Pima, Certificate of Participation 5.00%, 12/01/2026		35,000		41,614
County of Pima Sewer System Revenue, Revenue Bonds Series A, 5.00%, 07/01/2019		25,000		27,618
County of Santa Cruz, Revenue Bonds AGM, 4.00%, 07/01/2026 - 07/01/2027		735,000		851,243
Industrial Development Authority of the City of Phoenix, Revenue Bonds
2.95%, 07/01/2026		2,950,000		2,970,178
3.88%, 07/01/2021 (B) (C)		200,000		200,030
5.00%, 07/01/2036		1,625,000		1,818,684
7.63%, 07/01/2044 (B)		100,000		110,868
Industrial Development Authority of the County of Pima, Revenue Bonds Series R, 2.88%, 07/01/2021		390,000		391,178
La Paz County Industrial Development Authority, Revenue Bonds Series A, 5.00%, 02/15/2021 - 02/15/2036 (B)		3,885,000		4,329,103
Maricopa County Elementary School District No. 25, General Obligation Unlimited Series A, BAM, 4.00%, 07/01/2024		135,000		156,284
Maricopa County Industrial Development Authority, Revenue Bonds
2.63%, 07/01/2021		750,000		749,985
Series A,
5.00%, 01/01/2034		675,000		755,905
Maricopa County Unified School District No. 48, General Obligation Limited 1.75%, 07/01/2017		100,000		100,710
Maricopa County Unified School District No. 89, General Obligation Limited 5.00%, 07/01/2023		40,000		48,300
Pinal County Electrical District No. 4, Revenue Bonds AGM, 5.00%, 12/01/2022 - 12/01/2025		480,000		576,514
State of Arizona, Certificate of Participation Series B, AGM, 5.00%, 10/01/2017		390,000		404,984
Yavapai County Elementary School District No. 6, General Obligation Unlimited Series A, BAM, 4.00%, 07/01/2026		410,000		476,190
				21,310,764

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

Transamerica Funds Annual Report 2016

Page    172

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Arkansas - 0.0% (D)
Arkansas Development Finance Authority, Revenue Bonds AMBAC, Zero Coupon, 07/01/2026		$  305,000		$  243,814
City of Maumelle, General Obligation Limited 2.00%, 03/01/2017		100,000		100,416
				344,230
California - 11.6%
Acalanes Union High School District, General Obligation Unlimited Series C, Zero Coupon, 08/01/2026		235,000		183,006
Alameda Corridor Transportation Authority, Revenue Bonds
Series B, AGM,
3.13%, 10/01/2036		1,800,000		1,749,114
4.00%, 10/01/2035		1,000,000		1,091,490
5.00%, 10/01/2036		250,000		295,667
Avalon Community Improvement Agency Successor Agency, Tax Allocation Series A, AGM, 5.00%, 09/01/2024 - 09/01/2026		2,160,000		2,670,314
Baldwin Park/Monrovia School Facilities Grant Financing Authority, Revenue Bonds
AGM,
2.50%, 10/01/2025 - 10/01/2026		340,000		352,855
3.00%, 10/01/2029 - 10/01/2034		1,000,000		983,354
3.13%, 10/01/2036		100,000		95,959
4.00%, 10/01/2027 - 10/01/2028		385,000		438,477
Brisbane/Guadalupe Valley Municipal Improvement District Financing Authority, Revenue Bonds 5.00%, 09/01/2025		140,000		174,601
Calexico Financing Authority, Revenue Bonds AGM, 4.00%, 04/01/2024		715,000		829,672
California City Redevelopment Agency Successor Agency, Tax Allocation AGM, 3.25%, 09/01/2026		130,000		139,874
California Community College Financing Authority, Revenue Bonds
Series A, BAM,
2.38%, 06/01/2030		210,000		202,314
2.50%, 06/01/2031		220,000		211,499
California Health Facilities Financing Authority, Revenue Bonds
Series A,
4.00%, 10/01/2034 - 10/01/2036		10,460,000		11,203,372
Series B,
5.00%, 11/15/2031		500,000		611,860
Series D,
5.00%, 08/15/2022		25,000		29,805

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
California Municipal Finance Authority, Revenue Bonds
4.00%, 07/01/2019 (B) (C)		$  345,000		$  359,894
4.38%, 07/01/2025 (B) (C)		750,000		815,917
Series A,
3.50%, 10/01/2020		330,000		335,171
California School Finance Authority, Revenue Bonds
Series A,
3.00%, 07/01/2017 - 07/01/2018 (B)		1,400,000		1,424,313
4.00%, 08/01/2025 (B)		450,000		487,273
California State Public Works Board, Revenue Bonds Series F, 5.00%, 09/01/2017		100,000		103,523
California State University, Revenue Bonds Series A, 4.00%, 11/01/2034		500,000		552,820
California Statewide Communities Development Authority, Revenue Bonds
1.90% (A), 04/01/2028		75,000		76,363
AGM,
5.00%, 10/01/2026		520,000		631,036
Series A,
3.00%, 08/15/2036		250,000		233,612
5.00%, 12/01/2025 - 12/01/2029 (B)		775,000		905,319
Series B,
5.00%, 07/01/2030		445,000		524,504
Series E-2,
5.00% (A), 04/01/2044		225,000		229,696
Chula Vista Redevelopment Agency Successor Agency, Tax Allocation
AGM,
3.00%, 10/01/2036		150,000		143,254
4.00%, 10/01/2035		1,235,000		1,347,990
City of Escondido, Special Tax Series E, BAM, 5.00%, 09/01/2027		620,000		758,843
City of Lathrop, Special Assessment
3.00%, 09/02/2020		140,000		146,243
4.00%, 09/02/2021 - 09/02/2022		315,000		347,611
City of San Buenaventura Wastewater Revenue, Revenue Bonds Series B, 4.00%, 01/01/2023		40,000		45,038
City of Visalia, Certificate of Participation AGM, 5.00%, 12/01/2024		360,000		447,210
Coachella Redevelopment Agency Successor Agency, Tax Allocation
AGM,
5.00%, 09/01/2026		70,000		85,135
Series A, AGM,
4.00%, 09/01/2031 - 09/01/2032		1,210,000		1,342,384
5.00%, 09/01/2029 - 09/01/2030		2,170,000		2,646,302

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

Transamerica Funds Annual Report 2016

Page    173

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Colton Joint Unified School District, General Obligation Unlimited
BAM,
4.00%, 02/01/2033 - 02/01/2034		$  1,055,000		$  1,153,150
5.00%, 02/01/2029 - 02/01/2030		650,000		788,710
Compton Community College District, General Obligation Unlimited BAM, 5.00%, 07/01/2024		605,000		746,957
County of El Dorado, Special Tax
BAM,
3.00%, 09/01/2025 - 09/01/2026		1,195,000		1,279,518
3.13%, 09/01/2027		880,000		934,278
5.00%, 09/01/2021 - 09/01/2024		3,160,000		3,814,131
County of Santa Cruz, Certificate of Participation
4.00%, 08/01/2032 - 08/01/2033		760,000		833,625
AGM,
3.00%, 08/01/2036		1,325,000		1,250,999
Coyote Canyon Public Facilities Community Facilities District No. 2004-1, Special Tax Series A, AGM, 4.00%, 09/01/2029 - 09/01/2030		860,000		957,841
Davis Joint Unified School District, Certificate of Participation BAM, 4.00%, 08/01/2024		95,000		110,576
Dinuba Financing Authority, Revenue Bonds Series A, AGM, 3.00%, 09/01/2038		1,280,000		1,214,797
Dry Creek Joint Elementary School District, Special Tax AGM, 5.00%, 09/01/2024		190,000		235,167
Elk Grove Unified School District, Certificate of Participation BAM, 5.00%, 02/01/2027 - 02/01/2030		7,035,000		8,594,933
Etiwanda School District, Special Tax
2.00%, 09/01/2018 - 09/01/2020		100,000		102,120
3.00%, 09/01/2021 - 09/01/2022		185,000		191,208
3.50%, 09/01/2023		75,000		77,583
Fairfield-Suisun Unified School District Financing Corp., Special Tax
BAM,
2.00%, 08/15/2018 - 08/15/2020		6,035,000		6,131,820
2.25%, 08/15/2021 - 08/15/2023		6,945,000		7,047,746
Fontana Unified School District, General Obligation Unlimited 4.00%, 08/01/2024		150,000		169,911
Gilroy Public Facilities Financing Authority, Revenue Bonds 4.00%, 11/01/2016		70,000		70,000

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Gilroy Unified School District, Certificate of Participation BAM, 4.00%, 04/01/2032		$  850,000		$  934,643
Golden State Tobacco Securitization Corp., Revenue Bonds
Series A,
3.00%, 06/01/2017		50,000		50,657
Series A-1,
4.50%, 06/01/2017 - 06/01/2027		6,480,000		6,495,050
Grant Joint Union High School District, General Obligation Unlimited AGM, 4.38%, 08/01/2031		200,000		200,416
Hacienda La Puente Unified School District, Certificate of Participation AGM, 5.00%, 06/01/2024		250,000		309,867
Hesperia Unified School District, Certificate of Participation BAM, 3.00%, 02/01/2033		375,000		375,352
Imperial Irrigation District Electric System Revenue, Revenue Bonds 4.25%, 11/01/2016		100,000		100,000
Kern Community College District, Certificate of Participation BAM, 5.00%, 06/01/2027		1,020,000		1,267,636
La Quinta Redevelopment Agency Successor Agency, Tax Allocation Series A, 5.00%, 09/01/2021		35,000		41,059
Lancaster Redevelopment Agency Successor Agency, Tax Allocation
Series A,
2.38%, 08/01/2028		3,210,000		3,131,483
5.00%, 08/01/2029		335,000		408,382
Series B, AGM,
2.38%, 02/01/2029		955,000		914,565
Los Angeles County Redevelopment Refunding Authority Redevelopment Agency Successor Agency, Tax Allocation Series E, AGM, 5.00%, 12/01/2022		50,000		60,189
Los Angeles Unified School District, General Obligation Unlimited Series D, 4.00%, 07/01/2017		50,000		51,109
Lynwood Unified School District, General Obligation Unlimited Series C, AGM, 3.00%, 08/01/2036		300,000		295,584
Menifee Union School District Public Financing Authority, Special Tax
Series A,
4.00%, 09/01/2019		480,000		514,075
5.00%, 09/01/2023		425,000		507,140

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

Transamerica Funds Annual Report 2016

Page    174

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Menifee Union School District Public Financing Authority, Special Tax (continued)
Series A, BAM,
3.00%, 09/01/2031		$  265,000		$  267,133
5.00%, 09/01/2029 - 09/01/2034		2,565,000		3,038,439
Metropolitan Water District of Southern California, Revenue Bonds Series G-2, 3.00% (A), 07/01/2037		100,000		101,530
Municipal Improvement Corp. of Los Angeles, Revenue Bonds Series B, 3.50%, 05/01/2017		100,000		101,431
Oakdale Public Financing Authority, Special Tax
2.38%, 09/01/2021		240,000		244,896
2.63%, 09/01/2022		110,000		113,185
3.00%, 09/01/2023 - 09/01/2024		415,000		435,100
Oakland Joint Powers Financing Authority, Revenue Bonds Series A-1, AGC, 5.25%, 01/01/2017		300,000		302,250
Oxnard Union High School District, General Obligation Unlimited 4.00%, 08/01/2020		25,000		27,663
Panama-Buena Vista Union School District, Certificate of Participation
BAM,
4.00%, 09/01/2018		425,000		448,392
5.00%, 09/01/2024		265,000		327,996
Peralta Community College District, General Obligation Unlimited Series D, 3.50%, 08/01/2032 - 08/01/2034		6,455,000		6,803,360
Pittsburg Successor Agency Redevelopment Agency, Tax Allocation Series A, AGM, 5.00%, 09/01/2022		425,000		508,653
Pittsburg Unified School District, General Obligation Unlimited 4.00%, 08/01/2034 - 08/01/2035		5,960,000		6,605,674
Placerville Union School District, General Obligation Unlimited BAM, 3.00%, 08/01/2033 - 08/01/2034		250,000		245,689
Ramona Unified School District Community Facilities District No. 92-1, Certificate of Participation BAM, 4.00%, 05/01/2027		175,000		199,838
Rio Elementary School District Community Facilities District, Special Tax BAM, 5.00%, 09/01/2029 - 09/01/2034		3,000,000		3,598,755
Riverside County Redevelopment Successor Agency, Tax Allocation Series C, AGM, 5.00%, 10/01/2022		415,000		498,303

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Riverside Redevelopment Agency Successor Agency, Tax Allocation Series A, 5.00%, 09/01/2020 - 09/01/2026		$  245,000		$  292,207
Roseville Joint Union High School District, General Obligation Unlimited Series B, Zero Coupon, 08/01/2030 - 08/01/2034		1,995,000		1,149,573
Sacramento Area Flood Control Agency, Special Assessment BAM, 5.00%, 12/01/2037		850,000		881,076
Sacramento City Financing Authority, Revenue Bonds 3.00%, 12/01/2017		250,000		255,897
San Bernardino City Unified School District, General Obligation Unlimited AGM, 3.00%, 08/01/2017		150,000		152,527
San Bernardino County Redevelopment Agency Successor Agency, Tax Allocation Series B, AGM, 5.00%, 09/01/2025 - 09/01/2028		1,235,000		1,517,896
San Diego Public Facilities Financing Authority, Revenue Bonds 5.00%, 10/15/2026 - 10/15/2027		810,000		1,002,096
San Francisco City & County Redevelopment Agency, Tax Allocation 4.00%, 08/01/2017		100,000		102,382
San Gorgonio Memorial Health Care District, General Obligation Unlimited 5.00%, 08/01/2024		135,000		165,413
San Leandro Redevelopment Agency Successor Agency, Tax Allocation 5.00%, 09/01/2027		310,000		378,200
San Marcos Redevelopment Agency Successor Agency, Tax Allocation Series A, 5.00%, 10/01/2024		35,000		43,579
Santa Rosa Redevelopment Agency Successor Agency, Tax Allocation Series A, BAM, 5.00%, 08/01/2028		2,000,000		2,419,680
Snowline Joint Unified School District, Special Tax Series A, 3.00%, 09/01/2021 - 09/01/2022		535,000		569,867
South Tahoe Redevelopment Agency, Special Tax 3.38%, 10/01/2021		110,000		113,434
State of California, General Obligation Unlimited 5.00%, 09/01/2029		12,580,000		15,536,929
State of California Department of Veterans Affairs, Revenue Bonds
Series B,
3.00%, 12/01/2031		6,500,000		6,505,265
3.25%, 12/01/2036		6,900,000		6,841,005

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

Transamerica Funds Annual Report 2016

Page    175

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Stockton Public Financing Authority, Revenue Bonds
BAM,
5.00%, 09/01/2019		$  230,000		$  255,201
Series A, NATL,
5.00%, 10/01/2031		20,000		20,061
Stockton Public Financing Authority, Special Tax Series A, BAM, 4.00%, 09/02/2030		1,310,000		1,455,017
Stockton Unified School District, General Obligation Unlimited
AGM,
5.00%, 07/01/2021		75,000		87,524
Series A, BAM,
5.00%, 08/01/2024		100,000		123,864
Successor Agency to the Upland Community Redevelopment Agency, Tax Allocation AGM, 5.00%, 09/01/2022		50,000		59,842
Sutter Union High School District, General Obligation Unlimited BAM, Zero Coupon, 08/01/2027 - 08/01/2028		400,000		290,908
Twin Rivers Unified School District, Certificate of Participation AGM, 3.20% (A), 06/01/2027		145,000		145,225
Vacaville Redevelopment Agency Successor Agency, Tax Allocation Series A, AGM, 2.75%, 09/01/2031		290,000		284,264
Vacaville Unified School District, Certificate of Participation
AGM,
3.00%, 12/01/2022		155,000		168,821
4.00%, 12/01/2023 - 12/01/2025		865,000		1,010,389
Vallejo City Unified School District, Special Tax AGM, 5.00%, 09/01/2019		100,000		100,332
Victor Valley Union High School District, Certificate of Participation
Series A, BAM,
2.00%, 11/15/2024 - 11/15/2025		1,005,000		1,007,723
2.13%, 11/15/2026		850,000		848,096
2.38%, 11/15/2027		955,000		960,052
Victor Valley Union High School District, General Obligation Unlimited
Series B, AGM,
2.50%, 08/01/2031		335,000		315,476
4.00%, 08/01/2032		620,000		680,301
Washington Township Health Care District, General Obligation Unlimited Series DT, 4.00%, 08/01/2032 - 08/01/2036		2,425,000		2,639,650

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
California (continued)
Washington Unified School District, General Obligation Unlimited AGM, 4.00%, 08/01/2024		$  110,000		$  128,036
West Hill Community College District, General Obligation Unlimited Series C, BAM, 5.00%, 08/01/2021 - 08/01/2026		810,000		992,218
Whittier Union High School District, General Obligation Unlimited Zero Coupon, 08/01/2026 - 08/01/2028 (E)		12,465,000		9,188,840
				169,172,114
Colorado - 1.3%
Beacon Point Metropolitan District, General Obligation Unlimited AGM, 4.00%, 12/01/2021		70,000		77,102
City of Arvada, Certificate of Participation 4.00%, 12/01/2030 - 12/01/2034		3,015,000		3,352,624
City of Westminster, Certificate of Participation Series B, 1.54%, 12/01/2017		105,000		105,249
Colorado Educational & Cultural Facilities Authority, Revenue Bonds
3.00%, 07/01/2017		100,000		101,191
3.25%, 06/15/2036		515,000		501,311
4.00%, 07/01/2018 - 08/01/2026		1,500,000		1,645,242
5.00%, 06/15/2029 - 08/01/2036		3,750,000		4,312,259
Series A,
3.00%, 12/01/2020		145,000		152,140
5.00%, 12/15/2031		500,000		594,415
Series C,
2.00%, 12/15/2017 (B)		500,000		498,835
Colorado Health Facilities Authority, Revenue Bonds 4.00%, 05/15/2029		2,000,000		2,215,860
Colorado Higher Education, Certificate of Participation Series A, 5.00%, 11/01/2026		50,000		63,447
Douglas County School District No. Re-1 Douglas & Elbert Counties, Certificate of Participation 2.00%, 01/15/2017		210,000		210,494
El Paso County School District No. 49, Certificate of Participation 5.00%, 12/15/2019		1,130,000		1,258,741
Gateway Regional Metropolitan District, General Obligation Limited AGM, 3.00%, 12/01/2032 - 12/01/2036		395,000		388,875
Heather Ridge Metropolitan District No. 1, General Obligation Unlimited AGM, 3.00%, 12/01/2035		350,000		337,141

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

Transamerica Funds Annual Report 2016

Page    176

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Colorado (continued)
Riverdale Dunes Metropolitan District No. 1, General Obligation Unlimited AGM, 3.13%, 12/01/2037		$  455,000		$  444,321
SBC Metropolitan District, General Obligation Unlimited AGM, 3.00%, 12/01/2017		255,000		260,197
Solaris Metropolitan District No. 3, General Obligation Limited Series A, 3.75%, 12/01/2026 (F)		640,000		633,888
Southglenn Metropolitan District, General Obligation Limited 3.00%, 12/01/2021 (F)		1,000,000		985,080
Thornton Development Authority, Tax Allocation
4.00%, 12/01/2019		450,000		486,837
5.00%, 12/01/2022		400,000		474,640
VDW Metropolitan District No. 2, General Obligation Limited Series A, AGM, 2.00%, 12/01/2022		60,000		60,225
				19,160,114
Connecticut - 2.2%
City of Hartford, General Obligation Unlimited
Series A, AGM,
5.00%, 07/01/2025 - 07/01/2026		560,000		657,557
Series A, AMBAC,
5.25%, 08/15/2019		55,000		56,958
Series A, BAM,
3.00%, 12/01/2028 - 12/01/2029		1,360,000		1,321,550
4.00%, 12/01/2027		515,000		561,190
5.00%, 12/01/2021 - 12/01/2026		14,385,000		16,903,368
Series A, BAM-TCRS,
5.00%, 04/01/2025		2,100,000		2,342,970
Series B,
2.50%, 07/15/2019		50,000		49,466
Series C, AGM,
5.00%, 07/15/2023		1,400,000		1,627,164
City of New Britain, General Obligation Unlimited
AGM,
5.00%, 04/15/2020		100,000		113,328
Series A, BAM,
5.00%, 03/01/2025		240,000		294,053
City of New Haven, General Obligation Unlimited Series B, BAM, 5.00%, 08/15/2025		595,000		724,692
Connecticut Housing Finance Authority, Revenue Bonds
Series A-1,
3.20%, 11/15/2035		530,000		534,341

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Connecticut (continued)
Connecticut Housing Finance Authority, Revenue Bonds (continued)
Series B1,
2.40%, 11/15/2026		$  90,000		$  90,146
2.55%, 05/15/2027		1,255,000		1,270,637
2.60%, 11/15/2027		1,400,000		1,403,234
Series B3,
2.30%, 11/15/2025		190,000		192,077
2.40%, 05/15/2026 - 11/15/2026		655,000		660,030
Series E-2,
2.50%, 11/15/2026		1,000,000		979,930
Connecticut State Health & Educational Facility Authority, Revenue Bonds
Series A,
0.80% (A), 07/01/2048		30,000		30,016
Series B, AGC,
5.50%, 07/01/2032		250,000		250,497
Mohegan Tribe of Indians of Connecticut, Revenue Bonds Series C, 4.75%, 02/01/2020 (B)		1,250,000		1,255,362
State of Connecticut, General Obligation Unlimited
Series A,
4.00%, 05/01/2017		50,000		50,809
Series E,
5.00%, 08/15/2021		25,000		28,969
State of Connecticut Special Tax Revenue, Revenue Bonds Series A, 3.00%, 12/01/2016 - 08/01/2017		200,000		201,872
University of Connecticut, Revenue Bonds Series A, 5.00%, 11/15/2023		25,000		27,822
				31,628,038
Delaware - 0.1%
Delaware State Economic Development Authority, Revenue Bonds
4.63%, 09/01/2034		545,000		581,662
AGM,
5.00%, 10/01/2026		200,000		242,258
				823,920
District of Columbia - 0.1%
District of Columbia, Revenue Bonds
5.00%, 01/01/2017		100,000		100,678
Series B,
4.70% (A), 04/01/2031		100,000		104,822
Series C,
4.00%, 12/01/2021		25,000		28,338
District of Columbia Water & Sewer Authority, Revenue Bonds Series A, 5.00%, 10/01/2023		25,000		30,089
Metropolitan Washington Airports Authority, Revenue Bonds
Series A,
5.00%, 10/01/2020		25,000		28,634

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

Transamerica Funds Annual Report 2016

Page    177

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
District of Columbia (continued)
Metropolitan Washington Airports Authority, Revenue Bonds (continued)
Series C,
5.00%, 10/01/2019		$  55,000		$  61,190
Washington Metropolitan Area Transit Authority, Revenue Bonds Series A, 4.00%, 07/01/2017		425,000		434,108
				787,859
Florida - 3.3%
Cape Coral Health Facilities Authority, Revenue Bonds
4.00%, 07/01/2020 (B)		360,000		366,887
4.25%, 07/01/2021 (B)		435,000		446,275
Capital Trust Agency, Inc., Revenue Bonds Series A, 4.50%, 07/01/2034		2,355,000		2,380,151
Citizens Property Insurance Corp., Revenue Bonds Series A-1, AGM, 4.00%, 06/01/2018		135,000		141,866
City of Fernandina Beach Utility System Revenue, Revenue Bonds Series A, 5.00%, 09/01/2019		30,000		33,077
City of Fort Myers, Revenue Bonds 4.00%, 12/01/2029 - 12/01/2034		2,620,000		2,845,102
City of Gulf Breeze, Revenue Bonds Series L, 3.10%, 12/01/2020		100,000		106,415
City of Jacksonville, Revenue Bonds
3.00%, 10/01/2026		2,000,000		2,120,560
4.00%, 10/01/2029		1,015,000		1,140,525
Series C-1,
5.00%, 10/01/2017		100,000		103,813
City of North Port, Special Assessment BAM, 5.00%, 07/01/2020		340,000		383,724
City of Pompano Beach, Revenue Bonds 4.00%, 09/01/2020		315,000		341,202
City of Port St. Lucie, Special Assessment
2.25%, 07/01/2026		515,000		497,155
BAM,
3.00%, 07/01/2041		1,940,000		1,816,131
City of Port St. Lucie Utility System Revenue, Revenue Bonds 5.00%, 09/01/2029		1,300,000		1,586,377
City of Riviera Beach, Revenue Bonds BAM, 3.00%, 10/01/2022		125,000		136,076
City of St. Pete Beach, Revenue Bonds 2.00%, 05/01/2017		100,000		100,541
City of Tampa, Revenue Bonds
5.00%, 07/01/2024 (E)		1,220,000		1,446,847
Series A,
5.00%, 09/01/2019 - 11/15/2025		65,000		73,406

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
City of Titusville Water & Sewer Revenue, Revenue Bonds AGC, 5.00%, 10/01/2017		$  100,000		$  103,668
Collier County School Board, Certificate of Participation AGM, 5.00%, 02/15/2024		50,000		50,618
Columbia County School Board, Certificate of Participation Series A, BAM, 5.00%, 07/01/2026		750,000		900,127
County of Miami-Dade Aviation Revenue, Revenue Bonds 5.00%, 10/01/2029 - 10/01/2030		2,750,000		3,319,675
County of Miami-Dade Transit System, Revenue Bonds 4.00%, 07/01/2017		150,000		153,194
County of Miami-Dade Water & Sewer System Revenue, Revenue Bonds Series B, 5.25%, 10/01/2029		100,000		119,841
Emerald Coast Utilities Authority, Revenue Bonds BAM, 4.00%, 01/01/2017		295,000		296,596
Flagler County School District, Certificate of Participation Series A, AGM, 5.00%, 08/01/2018		25,000		26,677
Florida Department of Environmental Protection, Revenue Bonds
Series A,
4.00%, 07/01/2017		50,000		51,075
5.00%, 07/01/2022		55,000		65,585
Florida Department of Management Services, Certificate of Participation Series A, 5.00%, 08/01/2019		35,000		37,783
Florida Governmental Utility Authority, Revenue Bonds AGM, 4.00%, 10/01/2018		125,000		131,563
Florida Higher Educational Facilities Financial Authority, Revenue Bonds 5.00%, 04/01/2032 - 04/01/2036		3,100,000		3,618,722
Florida Housing Finance Corp., Revenue Bonds
Series 1, GNMA, FNMA, FHLMC,
3.75%, 07/01/2035		2,995,000		3,183,326
Series A, GNMA, FNMA, FHLMC,
2.25%, 07/01/2022		165,000		173,121
Florida Municipal Power Agency, Revenue Bonds Series A, 5.00%, 10/01/2018		25,000		26,869

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

Transamerica Funds Annual Report 2016

Page    178

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Greater Orlando Aviation Authority, Revenue Bonds Series A, 3.60%, 10/01/2018		$  40,000		$  41,790
Hillsborough County School Board, Certificate of Participation NATL, 4.13%, 07/01/2019		100,000		102,263
Martin County School District, Certificate of Participation Series A, AGM, 5.00%, 07/01/2017		100,000		102,691
Miami-Dade County Expressway Authority, Revenue Bonds
Series A,
5.00%, 07/01/2030		1,000,000		1,209,650
Series A, AGM,
4.00%, 07/01/2018		50,000		52,362
Miami-Dade County Industrial Development Authority, Revenue Bonds
1.50%, 10/01/2018		500,000		503,305
5.00%, 09/15/2034 (C) (F)		130,000		141,167
Northern Palm Beach County Improvement District, Special Assessment AGM, 5.00%, 08/01/2021 - 08/01/2024		1,095,000		1,293,695
Orange County Health Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2033 - 10/01/2034		8,615,000		10,129,484
Series B,
4.00%, 10/01/2045		500,000		519,930
Orange County Housing Finance Authority, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
1.55%, 03/01/2019		100,000		100,665
1.65%, 09/01/2019		95,000		96,150
Orlando-Orange County Expressway Authority, Revenue Bonds Series B, 5.00%, 07/01/2017		110,000		113,057
School Board of Miami-Dade County, Certificate of Participation Series B, AGC, 4.00%, 05/01/2018		25,000		25,998
South Broward Hospital District, Revenue Bonds 5.00%, 05/01/2017		145,000		148,020
South Florida Water Management District, Certificate of Participation 5.00%, 10/01/2026 - 10/01/2027		350,000		433,514
State of Florida Lottery Revenue, Revenue Bonds Series D, 5.00%, 07/01/2017		150,000		154,322

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Florida (continued)
Sumter County Industrial Development Authority, Revenue Bonds Series A, 5.13%, 07/01/2034		$  150,000		$  169,998
Tampa Bay Water, Revenue Bonds
NATL,
5.50%, 10/01/2024		25,000		32,121
Series B,
5.00%, 10/01/2017		110,000		114,282
Tradition Community Development District No. 1, Special Assessment AGM, 4.00%, 05/01/2023		525,000		589,281
Village Community Development District No. 12, Special Assessment 3.25%, 05/01/2026 (E)		2,575,000		2,525,199
Volusia County Educational Facility Authority, Revenue Bonds 5.00%, 06/01/2017		150,000		153,596
Volusia County School Board, Certificate of Participation Series A, BAM, 5.00%, 08/01/2027 - 08/01/2028		780,000		951,407
Walton County District School Board, Certificate of Participation AGM, 5.00%, 07/01/2026		445,000		530,333
				48,558,850
Georgia - 0.4%
Burke County Development Authority, Revenue Bonds 1.38% (A), 10/01/2032		100,000		100,192
City of Atlanta Department of Aviation, Revenue Bonds Series C, 5.00%, 01/01/2017 - 01/01/2020		90,000		95,111
City of Dahlonega Water & Sewer Revenue, Revenue Bonds AGM, 4.00%, 09/01/2021		90,000		100,184
City of East Point, Tax Allocation 3.00%, 08/01/2022		1,000,000		1,022,870
County of Fulton Water & Sewerage Revenue, Revenue Bonds 5.00%, 01/01/2017		65,000		65,469
Georgia Higher Education Facilities Authority, Revenue Bonds Series A, AGC, 5.00%, 06/15/2029		80,000		90,810
Georgia Housing & Finance Authority, Revenue Bonds
Series A-1,
3.20%, 12/01/2036		1,050,000		1,059,072
3.25%, 12/01/2037		1,480,000		1,504,479
Georgia State Road & Tollway Authority, Revenue Bonds Series A, 5.00%, 06/01/2017		375,000		384,277

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

Transamerica Funds Annual Report 2016

Page    179

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Georgia (continued)
Monroe County Development Authority, Revenue Bonds 2.35% (A), 10/01/2048		$  1,000,000		$  1,030,210
Municipal Electric Authority of Georgia, Revenue Bonds
Series B,
4.00%, 01/01/2017		100,000		100,553
5.00%, 01/01/2020		75,000		83,953
South Regional Joint Development Authority, Revenue Bonds Series A, 3.00%, 08/01/2017 (E)		200,000		202,882
				5,840,062
Guam - 0.0% (D)
Guam Government Waterworks Authority, Revenue Bonds 4.50%, 07/01/2018		85,000		89,224
Territory of Guam, Revenue Bonds Series C, 5.00%, 11/15/2016		300,000		300,453
				389,677
Idaho - 0.5%
Canyon County School District No. 131, General Obligation Unlimited 3.00%, 08/15/2017		100,000		101,834
County of Nez Perce, Revenue Bonds 2.75%, 10/01/2024 (F)		4,500,000		4,409,640
Idaho Housing & Finance Association, Revenue Bonds
Series A,
4.00%, 07/01/2026 (F)		385,000		407,299
5.00%, 06/01/2035 (C) (F)		495,000		534,377
Series A-1, Class I,
2.75%, 07/01/2031		1,285,000		1,257,553
3.00%, 07/01/2036		1,405,000		1,366,194
				8,076,897
Illinois - 14.1%
Adams County School District No. 172, General Obligation Unlimited
AGM,
3.00%, 02/01/2033		535,000		509,208
3.25%, 02/01/2036		1,045,000		1,012,020
4.00%, 02/01/2032 - 02/01/2035		4,500,000		4,730,880
5.00%, 02/01/2029		1,695,000		1,981,387
Boone & Winnebago Counties Community Unit School District No. 200, General Obligation Unlimited AGM, Zero Coupon, 01/01/2022 - 01/01/2023		3,950,000		3,437,763
Campton Township, General Obligation Unlimited 2.00%, 12/15/2018		50,000		50,519
Carol Stream Park District, General Obligation Unlimited BAM, 5.00%, 01/01/2037		2,400,000		2,712,264

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Central Lake County Joint Action Water Agency, Revenue Bonds 4.00%, 05/01/2019		$  60,000		$  64,310
Champaign & Piatt Counties Community Unit School District No. 3, General Obligation Unlimited Series A, AGM, 5.00%, 10/01/2022 - 10/01/2026		5,890,000		6,952,056
Chicago Board of Education, General Obligation Unlimited
Series A, AGM-CR, AMBAC,
5.50%, 12/01/2021		410,000		456,957
Series A, AGM-CR, NATL,
5.25%, 12/01/2021		100,000		110,284
Series D, AGM,
5.00%, 12/01/2022		50,000		51,446
Chicago O’Hare International Airport, Revenue Bonds
Series B,
5.00%, 01/01/2021		150,000		171,844
Series D,
4.00%, 01/01/2035		500,000		534,840
Chicago Park District, General Obligation Limited
Series B,
4.00%, 01/01/2017 - 01/01/2019		365,000		367,764
5.00%, 01/01/2021 - 01/01/2022		220,000		248,849
City of Berwyn, General Obligation Unlimited Series A, AGM, 4.00%, 12/01/2018		250,000		262,910
City of Burbank, General Obligation Unlimited BAM-TCRS, 3.70%, 12/01/2018		500,000		523,595
City of Calumet City, General Obligation Unlimited Series A, BAM, 4.00%, 03/01/2022		1,345,000		1,507,072
City of Chicago, General Obligation Unlimited
Series A, AGM,
4.75%, 01/01/2030		100,000		100,306
5.00%, 01/01/2023 - 01/01/2026		470,000		480,387
5.50%, 01/01/2018		25,000		25,859
Series C,
5.00%, 01/01/2026 - 01/01/2027		3,000,000		3,194,190
City of Chicago, Revenue Bonds AGM, 5.00%, 01/01/2019 - 01/01/2026		425,000		430,375
City of Chicago Motor Fuel Tax Revenue, Revenue Bonds 5.00%, 01/01/2018		200,000		204,892
City of Chicago Wastewater Transmission Revenue, Revenue Bonds
3.00%, 01/01/2017		25,000		25,065
5.00%, 01/01/2018		150,000		155,816
AGM-CR,
3.00%, 01/01/2021		750,000		782,887
5.00%, 01/01/2022 - 01/01/2024		800,000		913,968
BAM-TCRS,
3.00%, 01/01/2021		610,000		636,748

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

Transamerica Funds Annual Report 2016

Page    180

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Chicago Waterworks Revenue, Revenue Bonds
3.00%, 11/01/2019		$  125,000		$  129,634
4.00%, 11/01/2023		500,000		544,355
5.00%, 11/01/2021 - 11/01/2028		3,485,000		3,973,205
AGM,
4.25%, 11/01/2018		200,000		211,080
5.00%, 11/01/2016		40,000		40,000
AGM-CR,
5.00%, 11/01/2027		715,000		821,385
Series A, AMBAC,
5.00%, 11/01/2021		50,000		50,173
Series A-1,
5.00%, 11/01/2024		5,000,000		5,900,500
City of Country Club Hills, General Obligation Unlimited BAM, 4.50%, 12/01/2030 - 12/01/2031		1,690,000		1,806,638
City of Evanston, General Obligation Unlimited Series C, 4.00%, 12/01/2018		50,000		52,352
City of Flora, General Obligation Unlimited BAM, 3.50%, 11/01/2022 - 11/01/2024		660,000		709,929
City of Highland, General Obligation Unlimited Series B, 2.00%, 01/01/2017		50,000		50,092
City of Kankakee, General Obligation Unlimited
Series A, AGM,
2.00%, 01/01/2017		100,000		100,165
3.00%, 01/01/2025		95,000		98,987
4.00%, 01/01/2026 - 01/01/2027		1,320,000		1,446,461
City of Loves Park, General Obligation Unlimited AMBAC, 4.05%, 12/15/2018		40,000		40,750
City of Marion, General Obligation Unlimited 2.00%, 11/01/2016		675,000		675,000
City of Monmouth, General Obligation Unlimited Series B, BAM, 3.00%, 12/01/2023 - 12/01/2024		500,000		525,104
City of North Chicago, General Obligation Unlimited
Series A, AGM,
4.00%, 11/01/2020		160,000		175,190
Series B, AGM,
3.00%, 11/01/2017		100,000		101,820
4.00%, 11/01/2023		40,000		45,495
City of Princeton, General Obligation Unlimited Series E, 2.50%, 12/01/2019		40,000		41,331

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
City of Rochelle Electric System Revenue, Revenue Bonds
AGM,
3.00%, 05/01/2019		$  310,000		$  322,326
4.00%, 05/01/2021		225,000		247,774
City of Springfield, General Obligation Unlimited 5.00%, 12/01/2017		140,000		145,963
City of Sterling, General Obligation Unlimited 3.00%, 11/01/2018		25,000		25,763
Clinton Bond Fayette Etc. Counties Community College District No. 501, General Obligation Unlimited BAM-TCRS, 4.00%, 12/01/2026 - 12/01/2027		3,955,000		4,247,231
Coles Cumberland Moultrie Etc. Counties Community Unit School District No. 2, Revenue Bonds 3.35%, 12/01/2017		130,000		132,720
Cook & Will Counties Community College District No. 515, General Obligation Limited
2.00%, 12/01/2017 - 12/01/2018		1,415,000		1,421,475
5.00%, 12/01/2024		70,000		82,613
Cook & Will Counties School District No. 194, General Obligation Limited Series B, BAM, 5.00%, 12/01/2029 - 12/01/2033		1,850,000		2,102,297
Cook County Community College District No. 508, General Obligation Unlimited
5.00%, 12/01/2018 - 12/01/2024		2,070,000		2,347,660
BAM-TCRS,
5.25%, 12/01/2027		2,110,000		2,451,145
Cook County Community College District No. 524, General Obligation Unlimited
3.00%, 12/01/2025 - 12/01/2026		6,220,000		6,590,180
Series B, NATL,
4.50%, 12/01/2016		25,000		25,080
5.00%, 12/01/2019		50,000		54,091
Cook County Community High School District No. 228, General Obligation Limited Series B, 5.00%, 12/01/2016		150,000		150,515
Cook County High School District No. 201, General Obligation Limited
Series B, AMBAC,
Zero Coupon, 12/01/2019		100,000		91,301
Series C, AGM,
Zero Coupon, 12/01/2024		100,000		79,084
Cook County High School District No. 205, General Obligation Limited AGC, 5.50%, 12/01/2019		100,000		108,696
Cook County High School District No. 220, General Obligation Limited
AGM-CR,
5.00%, 12/01/2025		700,000		821,289
BAM-TCRS,
5.00%, 12/01/2026		1,545,000		1,802,459

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

Transamerica Funds Annual Report 2016

Page    181

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County Sales Tax Revenue, Revenue Bonds 4.00%, 11/15/2019		$  300,000		$  324,993
Cook County School District No. 100, General Obligation Unlimited BAM, 4.00%, 12/01/2021		430,000		479,334
Cook County School District No. 102, Revenue Bonds 2.63%, 01/15/2018		200,000		203,416
Cook County School District No. 109, General Obligation Limited 4.00%, 12/01/2018		180,000		191,129
Cook County School District No. 123, General Obligation Limited Series B, AGM, 4.00%, 12/01/2017		215,000		222,022
Cook County School District No. 149, General Obligation Limited Series A-1, AGM, 4.00%, 12/01/2028		1,180,000		1,270,919
Cook County School District No. 157, General Obligation Unlimited Series A, AGM, Zero Coupon, 11/01/2021 - 11/01/2025		1,450,000		1,211,819
Cook County School District No. 158, General Obligation Limited AGM, 3.00%, 12/01/2021		425,000		449,310
Cook County School District No. 162, General Obligation Limited AGM, 4.00%, 12/01/2027		250,000		257,150
Cook County School District No. 162, General Obligation Unlimited BAM, 4.00%, 12/01/2022		1,055,000		1,171,177
Cook County School District No. 163, General Obligation Limited Series A, AGM, 5.00%, 12/15/2028		70,000		78,061
Cook County School District No. 163, General Obligation Unlimited 5.00%, 01/01/2026		2,000,000		2,006,780
Cook County School District No. 31, General Obligation Limited Series A, 3.00%, 12/01/2021		290,000		310,378
Cook County School District No. 74, General Obligation Limited 2.50%, 12/01/2016		50,000		50,081
Cook County School District No. 81, General Obligation Unlimited AGM, 4.00%, 12/01/2019		500,000		526,980
Cook County School District No. 84.5, General Obligation Limited Series A, AGM, 4.50%, 12/01/2025		410,000		411,025

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Cook County School District No. 87, General Obligation Limited AGM, 4.00%, 12/01/2018		$  175,000		$  175,451
Cook County School District No. 99, General Obligation Unlimited Series A, AGC, 5.00%, 12/01/2018		100,000		108,067
County of Cook, General Obligation Unlimited
Series C,
4.25%, 11/15/2019		65,000		69,828
5.00%, 11/15/2020 - 11/15/2021		250,000		272,855
Series D,
5.00%, 11/15/2019		25,000		27,410
County of Winnebago, General Obligation Unlimited Series C, 3.00%, 12/30/2018		50,000		51,756
Decatur Park District, General Obligation Unlimited 2.00%, 12/15/2016		100,000		100,133
DuPage & Will Counties Community School District No. 204, General Obligation Unlimited
Series A,
2.50%, 12/30/2019		30,000		31,256
4.00%, 12/30/2016		220,000		221,162
DuPage County Community High School District No. 99, General Obligation Unlimited 5.00%, 12/01/2018		100,000		107,938
DuPage County High School District No. 88, General Obligation Unlimited AGM, 5.00%, 01/01/2027		25,000		25,164
Fox Valley Park District, General Obligation Unlimited Series B, 3.00%, 12/15/2017		150,000		153,383
Governors State University, Certificate of Participation AGC, 4.50%, 01/01/2019		235,000		244,997
Grundy County School District No. 54, General Obligation Unlimited AGM-CR, 6.00%, 12/01/2024		2,300,000		2,738,748
Henry & Whiteside Counties Community Unit School District No. 228, General Obligation Unlimited
Series A, AGM,
5.00%, 08/15/2028		150,000		175,105
Series B, AGM,
5.00%, 02/15/2023		165,000		192,400
Illinois Finance Authority, Revenue Bonds
5.00%, 08/15/2017 - 03/01/2030		2,025,000		2,244,720
AGM,
Zero Coupon, 01/01/2021		75,000		69,004
4.00%, 12/01/2023		190,000		212,017
5.00%, 12/01/2036		2,000,000		2,269,960

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

Transamerica Funds Annual Report 2016

Page    182

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Illinois Finance Authority, Revenue Bonds (continued)
Series A,
5.00%, 07/01/2020 - 11/15/2037		$  2,700,000		$  2,961,096
Series A, AGM,
5.00%, 05/15/2019		60,000		63,350
Series A-1,
5.00% (A), 11/01/2030		110,000		122,909
Series A-2,
5.00% (A), 11/01/2030		150,000		167,974
Series B,
5.00%, 11/01/2019		40,000		44,203
5.50%, 11/01/2020		80,000		90,431
Series C,
5.00%, 05/15/2020 - 08/15/2021		170,000		191,872
Series D,
6.25%, 11/01/2028		105,000		116,058
Series L,
4.00%, 12/01/2018		95,000		100,550
Illinois Housing Development Authority, Revenue Bonds
FNMA,
2.63%, 09/01/2032		1,568,020		1,507,494
Series A-1,
2.60%, 01/01/2022		200,000		206,856
3.00%, 02/01/2022		790,000		837,029
Illinois Municipal Electric Agency, Revenue Bonds
Series A, NATL,
5.25%, 02/01/2028		10,000		10,114
Series A, NATL-IBC, FGIC,
5.00%, 02/01/2035		100,000		101,073
Illinois State Toll Highway Authority, Revenue Bonds
Series A,
5.00%, 12/01/2032		2,000,000		2,367,700
Series B,
5.00%, 12/01/2017		100,000		104,400
Series D,
5.00%, 01/01/2024		45,000		54,843
Iroquois County Community Unit School District No. 124, General Obligation Unlimited AGM, 3.00%, 12/01/2017		140,000		142,747
Joliet Regional Port District, General Obligation Unlimited Series A, AGM, 4.00%, 12/30/2024		250,000		284,232
Kane Cook & DuPage Counties School District No. U-46, General Obligation Limited Series A, 5.00%, 01/01/2033		1,410,000		1,583,811
Kane Cook & DuPage Counties School District No. U-46, General Obligation Unlimited Series D, 5.00%, 01/01/2025 - 01/01/2026		130,000		154,829

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Kane County Forest Preserve District, General Obligation Unlimited 4.00%, 12/15/2016		$  75,000		$  75,297
Kane County School District No. 129, General Obligation Unlimited
Series C, BAM-TCRS,
4.00%, 02/01/2022		1,440,000		1,586,837
5.00%, 02/01/2024 - 02/01/2025		5,200,000		6,215,004
Kane Kendall Etc. Counties Community College District No. 516, General Obligation Unlimited Series A, 5.00%, 12/15/2022		100,000		116,886
Kendall Kane & Will Counties Community Unit School District No. 308, General Obligation Unlimited 5.50%, 02/01/2023		300,000		364,980
Knox & Warren Counties Community Unit School District No. 205, General Obligation Unlimited Series B, 3.50%, 01/01/2027		265,000		281,274
Knox County Community Unit School District No. 202, Revenue Bonds 2.50%, 12/01/2016		295,000		295,389
Lake & McHenry Counties Community Unit School District No. 118, General Obligation Unlimited 5.00%, 01/01/2021 - 01/01/2022		185,000		211,773
Lake County Community Unit School District No. 116, General Obligation Limited Series B, 3.00%, 01/15/2023		305,000		325,035
Lake County Special Education District No. 825, Revenue Bonds Series B, 4.00%, 10/01/2018 - 10/01/2019		285,000		301,904
Lincolnshire-Prairie View School District No. 103, Revenue Bonds Series B, 3.00%, 12/01/2018		70,000		72,874
Madison & Jersey Counties Unit School District No. 11, General Obligation Unlimited AGM, 4.00%, 12/01/2023		500,000		517,800
Madison-Macoupin Etc Counties Community College District No. 536, General Obligation Limited AGM, 4.25%, 11/01/2017		50,000		51,579
Madison-Macoupin Etc Counties Community College District No. 536, General Obligation Unlimited 5.00%, 11/01/2018		55,000		59,054
Massac County Hospital District, General Obligation Unlimited AGC, 4.50%, 11/01/2031		250,000		250,000

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

Transamerica Funds Annual Report 2016

Page    183

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
McHenry & Kane Counties Community Consolidated School District No. 158, General Obligation Unlimited AGM-CR, FGIC, Zero Coupon, 01/01/2024		$  810,000		$  671,206
McHenry County Community Unit School District No. 12, General Obligation Unlimited
Series A, AGM,
4.25%, 01/01/2029		130,000		137,905
5.00%, 01/01/2023		70,000		80,937
McHenry County Community Unit School District No. 200, General Obligation Unlimited 5.00%, 01/15/2019		65,000		70,534
McHenry County Conservation District, General Obligation Unlimited 5.00%, 02/01/2026		110,000		134,339
McLean & Woodford Counties Community Unit School District No. 5, General Obligation Unlimited AGC, 4.00%, 12/01/2018		70,000		73,896
McLean County Public Building Commission, Revenue Bonds 4.00%, 12/01/2034		1,245,000		1,328,216
Metropolitan Pier & Exposition Authority, Revenue Bonds
Series A, AGM-CR, FGIC,
5.50%, 12/15/2023		55,000		62,864
Series B, NATL,
0.00% (G), 06/15/2023		300,000		343,656
Metropolitan Water Reclamation District of Greater Chicago, General Obligation Limited
Series B,
5.00%, 12/01/2017 - 12/01/2019		85,000		93,017
Series D,
2.00%, 12/01/2016		170,000		170,185
Montgomery Christian & Fayette Counties Community Unit School District No. 22, General Obligation Unlimited
Series A, AGM,
4.00%, 12/01/2029 - 12/01/2032		590,000		660,549
Series B, AGM,
2.80%, 12/01/2028		300,000		306,441
3.30%, 12/01/2035		255,000		260,508
Series C, AGM,
3.00%, 12/01/2031		140,000		141,221
Northeastern Illinois University, Certificate of Participation
AGM,
3.00%, 07/01/2019 - 07/01/2023		3,165,000		3,251,847
4.00%, 07/01/2025		565,000		619,127
Northeastern Illinois University, Revenue Bonds
Series 1, BAM,
3.00%, 07/01/2020		625,000		654,212
4.00%, 07/01/2021 - 07/01/2022		1,315,000		1,450,622

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Northern Illinois University, Certificate of Participation AGM, 5.00%, 09/01/2024		$  205,000		$  240,820
Northlake Public Library District, General Obligation Unlimited AGM, 3.00%, 12/01/2021		610,000		659,074
Northwest Water Commission, Revenue Bonds 2.00%, 04/01/2017		110,000		110,552
Peoria Metropolitan Airport Authority, Revenue Bonds 5.60%, 12/01/2022		35,000		38,093
Peoria Public Building Commission, Revenue Bonds Series A, AGC, Zero Coupon, 12/01/2016		100,000		99,894
Pulaski Massac Alexander & Johnson Counties Community Unit School District No. 10, General Obligation Unlimited Series C, MAC, 4.00%, 12/01/2026 - 12/01/2029		675,000		755,187
Railsplitter Tobacco Settlement Authority, Revenue Bonds
5.00%, 06/01/2018 - 06/01/2019		230,000		250,191
5.25%, 06/01/2020 - 06/01/2021		150,000		170,963
5.38%, 06/01/2021		85,000		98,968
6.00%, 06/01/2028		75,000		88,069
6.25%, 06/01/2024		25,000		25,285
Regional Transportation Authority, Revenue Bonds
Series A, AGM,
5.00%, 06/01/2019		895,000		983,775
Series A, NATL,
5.00%, 07/01/2019		75,000		75,254
5.50%, 07/01/2025		65,000		83,080
Rock Island Country Public Building Commission, Revenue Bonds
AGM,
3.00%, 12/01/2020 - 12/01/2021		600,000		627,096
4.00%, 12/01/2023		285,000		317,236
5.00%, 12/01/2024 - 12/01/2031		1,950,000		2,298,039
Rock Island County School District No. 41, General Obligation Unlimited AGM, 4.55%, 12/01/2026		320,000		320,922
Saline County Community Unit School District No. 3, General Obligation Unlimited
Series C, AGM,
2.00%, 12/01/2016 - 12/01/2021		1,120,000		1,135,084
4.00%, 12/01/2031 - 12/01/2032		1,945,000		2,106,918
Sangamon County Community Unit School District No. 5, General Obligation Unlimited Series B, 5.00%, 01/01/2023		150,000		176,266

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

Transamerica Funds Annual Report 2016

Page    184

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Southern Illinois University, Certificate of Participation Series A-1, BAM, 4.00%, 02/15/2026		$  375,000		$  406,920
Southern Illinois University, Revenue Bonds
Series A, AGM,
5.50%, 04/01/2023		370,000		446,135
Series B, BAM-TCRS,
5.00%, 04/01/2021		435,000		492,851
Southwestern Illinois Development Authority, Revenue Bonds AGC, 3.80%, 02/01/2019		130,000		136,988
St. Clair County Community Consolidated School District No. 90, General Obligation Unlimited AMBAC, BAM-TCRS, Zero Coupon, 12/01/2020 - 12/01/2023		2,145,000		1,873,934
St. Clair County Community Unit School District No. 9, General Obligation Unlimited BAM, 5.50%, 12/01/2033		35,000		40,837
St. Clair County Township High School District No. 203, General Obligation Unlimited Series A, AMBAC, 5.00%, 12/01/2017		35,000		36,554
State of Illinois, General Obligation Unlimited
4.50%, 04/01/2018		100,000		100,980
5.00%, 02/01/2022		100,000		109,198
AGM,
3.75%, 01/01/2034		3,850,000		3,651,725
5.00%, 01/01/2019		55,000		58,312
Series A,
5.00%, 03/01/2028		705,000		707,383
State of Illinois Unemployment Compensation Trust Fund, Revenue Bonds Series B, 5.00%, 06/15/2017		125,000		126,286
Tazewell County School District No. 51, General Obligation Unlimited NATL, 9.00%, 12/01/2021 - 12/01/2022		1,765,000		2,414,297
University of Illinois, Revenue Bonds
Series A, AMBAC,
5.50%, 04/01/2022		200,000		239,828
Series A, BAM-TCRS,
4.00%, 04/01/2031		1,545,000		1,680,713
Village of Bedford Park, General Obligation Unlimited Series A, AGM, 4.00%, 12/15/2018		100,000		105,728
Village of Bedford Park Water System Revenue, Revenue Bonds Series A, AGM, 4.00%, 12/01/2026		95,000		105,854

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of Bellwood, General Obligation Unlimited
AGM,
5.00%, 12/01/2019 - 12/01/2027		$  510,000		$  580,530
Series A, AGM,
3.00%, 12/01/2029		250,000		242,010
Series B, AGM,
3.00%, 12/01/2029		940,000		909,958
Village of Broadview, General Obligation Unlimited Series A, BAM, 3.00%, 12/01/2018 - 12/01/2022		785,000		823,892
Village of Brookfield, General Obligation Unlimited AGC, 3.60%, 12/01/2019		75,000		79,111
Village of Crestwood, General Obligation Unlimited
BAM,
4.50%, 12/15/2027 - 12/15/2029		2,830,000		3,042,082
Series B, BAM,
5.00%, 12/15/2028 - 12/15/2035		8,770,000		9,756,438
Village of Dolton, General Obligation Unlimited Series A, AGC, 4.50%, 12/01/2024		300,000		313,857
Village of Franklin Park, General Obligation Unlimited Series A, AGM, 2.00%, 07/01/2017		135,000		135,994
Village of Franklin Park, Revenue Bonds BAM, 5.00%, 04/01/2026		230,000		267,564
Village of Glenview, General Obligation Unlimited Series A, 3.00%, 12/01/2019		25,000		26,417
Village of Lansing, General Obligation Unlimited AGM, 5.00%, 03/01/2023		1,115,000		1,291,471
Village of Lyons, General Obligation Unlimited
Series B, BAM,
5.00%, 12/01/2032		125,000		139,763
Series C, BAM,
3.00%, 12/01/2019 - 12/01/2024		1,040,000		1,092,509
4.00%, 12/01/2022 - 12/01/2023		550,000		616,951
Village of Machesney Park, Revenue Bonds Series B, AGM, 4.38%, 12/01/2019		150,000		157,986
Village of Melrose Park, General Obligation Unlimited AGM, 3.00%, 12/15/2020		500,000		522,140
Village of Mount Prospect, General Obligation Unlimited 3.00%, 12/01/2021		100,000		108,045

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

Transamerica Funds Annual Report 2016

Page    185

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Village of New Lenox, General Obligation Unlimited Series B, 2.00%, 12/15/2016		$  50,000		$  50,076
Village of North Riverside, General Obligation Unlimited MAC, 2.00%, 10/01/2017 (E)		120,000		120,710
Village of Oak Park, General Obligation Unlimited Series A, 3.00%, 11/01/2029		920,000		913,845
Village of Pingree Grove Special Service Area No. 2, Special Tax
AGM,
2.00%, 03/01/2020		260,000		259,693
3.00%, 03/01/2018 - 03/01/2019		785,000		801,507
Village of Plainfield, General Obligation Unlimited 3.00%, 12/15/2017		250,000		255,747
Village of South Holland, General Obligation Unlimited Series B, 4.00%, 12/15/2022		105,000		117,899
Warren County Community Unit School District No. 238, General Obligation Unlimited AGM, 4.00%, 12/01/2021		75,000		83,605
Wauconda Special Service Area No.1, Special Tax
Series A, BAM,
2.63%, 03/01/2022		290,000		293,338
3.00%, 03/01/2019		115,000		118,140
5.00%, 03/01/2033		305,000		346,779
Western Illinois Economic Development Authority, Revenue Bonds
3.00%, 06/01/2017		365,000		366,679
4.00%, 06/01/2018 - 06/01/2033		6,570,000		6,732,498
Western Illinois University, Certificate of Participation
AGM,
3.00%, 10/01/2022		3,010,000		3,135,547
5.00%, 10/01/2024		3,330,000		3,948,614
Western Illinois University, Revenue Bonds BAM, 5.00%, 04/01/2020 - 04/01/2024		3,085,000		3,535,341
Will County Community High School District No. 210, General Obligation Unlimited Series A, AGM-CR, 5.00%, 01/01/2027		3,675,000		4,105,563
Will County Community Unit School District No. 201-U, General Obligation Limited Series C, AGM, 5.00%, 01/01/2027		1,175,000		1,399,425

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Illinois (continued)
Will County Community Unit School District No. 201-U, General Obligation Unlimited
Series B, AGM, 5.00%, 01/01/2026		$  515,000		$  619,875
Will County School District No. 86, General Obligation Unlimited Series C, AGM-CR, 5.00%, 03/01/2024		8,255,000		9,931,095
Winnebago & Boone Counties School District No. 205, General Obligation Unlimited NATL, 5.00%, 02/01/2017		50,000		50,501
				205,220,720
Indiana - 2.3%
Aurora School Building Corp., Revenue Bonds 5.00%, 07/15/2020		115,000		130,470
City of Evansville, Revenue Bonds Series A, AGM, 5.00%, 02/01/2022 - 02/01/2025		425,000		507,673
City of Indianapolis Thermal Energy System Revenue, Revenue Bonds Series A, 5.00%, 10/01/2028		180,000		214,772
City of Washington Sewage Works Revenue, Revenue Bonds Series A, AGM, 2.00%, 07/01/2017		230,000		231,769
East Chicago Sanitary District, Revenue Bonds 4.00%, 07/15/2029		285,000		308,196
Evansville Redevelopment Authority, Revenue Bonds BAM, 5.00%, 02/01/2027		4,160,000		5,100,659
Evansville Redevelopment District, Tax Allocation 2.00%, 02/01/2017 - 08/01/2017		350,000		351,920
Frankfort High School Elementary School Building Corp., Revenue Bonds 5.00%, 01/15/2026		270,000		334,633
Greater Clark Building Corp., Revenue Bonds 4.00%, 07/15/2029 - 07/15/2032		1,200,000		1,324,640
Greater Clark County School Building Corp., Revenue Bonds Series A, 4.00%, 07/15/2024		135,000		155,496
Hospital Authority of Vigo County, Revenue Bonds 5.75%, 09/01/2042 (B)		625,000		650,812
Indiana Bond Bank, Revenue Bonds Series A, AGM, 5.00%, 08/01/2020		250,000		250,120

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

Transamerica Funds Annual Report 2016

Page    186

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Indiana (continued)
Indiana Finance Authority, Revenue Bonds
3.50%, 10/01/2025		$  1,110,000		$  1,164,767
4.00%, 02/01/2021		405,000		438,692
4.25%, 10/01/2034		260,000		272,696
5.00%, 02/01/2022 - 10/01/2036		6,680,000		7,882,766
Series A,
5.00%, 10/01/2017 - 09/15/2028		3,435,000		3,901,337
Indiana Health Facility Financing Authority, Revenue Bonds
1.25% (A), 11/01/2027		4,000,000		3,976,320
5.00%, 11/15/2034		2,000,000		2,368,500
Indiana Housing & Community Development Authority, Revenue Bonds
Series A-1, GNMA, FNMA, FHLMC,
2.85%, 07/01/2031		2,085,000		2,055,372
2.95%, 01/01/2033		780,000		762,271
Indianapolis Local Public Improvement Bond Bank, Revenue Bonds Series B, 3.00%, 02/01/2017		50,000		50,293
Jay Schools Building Corp., Revenue Bonds AGM, 5.00%, 07/15/2017		100,000		100,810
Jennings County School Building Corp., Revenue Bonds 3.00%, 01/15/2020 (C) (F)		345,000		355,912
Kokomo-Center School Building Corp., Revenue Bonds Series A, 4.00%, 07/15/2018		475,000		497,520
Lake County Public Library District, General Obligation Unlimited 4.00%, 08/01/2019		40,000		42,956
Merrillville Redevelopment Authority, Tax Allocation 5.00%, 08/15/2024		350,000		421,148
New Albany Floyd County School Building Corp., Revenue Bonds AGM, 5.25%, 07/15/2018		45,000		47,389
Valparaiso Redevelopment District Special Taxing District, Tax Allocation Series B, 3.00%, 01/15/2017 - 07/15/2017		310,000		312,135
				34,212,044
Iowa - 0.1%
Iowa Higher Education Loan Authority, Revenue Bonds 3.00%, 04/01/2034		360,000		361,159
Iowa State Board of Regents, Revenue Bonds
3.00%, 09/01/2028		900,000		939,312
4.00%, 09/01/2022		50,000		57,116
				1,357,587

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas - 2.2%
Butler County Unified School District No. 490, General Obligation Unlimited Series A, BAM, 3.00%, 09/01/2029		$  1,000,000		$  1,025,440
City of Dodge City, Revenue Bonds 3.00%, 07/15/2021		230,000		244,405
County of Clay, General Obligation Unlimited 4.00%, 10/01/2030 - 10/01/2036		700,000		744,140
County of Geary, General Obligation Unlimited 2.00%, 09/01/2017 (E)		150,000		151,424
County of Scott, General Obligation Unlimited
3.00%, 04/01/2021 - 04/01/2024		1,225,000		1,311,925
5.00%, 04/01/2026		770,000		958,219
Douglas County Unified School District No. 491, General Obligation Unlimited
AGM,
2.38%, 09/01/2029		750,000		708,945
2.50%, 09/01/2030		1,525,000		1,441,155
3.00%, 09/01/2033		1,800,000		1,748,808
Johnson & Miami Counties Unified School District No. 230, General Obligation Unlimited 5.00%, 09/01/2027		4,690,000		5,823,479
Johnson County Unified School District No. 231, General Obligation Unlimited Series A, 5.00%, 10/01/2029 - 10/01/2033		3,025,000		3,615,580
Kansas City Kansas Community College, Certificate of Participation 3.00%, 05/15/2017		50,000		50,549
Kansas Development Finance Authority, Revenue Bonds
4.00%, 04/01/2017		100,000		101,334
5.00%, 01/01/2020		90,000		100,966
Series C, BAM,
4.00%, 05/01/2022		340,000		382,041
Series M-1,
5.00%, 11/01/2016		75,000		75,000
Marais Des Cygnes Public Utility Authority, Revenue Bonds
AGM,
3.00%, 12/01/2026 - 12/01/2028		1,980,000		2,060,259
3.13%, 12/01/2033		1,230,000		1,218,709
3.25%, 12/01/2035		1,000,000		992,940
Montgomery County Unified School District No. 446, General Obligation Unlimited BAM, 5.00%, 09/01/2027 - 09/01/2030		5,815,000		7,131,011
Sedgwick County Unified School District No. 262, General Obligation Unlimited 5.00%, 09/01/2034 - 09/01/2035		2,325,000		2,686,487
Washburn University, Revenue Bonds 2.00%, 07/01/2017		115,000		115,869

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

Transamerica Funds Annual Report 2016

Page    187

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kansas (continued)
Wyandotte County-Kansas City Unified Government Utility System Revenue, Revenue Bonds Series A, 4.00%, 09/01/2017		$  100,000		$  102,564
				32,791,249
Kentucky - 4.4%
Boyd County Capital Project Corp., Revenue Bonds 3.00%, 08/01/2025 - 08/01/2027		1,305,000		1,353,247
Bullitt County School District Finance Corp., Revenue Bonds
3.10%, 09/01/2026		65,000		69,817
3.25%, 09/01/2028		545,000		581,232
County of Warren, Revenue Bonds Series B, 4.00%, 04/01/2017		25,000		25,315
Eastern Kentucky University, Revenue Bonds Series A, 4.00%, 04/01/2025		525,000		604,763
Fayette County School District Finance Corp., Revenue Bonds Series B, 4.00%, 05/01/2024		735,000		838,936
Floyd County School District Finance Corp., Revenue Bonds 3.00%, 08/01/2024		1,140,000		1,221,088
Kentucky Asset Liability Commission, Revenue Bonds
NATL,
5.25%, 09/01/2019		150,000		166,677
Series A,
3.25%, 09/01/2024		100,000		109,069
5.00%, 09/01/2017		150,000		155,053
Kentucky Municipal Power Agency, Revenue Bonds Series A, NATL, 5.00%, 09/01/2023 - 09/01/2026		6,170,000		7,355,878
Kentucky Rural Water Finance Corp., Revenue Bonds 2.00%, 02/01/2017		150,000		150,395
Kentucky State Property & Building Commission, Revenue Bonds 3.00%, 05/01/2017 - 10/01/2022		255,000		265,202
Kentucky Turnpike Authority, Revenue Bonds Series A, 5.00%, 07/01/2021		25,000		28,966
Louisville & Jefferson County Visitors and Convention Commission, Revenue Bonds AGM-CR, 4.00%, 06/01/2024 - 06/01/2029		20,060,000		22,736,736
Madison County School District Finance Corp., Revenue Bonds 3.00%, 05/01/2017		360,000		363,838

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Kentucky (continued)
Morehead State University, Revenue Bonds
Series A,
3.00%, 04/01/2027		$  730,000		$  771,479
4.00%, 04/01/2030 - 04/01/2032		1,865,000		2,057,396
Nicholas County School District Finance Corp., Revenue Bonds
2.00%, 02/01/2023		415,000		421,171
2.25%, 02/01/2024		150,000		153,536
2.38%, 02/01/2025		815,000		836,858
2.50%, 02/01/2026 - 02/01/2027		1,220,000		1,244,235
3.00%, 02/01/2028 - 02/01/2036		3,320,000		3,371,649
Northern Kentucky University, Revenue Bonds Series A, 4.00%, 09/01/2025		2,400,000		2,771,400
Paducah Electric Plant Board, Revenue Bonds
Series A, AGC,
3.20%, 10/01/2017		360,000		366,790
3.40%, 10/01/2018		100,000		103,991
Series A, AGM,
5.00%, 10/01/2029 - 10/01/2033		4,395,000		5,213,094
Shelby County Public Properties Corp., Revenue Bonds 3.10%, 11/01/2016		565,000		565,000
Warren County Justice Center Expansion Corp., Revenue Bonds 5.00%, 09/01/2024		1,145,000		1,382,107
Warren County School District Finance Corp., Revenue Bonds 4.00%, 04/01/2025 - 04/01/2026		7,225,000		8,335,314
				63,620,232
Louisiana - 0.8%
City of Shreveport, Revenue Bonds
BAM,
3.00%, 03/01/2018 - 03/01/2028 (E)		925,000		931,524
5.00%, 03/01/2019 - 03/01/2027 (E)		3,290,000		3,900,444
Fremaux Economic Development District, Revenue Bonds 5.00%, 11/01/2034		275,000		288,054
Lafourche Parish Law Enforcement District, Revenue Bonds AGM, 4.00%, 09/01/2032		660,000		720,522
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds
5.00%, 06/01/2023		210,000		251,868
AGM,
5.00%, 10/01/2026 - 09/15/2034		3,305,000		3,998,094
Louisiana Office Facilities Corp., Revenue Bonds 5.00%, 11/01/2020		325,000		369,856

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

Transamerica Funds Annual Report 2016

Page    188

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Louisiana (continued)
Louisiana Public Facilities Authority, Revenue Bonds
AGM,
5.00%, 06/01/2020 - 06/01/2021		$  440,000		$  492,823
Series A,
3.38%, 09/01/2028		500,000		511,595
Series A-1, NATL,
5.00%, 02/15/2017		75,000		75,884
				11,540,664
Maine - 0.8%
City of Portland General Airport Revenue, Revenue Bonds 5.00%, 01/01/2027 - 01/01/2029		2,840,000		3,365,466
Maine Governmental Facilities Authority, Revenue Bonds Series A, 5.00%, 10/01/2028		350,000		429,352
Maine Health & Higher Educational Facilities Authority, Revenue Bonds
5.00%, 07/01/2022		205,000		236,424
Series B,
4.00%, 07/01/2017		695,000		709,658
Maine Municipal Bond Bank, Revenue Bonds
Series B,
5.00%, 11/01/2022		50,000		60,266
Series C,
4.25%, 11/01/2016		100,000		100,000
Maine State Housing Authority, Revenue Bonds
Series C,
2.00%, 11/15/2025		1,045,000		1,030,819
2.15%, 11/15/2026		795,000		784,371
2.35%, 11/15/2027		945,000		933,991
2.50%, 11/15/2028		950,000		937,574
2.75%, 11/15/2031		2,570,000		2,517,109
				11,105,030
Maryland - 0.2%
City of Baltimore, Revenue Bonds Series D, AGC, AMBAC, 5.00%, 07/01/2026		50,000		51,423
City of Baltimore, Tax Allocation
4.00%, 06/15/2018		150,000		155,994
5.00%, 06/15/2019		200,000		217,092
County of Anne Arundel, General Obligation Limited 5.00%, 03/01/2017		50,000		50,726
Maryland Community Development Administration Housing Revenue, Revenue Bonds 3.25%, 03/01/2036		1,120,000		1,142,613
Maryland Economic Development Corp., Revenue Bonds AGM, 5.00%, 06/01/2029		200,000		246,382

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Maryland (continued)
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds 5.00%, 07/01/2021		$  35,000		$  41,018
Montgomery County Revenue Authority, Revenue Bonds Series A, 4.00%, 11/01/2020		380,000		418,821
State of Maryland, General Obligation Unlimited 5.00%, 03/15/2019		55,000		55,877
				2,379,946
Massachusetts - 0.5%
Commonwealth of Massachusetts, General Obligation Limited
Series C, AGM,
5.25%, 08/01/2025		60,000		62,039
Series E, AMBAC,
5.00%, 11/01/2024		165,000		165,000
Massachusetts Bay Transportation Authority, Revenue Bonds Series C, 5.50%, 07/01/2017		50,000		51,621
Massachusetts Development Finance Agency, Revenue Bonds
1.05%, 11/01/2017		120,000		120,000
4.00%, 07/01/2036		300,000		329,760
5.00%, 12/01/2029 - 12/01/2030		1,550,000		1,873,552
Series I,
5.00%, 07/01/2025 - 07/01/2026		1,250,000		1,497,115
Series S,
5.00%, 07/01/2017		100,000		102,868
Massachusetts Health & Educational Facilities Authority, Revenue Bonds Series A, 4.38%, 10/01/2019		95,000		98,166
Massachusetts Housing Finance Agency, Revenue Bonds
Series 178,
3.70%, 12/01/2033		1,205,000		1,264,660
Series 183,
2.80%, 06/01/2031		1,575,000		1,532,538
Series E,
2.50%, 12/01/2022		195,000		203,241
2.65%, 06/01/2023		115,000		120,187
2.85%, 12/01/2024		365,000		383,279
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, Revenue Bonds Series B, 5.00%, 01/01/2017		50,000		50,362
				7,854,388
Michigan - 3.0%
Allendale Public School District, General Obligation Unlimited 5.00%, 11/01/2026		225,000		278,489

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

Transamerica Funds Annual Report 2016

Page    189

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Armada Area Schools, General Obligation Unlimited 5.00%, 05/01/2021		$  765,000		$  884,225
Bellevue Community Schools, General Obligation Unlimited
Series A, AGM,
4.00%, 05/01/2024 - 05/01/2025		1,560,000		1,752,654
5.00%, 05/01/2026		830,000		1,000,100
Charles Stewart Mott Community College, General Obligation Unlimited
4.00%, 05/01/2017		600,000		609,006
BAM,
3.00%, 05/01/2027 - 05/01/2028		1,285,000		1,342,851
Chippewa Valley Schools, General Obligation Unlimited Series A, 5.00%, 05/01/2026		200,000		245,746
City of Detroit Sewage Disposal System Revenue, Revenue Bonds
Series A, AGM,
5.25%, 07/01/2023 - 07/01/2024		80,000		97,915
Series A, NATL,
5.25%, 07/01/2019		60,000		61,502
Series B, NATL,
4.50%, 07/01/2022		50,000		50,068
City of Detroit Water Supply System Revenue, Revenue Bonds
Series C, AGM,
5.00%, 07/01/2026 - 07/01/2033		165,000		165,255
Series C, BHAC, FGIC,
4.25%, 07/01/2018		100,000		105,119
Series D, AGM,
5.00%, 07/01/2025		100,000		100,154
City of Romulus, General Obligation Limited BAM, 5.00%, 11/01/2025		245,000		298,199
City of Saginaw Water Supply System Revenue, Revenue Bonds AGM, 4.00%, 07/01/2017 - 07/01/2018		405,000		420,390
County of Genesee, General Obligation Limited
Series B, BAM,
3.13%, 02/01/2034		350,000		334,334
3.25%, 02/01/2036		225,000		215,345
5.00%, 02/01/2031 - 02/01/2033		1,025,000		1,187,183
Decatur Public School District, General Obligation Unlimited 3.00%, 05/01/2022		660,000		714,509
Detroit City School District, General Obligation Unlimited Series A, AGM, 5.25%, 05/01/2027		95,000		116,405
Detroit Wayne County Stadium Authority, Revenue Bonds AGM, 5.00%, 10/01/2019 - 10/01/2026		3,980,000		4,430,545

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Edwardsburg Public Schools, General Obligation Unlimited 4.00%, 05/01/2017		$  100,000		$  101,558
Fitzgerald Public School District, General Obligation Unlimited BAM, 4.00%, 05/01/2023 - 05/01/2025		5,450,000		6,214,878
Forest Hills Public Schools, General Obligation Unlimited Series I, 3.00%, 05/01/2023 - 05/01/2024		400,000		434,338
Fraser Public School District, General Obligation Unlimited 5.00%, 05/01/2021		675,000		780,199
Ionia Public Schools, General Obligation Unlimited 2.00%, 05/01/2017		125,000		125,785
Marshall Public Schools, General Obligation Unlimited 4.00%, 05/01/2017		100,000		101,614
Michigan Finance Authority, Revenue Bonds Series D2, AGM, 5.00%, 07/01/2026		250,000		298,160
Michigan Municipal Bond Authority, Revenue Bonds 5.00%, 10/01/2019		25,000		27,864
Michigan State Hospital Finance Authority, Revenue Bonds
5.00%, 11/15/2020		25,000		27,870
Series A,
6.00%, 12/01/2017		120,000		126,624
North Branch Area Schools, General Obligation Unlimited 4.00%, 05/01/2017		200,000		203,228
Portage Public Schools, General Obligation Unlimited AGM, 4.50%, 05/01/2017		100,000		101,863
Royal Oak School District, General Obligation Unlimited 5.00%, 05/01/2017		185,000		188,916
Saranac Community Schools, General Obligation Unlimited Series A, 4.00%, 05/01/2025		130,000		150,713
Southgate Community School District, General Obligation Unlimited 5.00%, 05/01/2032 - 05/01/2035		2,220,000		2,614,432
Stockbridge Community Schools, General Obligation Unlimited Series A, 5.00%, 05/01/2031 - 05/01/2036		4,655,000		5,485,333
Sturgis Public School District, General Obligation Unlimited Series A, 5.00%, 05/01/2026		45,000		54,772

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

Transamerica Funds Annual Report 2016

Page    190

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Michigan (continued)
Township of Hartland, General Obligation Limited 3.00%, 04/01/2020		$  30,000		$  31,943
Warren Consolidated Schools, General Obligation Unlimited Series B, BAM, 5.00%, 05/01/2023 - 05/01/2025		9,610,000		11,610,757
Wayne County Airport Authority, Revenue Bonds
Series B,
4.00%, 12/01/2021		40,000		44,038
5.00%, 12/01/2019 - 12/01/2022		180,000		201,748
				43,336,627
Minnesota - 1.6%
City of Cologne, Revenue Bonds Series A, 4.00%, 07/01/2023		260,000		277,703
City of Deephaven, Revenue Bonds Series A, 4.40%, 07/01/2025		165,000		176,547
City of Minneapolis, Tax Allocation 3.50%, 03/01/2022		805,000		813,734
City of Rochester, Revenue Bonds Series C, 4.50% (A), 11/15/2038		50,000		57,555
City of St. Cloud, Revenue Bonds
Series A,
3.00%, 04/01/2021 (C) (F)		250,000		249,860
3.75%, 04/01/2026 (C) (F)		500,000		501,960
City of Stillwater, Tax Allocation
3.00%, 02/01/2021 - 02/01/2027 (F)		2,655,000		2,672,433
4.00%, 02/01/2030 (F)		750,000		783,150
County of Chippewa, Revenue Bonds 4.00%, 03/01/2023 - 03/01/2026 (E)		5,460,000		5,838,725
Dakota County Community Development Agency, Revenue Bonds Series A, 5.00%, 09/01/2029 (F)		705,000		758,636
Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds
Series A,
4.00%, 07/01/2019		100,000		107,162
5.00%, 12/01/2030		350,000		385,122
Series B,
4.25%, 04/01/2025 (F)		200,000		205,650
Mahtomedi Independent School District No. 832, General Obligation Unlimited Series A, 5.00%, 02/01/2018		780,000		820,186
Minnesota Housing Finance Agency, Revenue Bonds
Series A,
4.00%, 08/01/2029 - 08/01/2035		865,000		943,918
Series B,
3.20%, 07/01/2025		430,000		444,375

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Minnesota (continued)
Minnesota Housing Finance Agency, Revenue Bonds (continued)
Series C,
2.38%, 08/01/2029		$  335,000		$  322,290
2.50%, 08/01/2030		100,000		96,039
2.63%, 08/01/2031		350,000		336,875
2.75%, 08/01/2032 - 08/01/2033		530,000		509,267
Series C, GNMA, FNMA, FHLMC,
2.80%, 07/01/2024		370,000		388,652
2.95%, 07/01/2025		170,000		180,596
3.10%, 07/01/2026		365,000		379,987
Series F,
2.80%, 07/01/2025		900,000		929,808
2.90%, 01/01/2026		945,000		986,278
2.95%, 07/01/2026		1,680,000		1,746,562
Northern Municipal Power Agency, Revenue Bonds 5.00%, 01/01/2028 - 01/01/2029		965,000		1,174,194
Northland Independent School District No. 118, General Obligation Unlimited Series A, 3.00%, 02/01/2027		510,000		528,972
Township of Baytown, Revenue Bonds Series A, 4.00%, 08/01/2036		675,000		664,092
Western Minnesota Municipal Power Agency, Revenue Bonds Series A, AGM, 5.00%, 01/01/2017		115,000		115,835
				23,396,163
Mississippi - 0.1%
City of Jackson, General Obligation Unlimited Series A, BAM, 5.00%, 05/01/2026		270,000		323,922
Mississippi Development Bank, Revenue Bonds
AGM,
3.00%, 10/01/2022		130,000		138,134
4.00%, 07/01/2018		25,000		26,134
5.00%, 12/01/2019		510,000		566,136
Series A,
5.00%, 03/01/2022		750,000		835,845
5.25%, 01/01/2025		85,000		104,280
Mississippi Home Corp., Revenue Bonds Series B-1, GNMA, FNMA, FHLMC, 4.25%, 12/01/2018		10,000		10,341
				2,004,792
Missouri - 1.1%
City of Blue Springs, Tax Allocation Series A, 4.00%, 06/01/2026		1,375,000		1,406,322
City of Sikeston Electric System Revenue, Revenue Bonds 5.00%, 06/01/2018		1,000,000		1,051,460
City of St. Louis Parking Revenue, Revenue Bonds BAM, 3.00%, 12/15/2017 - 12/15/2018 (E)		1,325,000		1,358,026

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

Transamerica Funds Annual Report 2016

Page    191

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Missouri (continued)
Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds
3.00%, 02/01/2017 (E)		$  250,000		$  251,238
4.25%, 08/01/2035		1,100,000		1,130,668
Industrial Development Authority of the City of St. Louis, Tax Allocation 3.75%, 11/01/2027		650,000		657,111
Kansas City Planned Industrial Expansion Authority, Revenue Bonds 1.50%, 12/01/2018		5,500,000		5,509,790
Missouri Highway & Transportation Commission, Revenue Bonds Series A, 2.50%, 05/01/2017		85,000		85,788
Missouri Housing Development Commission, Revenue Bonds
Series A, GNMA, FNMA, FHLMC,
1.45%, 05/01/2019		35,000		35,215
Series A2, GNMA, FNMA, FHLMC,
3.00%, 11/01/2029		1,800,000		1,832,526
Series B, GNMA, FNMA, FHLMC,
2.50%, 05/01/2029		715,000		689,096
2.55%, 11/01/2029		720,000		695,016
Missouri Joint Municipal Electric Utility Commission, Revenue Bonds Series A, 4.00%, 12/01/2032		500,000		545,285
St. Louis County Industrial Development Authority, Special Assessment
2.00%, 03/01/2019 (B)		300,000		300,357
2.38%, 03/01/2020 (B)		300,000		301,617
Truman State University, Revenue Bonds 2.00%, 06/01/2017		200,000		201,300
Wentzville Fire Protection District, General Obligation Unlimited 2.00%, 04/15/2017		100,000		100,525
				16,151,340
Montana - 0.2%
Montana Board of Housing, Revenue Bonds
Series A-1,
3.15%, 12/01/2036		400,000		399,400
Series A-3,
3.38%, 12/01/2025		90,000		96,162
Montana Facility Finance Authority, Revenue Bonds
Series C,
3.00%, 06/01/2022		300,000		325,023
5.00%, 06/01/2024 - 06/01/2025		1,510,000		1,853,596
Plentywood K-12 School District No. 20, General Obligation Unlimited 4.00%, 07/01/2032		220,000		252,450
				2,926,631
Nebraska - 0.2%
Loup River Public Power District, Revenue Bonds 2.00%, 12/01/2025		1,700,000		1,719,890

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Nebraska (continued)
Metropolitan Community College Area, Certificate of Participation 2.00%, 03/01/2017		$  315,000		$  316,317
Nebraska Investment Finance Authority, Revenue Bonds Series C, GNMA, FNMA, FHLMC, 2.25%, 09/01/2025 (E)		495,000		493,297
Nebraska Public Power District, Revenue Bonds Series A, 5.00%, 01/01/2017		50,000		50,365
Omaha Public Power District, Revenue Bonds Series C, 5.00%, 02/01/2017		100,000		101,084
State of Nebraska, Certificate of Participation Series A, 2.00%, 02/15/2017		175,000		175,600
Thurston County School District No. 16, General Obligation Limited
3.80%, 06/15/2028		100,000		106,637
3.88%, 06/15/2029		100,000		106,622
				3,069,812
Nevada - 0.3%
City of Las Vegas, Revenue Bonds 2.75%, 06/15/2021 (B)		1,500,000		1,479,555
Clark County School District, General Obligation Limited Series A, NATL, 5.00%, 06/15/2025		100,000		105,477
County of Clark, Revenue Bonds 5.00%, 07/01/2024		25,000		27,625
County of Washoe, Revenue Bonds Series B, 3.00% (A), 03/01/2036		1,000,000		1,068,780
Nevada System of Higher Education, Revenue Bonds Series A, 5.00%, 07/01/2021 - 07/01/2024		145,000		170,351
State of Nevada, Revenue Bonds 5.00%, 06/01/2017		50,000		51,261
Truckee Meadows Water Authority, Revenue Bonds 5.00%, 07/01/2031		1,250,000		1,516,237
				4,419,286
New Hampshire - 0.2%
New Hampshire Health and Education Facilities Authority Act, Revenue Bonds
2.00%, 10/01/2017 (E)		2,555,000		2,569,078
3.00%, 08/01/2017 (E)		300,000		304,374
5.00%, 08/01/2035		30,000		30,087
New Hampshire Municipal Bond Bank, Revenue Bonds Series E, 4.00%, 01/15/2017		75,000		75,482

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

Transamerica Funds Annual Report 2016

Page    192

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Hampshire (continued)
New Hampshire State Turnpike System, Revenue Bonds Series B, 5.00%, 02/01/2022		$  30,000		$  35,386
				3,014,407
New Jersey - 6.3%
Borough of Runnemede, General Obligation Unlimited 3.00%, 11/15/2023		105,000		113,738
Borough of South River, General Obligation Unlimited 4.00%, 12/01/2020		235,000		259,590
Bound Brook Board of Education, General Obligation Unlimited 3.00%, 01/15/2017		125,000		125,582
Burlington County Bridge Commission, Revenue Bonds 5.00%, 10/01/2017		230,000		238,653
Camden County Improvement Authority, Revenue Bonds
4.00%, 01/15/2019 - 01/15/2020		1,920,000		2,064,523
5.00%, 01/15/2026		475,000		569,705
Series A,
3.50%, 09/01/2018		50,000		52,113
4.00%, 12/01/2018 - 12/15/2025		1,465,000		1,639,108
5.00%, 01/15/2029		525,000		632,961
Camden County Municipal Utilities Authority, Revenue Bonds Series B, NATL, 5.00%, 07/15/2017		100,000		102,973
Carlstadt School District, General Obligation Unlimited 3.00%, 05/01/2017		125,000		126,300
Casino Reinvestment Development Authority, Revenue Bonds AGM, 5.00%, 11/01/2026		575,000		654,718
City of Bayonne, General Obligation Unlimited
AGM,
5.00%, 08/01/2023 - 08/01/2024		370,000		440,649
Series A, BAM,
5.00%, 11/15/2018		260,000		279,471
City of Jersey City, General Obligation Unlimited BAM, 5.00%, 12/01/2018		1,555,000		1,678,762
City of Newark, General Obligation Unlimited
AGM,
2.50%, 09/15/2020 - 09/15/2021		750,000		776,181
Series A,
5.00%, 10/01/2020		55,000		59,788
City of Paterson, General Obligation Unlimited BAM, 5.00%, 01/15/2024		1,590,000		1,831,505

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
City of Trenton, General Obligation Unlimited BAM, 5.00%, 07/15/2022 - 12/01/2026		$  6,660,000		$  7,813,237
County of Union, General Obligation Unlimited 4.00%, 03/01/2017		85,000		85,946
Essex County Improvement Authority, Revenue Bonds Series A, 5.00%, 12/01/2035 (F)		535,000		566,613
Freehold Regional High School District, General Obligation Unlimited NATL, 5.00%, 03/01/2019		25,000		27,202
Garden State Preservation Trust, Revenue Bonds
Series A, AGM,
5.75%, 11/01/2028		4,920,000		6,272,360
Series C, AGM,
5.13%, 11/01/2017 - 11/01/2019		355,000		376,881
Gloucester County Improvement Authority, Revenue Bonds
Series A,
2.13% (A), 12/01/2029		60,000		60,698
4.00%, 12/01/2018		1,350,000		1,428,394
Greater Egg Harbor Regional High School District, General Obligation Unlimited
AGM,
4.00%, 02/01/2028 - 02/01/2032		2,075,000		2,306,830
5.00%, 02/01/2023 - 02/01/2024		3,955,000		4,769,276
Hoboken Municipal Hospital Authority, Revenue Bonds Series A, AGM, 4.55%, 07/01/2024		90,000		92,282
Lacey Township Board of Education, General Obligation Unlimited BAM, 5.00%, 04/01/2025		1,175,000		1,419,012
Little Egg Harbor Board of Education, General Obligation Unlimited AGM, 4.00%, 01/15/2021		225,000		248,182
Matawan-Aberdeen Regional School District, General Obligation Unlimited 5.00%, 09/15/2019		25,000		27,594
Monroe Township Board of Education, General Obligation Unlimited 2.00%, 03/01/2017		100,000		100,418
New Brunswick Parking Authority, Revenue Bonds
BAM,
5.00%, 09/01/2019		320,000		351,946
Series A, BAM,
4.00%, 09/01/2022		45,000		50,830
5.00%, 09/01/2023		125,000		150,340

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

Transamerica Funds Annual Report 2016

Page    193

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
New Jersey Building Authority, Revenue Bonds Series A, BAM, 5.00%, 06/15/2028 - 06/15/2029		$  2,000,000		$  2,346,490
New Jersey Economic Development Authority, Revenue Bonds
5.00%, 03/01/2017		50,000		50,707
5.25%, 09/01/2022		25,000		28,527
Series A, BAM,
5.00%, 06/15/2021 - 06/15/2023		6,645,000		7,576,976
Series K, AMBAC,
5.50%, 12/15/2019		450,000		495,450
Series PP, AGM-CR,
5.00%, 06/15/2025		14,875,000		17,316,582
Series UU, AGM-CR,
5.00%, 06/15/2025		1,380,000		1,606,513
New Jersey Educational Facilities Authority, Revenue Bonds
Series A, AGC-ICC,
4.00%, 07/01/2018		75,000		78,863
Series D, AGM,
5.00%, 07/01/2024		2,485,000		3,021,288
Series D, NATL,
5.00%, 07/01/2017		60,000		61,639
Series E, BAM,
5.00%, 07/01/2023 - 07/01/2027		1,620,000		1,973,099
Series F, AGC,
4.00%, 07/01/2020		785,000		860,344
Series H, AGM,
5.00%, 07/01/2026		910,000		1,102,456
New Jersey Health Care Facilities Financing Authority, Revenue Bonds
4.00%, 11/15/2018		50,000		52,895
Series A, AGM,
5.00%, 07/01/2024 - 07/01/2027		1,205,000		1,446,962
New Jersey Housing & Mortgage Finance Agency, Revenue Bonds Series F, FHLMC, 3.35%, 12/01/2030		1,290,000		1,345,483
New Jersey Transportation Trust Fund Authority, Revenue Bonds
Series A, AGM-CR,
5.50%, 12/15/2021 - 12/15/2022		4,030,000		4,782,370
Series B, AGC-ICC, MBIA,
5.50%, 12/15/2021		65,000		75,925
Series C, AGM,
5.50%, 12/15/2017		125,000		130,944
Newark Housing Authority, Revenue Bonds AGM, 4.00%, 12/01/2029 - 12/01/2031		935,000		998,209
Passaic County Improvement Authority, Revenue Bonds 5.00%, 05/01/2019 - 05/01/2020		500,000		557,698
Paulsboro School District, General Obligation Unlimited AGM, 3.00%, 04/01/2021		95,000		102,377

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey (continued)
Pitman School District, General Obligation Unlimited AGM, 4.00%, 08/01/2024		$  720,000		$  841,795
River Edge School District, General Obligation Unlimited 3.00%, 02/01/2020		25,000		26,441
South Jersey Transportation Authority LLC, Revenue Bonds AGC, 4.00%, 11/01/2016		100,000		100,000
Sparta Township Board of Education, General Obligation Unlimited 3.00%, 02/15/2017		250,000		251,665
Tobacco Settlement Financing Corp., Revenue Bonds
Series 1A,
4.50%, 06/01/2023		30,000		30,419
5.00%, 06/01/2017		500,000		512,420
Town of Kearny, General Obligation Unlimited Series A, AGM, 5.00%, 02/01/2023		735,000		865,448
Township of Allamuchy, General Obligation Unlimited 2.00%, 09/01/2017		110,000		110,987
Township of Lakewood, General Obligation Unlimited BAM, 4.00%, 11/01/2019		145,000		156,674
Township of Lawrence, General Obligation Unlimited 4.00%, 10/01/2017		100,000		102,744
Township of Little Falls, General Obligation Unlimited 4.00%, 08/01/2019		90,000		96,500
Township of West Deptford, General Obligation Unlimited BAM, 5.00%, 09/01/2022 - 09/01/2023		1,665,000		1,995,827
Trenton Parking Authority, Revenue Bonds Series B, AGM, 4.00%, 04/01/2023 - 04/01/2028		3,360,000		3,750,110
				92,647,188
New Mexico - 0.4%
City of Farmington, Revenue Bonds
Series A,
1.88% (A), 04/01/2029		2,000,000		2,029,560
Series B,
1.88% (A), 04/01/2029		575,000		582,728
Series E,
1.88% (A), 04/01/2029		800,000		811,824
City of Hobbs, Revenue Bonds Series A, 4.50%, 12/01/2034		260,000		272,436
County of Luna, Revenue Bonds AGM, 5.00%, 12/01/2029 - 12/01/2030		810,000		985,984

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

Transamerica Funds Annual Report 2016

Page    194

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Mexico (continued)
Las Cruces School District No. 2, General Obligation Unlimited Series A, 4.00%, 08/01/2027		$  740,000		$  844,895
New Mexico Educational Assistance Foundation, Revenue Bonds Series A-1, 4.00%, 12/01/2020		25,000		27,711
				5,555,138
New York - 4.6%
Albany Capital Resource Corp., Revenue Bonds Series A, 5.00%, 12/01/2027		250,000		293,167
Brooklyn Arena Local Development Corp., Revenue Bonds Series A, AGM, 4.00%, 07/15/2029 - 07/15/2035		3,100,000		3,388,607
City of New York, General Obligation Unlimited Series F-1, 5.00%, 03/01/2017		175,000		177,546
City of Niagara Falls, General Obligation Limited
BAM,
2.00%, 05/15/2021 - 05/15/2024		1,845,000		1,856,336
2.13%, 05/15/2025		350,000		348,603
2.25%, 05/15/2026		300,000		298,668
5.00%, 05/15/2021 - 05/15/2029		7,090,000		8,423,417
City of Yonkers, General Obligation Limited Series E, AGM, 5.00%, 09/01/2024		2,580,000		3,128,792
County of Chautauqua, General Obligation Limited AGM, 4.00%, 06/01/2019		25,000		26,898
County of Monroe, General Obligation Limited AGM, 5.00%, 06/01/2020		1,455,000		1,638,868
County of Nassau, General Obligation Limited
Series A, AGM-CR,
5.00%, 01/01/2026		11,030,000		13,704,996
Series B,
5.00%, 04/01/2017		300,000		305,310
County of Nassau, General Obligation Unlimited
Series C, AGM,
5.00%, 07/01/2017		120,000		123,360
Series E, AGC,
5.00%, 06/01/2017		80,000		81,968
County of Niagara, General Obligation Limited Series C, 5.00%, 08/01/2017		100,000		103,239
Dutchess County Local Development Corp., Revenue Bonds 5.00%, 07/01/2031 - 07/01/2036		855,000		1,000,890

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Erie County Industrial Development Agency, Revenue Bonds Series A, AGM, 5.75%, 05/01/2026		$  50,000		$  51,256
Housing Development Corp., Revenue Bonds
Series C1A,
2.20%, 05/01/2025		350,000		352,541
2.25%, 11/01/2025		725,000		727,160
2.35%, 05/01/2026		450,000		447,858
2.40%, 11/01/2026		625,000		627,581
2.50%, 05/01/2027		920,000		912,171
2.55%, 11/01/2027		300,000		297,765
Metropolitan Transportation Authority, Revenue Bonds
Series A,
5.00%, 11/15/2016 - 11/15/2025		225,000		235,742
Series A, AGM-CR,
5.00%, 11/15/2026		100,000		100,166
Series D,
5.00%, 11/15/2030		2,500,000		2,963,700
MTA Hudson Rail Yards Trust Obligations, Revenue Bonds Series A, 5.00%, 11/15/2051		2,000,000		2,227,640
New York City Transitional Finance Authority Building Aid Revenue, Revenue Bonds Series S-3, 5.00%, 01/15/2017		75,000		75,666
New York Local Government Assistance Corp., Revenue Bonds Series C, AGM-CR, 5.50%, 04/01/2017		180,000		183,326
New York State Bridge Authority, Revenue Bonds 5.00%, 01/01/2017		175,000		176,293
New York State Dormitory Authority, Revenue Bonds
5.00%, 02/15/2022 - 07/01/2033		410,000		485,836
Series A,
5.00%, 07/01/2017 - 03/15/2031		5,130,000		6,155,050
Series A, AGM,
4.00%, 10/01/2017		110,000		113,244
Series A, NATL,
5.50%, 05/15/2024		55,000		70,443
New York State Environmental Facilities Corp., Revenue Bonds 5.00%, 09/15/2018		50,000		51,867
New York State Housing Finance Agency, Revenue Bonds
Series E,
3.45%, 11/01/2030		1,000,000		1,044,110
Series E, GNMA, FNMA, FHLMC,
2.85%, 11/01/2031		305,000		299,507
Series F, GNMA, FNMA, FHLMC,
0.90%, 11/01/2017		130,000		129,978

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

Transamerica Funds Annual Report 2016

Page    195

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New York (continued)
Niagara Falls City School District, Certificate of Participation AGM, 5.00%, 06/15/2024 - 06/15/2025		$  740,000		$  898,794
Niagara Falls City School District, General Obligation Unlimited BAM-TCRS, 5.00%, 06/15/2023		2,125,000		2,572,652
Niagara Tobacco Asset Securitization Corp., Revenue Bonds 4.00%, 05/15/2029		240,000		240,218
North East Joint Fire District, General Obligation Limited Series A, BAM, 3.50%, 12/15/2019		60,000		64,430
St. Lawrence County Industrial Development Agency, Revenue Bonds Series A, 5.00%, 07/01/2028 - 07/01/2031		720,000		877,994
State of New York Mortgage Agency, Revenue Bonds
Series 190,
3.45%, 10/01/2030		210,000		219,368
Series 197,
1.90%, 04/01/2025		980,000		961,429
Suffolk County, General Obligation Limited Series B, AGM, 5.00%, 10/01/2020		620,000		704,512
Town of Oyster Bay, General Obligation Limited
AGM,
3.25%, 08/01/2022		815,000		861,911
Series A, AGM,
3.00%, 03/01/2019		150,000		155,783
Series B, AGM,
3.00%, 11/01/2017		35,000		35,655
Series B, BAM,
5.00%, 08/15/2023		720,000		839,448
Town of Oyster Bay, General Obligation Unlimited 2.25%, 03/01/2017		100,000		99,832
Triborough Bridge & Tunnel Authority, Revenue Bonds
Series A,
5.00%, 11/15/2026		1,455,000		1,753,959
Series B,
5.00%, 11/15/2016		50,000		50,085
Village of Johnson City, General Obligation Limited 3.75%, 10/05/2017		1,715,000		1,725,410
Village of Kiryas Joel, General Obligation Limited Series B, MAC, 2.00%, 03/01/2017		145,000		145,534
Westchester County Local Development Corp., Revenue Bonds 5.00%, 11/01/2025 - 11/01/2026		1,500,000		1,825,665
				66,662,244

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Carolina - 1.1%
City of Asheville, Revenue Bonds 5.00%, 04/01/2017		$  195,000		$  198,403
City of Charlotte, Certificate of Participation Series A, 5.00%, 12/01/2021		25,000		29,416
County of Iredell, Certificate of Participation AGM, 5.25%, 06/01/2017		70,000		71,758
County of Mecklenburg, Certificate of Participation Series B, 5.00%, 02/01/2018		30,000		31,522
North Carolina Housing Finance Agency, Revenue Bonds
Series 37-B,
1.90%, 01/01/2023 (E)		1,350,000		1,346,882
1.95%, 07/01/2023 (E)		1,350,000		1,347,084
2.05%, 01/01/2024 (E)		500,000		498,680
2.10%, 07/01/2024 (E)		1,000,000		998,250
2.25%, 01/01/2025 (E)		1,750,000		1,748,688
2.45%, 01/01/2026 (E)		1,400,000		1,402,254
North Carolina Medical Care Commission, Revenue Bonds
5.00%, 11/01/2039		35,000		35,058
AGC,
3.50%, 02/15/2019		130,000		137,115
Series A,
5.00%, 07/01/2017		140,000		143,720
North Carolina Municipal Power Agency No. 1, Revenue Bonds Series A, 5.25%, 01/01/2017		45,000		45,342
University of North Carolina at Wilmington, Revenue Bonds 4.00%, 06/01/2029 - 06/01/2033		1,295,000		1,433,181
Western Carolina University, Revenue Bonds AGM, 5.00%, 06/01/2027		490,000		602,769
Winston-Salem State University, Revenue Bonds
5.00%, 06/01/2023		150,000		173,108
BAM,
5.00%, 06/01/2029 - 06/01/2036		5,345,000		6,298,935
				16,542,165
North Dakota - 1.8%
City of Grand Forks, Revenue Bonds Series D, 5.00%, 12/15/2027		400,000		488,500
City of Mandan, Revenue Bonds Series A, 4.00%, 09/01/2034		1,060,000		1,110,816
County of Burleigh Multi-County Sales Tax Revenue, Revenue Bonds
Series A, AGM,
3.00%, 11/01/2024 - 11/01/2026		4,820,000		5,064,847
5.00%, 11/01/2021		755,000		885,275

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

Transamerica Funds Annual Report 2016

Page    196

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
North Dakota (continued)
Grand Forks Park District, Revenue Bonds 3.00%, 12/01/2020		$  820,000		$  874,694
Jamestown Park District, Revenue Bonds
Series A,
3.00%, 07/01/2035		4,100,000		3,876,550
4.00%, 07/01/2026 - 07/01/2033		6,730,000		7,283,387
Series B,
2.90%, 07/01/2035		1,350,000		1,336,689
North Dakota Housing Finance Agency, Revenue Bonds
2.55%, 01/01/2022		185,000		192,744
2.80%, 07/01/2023		55,000		58,068
Series C,
2.40%, 01/01/2027		1,805,000		1,785,650
2.55%, 01/01/2028		1,275,000		1,262,722
Series D,
2.80%, 01/01/2025		1,010,000		1,055,056
2.85%, 07/01/2025		1,200,000		1,255,932
				26,530,930
Ohio - 1.9%
American Municipal Power, Inc., Revenue Bonds Series C, 5.25%, 02/15/2019		45,000		49,212
Buckeye Tobacco Settlement Financing Authority, Revenue Bonds
Series A-2,
5.13%, 06/01/2024		1,530,000		1,445,835
5.38%, 06/01/2024		380,000		374,319
Butler County Port Authority, Revenue Bonds Series A, 5.00%, 12/01/2024		545,000		649,526
Cincinnati City School District, General Obligation Unlimited AGC-ICC, FGIC, 5.25%, 12/01/2031		210,000		277,517
City of Lorain, General Obligation Limited BAM, 3.00%, 12/01/2024		45,000		47,903
City of Marysville Wastewater Treatment System Revenue, Revenue Bonds
BAM,
4.00%, 12/01/2017		50,000		51,596
5.00%, 12/01/2023		635,000		768,966
Series B, BAM,
3.50%, 12/01/2033		555,000		573,337
4.00%, 12/01/2029 - 12/01/2031		625,000		688,820
City of Warrensville Heights, General Obligation Limited 2.00%, 12/01/2017		200,000		201,950
Cleveland Department of Public Utilities Division of Public Power, Revenue Bonds Series A, NATL, 4.00%, 11/15/2017		125,000		128,803

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Cleveland-Cuyahoga County Port Authority, Revenue Bonds Series C, 3.00%, 05/15/2018 - 05/15/2025		$  1,530,000		$  1,569,420
Cleveland-Cuyahoga County Port Authority, Tax Allocation Series D, 3.00%, 05/15/2017 - 05/15/2023		2,585,000		2,658,431
County of Allen, Revenue Bonds Series B, 4.13%, 09/01/2020		60,000		65,860
County of Butler, General Obligation Limited AMBAC, 5.00%, 12/01/2016		95,000		95,333
County of Lucas, Revenue Bonds Series D, 5.00%, 11/15/2018		25,000		26,960
County of Montgomery, Revenue Bonds Series A, 5.00%, 05/01/2032		50,000		50,123
County of Scioto, Revenue Bonds 3.50%, 02/15/2038		2,300,000		2,293,054
County of Warren, Revenue Bonds 5.00%, 07/01/2022 - 07/01/2023		425,000		505,593
Dayton-Montgomery County Port Authority, Revenue Bonds Series 1, 6.13%, 01/15/2025 (C) (F)		730,000		745,717
East Knox Local School District, General Obligation Unlimited BAM, 4.00%, 12/01/2030		560,000		637,134
Jackson Milton Local School District, Certificate of Participation BAM, 4.00%, 06/01/2026 - 06/01/2028		1,200,000		1,355,946
Kent State University, Revenue Bonds Series A, 3.00%, 05/01/2017		180,000		182,023
Lancaster City School District, General Obligation Limited Series B, 4.00%, 10/01/2030 - 10/01/2034		1,860,000		2,041,221
Madison Local School District, General Obligation Limited 2.00%, 10/05/2017 (F)		1,375,000		1,388,571
Northeast Ohio Regional Sewer District, Revenue Bonds NATL, 5.00%, 11/15/2017		100,000		102,309
Ohio Higher Educational Facility Commission, Revenue Bonds
5.00%, 01/01/2019		35,000		37,977
Series C,
5.00%, 05/01/2020 - 05/01/2021		730,000		818,782

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

Transamerica Funds Annual Report 2016

Page    197

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Ohio (continued)
Ohio Housing Finance Agency, Revenue Bonds Series 1, GNMA, FNMA, FHLMC, 5.00%, 11/01/2018		$  210,000		$  225,563
Pinnacle Community Infrastructure Financing Authority, Revenue Bonds
Series A, AGM,
4.00%, 12/01/2031		1,800,000		1,925,892
4.25%, 12/01/2036		1,265,000		1,343,304
State of Ohio, General Obligation Unlimited Series A, 5.00%, 09/01/2023		75,000		76,073
State of Ohio, Revenue Bonds Series A, 5.00%, 01/01/2017 - 01/15/2019		300,000		316,598
Summit County Development Finance Authority, Revenue Bonds
4.00%, 12/01/2028 - 12/01/2034		1,750,000		1,890,349
Series B,
3.00%, 05/15/2024 - 05/15/2025		350,000		346,825
Series C,
3.00%, 05/15/2023 - 11/15/2023		225,000		226,310
4.00%, 05/15/2024 - 11/15/2025		960,000		1,012,596
Toledo-Lucas County Port Authority, Revenue Bonds Series A, 5.00%, 07/01/2020		115,000		125,473
				27,321,221
Oklahoma - 1.2%
Cleveland County Educational Facilities Authority, Revenue Bonds 5.00%, 06/01/2017 - 06/01/2023		720,000		745,452
Edmond Public Works Authority, Revenue Bonds 4.00%, 07/01/2031 - 07/01/2034		1,450,000		1,581,073
Garfield County Educational Facilities Authority, Revenue Bonds Series A, 5.00%, 09/01/2027 - 09/01/2028		4,905,000		5,932,323
Garvin County Educational Facilities Authority, Revenue Bonds 5.00%, 12/01/2024 - 12/01/2025		1,060,000		1,269,882
Grady County School Finance Authority, Revenue Bonds
3.00%, 12/01/2020 - 12/01/2030		1,535,000		1,512,609
4.00%, 12/01/2023 - 09/01/2029		1,400,000		1,538,551
5.00%, 09/01/2022 - 12/01/2027		3,750,000		4,422,858
Grand River Dam Authority, Revenue Bonds Series A, 4.00%, 06/01/2024		485,000		560,902
Marshall County Justice Authority, Revenue Bonds 2.00%, 03/01/2017		205,000		205,242

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Oklahoma (continued)
Oklahoma Development Finance Authority, Revenue Bonds
4.00%, 07/01/2017		$  220,000		$  223,439
5.00%, 06/01/2020		25,000		28,198
Series A,
5.00%, 02/01/2020		50,000		55,870
				18,076,399
Oregon - 0.3%
County of Gilliam, Revenue Bonds 1.50%, 10/01/2018 (F)		100,000		100,661
County of Jackson Airport Revenue, Revenue Bonds AGM, 5.00%, 12/01/2030 - 12/01/2033		1,130,000		1,372,790
Klamath Falls Intercommunity Hospital Authority, Revenue Bonds
3.00%, 09/01/2035		1,000,000		931,430
5.00%, 09/01/2030		200,000		238,724
Oregon State Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2021		490,000		561,222
5.50%, 06/15/2035 (B) (C)		750,000		769,620
State of Oregon Department of Administrative Services, Certificate of Participation Series A, 4.00%, 05/01/2017		100,000		101,619
State of Oregon Housing & Community Services Department, Revenue Bonds
Series A,
5.00%, 07/01/2019		75,000		82,582
Series B,
5.00%, 07/01/2019		45,000		49,200
				4,207,848
Pennsylvania - 8.2%
Allegheny County Higher Education Building Authority, Revenue Bonds 3.00%, 10/15/2017 (E)		200,000		202,912
Allegheny County Hospital Development Authority, Revenue Bonds
Series A,
5.00%, 09/01/2017		200,000		206,818
Series B,
5.00%, 06/15/2018		65,000		69,232
Allegheny County Sanitary Authority, Revenue Bonds AGM, 4.00%, 12/01/2032 - 12/01/2036		4,340,000		4,707,386
Allentown City School District, General Obligation Limited AGM, 4.00%, 02/15/2023		6,080,000		6,817,565
Berks County Municipal Authority, Revenue Bonds Series A3, 4.75%, 11/01/2018		100,000		107,248

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

Transamerica Funds Annual Report 2016

Page    198

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Bethlehem Parking Authority, Revenue Bonds
Series B, AGM,
2.50%, 10/01/2029		$  495,000		$  478,601
3.00%, 10/01/2033		580,000		573,910
Borough of Carnegie, General Obligation Unlimited AGM, 2.00%, 08/15/2017 - 08/15/2018 (E)		305,000		308,422
Borough of Lewistown, General Obligation Unlimited BAM, 3.00%, 12/15/2017		170,000		173,427
Borough of Mechanicsburg, General Obligation Unlimited BAM, 2.00%, 12/01/2017		80,000		80,832
Bristol Township School District, General Obligation Limited BAM-TCRS, 5.00%, 06/01/2027		940,000		1,102,423
California Area School District, General Obligation Limited
BAM,
2.50%, 09/15/2026		760,000		749,162
2.63%, 09/15/2027		270,000		266,204
Carbon County Area Vocational Technical School Authority, Revenue Bonds
AGM,
4.00%, 03/01/2024 - 03/01/2026		900,000		1,010,772
5.00%, 03/01/2023		665,000		779,879
Carroll Township Authority, Revenue Bonds BAM, 1.00%, 08/01/2017		180,000		180,162
Central Bradford Progress Authority, Revenue Bonds 5.25%, 12/01/2019		95,000		106,539
Cheltenham Township School District, General Obligation Limited Series A, 5.00%, 02/15/2031 - 02/15/2034		575,000		677,460
City of Lancaster, General Obligation Unlimited AMBAC, 5.00%, 11/01/2017		100,000		102,143
City of Philadelphia, General Obligation Unlimited Series A, 5.00%, 08/01/2027		1,000,000		1,193,040
City of Philadelphia Water & Wastewater Revenue, Revenue Bonds Series C, AGM, 5.00%, 08/01/2020		335,000		381,207
City of Pittsburgh, General Obligation Unlimited Series A, 4.00%, 09/01/2017		100,000		102,589

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Commonwealth Financing Authority, Revenue Bonds Series B-1, AGM, 5.00%, 06/01/2025		$  3,000,000		$  3,627,210
Commonwealth of Pennsylvania, General Obligation Unlimited
5.00%, 07/01/2017		100,000		102,847
AGM-CR,
4.00%, 09/15/2030 - 09/15/2031		25,020,000		27,656,475
Series B,
4.00%, 08/01/2017		200,000		204,840
5.00%, 11/15/2017		100,000		104,235
County of Bedford, General Obligation Unlimited
Series A, BAM,
2.13%, 09/01/2021		115,000		118,066
3.00%, 09/01/2019		100,000		105,246
County of Cambria, General Obligation Unlimited BAM, 4.00%, 08/01/2017 - 08/01/2018		585,000		602,768
County of Lackawanna, General Obligation Unlimited Series B, BAM, 5.00%, 09/15/2022		740,000		869,419
County of Lancaster, General Obligation Unlimited Series B, AGM, 2.00%, 11/01/2016		125,000		125,000
County of Lebanon, General Obligation Unlimited Series A, BAM, 2.00%, 10/15/2019		250,000		255,180
Dallas School District, General Obligation Limited
BAM,
4.00%, 04/01/2022 - 04/01/2023		505,000		565,226
4.50%, 04/01/2024		350,000		409,570
Elizabeth Forward School District, General Obligation Unlimited
Series A, AGM,
2.00%, 09/01/2022 - 09/01/2024		460,000		458,535
2.25%, 09/01/2026		870,000		872,714
2.38%, 09/01/2027		460,000		462,346
2.50%, 09/01/2028		420,000		423,301
2.63%, 09/01/2030		1,000,000		1,007,460
2.75%, 09/01/2031		450,000		454,059
Erie County Conventional Center Authority, Revenue Bonds 5.00%, 01/15/2026		1,725,000		2,083,921
Fairview School District, General Obligation Limited Series A, 4.00%, 02/01/2024 - 02/01/2029		4,020,000		4,469,409
Hempfield Area School District, General Obligation Unlimited Series B, XCLA, 4.00%, 03/15/2021		25,000		25,282

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

Transamerica Funds Annual Report 2016

Page    199

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Indiana County Hospital Authority, Revenue Bonds Series A, 5.50%, 06/01/2029		$  250,000		$  277,365
Lancaster School District, General Obligation Limited Series A, AGM, 5.00%, 06/01/2030 - 06/01/2031		4,320,000		5,090,246
Laurel Highlands School District, General Obligation Unlimited BAM, 2.00%, 11/01/2018		50,000		50,871
Lehigh County Industrial Development Authority, Revenue Bonds 0.90% (A), 09/01/2029		1,500,000		1,499,400
Ligonier Valley School District, General Obligation Unlimited AGM, 4.13%, 03/01/2019		150,000		151,497
Lower Moreland Township School District, General Obligation Limited Series A, 0.60%, 08/01/2017		100,000		99,926
Mars Area School District, General Obligation Limited BAM, 3.00%, 03/01/2031 - 03/01/2032		320,000		323,506
McKeesport Municipal Authority, Revenue Bonds AGM, 1.65%, 12/15/2017		190,000		190,566
Monroe County Hospital Authority, Revenue Bonds 3.00%, 01/01/2017 (E)		1,000,000		1,001,680
Monroeville Municipal Authority, Revenue Bonds Series A, AGM, 2.00%, 12/01/2018		10,000		10,168
Montgomery County Industrial Development Authority, Revenue Bonds Series A, 2.50% (A), 10/01/2030		3,000,000		3,023,010
Morrisville Boro School District, General Obligation Limited BAM, 2.00%, 12/01/2019		75,000		76,914
Penn Hills School District, General Obligation Limited
BAM,
3.00%, 10/01/2017		695,000		703,618
5.00%, 11/15/2022 - 11/15/2024		2,200,000		2,541,830
Series A, BAM,
5.00%, 11/15/2025		320,000		374,275
Penns Valley Area School District, General Obligation Limited 3.00%, 03/01/2030 - 03/01/2032		590,000		600,818
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds 5.00%, 08/01/2017 - 07/15/2020		150,000		158,947

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
Pennsylvania Housing Finance Agency, Revenue Bonds
Series 119,
1.85%, 04/01/2022		$  1,745,000		$  1,765,975
2.75%, 10/01/2026		200,000		205,920
Series 121,
2.20%, 04/01/2026		2,795,000		2,748,156
2.25%, 10/01/2026		1,830,000		1,823,522
2.35%, 04/01/2027		3,765,000		3,700,769
2.38%, 10/01/2027		1,195,000		1,172,653
Pennsylvania Turnpike Commission, Revenue Bonds
Series A, AGM,
5.25%, 07/15/2017 - 07/15/2022		190,000		208,304
Series B,
5.00%, 12/01/2016		100,000		100,367
Philadelphia Gas Works Co., Revenue Bonds
4.00%, 10/01/2035 - 10/01/2037		1,000,000		1,071,806
5.00%, 08/01/2023 - 08/01/2024		590,000		710,434
Pittsburgh School District, General Obligation Limited AGM, 4.00%, 09/01/2025		40,000		45,085
Pocono Mountain School District, General Obligation Limited BAM, 4.00%, 10/01/2017		100,000		102,688
Pocono Mountain School District, General Obligation Unlimited Series A, AGM, 5.00%, 09/01/2019		65,000		65,917
Reading Area Water Authority, Revenue Bonds AGM, 4.00%, 12/01/2025		445,000		493,211
Reading School District, General Obligation Unlimited Series A, AGM, 5.00%, 02/01/2026 - 02/01/2027		2,865,000		3,368,740
Saxonburg Area Authority, Revenue Bonds AGM, 3.00%, 03/01/2018		140,000		143,160
School District of Philadelphia, General Obligation Unlimited
Series A, AGM-CR, FGIC,
5.00%, 06/01/2027		25,000		29,112
Series C,
5.00%, 09/01/2017		150,000		154,146
Sports & Exhibition Authority of Pittsburgh and Allegheny County, Revenue Bonds AGM, 5.00%, 02/01/2025		260,000		301,876
Spring-Ford Area School District, General Obligation Limited 4.00%, 06/01/2017		65,000		66,227

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

Transamerica Funds Annual Report 2016

Page    200

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Pennsylvania (continued)
St. Clair Area School District, General Obligation Limited MAC, 4.00%, 10/01/2021		$  115,000		$  126,425
State Public School Building Authority, Revenue Bonds
5.00%, 05/01/2018 - 09/15/2022		540,000		617,017
5.25%, 03/01/2020		170,000		190,198
AGM,
2.00%, 02/15/2017		185,000		185,492
4.00%, 10/01/2018		505,000		531,411
4.75%, 05/01/2017		100,000		101,932
5.00%, 10/01/2020 - 10/01/2023		360,000		415,377
BAM-TCRS,
5.00%, 10/01/2019 - 06/15/2026		1,760,000		2,059,198
Series A, AGM,
4.00%, 10/01/2017 - 10/01/2018		970,000		1,011,359
5.00%, 10/01/2017 - 10/15/2023		3,150,000		3,666,780
Series A, BAM,
5.00%, 06/15/2023		430,000		501,234
Series B, AGM,
5.00%, 06/01/2026 - 06/01/2033		5,930,000		5,951,166
Township of Abington, General Obligation Unlimited 4.00%, 05/15/2017		75,000		76,307
Township of Neshannock, General Obligation Unlimited AGM, 2.00%, 08/01/2017		100,000		100,899
Unity Township Municipal Authority, Revenue Bonds Series A, AGM, 5.00%, 12/01/2022		45,000		53,597
Upper Shenango Valley Water Pollution Control Authority, Revenue Bonds AGM, 2.00%, 10/01/2017		140,000		141,100
West Mifflin Sanitary Sewer Municipal Authority, Revenue Bonds
BAM,
2.30%, 08/01/2025		250,000		250,308
2.63%, 08/01/2028		440,000		439,177
West Mifflin School District, General Obligation Limited AGM, 4.00%, 04/01/2030 - 04/01/2031		2,000,000		2,111,585
West Mifflin School District, General Obligation Unlimited AGM, 5.00%, 10/01/2022		515,000		590,350
York City School District, General Obligation Limited AGM, 4.60%, 06/01/2028		1,000,000		1,064,980
				120,019,639

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico - 0.7%
Commonwealth of Puerto Rico, General Obligation Unlimited
AGM,
5.25%, 07/01/2020		$  50,000		$  53,877
5.50%, 07/01/2018 - 07/01/2019		765,000		815,618
AGM-CR,
4.50%, 07/01/2023		30,000		30,034
5.25%, 07/01/2017		150,000		153,696
Series A, AGC,
5.00%, 07/01/2017		35,000		35,805
Series A, AGC-ICC,
5.00%, 07/01/2020		65,000		66,071
5.50%, 07/01/2029		100,000		117,445
Series A, AGC-ICC, FGIC,
5.50%, 07/01/2020		170,000		184,030
Series A, AGM,
4.00%, 07/01/2022		40,000		41,441
5.25%, 07/01/2024		285,000		309,521
Series D, AGM,
4.13%, 07/01/2020		75,000		75,076
Puerto Rico Electric Power Authority, Revenue Bonds
Series DDD, AGM,
5.00%, 07/01/2023		25,000		26,495
Series RR, AGC,
5.00%, 07/01/2028		200,000		200,318
Series RR, AGM,
5.00%, 07/01/2020		1,000,000		1,001,960
Series SS, AGM,
5.00%, 07/01/2019 - 07/01/2030		355,000		355,602
Series TT, AGC,
5.00%, 07/01/2018		10,000		10,197
Series TT, AGM-CR,
4.20%, 07/01/2019		100,000		100,394
5.00%, 07/01/2017		80,000		81,851
Series UU, AGC,
5.00%, 07/01/2026		575,000		582,532
Series UU, AGM,
4.00%, 07/01/2023		50,000		50,162
5.00%, 07/01/2020 - 07/01/2024		580,000		588,274
Series V, AGM,
5.25%, 07/01/2027		80,000		90,503
Puerto Rico Highways & Transportation Authority, Revenue Bonds
AGC-ICC,
5.00%, 07/01/2028		20,000		20,214
Series CC, AGM-CR,
5.50%, 07/01/2029		25,000		29,350
Series D, AGM,
5.00%, 07/01/2027		400,000		404,284
Series E, AGM,
5.50%, 07/01/2017 - 07/01/2023		255,000		277,491
Series L, AGC,
5.25%, 07/01/2017 - 07/01/2019		270,000		284,065

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

Transamerica Funds Annual Report 2016

Page    201

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Puerto Rico (continued)
Puerto Rico Highways & Transportation Authority, Revenue Bonds (continued)
Series N, AGC,
5.25%, 07/01/2034		$  75,000		$  87,941
Series N, AGM-CR, AGC-ICC,
5.50%, 07/01/2025		95,000		108,103
Puerto Rico Municipal Finance Agency, Revenue Bonds
Series A, AGM,
5.00%, 08/01/2019 - 08/01/2030		595,000		603,416
5.25%, 08/01/2017 - 08/01/2020		170,000		172,568
Series C, AGC,
5.25%, 08/01/2020		90,000		94,683
Series C, AGM,
5.25%, 08/01/2017		2,420,000		2,486,889
Puerto Rico Public Buildings Authority, Revenue Bonds
Series C, AGC-ICC, AGM-CR,
5.75%, 07/01/2017		375,000		385,477
Series L, AGM-CR,
5.50%, 07/01/2021		125,000		137,099
				10,062,482
Rhode Island - 0.6%
Providence Redevelopment Agency, Revenue Bonds Series A, AGM, 5.00%, 04/01/2025		715,000		847,382
Rhode Island Commerce Corp., Revenue Bonds Series A, AGC, 5.25%, 06/15/2021		50,000		55,462
Rhode Island Health & Educational Building Corp., Revenue Bonds
5.00%, 05/15/2028 - 05/15/2029		2,500,000		2,939,875
AGM,
4.00%, 05/15/2023 - 05/15/2024		1,905,000		2,128,080
Series C,
5.00%, 09/15/2027 - 09/15/2029		445,000		538,918
Rhode Island Turnpike & Bridge Authority, Revenue Bonds Series A, 5.00%, 10/01/2024		300,000		366,570
Tobacco Settlement Financing Corp., Revenue Bonds Series A, 5.00%, 06/01/2023 - 06/01/2027		1,130,000		1,291,915
Town of West Greenwich, General Obligation Unlimited 3.00%, 08/15/2017		235,000		239,122
Town of West Warwick, General Obligation Unlimited Series A, BAM, 5.00%, 10/01/2019		165,000		181,516
				8,588,840

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Carolina - 1.2%
County of Newberry, Revenue Bonds AGC, 4.20%, 12/01/2018		$  75,000		$  75,202
Greenville County School District, Revenue Bonds 5.00%, 12/01/2028		100,000		100,355
Kershaw County School District, Revenue Bonds
BAM,
3.00%, 12/01/2026		2,500,000		2,605,475
3.38%, 12/01/2029		300,000		312,255
Lee County School Facilities, Inc., Revenue Bonds AGM, 3.00%, 12/01/2030		2,350,000		2,257,692
Lexington County Health Services District, Inc., Revenue Bonds 5.00%, 11/01/2034 - 11/01/2035		3,320,000		3,864,139
Piedmont Municipal Power Agency, Revenue Bonds Series A-4, 5.00%, 01/01/2020		35,000		39,062
SCAGO Educational Facilities Corp. for Cherokee School District No. 1, Revenue Bonds 5.00%, 12/01/2020		800,000		910,264
SCAGO Educational Facilities Corp. for Colleton School District, Revenue Bonds 5.00%, 12/01/2020		1,000,000		1,132,730
SCAGO Educational Facilities Corp. for Union School District, Revenue Bonds 2.00%, 12/01/2016		100,000		100,094
SCAGO Educational Facilities Corp. for Williamsburg School District, Revenue Bonds Series B, BAM, 5.00%, 12/01/2024 - 12/01/2025		1,440,000		1,722,025
South Carolina Jobs-Economic Development Authority, Revenue Bonds 5.00%, 10/01/2026 (B)		3,625,000		3,941,209
South Carolina Public Service Authority, Revenue Bonds Series C, 5.00%, 12/01/2025		290,000		356,738
South Carolina State Housing Finance & Development Authority, Revenue Bonds GNMA, FNMA, FHLMC, 2.00%, 07/01/2020		100,000		101,777
South Carolina Transportation Infrastructure Bank, Revenue Bonds Series B, 5.00%, 10/01/2017		75,000		77,874
				17,596,891

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

Transamerica Funds Annual Report 2016

Page    202

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
South Dakota - 0.2%
City of Deadwood, Certificate of Participation 3.00%, 11/01/2020		$  995,000		$  1,039,715
South Dakota Health & Educational Facilities Authority, Revenue Bonds
5.00%, 11/01/2026		250,000		305,575
Series B,
3.00%, 08/01/2019 - 08/01/2021		1,315,000		1,392,643
South Dakota Housing Development Authority, Revenue Bonds Series B, 3.13%, 11/01/2036		950,000		928,530
South Dakota State Building Authority, Revenue Bonds NATL, 4.50%, 06/01/2019		50,000		51,086
				3,717,549
Tennessee - 0.4%
Chattanooga Health Educational & Housing Facility Board, Revenue Bonds 5.00%, 10/01/2027		785,000		936,301
Knox County First Utility District, Revenue Bonds NATL, 4.25%, 12/01/2018		50,000		50,148
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Revenue Bonds 5.00%, 07/01/2031		400,000		475,928
Metropolitan Government of Nashville & Davidison County Electric Revenue, Revenue Bonds Series B, 4.00%, 05/15/2017		175,000		178,145
Tennessee Housing Development Agency, Revenue Bonds
2.35%, 07/01/2021		1,910,000		1,973,278
Series 2B,
2.30%, 01/01/2022		370,000		386,539
2.50%, 01/01/2023		390,000		404,473
2.70%, 07/01/2024		675,000		700,380
2.90%, 07/01/2025		520,000		540,161
Tennessee State School Bond Authority, Revenue Bonds Series C, 5.00%, 05/01/2019		30,000		32,963
				5,678,316
Texas - 8.3%
Alamo Community College District, General Obligation Limited 3.00%, 02/15/2017		120,000		120,806
Aledo Independent School District, General Obligation Unlimited 5.00%, 02/15/2036		1,250,000		1,491,550
Arlington Higher Education Finance Corp., Revenue Bonds Series A, 3.80%, 08/15/2026		350,000		352,425

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Belmont Fresh Water Supply District No. 1, General Obligation Unlimited BAM, 5.50%, 03/01/2018 - 03/01/2020		$  665,000		$  716,731
Bexar County Health Facilities Development Corp., Revenue Bonds
4.00%, 07/15/2036		2,000,000		2,014,320
5.00%, 07/15/2023 - 07/15/2026		865,000		1,007,124
Board of Managers Joint Guadalupe County-City of Seguin Hospital, Revenue Bonds 5.00%, 12/01/2016 - 12/01/2022		5,745,000		6,276,521
Brazoria-Fort Bend County Municipal Utility District No. 1, General Obligation Unlimited
AGM,
3.00%, 09/01/2024		50,000		53,019
BAM,
2.00%, 09/01/2019		830,000		844,392
MAC,
3.00%, 09/01/2022		1,040,000		1,106,414
Burleson Independent School District, General Obligation Unlimited 4.00%, 08/01/2017		100,000		102,414
Canyon Regional Water Authority, Revenue Bonds 4.00%, 08/01/2029		1,100,000		1,238,996
Centerville Independent School District, General Obligation Unlimited 4.00%, 08/15/2036 - 08/15/2044		3,435,000		3,613,748
Cinco Southwest Municipal Utility District No. 1, Revenue Bonds BAM, 2.00%, 12/01/2018		570,000		577,074
City of Beaumont Waterworks & Sewer System Revenue, Revenue Bonds Series A, BAM, 5.00%, 09/01/2027		720,000		879,941
City of Corpus Christi Utility System Revenue, Revenue Bonds 5.00%, 07/15/2019		60,000		66,096
City of Dallas, General Obligation Limited 5.00%, 02/15/2018		205,000		207,501
City of Denton, General Obligation Limited 4.00%, 02/15/2017		125,000		126,208
City of Denton Utility System Revenue, Revenue Bonds AMBAC, 4.38%, 12/01/2021		100,000		103,918
City of Fort Worth Water & Sewer System Revenue, Revenue Bonds 4.00%, 02/15/2017		60,000		60,580
City of Georgetown Utility System Revenue, Revenue Bonds 3.00%, 08/15/2017		55,000		55,960
City of Houston, Revenue Bonds 4.00%, 09/01/2017		215,000		220,409
City of Laredo International Toll Bridge System Revenue, Revenue Bonds AGM, 5.00%, 10/01/2022 - 10/01/2023		185,000		219,282

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

Transamerica Funds Annual Report 2016

Page    203

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
City of Laredo Waterworks & Sewer System Revenue, Revenue Bonds 5.00%, 03/01/2017		$  250,000		$  253,485
City of Longview Waterworks & Sewer System Revenue, Revenue Bonds 4.00%, 03/01/2017		65,000		65,694
City of Paso Water & Sewer Revenue, Revenue Bonds 4.00%, 03/01/2017		55,000		55,608
City of Pearland, General Obligation Limited 5.00%, 03/01/2023		25,000		30,081
City of Pflugerville, General Obligation Limited 4.00%, 08/01/2022 - 08/01/2024		270,000		310,238
City of Westworth Village, General Obligation Limited BAM, 3.00%, 08/15/2019		35,000		36,866
Clifton Higher Education Finance Corp., Revenue Bonds
3.00%, 08/15/2017		200,000		203,432
Series A,
4.00%, 08/15/2032 - 08/15/2033		1,400,000		1,528,958
5.00%, 08/15/2034 - 08/15/2035		2,925,000		3,467,989
County of Bexar, General Obligation Limited 4.75%, 06/15/2038		100,000		102,484
County of Dallas, General Obligation Limited 5.00%, 02/15/2017		100,000		101,263
County of Hays, General Obligation Unlimited 5.00%, 02/15/2017		100,000		101,254
County of Titus, General Obligation Unlimited AGM, 2.00%, 03/01/2017 (E)		410,000		411,529
Cypress Ranch Water Control & Improvement District No. 1, General Obligation Unlimited BAM, 4.00%, 08/15/2029 (E)		325,000		363,395
Cypress-Fairbanks Independent School District, General Obligation Unlimited
Series B-1,
3.00% (A), 02/15/2036		300,000		314,556
Series B-3,
1.05% (A), 02/15/2044		100,000		99,892
Dallas County Flood Control District No. 1, General Obligation Unlimited 5.00%, 04/01/2017 - 04/01/2024 (B)		8,465,000		9,122,452
Denton County Fresh Water Supply District No. 10, General Obligation Unlimited
AGM,
2.75%, 09/01/2029 - 09/01/2030		1,700,000		1,643,685
3.00%, 09/01/2026 - 09/01/2034		2,785,000		2,699,128
3.13%, 09/01/2036		165,000		157,889

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Denver City Independent School District, General Obligation Unlimited Series B, 5.00%, 02/15/2027		$  100,000		$  113,511
Dickinson Independent School District, General Obligation Unlimited 1.05% (A), 08/01/2037		250,000		250,125
El Paso County Hospital District, General Obligation Limited 5.00%, 08/15/2020 - 08/15/2022		430,000		492,469
Faulkey Gully Municipal Utility District, General Obligation Unlimited MAC, 3.00%, 03/01/2017		100,000		100,712
Fort Bend County Levee Improvement District No. 15, General Obligation Unlimited BAM, 4.00%, 09/01/2029 - 09/01/2032		1,085,000		1,174,015
Fort Bend County Levee Improvement District No. 7, General Obligation Unlimited 3.00%, 03/01/2023		250,000		268,998
Fort Bend County Municipal Utility District No. 151, General Obligation Unlimited MAC, 3.00%, 09/01/2026		145,000		150,095
Fort Bend County Municipal Utility District No. 169, Revenue Bonds AGM, 3.00%, 12/01/2023		210,000		222,482
Fort Bend County Municipal Utility District No. 182, General Obligation Unlimited BAM, 4.00%, 09/01/2022 - 09/01/2023		820,000		912,744
Fort Bend County Municipal Utility District No. 23, General Obligation Unlimited BAM, 3.00%, 09/01/2019		60,000		62,753
Fort Bend County Municipal Utility District No. 57, General Obligation Unlimited AGM, 3.00%, 04/01/2024		125,000		131,558
Garner Independent School District, General Obligation Unlimited 4.00%, 02/15/2017		115,000		116,094
Goose Creek Consolidated Independent School District, General Obligation Unlimited Series B, 3.00% (A), 02/15/2035		175,000		177,737
Grapevine-Colleyville Independent School District, General Obligation Unlimited Series B, 2.50% (A), 08/01/2036		165,000		166,853
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds
Series A,
4.38%, 11/15/2021		20,000		21,798

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

Transamerica Funds Annual Report 2016

Page    204

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Harris County Cultural Education Facilities Finance Corp., Revenue Bonds (continued)
Series B,
5.25%, 12/01/2017		$  40,000		$  41,841
5.50%, 12/01/2018		200,000		217,798
Harris County Municipal Utility District No. 167, General Obligation Unlimited BAM, 3.00%, 09/01/2029		600,000		612,228
Harris County Municipal Utility District No. 287, General Obligation Unlimited AGM, 2.00%, 09/01/2017 (E)		100,000		100,922
Harris County Municipal Utility District No. 304, General Obligation Unlimited BAM, 4.00%, 09/01/2026 - 09/01/2028		400,000		450,085
Harris County Municipal Utility District No. 412, General Obligation Unlimited
MAC,
2.00%, 09/01/2019		125,000		127,378
3.00%, 09/01/2021		100,000		106,838
Harris County Municipal Utility District No. 419, General Obligation Unlimited Series A, BAM, 3.00%, 09/01/2026		140,000		145,821
Harris County Municipal Utility District No. 500, General Obligation Unlimited AGM, 3.00%, 12/01/2034 - 12/01/2035 (E)		1,770,000		1,715,665
Harris-Fort Bend Counties Municipal Utility District No. 3, General Obligation Unlimited Series A, AGM, 5.50%, 04/01/2024		375,000		460,909
Houston Higher Education Finance Corp., Revenue Bonds
5.00%, 08/15/2024		490,000		602,127
Series A,
4.00%, 02/15/2017		280,000		282,635
5.00%, 05/15/2047		125,000		127,838
Houston Independent School District, General Obligation Limited 5.00%, 02/15/2022		75,000		75,931
Houston Independent School District, Revenue Bonds 5.00%, 09/15/2017		110,000		113,994
Lake Dallas Independent School District, General Obligation Unlimited Zero Coupon, 08/16/2029 - 08/16/2030		1,730,000		1,197,460
Laredo Independent School District, General Obligation Unlimited 5.00%, 08/01/2019		75,000		82,586
Leander Independent School District, General Obligation Unlimited
Zero Coupon, 08/15/2017		140,000		135,600
5.00%, 08/15/2023		100,000		103,323

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
Lower Colorado River Authority, Revenue Bonds 5.00%, 05/15/2020		$  35,000		$  39,417
Magnolia Independent School District, General Obligation Unlimited 5.00%, 08/15/2018		90,000		93,035
Main Street Market Square Redevelopment Authority, Tax Allocation BAM, 4.00%, 09/01/2022		675,000		757,397
Metropolitan Transit Authority of Harris County, Revenue Bonds Series A, 5.00%, 11/01/2020		40,000		44,677
Montgomery County Municipal Utility District No. 112, General Obligation Unlimited BAM, 2.50%, 10/01/2022		85,000		86,440
Montgomery County Municipal Utility District No. 113, General Obligation Unlimited
AGM,
3.00%, 09/01/2030 - 09/01/2033		1,460,000		1,468,314
3.13%, 09/01/2034		260,000		260,660
3.25%, 09/01/2035		355,000		357,765
Montgomery County Municipal Utility District No. 60, General Obligation Unlimited 2.00%, 09/01/2017		200,000		201,844
Montgomery County Municipal Utility District No. 83, General Obligation Unlimited NATL, 2.00%, 09/01/2018 (E)		80,000		80,947
New Hope Cultural Education Facilities Finance Corp., Revenue Bonds
3.00%, 07/01/2021		580,000		577,158
4.00%, 07/01/2023 - 07/01/2028		2,835,000		2,863,429
Series A, AGM,
4.00%, 04/01/2019		100,000		105,483
Series A1,
3.00%, 07/01/2019 - 07/01/2020		175,000		182,063
4.00%, 07/01/2021 - 07/01/2036		2,760,000		2,950,232
5.00%, 07/01/2031 - 07/01/2046		1,755,000		1,996,179
Series B,
3.00%, 07/01/2017 - 07/01/2020		760,000		776,081
4.00%, 07/01/2021 - 07/01/2031		3,360,000		3,564,284
4.25%, 07/01/2036		2,400,000		2,465,064
Series C,
5.00%, 07/01/2022 - 07/01/2026		950,000		1,030,854
Newark Higher Education Finance Corp., Revenue Bonds Series A, 4.00%, 08/15/2024		465,000		538,768
North Central Texas Health Facility Development Corp., Revenue Bonds 5.00%, 08/15/2022		90,000		107,383

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

Transamerica Funds Annual Report 2016

Page    205

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
North East Independent School District, General Obligation Unlimited Series B, 1.42% (A), 08/01/2040		$  7,500,000		$  7,449,300
North Texas Tollway Authority, Revenue Bonds Series A, 5.00%, 01/01/2026		1,000,000		1,203,790
Northeast Higher Education Finance Corp., Revenue Bonds Series A, 4.00%, 08/15/2025		115,000		130,649
Northside Independent School District, General Obligation Unlimited 1.20% (A), 08/01/2040		100,000		100,177
Northwest Harris County Municipal Utility District No. 19, General Obligation Unlimited
BAM,
3.00%, 10/01/2028		520,000		532,849
3.13%, 10/01/2029 - 10/01/2030		1,325,000		1,354,304
3.25%, 10/01/2031		1,430,000		1,458,371
Pottsboro Higher Education Finance Corp., Revenue Bonds Series A, 3.88%, 08/15/2026		415,000		409,489
Rockwall Independent School District, General Obligation Unlimited 2.00%, 02/15/2017		110,000		110,439
State of Texas, General Obligation Unlimited Series B, 4.00%, 04/01/2017		40,000		40,560
Tarrant County Cultural Education Facilities Finance Corp., Revenue Bonds
5.25%, 11/15/2037		485,000		507,552
Series B, AGC,
4.50%, 09/01/2019		65,000		70,476
Tarrant Regional Water District, Revenue Bonds 5.00%, 03/01/2017		75,000		76,084
Texas Public Finance Authority, Revenue Bonds
BAM,
4.00%, 05/01/2029 - 05/01/2033		4,245,000		4,551,971
5.00%, 05/01/2022		2,045,000		2,371,914
Series A,
5.00%, 01/01/2017		75,000		75,548
Town of Flower Mound, General Obligation Limited 4.00%, 03/01/2029 - 03/01/2036		2,455,000		2,684,931
Travis County Municipal Utility District No. 4, General Obligation Unlimited AGM, 4.00%, 09/01/2033 - 09/01/2035		1,000,000		1,079,065
Trophy Club Public Improvement District No. 1, Special Assessment AGM, 3.00%, 06/01/2023 - 06/01/2024		1,502,000		1,580,015

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Texas (continued)
University of Houston, Revenue Bonds Series A, 5.00%, 02/15/2024		$  40,000		$  46,147
University of Texas System, Revenue Bonds Series B, 2.50% (A), 08/15/2036		11,000,000		10,645,580
Viridian Municipal Management District, General Obligation Unlimited
BAM,
Zero Coupon, 12/01/2020		110,000		103,167
4.00%, 12/01/2038		450,000		475,452
6.00%, 12/01/2022 - 12/01/2034		4,900,000		6,256,467
Washington County Junior College District, Revenue Bonds BAM, 5.00%, 10/01/2023 - 10/01/2025		2,025,000		2,488,985
West Harris County Regional Water Authority, Revenue Bonds Series A, 2.00%, 12/15/2016		385,000		385,577
West Ranch Management District, General Obligation Unlimited MAC, 4.00%, 09/01/2032		380,000		408,538
				120,733,101
Utah - 0.9%
City of Riverton, Revenue Bonds 5.00%, 08/15/2018		75,000		80,249
City of South Jordan, Special Assessment 3.13%, 11/01/2036		4,010,000		3,888,256
City of St. George Electric Revenue, Revenue Bonds AGM, 5.00%, 06/01/2033		1,000,000		1,197,720
Intermountain Power Agency, Revenue Bonds Series A, AMBAC, 5.00%, 07/01/2017		50,000		51,414
Jordan Valley Water Conservancy District, Revenue Bonds Series A, 5.00%, 10/01/2034 - 10/01/2035		1,020,000		1,184,903
Utah Charter School Finance Authority, Revenue Bonds
3.00%, 10/15/2017		190,000		193,469
4.00%, 04/15/2020 - 10/15/2029		3,515,000		3,897,589
4.25%, 04/15/2034		170,000		181,290
4.30%, 04/15/2025 (B) (C)		750,000		759,938
Series A,
5.00%, 10/15/2024 - 10/15/2025		1,360,000		1,627,218
Utah State Board of Regents, Revenue Bonds Series EE-2, 5.00%, 11/01/2019		40,000		44,658
Washington County Water Conservancy District, Revenue Bonds 5.00%, 10/01/2022		50,000		59,178
				13,165,882

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

Transamerica Funds Annual Report 2016

Page    206

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Vermont - 0.3%
City of Burlington, General Obligation Unlimited Series A, AGM, 5.00%, 11/01/2032 - 11/01/2035		$  1,255,000		$  1,441,769
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds
5.00%, 10/01/2029 - 10/01/2030		1,010,000		1,176,283
Series A,
5.00%, 12/01/2026 - 12/01/2027		1,700,000		2,082,744
				4,700,796
Virginia - 1.3%
Alexandria Industrial Development Authority, Revenue Bonds 4.00%, 10/01/2019 - 10/01/2020		990,000		1,068,066
Capital Region Airport Commission, Revenue Bonds Series A, 5.00%, 07/01/2028 - 07/01/2033		1,385,000		1,675,163
County of Fairfax Sewer Revenue, Revenue Bonds 5.00%, 07/15/2017		50,000		51,523
Fairfax County Water Authority, Revenue Bonds 5.00%, 04/01/2017		70,000		71,271
Hampton Roads Sanitation District, Revenue Bonds 4.00%, 11/01/2017		50,000		51,623
Louisa Industrial Development Authority, Revenue Bonds Series C, 0.70% (A), 11/01/2035		3,000,000		2,999,670
Virginia College Building Authority, Revenue Bonds
Series A,
3.00%, 09/01/2035 - 09/01/2036		6,060,000		5,949,088
Series B,
5.00%, 09/01/2028		50,000		55,563
Virginia Housing Development Authority, Revenue Bonds
Series B,
1.20%, 11/01/2019		6,150,000		6,136,101
1.35%, 11/01/2020		255,000		255,362
2.15%, 11/01/2024		125,000		127,852
Series C-8,
1.00%, 10/01/2017		100,000		100,104
				18,541,386
Washington - 0.4%
Central Puget Sound Regional Transit Authority, Revenue Bonds NATL, 4.75%, 02/01/2028		50,000		53,277
City of Seattle Municipal Light & Power Revenue, Revenue Bonds Series A, 5.00%, 02/01/2017		75,000		75,814

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Washington (continued)
City of Seattle Water System Revenue, Revenue Bonds AGM, 5.00%, 02/01/2017		$  175,000		$  176,914
Clark County Public Utility District No. 1, Revenue Bonds 5.00%, 01/01/2024		100,000		122,553
Energy Northwest, Revenue Bonds Series A, 5.25%, 07/01/2018		35,000		37,519
King County School District No. 407, General Obligation Unlimited 5.63%, 12/01/2023		80,000		87,842
Port of Seattle, Revenue Bonds Series A, 5.00%, 08/01/2018		25,000		26,786
Public Utility District No. 1 of Cowlitz County, Revenue Bonds 5.00%, 09/01/2019		155,000		171,157
Snohomish County Public Utility District No. 1, Revenue Bonds 5.00%, 12/01/2021		25,000		29,459
State of Washington, Certificate of Participation Series A, 3.00%, 07/01/2017		100,000		101,493
State of Washington, General Obligation Unlimited
Series B,
5.00%, 07/01/2028		65,000		66,860
Series B-2,
5.00%, 08/01/2017		75,000		77,432
Series C, NATL,
5.00%, 01/01/2032		50,000		50,358
Series R-C,
5.00%, 07/01/2025		3,000,000		3,663,750
Washington Health Care Facilities Authority, Revenue Bonds
Series A,
5.00%, 10/01/2019 - 08/15/2020		60,000		67,597
Series B,
4.00%, 08/15/2018		550,000		579,177
Washington State Housing Finance Commission, Revenue Bonds 3.20%, 07/01/2021 (B)		500,000		495,385
				5,883,373
West Virginia - 0.0% (D)
Concord University, Revenue Bonds AGM, 5.00%, 06/01/2018		240,000		253,661
Putnam County Board of Education, General Obligation Unlimited 4.00%, 05/01/2017		100,000		101,660
West Virginia University, Revenue Bonds Series A, 5.00%, 10/01/2024		25,000		29,827
				385,148

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

Transamerica Funds Annual Report 2016

Page    207

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wisconsin - 1.3%
Central Brown County Water Authority, Revenue Bonds Series A, 5.00%, 11/01/2019		$  50,000		$  55,713
City of Kaukauna Electric System Revenue, Revenue Bonds BAM, 2.00%, 12/15/2018		125,000		126,966
Milwaukee Housing Authority, Revenue Bonds Series A, 3.38%, 07/01/2029		700,000		747,173
Public Finance Authority, Revenue Bonds
3.00%, 08/01/2017		65,000		65,831
Series A,
4.00%, 12/01/2027		2,610,000		2,682,062
4.50%, 09/01/2026		170,000		169,323
4.75%, 12/01/2035		650,000		677,742
5.00%, 06/01/2027		300,000		361,230
State of Wisconsin, Revenue Bonds Series A, 5.00%, 05/01/2019		25,000		27,465
Wisconsin Health & Educational Facilities Authority, Revenue Bonds
3.00%, 12/01/2032 - 12/01/2033		2,180,000		2,145,189
5.00%, 08/15/2022 - 12/01/2031		3,480,000		4,165,700
Series B,
5.00%, 08/15/2018		125,000		133,773
Series B-4,
5.00% (A), 11/15/2043		105,000		121,722
Wisconsin Housing & Economic Development Authority, Revenue Bonds Series B, FNMA, 3.15%, 09/01/2030		6,830,000		7,064,542
				18,544,431

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
Wyoming - 0.3%
Wyoming Community Development Authority, Revenue Bonds Series 2, 2.95%, 06/01/2033		$  5,045,000		$  4,889,917
Total Municipal Government Obligations (Cost $1,385,946,078)				1,392,965,348
	Shares		Value
INVESTMENT COMPANIES - 0.1%
U.S. Fixed Income Funds - 0.1%
PIMCO Municipal Income Fund III		10,000		119,800
Pioneer Municipal High Income Advantage Trust		22,558		287,615
Pioneer Municipal High Income Trust		18,000		227,700
Total Investment Companies (Cost $670,424)				635,115
	Principal		Value
REPURCHASE AGREEMENT - 5.9%
State Street Bank & Trust Co. 0.03% (H), dated 10/31/2016, to be repurchased at $86,700,612 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.88%, due 02/22/2017, and with a value of $88,435,394.		$  86,700,540		86,700,540
Total Repurchase Agreement (Cost $86,700,540)				86,700,540
Total Investments (Cost $1,473,317,042) (I)				1,480,301,003
Net Other Assets (Liabilities) - (1.4)%				(20,607,763	)
Net Assets - 100.0%				$  1,459,693,240

SECURITY VALUATION:

Valuation Inputs ^(J)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Municipal Government Obligations	$	—	$	1,392,965,348	$	—	$	1,392,965,348
Investment Companies		635,115		—		—		635,115
Repurchase Agreement		—		86,700,540		—		86,700,540
Total Investments	$	635,115	$	1,479,665,888	$	—	$	1,480,301,003

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

Transamerica Funds Annual Report 2016

Page    208

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(B)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $34,805,735, representing 2.4% of the Fund’s net assets.

^(C)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $11,219,106, representing 0.8% of the Fund’s net assets.

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

^(E)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(F)  Restricted securities. At October 31, 2016, the restricted securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Solaris Metropolitan District No. 3, General Obligation Limited, Series A, 3.75%, 12/01/2026		10/07/2016	$	640,010	$	633,888		0.1	%
Municipal Government Obligations	Southglenn Metropolitan District, General Obligation Limited, 3.00%, 12/01/2021		09/14/2016		996,640		985,080		0.1
Municipal Government Obligations	Miami-Dade County Industrial Development Authority, Revenue Bonds, 5.00%, 09/15/2034		07/24/2014		129,665		141,167		0.0	(D)
Municipal Government Obligations	County of Nez Perce, Revenue Bonds, 2.75%, 10/01/2024		07/29/2016		4,500,010		4,409,640		0.3
Municipal Government Obligations	Idaho Housing & Finance Association, Revenue Bonds, Series A, 4.00%, 07/01/2026		08/04/2016		413,327		407,299		0.0	(D)
Municipal Government Obligations	Idaho Housing & Finance Association, Revenue Bonds, Series A, 5.00%, 06/01/2035		04/06/2015		499,875		534,377		0.1
Municipal Government Obligations	Jennings County School Building Corp., Revenue Bonds, 3.00%, 01/15/2020		07/09/2015		348,619		355,912		0.0	(D)
Municipal Government Obligations	City of St. Cloud, Revenue Bonds, Series A, 3.00%, 04/01/2021		04/08/2016		250,010		249,860		0.0	(D)
Municipal Government Obligations	City of St. Cloud, Revenue Bonds, Series A, 3.75%, 04/01/2026		04/08/2016		500,010		501,960		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2021		07/20/2016		212,011		208,922		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2022		07/20/2016		435,138		428,081		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2023		07/20/2016		450,648		442,599		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2024		07/20/2016		458,614		449,713		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2025		07/20/2016		420,875		412,050		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2026		07/20/2016		253,770		248,452		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 3.00%, 02/01/2027		07/20/2016		493,680		482,616		0.0	(D)
Municipal Government Obligations	City of Stillwater, Tax Allocation, 4.00%, 02/01/2030		07/20/2016		800,148		783,150		0.1

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

Transamerica Funds Annual Report 2016

Page    209

Transamerica Intermediate Muni

(formerly, Transamerica Enhanced Muni)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Municipal Government Obligations	Dakota County Community Development Agency, Revenue Bonds, Series A, 5.00%, 09/01/2029		09/04/2014	$	718,870	$	758,636		0.1	%
Municipal Government Obligations	Housing & Redevelopment Authority of The City of St. Paul, Revenue Bonds, Series B, 4.25%, 04/01/2025		06/19/2015		200,007		205,650		0.0	(D)
Municipal Government Obligations	Essex County Improvement Authority, Revenue Bonds, Series A, 5.00%, 12/01/2035		12/10/2015		535,004		566,613		0.1
Municipal Government Obligations	Dayton-Montgomery County Port Authority, Revenue Bonds, Series 1, 6.13%, 01/15/2025		10/08/2015		730,010		745,717		0.1
Municipal Government Obligations	Madison Local School District, General Obligation Limited, 2.00%, 10/05/2017		09/29/2016		1,388,623		1,388,571		0.1
Municipal Government Obligations	County of Gilliam, Revenue Bonds, 1.50%, 10/01/2018		03/02/2016		99,760		100,661		0.0	(D)
Total				$	15,475,324	$	15,440,614		1.1	%

^(G)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2016; the maturity date disclosed is the ultimate maturity date.

^(H)  Rate disclosed reflects the yield at October 31, 2016.

^(I)  Aggregate cost for federal income tax purposes is $1,473,318,122. Aggregate gross unrealized appreciation and depreciation for all securities is $17,894,748 and $10,911,867, respectively. Net unrealized appreciation for tax purposes is $6,982,881.

^(J)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

MUNICIPAL INSURER ABBREVIATIONS:

AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	AMBAC Financial Group, Inc.
BAM	Build America Mutual Assurance Co.
BHAC	Berkshire Hathaway Assurance Corp.
FGIC	Financial Guaranty Insurance Co.
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
MAC	Municipal Assurance Corp.
MBIA	National Public Finance Guarantee Corp. (formerly Municipal Bond Insurance Association)
NATL	National Public Finance Guarantee Corp.
XCLA	Syncora (formerly XL Capital Assurance, Inc.)

PORTFOLIO ABBREVIATIONS:

CR	Custodian Receipts
IBC	Insured Bond Certificate
ICC	Insured Custody Certificate
TCRS	Temporary Custodian Receipts

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

Transamerica Funds Annual Report 2016

Page    210

Transamerica International Equity

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 95.4%
Australia - 3.9%
BHP Billiton PLC, ADR (A)		629,269		$  19,029,095
Challenger, Ltd.		6,322,061		51,746,891
Coca-Cola Amatil, Ltd.		1,745,390		12,666,428
Sonic Healthcare, Ltd.		2,194,800		34,209,775
South32, Ltd.		13,587,270		26,563,093
				144,215,282
Belgium - 1.0%
Groupe Bruxelles Lambert SA		435,320		37,446,101
Denmark - 1.0%
TDC A/S, Class B (B)		6,731,900		37,147,752
France - 10.1%
Airbus Group SE		313,100		18,611,659
Arkema SA		290,965		27,590,369
Bollore SA		5,264,000		17,335,672
Engie SA (A)		3,989,800		57,528,726
Rexel SA		2,481,693		34,421,267
Sanofi		889,600		69,296,601
TOTAL SA		714,300		34,281,858
Veolia Environnement SA		2,846,881		62,128,268
Vivendi SA		2,532,924		51,217,142
				372,411,562
Germany - 10.2%
Allianz SE, Class A		231,200		36,039,580
Deutsche Boerse AG (B)		545,500		42,444,558
Infineon Technologies AG		1,959,727		35,184,362
Merck KGaA		411,000		42,257,084
METRO AG		1,409,800		42,234,231
SAP SE		665,747		58,641,314
Siemens AG, Class A		519,500		58,995,597
Talanx AG (B)		863,251		26,794,352
TUI AG		2,474,302		31,453,199
				374,044,277
Hong Kong - 4.0%
Cheung Kong Property Holdings, Ltd.		5,407,500		40,056,588
CK Hutchison Holdings, Ltd.		4,040,100		49,983,250
First Pacific Co., Ltd.		11,915,012		9,033,566
Guangdong Investment, Ltd.		27,162,100		41,046,710
Noble Group, Ltd. (B)		68,168,400		8,133,660
				148,253,774
Ireland - 2.0%
DCC PLC		192,900		15,736,714
Ryanair Holdings PLC, ADR (B)		261,612		19,644,445
Smurfit Kappa Group PLC, Class B		1,689,700		37,023,178
				72,404,337
Israel - 1.9%
Teva Pharmaceutical Industries, Ltd., ADR		1,675,100		71,593,774
Italy - 3.9%
Azimut Holding SpA (A)		1,388,886		22,290,383
Davide Campari (C)		981,841		9,888,964
Davide Campari-Milano SpA		709,348		7,144,453
Eni SpA, Class B		2,576,400		37,361,101
Mediobanca SpA (A)		5,879,292		43,080,412
Prysmian SpA		1,010,449		25,146,032
				144,911,345

	Shares		Value
COMMON STOCKS (continued)
Japan - 26.3%
Astellas Pharma, Inc.		3,311,800		$  49,249,090
Bridgestone Corp.		945,700		35,304,811
Coca-Cola East Japan Co., Ltd.		1,855,200		40,971,138
Daiwa Securities Group, Inc. (A)		7,374,500		44,140,113
Denka Co., Ltd.		4,996,300		22,725,614
Electric Power Development Co., Ltd.		891,100		20,792,617
FamilyMart UNY Holdings Co., Ltd. (A)		312,300		19,595,061
FANUC Corp.		239,200		44,888,490
FUJIFILM Holdings Corp.		750,900		28,462,167
Hitachi, Ltd. (A)		11,874,800		63,320,188
Japan Airlines Co., Ltd.		1,256,300		37,088,822
Komatsu, Ltd. (A)		1,090,200		24,357,191
Kuraray Co., Ltd.		2,910,900		44,245,014
Mitsubishi Corp.		1,208,000		26,390,083
Mitsubishi Heavy Industries, Ltd. (A)		7,778,400		33,332,821
MS&AD Insurance Group Holdings, Inc.		1,688,700		50,272,923
NEC Corp.		16,293,500		43,658,563
Nippon Telegraph & Telephone Corp.		537,500		23,884,333
ORIX Corp.		3,643,900		57,870,844
Resona Holdings, Inc.		7,172,200		31,870,365
SoftBank Group Corp. (A)		851,700		53,618,036
Sony Corp.		1,753,100		56,185,459
Square Enix Holdings Co., Ltd.		743,900		24,685,534
Sumitomo Mitsui Financial Group, Inc.		1,353,000		47,129,866
Toyota Motor Corp.		773,100		44,814,293
				968,853,436
Macau - 0.6%
MGM China Holdings, Ltd.		13,233,000		21,908,404
Mexico - 0.8%
Grupo Televisa SAB, ADR		1,200,071		29,437,742
Netherlands - 6.3%
Akzo Nobel NV		507,894		32,828,001
Boskalis Westminster		560,100		18,073,513
Delta Lloyd NV		5,266,258		31,853,509
Heineken Holding NV, Class A		679,148		52,269,452
Koninklijke Philips NV		2,393,656		72,154,899
Steinhoff International Holdings NV (A)		4,411,537		23,815,020
				230,994,394
Republic of Korea - 0.6%
Samsung Electronics Co., Ltd.		14,600		20,912,738
Singapore - 1.0%
DBS Group Holdings, Ltd.		3,522,100		37,974,124
Spain - 1.2%
Aena SA (D)		301,719		44,299,620
Sweden - 2.0%
Investor AB, Class B		1,381,791		49,123,751
Svenska Cellulosa AB SCA, Class B		864,280		24,486,889
				73,610,640
Switzerland - 4.7%
GAM Holding AG (B)		1,087,300		10,537,322
Nestle SA		865,062		62,723,661
Novartis AG		808,000		57,483,907
UBS Group AG		3,090,900		43,729,574
				174,474,464

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

Transamerica Funds Annual Report 2016

Page    211

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
United Kingdom - 12.5%
Aviva PLC		7,881,726		$  42,717,970
Barclays PLC		9,019,500		21,008,881
British Land Co. PLC, REIT		3,757,500		26,928,214
GKN PLC		13,729,730		53,642,195
HSBC Holdings PLC		5,671,400		42,669,597
IG Group Holdings PLC		1,445,932		14,609,879
Imperial Brands PLC		740,800		35,866,089
Inchcape PLC		2,963,408		23,595,024
Johnson Matthey PLC		350,623		14,634,451
Kingfisher PLC		6,920,901		30,606,401
National Grid PLC, Class B		1,702,046		22,187,204
Savills PLC		1,119,291		9,507,890
Sky PLC		3,132,255		31,361,157
UBM PLC		2,688,648		23,645,167
Unilever PLC		791,058		33,094,974
Vodafone Group PLC		12,715,920		34,988,535
				461,063,628
United States - 1.4%
Flex, Ltd. (B)		2,123,697		30,135,260
FMC Technologies, Inc. (B)		645,943		20,844,581
				50,979,841
Total Common Stocks (Cost $3,576,493,612)				3,516,937,235
PREFERRED STOCK - 0.7%
Republic of Korea - 0.7%
Hyundai Motor Co. 4.29%(E)		308,661		25,788,063
Total Preferred Stock (Cost $29,254,720)				25,788,063

	Shares		Value
SECURITIES LENDING COLLATERAL - 2.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (E)		82,321,584		$  82,321,584
Total Securities Lending Collateral (Cost $82,321,584)				82,321,584
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
State Street Bank & Trust Co. 0.03% (E), dated 10/31/2016, to be repurchased at $92,250,917 on 11/01/2016. Collateralized by a U.S. Government Obligation and U.S. Government Agency Obligations, 0.00% (E) - 1.38%, due 11/15/2016 - 02/02/2017, and with a total value of $94,099,135.		$  92,250,840		92,250,840
Total Repurchase Agreement (Cost $92,250,840)				92,250,840
Total Investments (Cost $3,780,320,756) (F)				3,717,297,722
Net Other Assets (Liabilities) - (0.8)%				(29,114,594	)
Net Assets - 100.0%				$  3,688,183,128

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		7.8	%	$	289,880,456
Banks		6.0			223,733,245
Diversified Financial Services		5.5			205,221,153
Industrial Conglomerates		5.3			196,870,460
Insurance		5.0			187,678,334
Capital Markets		4.8			177,751,829
Chemicals		3.8			142,023,449
Multi-Utilities		3.8			141,844,198
Media		3.7			135,661,208
Beverages		3.3			122,940,435
Machinery		2.8			102,578,502
Electronic Equipment, Instruments & Components		2.5			93,455,448
Technology Hardware, Storage & Peripherals		2.5			93,033,468
Auto Components		2.4			88,947,006
Wireless Telecommunication Services		2.4			88,606,571
Software		2.2			83,326,848
Household Durables		2.2			80,000,479
Oil, Gas & Consumable Fuels		1.9			71,642,959
Automobiles		1.9			70,602,356
Trading Companies & Distributors		1.9			68,945,010
Food Products		1.7			62,723,661

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

Transamerica Funds Annual Report 2016

Page    212

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Food & Staples Retailing		1.7	%	$	61,829,292
Diversified Telecommunication Services		1.6			61,032,085
Airlines		1.5			56,733,267
Hotels, Restaurants & Leisure		1.4			53,361,603
Real Estate Management & Development		1.3			49,564,478
Metals & Mining		1.2			45,592,188
Transportation Infrastructure		1.2			44,299,620
Water Utilities		1.1			41,046,710
Containers & Packaging		1.0			37,023,178
Tobacco		1.0			35,866,089
Semiconductors & Semiconductor Equipment		0.9			35,184,362
Health Care Providers & Services		0.9			34,209,775
Personal Products		0.9			33,094,974
Specialty Retail		0.8			30,606,401
Equity Real Estate Investment Trusts		0.7			26,928,214
Electrical Equipment		0.7			25,146,032
Household Products		0.7			24,486,889
Distributors		0.6			23,595,024
Energy Equipment & Services		0.6			20,844,581
Independent Power & Renewable Electricity Producers		0.6			20,792,617
Aerospace & Defense		0.5			18,611,659
Construction & Engineering		0.5			18,073,513
Air Freight & Logistics		0.5			17,335,672
Investments, at Value		95.3			3,542,725,298
Short-Term Investments		4.7			174,572,424
Total Investments		100.0	%	$	3,717,297,722

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	190,684,897	$	3,326,252,338	$	—	$	3,516,937,235
Preferred Stock		—		25,788,063		—		25,788,063
Securities Lending Collateral		82,321,584		—		—		82,321,584
Repurchase Agreement		—		92,250,840		—		92,250,840
Total Investments	$	273,006,481	$	3,444,291,241	$	—	$	3,717,297,722

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $78,544,040. 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 securities.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, value of the security is $9,888,964, representing 0.3% of the Fund’s net assets.

^(D)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2016, the value of the 144A security is $44,299,620, representing 1.2% of the Fund’s net assets.

^(E)  Rates disclosed reflect the yields at October 31, 2016.

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

Transamerica Funds Annual Report 2016

Page    213

Transamerica International Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(F)  Aggregate cost for federal income tax purposes is $3,799,093,713. Aggregate gross unrealized appreciation and depreciation for all securities is $212,482,770 and $294,278,761, respectively. Net unrealized depreciation for tax purposes is $81,795,991.

^(G)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

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

Transamerica Funds Annual Report 2016

Page    214

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 98.3%
Australia - 4.3%
APN Outdoor Group, Ltd.		1,314,122		$  4,748,349
Bentham IMF, Ltd. (A)		2,507,949		3,500,806
FlexiGroup, Ltd. (A)		3,945,026		6,752,206
Pact Group Holdings, Ltd.		1,813,290		9,062,457
Senex Energy, Ltd. (A) (B)		11,440,400		2,219,191
WPP Aunz, Ltd. (A)		7,724,326		4,788,853
				31,071,862
Belgium - 2.4%
Barco NV		112,570		8,847,880
D’ieteren SA		182,608		8,055,404
				16,903,284
Canada - 0.7%
Entertainment One, Ltd.		1,426,000		4,052,877
Newalta Corp. (A)		477,900		808,792
				4,861,669
Denmark - 2.4%
NKT Holding A/S		110,974		7,474,916
Schouw & Co. AB		146,867		9,331,185
				16,806,101
Finland - 3.6%
Kesko OYJ, Class B		189,400		9,414,341
Raisio OYJ, V Shares		2,078,400		8,692,760
Ramirent OYJ		989,835		7,301,896
				25,408,997
France - 2.2%
Rothschild & Co.		388,811		9,219,256
Sopra Steria Group		65,300		6,642,155
				15,861,411
Germany - 4.7%
Bertrandt AG (A)		69,309		7,383,949
Gerresheimer AG		109,000		8,221,480
Rhoen-Klinikum AG		304,556		8,476,847
SAF-Holland SA		727,800		9,767,074
				33,849,350
Hong Kong - 5.2%
AMVIG Holdings, Ltd.		3,998,000		1,345,460
First Pacific Co., Ltd.		15,481,750		11,737,748
Great Eagle Holdings, Ltd.		314,400		1,396,559
Kerry Logistics Network, Ltd.		5,882,100		7,811,906
Midland Holdings, Ltd. (B)		8,169,200		2,896,674
NewOcean Energy Holdings, Ltd.		9,197,120		2,371,752
Pacific Textiles Holdings, Ltd.		5,520,300		6,961,277
Shun Tak Holdings, Ltd.		7,756,000		2,620,152
				37,141,528
Ireland - 1.7%
Smurfit Kappa Group PLC, Class B		539,610		11,823,446
Italy - 4.5%
ASTM SpA		643,900		6,951,785
Danieli & C Officine Meccaniche SpA, Class B		466,390		6,246,153
Davide Campari (C)		482,900		4,863,701
Davide Campari-Milano SpA		53,800		541,866
Prysmian SpA		532,000		13,239,351
				31,842,856

	Shares		Value
COMMON STOCKS (continued)
Japan - 32.3%
Aida Engineering, Ltd.		975,600		$  8,409,864
Air Water, Inc.		472,300		8,858,721
Chugoku Marine Paints, Ltd.		1,192,200		8,696,796
Coca-Cola East Japan Co., Ltd. (A)		539,800		11,921,205
D.A. Consortium Holdings, Inc. (A) (B)		346,700		2,327,423
Daiichikosho Co., Ltd. (A)		133,000		5,789,501
Denka Co., Ltd.		4,338,300		19,732,708
Dynam Japan Holdings Co., Ltd.		4,157,200		6,014,246
Eiken Chemical Co., Ltd.		170,400		4,663,374
Electric Power Development Co., Ltd.		258,200		6,024,749
Hakuhodo DY Holdings, Inc.		938,100		11,297,991
Hikari Tsushin, Inc.		177,700		16,334,776
HIS Co., Ltd. (A)		196,200		5,365,706
Kaken Pharmaceutical Co., Ltd.		151,700		9,576,180
Kintetsu World Express, Inc. (A)		784,000		10,690,569
Kumiai Chemical Industry Co., Ltd. (A)		1,125,400		6,385,172
Matsumotokiyoshi Holdings Co., Ltd.		80,800		4,168,285
Nakanishi, Inc.		243,900		8,733,141
Rohto Pharmaceutical Co., Ltd. (A)		743,000		13,064,671
Ryohin Keikaku Co., Ltd.		26,000		5,563,459
Sanwa Holdings Corp.		1,689,900		16,887,720
SKY Perfect JSAT Holdings, Inc.		2,162,600		10,743,917
Sogo Medical Co., Ltd.		105,600		3,222,275
Square Enix Holdings Co., Ltd.		270,500		8,976,256
Token Corp.		92,200		6,673,005
Wakita & Co., Ltd.		424,600		3,631,794
Welcia Holdings Co., Ltd. (A)		100,100		6,843,873
				230,597,377
Mexico - 0.3%
Credito Real SAB de CV SOFOM ER		1,076,078		1,977,260
Netherlands - 3.0%
BinckBank NV		1,041,344		6,179,791
Boskalis Westminster		136,100		4,391,725
Delta Lloyd NV		1,855,300		11,221,975
				21,793,491
New Zealand - 1.4%
Air New Zealand, Ltd.		4,555,902		6,287,795
SKY Network Television, Ltd.		1,053,500		3,480,513
				9,768,308
Norway - 0.5%
ABG Sundal Collier Holding ASA		6,269,260		3,710,407
Philippines - 0.4%
Alliance Global Group, Inc.		9,999,300		2,943,516
Republic of Korea - 2.4%
Eugene Technology Co., Ltd.		426,859		7,255,764
Interpark Holdings Corp.		839,119		3,663,010
Value Added Technologies Co., Ltd.		222,400		6,112,720
				17,031,494
Singapore - 1.1%
ARA Asset Management, Ltd. (A)		7,632,240		7,680,242
Spain - 1.7%
Cia de Distribucion Integral Logista Holdings SA		544,364		12,088,957
Sweden - 3.6%
Cloetta AB, Class B		3,956,400		14,017,128

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

Transamerica Funds Annual Report 2016

Page    215

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Sweden (continued)
Dios Fastigheter AB		1,171,654		$  7,815,653
Nobina AB (D)		598,476		4,008,768
				25,841,549
Switzerland - 2.9%
GAM Holding AG (B)		1,095,390		10,615,724
Gategroup Holding AG (B)		99,600		5,238,927
Swissquote Group Holding SA (B)		180,976		5,148,274
				21,002,925
United Kingdom - 17.0%
Berendsen PLC		391,851		4,633,186
Cineworld Group PLC		368,369		2,437,028
IG Group Holdings PLC		845,035		8,538,340
Inchcape PLC		960,900		7,650,806
Inmarsat PLC		862,900		7,409,174
Intermediate Capital Group PLC		1,297,735		9,617,935
International Personal Finance PLC		1,704,600		6,144,541
Ithaca Energy, Inc. (B)		5,094,000		4,899,173
Lancashire Holdings, Ltd. (A)		898,400		7,664,506
Northgate PLC		1,848,206		9,518,229
Pendragon PLC		13,575,164		4,984,803
Rentokil Initial PLC		3,784,000		10,573,985
Savills PLC		1,123,100		9,540,246
Stock Spirits Group PLC		3,109,791		6,023,606
Thomas Cook Group PLC (A) (B)		4,154,400		3,534,067
UBM PLC		2,102,264		18,488,245
				121,657,870
Total Common Stocks (Cost $759,500,998)				701,663,900

	Shares		Value
PREFERRED STOCK - 0.9%
Germany - 0.9%
Sartorius AG 0.55% (E)		83,008		$  6,521,605
Total Preferred Stock (Cost $2,229,326)				6,521,605
SECURITIES LENDING COLLATERAL - 3.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (E)		25,075,887		25,075,887
Total Securities Lending Collateral (Cost $25,075,887)				25,075,887
	Principal		Value
REPURCHASE AGREEMENT - 0.6%
State Street Bank & Trust Co. 0.03% (E), dated 10/31/2016, to be repurchased at $4,386,465 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.75%, due 07/14/2017, and with a value of $4,476,725.		$  4,386,462		4,386,462
Total Repurchase Agreement (Cost $4,386,462)				4,386,462
Total Investments (Cost $791,192,673) (F)				737,647,854
Net Other Assets (Liabilities) - (3.3)%				(23,670,159	)
Net Assets - 100.0%				$  713,977,695

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Media		9.2	%	$	68,154,697
Capital Markets		8.2			60,709,969
Chemicals		5.9			43,673,397
Food Products		4.3			32,041,073
Air Freight & Logistics		4.1			30,591,432
Health Care Equipment & Supplies		3.5			26,030,840
Food & Staples Retailing		3.2			23,648,774
Beverages		3.2			23,350,378
Pharmaceuticals		3.1			22,640,851
Containers & Packaging		3.0			22,231,363
Machinery		3.0			22,130,933
Real Estate Management & Development		2.9			21,649,132
Specialty Retail		2.9			21,319,579
Insurance		2.6			18,886,481
Building Products		2.3			16,887,720
Distributors		2.1			15,706,210
Diversified Financial Services		2.1			15,238,554
Commercial Services & Supplies		2.1			15,207,171
Hotels, Restaurants & Leisure		2.0			14,914,019
Consumer Finance		2.0			14,874,007
Road & Rail		1.8			13,526,997
Electrical Equipment		1.8			13,239,351

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

Transamerica Funds Annual Report 2016

Page    216

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Transportation Infrastructure		1.7	%	$	12,190,712
Trading Companies & Distributors		1.5			10,933,690
Auto Components		1.3			9,767,074
Oil, Gas & Consumable Fuels		1.3			9,490,116
Software		1.2			8,976,256
Electronic Equipment, Instruments & Components		1.2			8,847,880
Health Care Providers & Services		1.2			8,476,847
Life Sciences Tools & Services		1.1			8,221,480
Diversified Telecommunication Services		1.0			7,409,174
Professional Services		1.0			7,383,949
Semiconductors & Semiconductor Equipment		1.0			7,255,764
Textiles, Apparel & Luxury Goods		0.9			6,961,277
Household Durables		0.9			6,673,005
IT Services		0.9			6,642,155
Airlines		0.9			6,287,795
Independent Power & Renewable Electricity Producers		0.8			6,024,749
Industrial Conglomerates		0.8			5,563,668
Multiline Retail		0.8			5,563,459
Construction & Engineering		0.6			4,391,725
Internet & Direct Marketing Retail		0.5			3,663,010
Energy Equipment & Services		0.1			808,792
Investments, at Value		96.0			708,185,505
Short-Term Investments		4.0			29,462,349
Total Investments		100.0	%	$	737,647,854

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	7,685,225	$	693,978,675	$	—	$	701,663,900
Preferred Stock		—		6,521,605		—		6,521,605
Securities Lending Collateral		25,075,887		—		—		25,075,887
Repurchase Agreement		—		4,386,462		—		4,386,462
Total Investments	$	32,761,112	$	704,886,742	$	—	$	737,647,854

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $23,678,476. 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 securities.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, value of the security is $4,863,701, representing 0.7% of the Fund’s net assets.

^(D)  Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2016, the value of the 144A security is $4,008,768, representing 0.6% of the Fund’s net assets.

^(E)  Rates disclosed reflect the yields at October 31, 2016.

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

Transamerica Funds Annual Report 2016

Page    217

Transamerica International Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(F)  Aggregate cost for federal income tax purposes is $795,889,612. Aggregate gross unrealized appreciation and depreciation for all securities is $81,233,127 and $139,474,885, respectively. Net unrealized depreciation for tax purposes is $58,241,758.

^(G)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    218

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 93.1%
Auto Components - 0.7%
Metaldyne Performance Group, Inc. (A)		930,578		$  14,377,430
Banks - 13.9%
Citigroup, Inc.		2,210,000		108,621,500
Comerica, Inc., Class A		500,000		26,045,000
Huntington Bancshares, Inc., Class A		4,800,000		50,880,000
JPMorgan Chase & Co.		1,450,000		100,427,000
				285,973,500
Beverages - 3.4%
Cott Corp. (A)		5,265,000		69,024,150
Biotechnology - 4.1%
Gilead Sciences, Inc.		1,150,000		84,674,500
Capital Markets - 3.0%
Morgan Stanley		1,800,000		60,426,000
Chemicals - 8.4%
Dow Chemical Co.		2,000,000		107,620,000
Monsanto Co.		646,000		65,097,420
				172,717,420
Communications Equipment - 4.5%
Nokia OYJ, ADR		20,693,863		92,708,506
Consumer Finance - 1.7%
Synchrony Financial		1,250,000		35,737,500
Diversified Financial Services - 1.0%
Voya Financial, Inc.		667,339		20,387,207
Diversified Telecommunication Services - 2.7%
Verizon Communications, Inc.		1,150,000		55,315,000
Electrical Equipment - 3.1%
Eaton Corp. PLC		1,000,000		63,770,000
Electronic Equipment, Instruments & Components - 1.3%
MTS Systems Corp. (A)		570,453		27,125,040
Food Products - 8.8%
Nestle SA, ADR		1,115,000		80,999,175
Pinnacle Foods, Inc.		1,925,000		98,983,500
				179,982,675
Health Care Providers & Services - 3.5%
Cigna Corp.		598,816		71,157,305
Hotels, Restaurants & Leisure - 1.5%
McDonald’s Corp.		264,024		29,721,182
Insurance - 4.2%
Chubb, Ltd.		675,000		85,725,000
IT Services - 0.6%
Xerox Corp.		1,350,000		13,189,500
Leisure Products - 0.5%
Acushnet Holdings Corp. (A) (B)		557,897		9,712,987
Life Sciences Tools & Services - 0.3%
Fluidigm Corp. (A) (B) (C)		1,098,376		5,085,481
Machinery - 1.1%
Milacron Holdings Corp. (A) (B)		1,579,595		22,998,903
Multiline Retail - 2.7%
Target Corp.		800,000		54,984,000
Oil, Gas & Consumable Fuels - 11.3%
Chevron Corp.		553,985		58,029,929
Hess Corp.		1,492,136		71,577,764

	Shares		Value
COMMON STOCKS (continued)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.		1,412,215		$  102,964,595
				232,572,288
Pharmaceuticals - 4.3%
Pfizer, Inc.		2,800,000		88,788,000
Semiconductors & Semiconductor Equipment - 4.8%
Applied Materials, Inc., Class A		1,000,000		29,080,000
Intel Corp.		1,958,115		68,279,470
				97,359,470
Technology Hardware, Storage & Peripherals - 1.7%
Apple, Inc.		315,000		35,765,100
Total Common Stocks (Cost $1,807,556,840)				1,909,278,144
MASTER LIMITED PARTNERSHIP - 1.6%
Capital Markets - 1.6%
KKR & Co., LP		2,350,000		33,346,500
Total Master Limited Partnership (Cost $32,575,493)				33,346,500
SECURITIES LENDING COLLATERAL - 0.0% (D)
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (E)		321,247		321,247
Total Securities Lending Collateral (Cost $321,247)				321,247
	Principal		Value
REPURCHASE AGREEMENT - 5.3%
State Street Bank & Trust Co. 0.03% (E), dated 10/31/2016, to be repurchased at $109,026,908 on 11/01/2016. Collateralized by a U.S. Government Obligation and U.S. Government Agency Obligations, 0.58% - 5.00%, due 02/02/2017 - 02/22/2017, and with a total value of $111,209,623.		$  109,026,817		109,026,817
Total Repurchase Agreement (Cost $109,026,817)				109,026,817
Total Investments (Cost $1,949,480,397) (F)				2,051,972,708
Net Other Assets (Liabilities) - 0.0% (D)				426,323
Net Assets - 100.0%				$  2,052,399,031

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

Transamerica Funds Annual Report 2016

Page    219

Transamerica Large Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	1,909,278,144	$	—	$	—	$	1,909,278,144
Master Limited Partnership		33,346,500		—		—		33,346,500
Securities Lending Collateral		321,247		—		—		321,247
Repurchase Agreement		—		109,026,817		—		109,026,817
Total Investments	$	1,942,945,891	$	109,026,817	$	—	$	2,051,972,708

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Iliquid securities. At October 31, 2016, total value of illiquid securities is $148,323,991, representing 7.2% of the Fund’s net assets.

^(B)  Non-income producing securities.

^(C)  All or a portion of the security is on loan. The value of the security on loan is $313,132. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.

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

^(E)  Rates disclosed reflect the yields at October 31, 2016.

^(F)  Aggregate cost for federal income tax purposes is $1,963,241,527. Aggregate gross unrealized appreciation and depreciation for all securities is $154,871,767 and $66,140,586, respectively. Net unrealized appreciation for tax purposes is $88,731,181.

^(G)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    220

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 99.7%
Aerospace & Defense - 4.7%
B/E Aerospace, Inc.		43,143		$  2,567,871
Spirit Aerosystems Holdings, Inc., Class A (A)		84,914		4,276,269
				6,844,140
Airlines - 2.0%
JetBlue Airways Corp. (A)		167,735		2,932,008
Banks - 7.3%
CIT Group, Inc.		161,375		5,862,754
SVB Financial Group (A)		39,488		4,828,198
				10,690,952
Biotechnology - 2.2%
BioMarin Pharmaceutical, Inc. (A)		39,516		3,181,828
Chemicals - 1.6%
Eastman Chemical Co.		32,475		2,335,277
Communications Equipment - 6.0%
F5 Networks, Inc., Class B (A)		35,418		4,895,122
Motorola Solutions, Inc.		53,935		3,914,602
				8,809,724
Construction Materials - 2.8%
Eagle Materials, Inc.		49,853		4,036,597
Consumer Finance - 5.2%
Ally Financial, Inc.		212,534		3,840,490
Discover Financial Services		66,246		3,731,637
				7,572,127
Diversified Consumer Services - 3.1%
ServiceMaster Global Holdings, Inc. (A)		127,563		4,565,480
Diversified Telecommunication Services - 3.7%
Level 3 Communications, Inc. (A)		95,567		5,366,087
Food Products - 2.0%
TreeHouse Foods, Inc. (A)		33,497		2,930,318
Health Care Equipment & Supplies - 3.5%
Align Technology, Inc. (A)		25,877		2,223,352
Boston Scientific Corp. (A)		134,076		2,949,672
				5,173,024
Health Care Providers & Services - 9.9%
Acadia Healthcare Co., Inc. (A) (B)		74,947		2,695,094
Cardinal Health, Inc.		48,062		3,301,379
Laboratory Corp. of America Holdings (A)		28,728		3,600,767
Team Health Holdings, Inc. (A)		115,483		4,948,447
				14,545,687
Hotels, Restaurants & Leisure - 2.6%
Wyndham Worldwide Corp.		58,936		3,880,346
Household Durables - 1.6%
Whirlpool Corp.		15,249		2,284,605
Insurance - 2.0%
Hartford Financial Services Group, Inc.		66,594		2,937,461
Internet Software & Services - 3.3%
IAC/InterActiveCorp		75,425		4,860,387
IT Services - 2.8%
Sabre Corp.		156,136		4,032,993
Life Sciences Tools & Services - 1.8%
Bio-Techne Corp.		26,063		2,710,291
Machinery - 2.1%
Ingersoll-Rand PLC		44,864		3,018,899

	Shares		Value
COMMON STOCKS (continued)
Media - 2.6%
Cinemark Holdings, Inc.		95,304		$  3,793,099
Multiline Retail - 2.3%
Dollar General Corp.		48,690		3,363,992
Oil, Gas & Consumable Fuels - 2.3%
Cheniere Energy, Inc. (A)		89,773		3,384,442
Pharmaceuticals - 3.8%
Mylan NV (A)		102,302		3,734,023
Perrigo Co. PLC		22,963		1,910,292
				5,644,315
Road & Rail - 2.1%
Ryder System, Inc., Class A		44,954		3,119,358
Semiconductors & Semiconductor Equipment - 8.9%
Micron Technology, Inc. (A)		220,582		3,785,187
NXP Semiconductors NV (A)		54,963		5,496,300
Skyworks Solutions, Inc.		48,642		3,742,516
				13,024,003
Software - 2.3%
Fortinet, Inc. (A)		103,423		3,315,741
Specialty Retail - 1.8%
Signet Jewelers, Ltd. (B)		32,881		2,671,910
Trading Companies & Distributors - 3.4%
Air Lease Corp., Class A		165,268		5,001,010
Total Common Stocks (Cost $138,454,830)				146,026,101
SECURITIES LENDING COLLATERAL - 3.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		5,185,567		5,185,567
Total Securities Lending Collateral (Cost $5,185,567)				5,185,567
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $800,294 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.88%, due 02/22/2017, and with a value of $818,056.		$  800,293		800,293
Total Repurchase Agreement (Cost $800,293)				800,293
Total Investments (Cost $144,440,690) (D)				152,011,961
Net Other Assets (Liabilities) - (3.8)%				(5,524,300	)
Net Assets - 100.0%				$  146,487,661

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

Transamerica Funds Annual Report 2016

Page    221

Transamerica Mid Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	146,026,101	$	—	$	—	$	146,026,101
Securities Lending Collateral		5,185,567		—		—		5,185,567
Repurchase Agreement		—		800,293		—		800,293
Total Investments	$	151,211,668	$	800,293	$	—	$	152,011,961

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $5,075,548. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $145,894,608. Aggregate gross unrealized appreciation and depreciation for all securities is $10,995,418 and $4,878,065, respectively. Net unrealized appreciation for tax purposes is $6,117,353.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    222

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 94.1%
Airlines - 2.4%
Alaska Air Group, Inc.		186,500		$  13,469,030
JetBlue Airways Corp. (A)		202,300		3,536,204
				17,005,234
Banks - 3.4%
CIT Group, Inc.		417,800		15,178,674
First Republic Bank, Class A		123,500		9,192,105
				24,370,779
Biotechnology - 1.8%
United Therapeutics Corp. (A)		103,400		12,415,238
Chemicals - 0.4%
Westlake Chemical Corp.		51,500		2,667,185
Communications Equipment - 2.2%
ARRIS International PLC (A)		412,100		11,448,138
EchoStar Corp., Class A (A)		81,700		3,818,658
				15,266,796
Diversified Consumer Services - 1.7%
H&R Block, Inc.		521,100		11,969,667
Electric Utilities - 8.4%
Alliant Energy Corp.		290,100		11,038,305
FirstEnergy Corp.		430,000		14,744,700
PPL Corp.		656,650		22,549,361
Xcel Energy, Inc.		266,400		11,068,920
				59,401,286
Electronic Equipment, Instruments & Components - 1.8%
Avnet, Inc.		305,600		12,819,920
Energy Equipment & Services - 0.8%
Transocean, Ltd. (A) (B)		588,500		5,655,485
Equity Real Estate Investment Trusts - 1.5%
Communications Sales & Leasing, Inc.		240,800		6,845,944
Crown Castle International Corp.		38,100		3,466,719
				10,312,663
Food & Staples Retailing - 3.3%
Casey’s General Stores, Inc.		45,200		5,107,148
Sysco Corp.		49,500		2,381,940
Whole Foods Market, Inc.		558,110		15,788,932
				23,278,020
Food Products - 2.2%
ConAgra Foods, Inc.		180,400		8,691,672
Kellogg Co.		92,500		6,949,525
				15,641,197
Health Care Equipment & Supplies - 1.8%
DENTSPLY SIRONA, Inc.		220,195		12,676,626
Health Care Providers & Services - 6.8%
AmerisourceBergen Corp., Class A		149,200		10,491,744
Cardinal Health, Inc.		214,400		14,727,136
Laboratory Corp. of America Holdings (A)		84,900		10,641,366
MEDNAX, Inc. (A)		199,000		12,188,750
				48,048,996
Independent Power & Renewable Electricity Producers - 0.7%
AES Corp.		453,700		5,340,049
Insurance - 16.6%
Alleghany Corp. (A)		26,800		13,834,428
Allstate Corp.		222,200		15,087,380

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
Assured Guaranty, Ltd.		176,500		$  5,275,585
Brown & Brown, Inc.		144,800		5,337,328
Fairfax Financial Holdings, Ltd.		26,600		13,619,200
FNF Group		398,424		14,307,406
Loews Corp.		377,700		16,252,431
Progressive Corp.		495,300		15,606,903
Willis Towers Watson PLC		138,419		17,426,952
				116,747,613
Internet & Direct Marketing Retail - 1.7%
Liberty Ventures, Series A (A)		298,900		11,926,110
IT Services - 2.8%
Amdocs, Ltd.		190,200		11,117,190
Western Union Co.		432,700		8,684,289
				19,801,479
Life Sciences Tools & Services - 1.4%
Bio-Rad Laboratories, Inc., Class A (A)		64,700		10,227,776
Media - 9.4%
AMC Networks, Inc., Class A (A)		324,800		15,892,464
Discovery Communications, Inc., Class C (A)		411,900		10,342,809
DISH Network Corp., Class A (A)		63,400		3,712,704
Liberty Media Corp. - Liberty Braves, Class C (A)		142,623		2,377,526
Liberty Media Corp. - Liberty SiriusXM, Class C (A)		410,000		13,607,900
Madison Square Garden Co., Class A (A)		60,166		9,956,871
MSG Networks, Inc., Class A (A)		177,200		3,384,520
News Corp., Class A		573,800		6,954,456
				66,229,250
Mortgage Real Estate Investment Trusts - 2.9%
Annaly Capital Management, Inc.		1,945,645		20,156,882
Multi-Utilities - 4.0%
CMS Energy Corp.		166,700		7,026,405
SCANA Corp.		177,300		13,006,728
WEC Energy Group, Inc.		142,700		8,522,044
				28,555,177
Oil, Gas & Consumable Fuels - 3.0%
Antero Resources Corp. (A)		140,100		3,708,447
Marathon Petroleum Corp.		199,700		8,704,923
Range Resources Corp.		134,400		4,541,376
Valero Energy Corp.		67,800		4,016,472
				20,971,218
Semiconductors & Semiconductor Equipment - 3.6%
First Solar, Inc. (A) (B)		233,400		9,450,366
KLA-Tencor Corp.		75,000		5,633,250
Lam Research Corp.		34,300		3,322,298
Micron Technology, Inc. (A)		397,000		6,812,520
				25,218,434
Software - 3.4%
CA, Inc.		112,900		3,470,546
Citrix Systems, Inc. (A)		35,910		3,045,168
Dell Technologies, Inc. - VMware, Inc., Class V (A)		212,600		10,436,534
Synopsys, Inc. (A)		116,500		6,909,615
				23,861,863

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

Transamerica Funds Annual Report 2016

Page    223

Transamerica Mid Cap Value Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 1.5%
Bed Bath & Beyond, Inc.		260,300		$  10,521,326
Technology Hardware, Storage & Peripherals - 2.7%
NetApp, Inc.		355,100		12,052,094
Western Digital Corp.		114,700		6,703,068
				18,755,162
Textiles, Apparel & Luxury Goods - 1.9%
Fossil Group, Inc. (A)		263,700		7,191,099
Michael Kors Holdings, Ltd. (A)		118,700		6,027,586
				13,218,685
Total Common Stocks (Cost $609,294,849)				663,060,116
SECURITIES LENDING COLLATERAL - 1.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		7,299,208		7,299,208
Total Securities Lending Collateral (Cost $7,299,208)				7,299,208

	Principal		Value
REPURCHASE AGREEMENT - 6.2%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $43,866,836 on 11/01/2016. Collateralized by U.S. Government Agency Obligations, 1.00% - 1.13%, due 09/22/2017 - 09/27/2017, and with a total value of $44,747,625.		$  43,866,800		$  43,866,800
Total Repurchase Agreement (Cost $43,866,800)				43,866,800
Total Investments (Cost $660,460,857) (D)				714,226,124
Net Other Assets (Liabilities) - (1.4)%				(9,652,431	)
Net Assets - 100.0%				$  704,573,693

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	663,060,116	$	—	$	—	$	663,060,116
Securities Lending Collateral		7,299,208		—		—		7,299,208
Repurchase Agreement		—		43,866,800		—		43,866,800
Total Investments	$	670,359,324	$	43,866,800	$	—	$	714,226,124

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $7,064,370. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $662,751,445. Aggregate gross unrealized appreciation and depreciation for all securities is $61,929,081 and $10,454,402, respectively. Net unrealized appreciation for tax purposes is $51,474,679.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    224

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 50.8%
Equity Real Estate Investment Trusts - 2.2%
InfraREIT, Inc. (A)		504,411		$  8,383,311
Independent Power & Renewable Electricity Producers - 1.8%
NRG Yield, Inc., Class A		478,514		7,048,511
Oil, Gas & Consumable Fuels - 42.5%
Cheniere Energy Partners, LP Holdings LLC		241,420		4,813,915
Enbridge Energy Management LLC (A)		861,682		21,042,274
Enbridge, Inc. (B)		430,151		18,569,619
EnLink Midstream LLC (B)		171,200		2,610,800
GasLog, Ltd. (B)		252,000		3,868,200
Kinder Morgan, Inc.		178,500		3,646,755
ONEOK, Inc.		438,175		21,220,815
Plains GP Holdings, LP, Class A		1,566,800		19,679,008
SemGroup Corp., Class A		184,631		5,954,350
Spectra Energy Corp.		493,850		20,647,868
Targa Resources Corp.		309,050		13,567,295
TransCanada Corp.		379,125		17,166,780
Williams Cos., Inc.		330,800		9,659,360
				162,447,039
Transportation Infrastructure - 4.3%
Macquarie Infrastructure Corp.		201,680		16,499,441
Total Common Stocks (Cost $176,874,818)				194,378,302
CONVERTIBLE PREFERRED STOCK - 1.9%
Oil, Gas & Consumable Fuels - 1.9%
Anadarko Petroleum Corp. 7.50% (B)		177,080		7,463,922
Total Convertible Preferred Stock (Cost $8,083,458)				7,463,922
MASTER LIMITED PARTNERSHIPS - 41.6%
Independent Power & Renewable Electricity Producers - 1.0%
8Point3 Energy Partners, LP		253,100		3,872,430
Oil, Gas & Consumable Fuels - 40.6%
Buckeye Partners, LP		81,700		5,272,918
Columbia Pipeline Partners, LP		59,700		955,200
DCP Midstream Partners, LP		98,100		3,271,635
Dominion Midstream Partners, LP		12,534		295,802
Dynagas LNG Partners, LP		390,020		5,565,585
Energy Transfer Equity, LP		245,400		3,663,822
Energy Transfer Partners, LP, Class B		179,900		6,292,902
Enterprise Products Partners, LP		327,511		8,266,378
EQT GP Holdings, LP		112,600		2,630,336
EQT Midstream Partners, LP		91,300		6,835,631
GasLog Partners, LP		439,670		9,013,235
Global Partners, LP		53,000		834,750
Golar LNG Partners, LP		424,356		8,724,759
Hoegh LNG Partners, LP		357,650		6,366,170
KNOT Offshore Partners, LP		303,702		5,952,559
Magellan Midstream Partners, LP		72,900		4,901,067
MPLX, LP		186,381		6,340,682
Noble Midstream Partners, LP (A)		20,000		600,000
ONEOK Partners, LP		92,500		3,675,950
PBF Logistics, LP		105,000		2,052,750
Phillips 66 Partners, LP		111,000		4,906,200
Shell Midstream Partners, LP		209,505		5,683,871
Sunoco Logistics Partners, LP		355,064		9,103,841

	Shares		Value
MASTER LIMITED PARTNERSHIPS (continued)
Oil, Gas & Consumable Fuels (continued)
Tallgrass Energy GP, LP		911,697		$   21,452,231
Tesoro Logistics, LP		33,000		1,575,420
VTTI Energy Partners, LP		597,326		10,572,670
Western Gas Partners, LP		152,900		8,432,435
Williams Partners, LP		54,000		1,934,280
				155,173,079
Total Master Limited Partnerships (Cost $159,290,711)				159,045,509
	Principal		Value
CORPORATE DEBT SECURITIES - 3.0%
Oil, Gas & Consumable Fuels - 3.0%
Canbriam Energy, Inc. 9.75%, 11/15/2019 (C)		$  1,480,000		1,552,150
Eclipse Resources Corp. 8.88%, 07/15/2023		5,411,000		5,397,473
Endeavor Energy Resources, LP / EER Finance, Inc. 8.13%, 09/15/2023 (C)		1,250,000		1,334,375
MEG Energy Corp. 7.00%, 03/31/2024 (C)		2,000,000		1,640,000
Targa Resources Partners, LP / Targa Resources Partners Finance Corp. 5.38%, 02/01/2027 (C)		1,500,000		1,500,000
Total Corporate Debt Securities (Cost $9,410,581)				11,423,998
	Shares		Value
SECURITIES LENDING COLLATERAL - 8.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (D)		31,680,491		31,680,491
Total Securities Lending Collateral (Cost $31,680,491)				31,680,491
	Principal		Value
REPURCHASE AGREEMENT - 2.3%
State Street Bank & Trust Co. 0.03% (D), dated 10/31/2016, to be repurchased at $8,640,863 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.75%, due 07/14/2017, and with a value of $8,817,944.		$  8,640,856		8,640,856
Total Repurchase Agreement (Cost $8,640,856)				8,640,856
Total Investments (Cost $393,980,915) (E)				412,633,078
Net Other Assets (Liabilities) - (7.9)%				(30,112,718	)
Net Assets - 100.0%				$  382,520,360

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

Transamerica Funds Annual Report 2016

Page    225

Transamerica MLP & Energy Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	194,378,302	$	—	$	—	$	194,378,302
Convertible Preferred Stock		7,463,922		—		—		7,463,922
Master Limited Partnerships		159,045,509		—		—		159,045,509
Corporate Debt Securities		—		11,423,998		—		11,423,998
Securities Lending Collateral		31,680,491		—		—		31,680,491
Repurchase Agreement		—		8,640,856		—		8,640,856
Total Investments	$	392,568,224	$	20,064,854	$	—	$	412,633,078

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $30,901,831. 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) Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $6,026,525, representing 1.6% of the Fund’s net assets.

^(D)  Rates disclosed reflect the yields at October 31, 2016.

^(E)  Aggregate cost for federal income tax purposes is $395,572,933. Aggregate gross unrealized appreciation and depreciation for all securities is $44,671,346 and $27,611,201, respectively. Net unrealized appreciation for tax purposes is $17,060,145.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    226

Transamerica Multi-Cap Growth

(formerly, Transamerica Growth Opportunities)

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 98.1%
Banks - 3.1%
Wells Fargo & Co.		177,228		$  8,154,260
Beverages - 2.7%
PepsiCo, Inc.		65,500		7,021,600
Biotechnology - 4.4%
Celgene Corp. (A)		50,000		5,109,000
Gilead Sciences, Inc.		86,000		6,332,180
				11,441,180
Chemicals - 6.3%
Ecolab, Inc.		80,700		9,213,519
Sherwin-Williams Co.		29,500		7,223,370
				16,436,889
Diversified Financial Services - 2.7%
Berkshire Hathaway, Inc., Class B (A)		48,000		6,926,400
Electronic Equipment, Instruments & Components - 3.2%
Amphenol Corp., Class A		127,000		8,373,110
Food & Staples Retailing - 6.6%
Casey’s General Stores, Inc.		75,900		8,575,941
CVS Health Corp.		99,840		8,396,544
				16,972,485
Health Care Providers & Services - 2.5%
VCA, Inc. (A)		104,000		6,391,840
Health Care Technology - 2.8%
Cerner Corp. (A)		122,000		7,146,760
Internet & Direct Marketing Retail - 4.8%
Priceline Group, Inc. (A)		8,350		12,309,821
Internet Software & Services - 5.4%
Alphabet, Inc., Class A (A)		15,400		12,472,460
Dropbox, Inc. (A) (B) (C) (D) (E)		327,298		1,459,749
				13,932,209
IT Services - 12.0%
Cognizant Technology Solutions Corp., Class A (A)		154,500		7,933,575
FleetCor Technologies, Inc. (A)		41,500		7,274,950
MasterCard, Inc., Class A		78,000		8,347,560
MAXIMUS, Inc., Class A		146,000		7,600,760
				31,156,845
Machinery - 5.5%
Cummins, Inc.		44,200		5,649,644
Middleby Corp. (A)		77,750		8,716,552
				14,366,196
Multiline Retail - 3.4%
Dollar Tree, Inc. (A)		118,000		8,914,900
Oil, Gas & Consumable Fuels - 3.3%
Phillips 66		105,000		8,520,750
Pharmaceuticals - 5.5%
Allergan PLC (A)		40,441		8,449,742
Novo Nordisk A/S, ADR		161,781		5,749,697
				14,199,439
Road & Rail - 2.8%
Union Pacific Corp.		82,000		7,230,760
Software - 2.8%
Intuit, Inc.		65,500		7,122,470

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail - 10.1%
Lowe’s Cos., Inc.		83,000		$   5,531,950
Monro Muffler Brake, Inc. (F)		81,084		4,459,620
TJX Cos., Inc.		149,627		11,034,991
Tractor Supply Co.		81,939		5,131,840
				26,158,401
Technology Hardware, Storage & Peripherals - 5.9%
Apple, Inc.		133,500		15,157,590
Trading Companies & Distributors - 2.3%
Fastenal Co.		153,005		5,964,135
Total Common Stocks (Cost $255,834,681)				253,898,040
CONVERTIBLE PREFERRED STOCK - 0.1%
Internet Software & Services - 0.1%
Dropbox, Inc. 0.00% (A) (B) (C) (D) (E)		34,602		154,325
Total Convertible Preferred Stock (Cost $313,117)				154,325
PREFERRED STOCK - 0.6%
Software - 0.6%
Palantir Technologies, Inc. Series G, 0.00% (A) (B) (C) (D) (E)		355,382		1,599,219
Total Preferred Stock (Cost $1,087,469)				1,599,219
SECURITIES LENDING COLLATERAL - 1.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (G)		4,484,025		4,484,025
Total Securities Lending Collateral (Cost $4,484,025)				4,484,025
	Principal		Value
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.03% (G), dated 10/31/2016, to be repurchased at $3,238,975 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $3,306,450.		$  3,238,973		3,238,973
Total Repurchase Agreement (Cost $3,238,973)				3,238,973
Total Investments (Cost $264,958,265) (H)				263,374,582
Net Other Assets (Liabilities) - (1.8)%				(4,640,020	)
Net Assets - 100.0%				$  258,734,562

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

Transamerica Funds Annual Report 2016

Page    227

Transamerica Multi-Cap Growth

(formerly, Transamerica Growth Opportunities)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	252,438,291	$	—	$	1,459,749	$	253,898,040
Convertible Preferred Stock		—		—		154,325		154,325
Preferred Stock		—		—		1,599,219		1,599,219
Securities Lending Collateral		4,484,025		—		—		4,484,025
Repurchase Agreement		—		3,238,973		—		3,238,973
Total Investments	$	256,922,316	$	3,238,973	$	3,213,293	$	263,374,582

Level 3 Rollforward

Investments	Beginning Balance at October 31, 2015		Purchases		Sales (J)			Accrued Discounts (Premiums)		Total Realized Gain (Loss)			Net Change in Unrealized Appreciation (Depreciation) (K)			Transfers into Level 3		Transfers out of Level 3		Ending Balance at October 31, 2016 (L)		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at October 31, 2016 (K)
Common Stocks	$	4,925,835	$	—	$	—		$	—	$	—		$	(3,466,086	)	$	—	$	—	$	1,459,749	$	(3,466,086	)
Convertible Preferred Stock		520,760		—		—			—		—			(366,435	)		—		—		154,325		(366,435	)
Preferred Stock		3,540,165		—		(43,752	)		—		(1,631,593	)		(265,601	)		—		—		1,599,219		(1,919,063	)
Total	$	8,986,760	$	—	$	(43,752	)	$	—	$	(1,631,593	)	$	(4,098,122	)	$	—	$	—	$	3,213,293	$	(5,751,584	)

Quantitative Information About Significant Unobservable Inputs (Level 3)

Investments	Value at October 31, 2016		Valuation Techniques	Unobservable Input	Range			Weighted Average		Impact to Valuation from an Increase in Input
Common Stocks		$  1,459,749	Market Comparable Companies Discounted Cash Flow	Enterprise Value / Revenue Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate		4x 40% 17% 3%	4x 40% 17% 3%		4x 40% 17% 3%	Increase Decrease Decrease Increase
Convertible Preferred Stock		$  154,325	Market Comparable Companies Discounted Cash Flow	Enterprise Value / Revenue Discount for Lack of Marketability Weighted Average Cost of Capital Perpetual Growth Rate		4x 40% 17% 3%	4x 40% 17% 3%		4x 40% 17% 3%	Increase Decrease Decrease Increase
Preferred Stock		$  1,599,219	Market Transaction Method	Purchase Price of Preferred Stock		$  4.50	$  4.50		$  4.50	Increase

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  Securities are Level 3 of the fair value hierarchy.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $3,213,293, representing 1.2% of the Fund’s net assets.

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

Transamerica Funds Annual Report 2016

Page    228

Transamerica Multi-Cap Growth

(formerly, Transamerica Growth Opportunities)

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(D)  Restricted securities. At October 31, 2016, the restricted securities held by the Fund are as follows:

Investments	Description	Acquisition Date		Acquisition Cost		Value		Value as Percentage of Net Assets
Common Stocks	Dropbox, Inc.		05/01/2012	$	2,961,752	$	1,459,749		0.5	%
Convertible Preferred Stock	Dropbox, Inc., 0.00%		05/25/2012		313,117		154,325		0.1
Preferred Stock	Palantir Technologies, Inc., Series G, 0.00%		07/19/2012		1,087,469		1,599,219		0.6
Total				$	4,362,338	$	3,213,293		1.2	%

^(E)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $3,213,293, representing 1.2% of the Fund’s net assets.

^(F)  All or a portion of the security is on loan. The value of the security on loan is $4,384,380. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.

^(G)  Rates disclosed reflect the yields at October 31, 2016.

^(H)  Aggregate cost for federal income tax purposes is $264,958,265. Aggregate gross unrealized appreciation and depreciation for all securities is $17,848,928 and $19,432,611, respectively. Net unrealized depreciation for tax purposes is $1,583,683.

^(I)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

^(K)  Any difference between Net Change in Unrealized Appreciation (Depreciation) and Net Change in Unrealized Appreciation (Depreciation) on Investments Held at October 31, 2016 may be due to an investment no longer held or categorized as Level 3 at year end.

^(L)  Total value of Level 3 securities is 1.2% of the Fund’s net assets.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    229

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 59.6%
Aerospace & Defense - 1.0%
General Dynamics Corp.		15,776		$  2,378,075
L-3 Communications Holdings, Inc.		6,646		910,103
Northrop Grumman Corp.		7,283		1,667,807
Textron, Inc.		6,477		259,598
United Technologies Corp.		26,261		2,683,874
				7,899,457
Air Freight & Logistics - 0.1%
United Parcel Service, Inc., Class B		4,604		496,127
Airlines - 0.4%
Delta Air Lines, Inc.		42,724		1,784,582
United Continental Holdings, Inc. (A)		32,383		1,820,896
				3,605,478
Auto Components - 0.2%
Delphi Automotive PLC, Class A		19,607		1,275,827
Automobiles - 0.3%
Ford Motor Co.		24,451		287,055
General Motors Co.		68,500		2,164,600
				2,451,655
Banks - 3.1%
Bank of America Corp.		395,460		6,525,090
Citigroup, Inc.		145,876		7,169,805
Citizens Financial Group, Inc.		9,815		258,527
KeyCorp		117,503		1,659,142
Regions Financial Corp.		107,252		1,148,669
SVB Financial Group (A)		4,110		502,530
Wells Fargo & Co.		178,114		8,195,025
Zions Bancorporation		9,879		318,203
				25,776,991
Beverages - 2.1%
Boston Beer Co., Inc., Class A (A) (B)		1,378		213,934
Coca-Cola Co.		69,400		2,942,560
Constellation Brands, Inc., Class A		17,800		2,974,736
Dr. Pepper Snapple Group, Inc.		4,948		434,385
Molson Coors Brewing Co., Class B		33,590		3,486,978
PepsiCo, Inc.		68,844		7,380,077
				17,432,670
Biotechnology - 1.9%
Alexion Pharmaceuticals, Inc. (A)		16,069		2,097,004
Amgen, Inc.		3,025		427,009
Biogen, Inc. (A)		12,736		3,568,372
BioMarin Pharmaceutical, Inc. (A)		2,913		234,555
Celgene Corp. (A)		36,154		3,694,216
Gilead Sciences, Inc.		59,166		4,356,393
Vertex Pharmaceuticals, Inc. (A)		15,313		1,161,644
				15,539,193
Building Products - 0.3%
Allegion PLC		16,833		1,074,619
Masco Corp.		44,038		1,359,893
				2,434,512
Capital Markets - 2.1%
Bank of New York Mellon Corp.		40,610		1,757,195
BlackRock, Inc., Class A		7,592		2,590,694
Charles Schwab Corp.		108,624		3,443,381
Goldman Sachs Group, Inc.		7,224		1,287,606
Intercontinental Exchange, Inc.		7,600		2,054,964

	Shares		Value
COMMON STOCKS (continued)
Capital Markets (continued)
Morgan Stanley		122,731		$   4,120,079
State Street Corp.		28,978		2,034,545
TD Ameritrade Holding Corp.		5,670		193,971
				17,482,435
Chemicals - 1.2%
Dow Chemical Co.		41,728		2,245,384
E.I. du Pont de Nemours & Co.		44,827		3,083,649
Eastman Chemical Co.		37,259		2,679,295
Monsanto Co.		7,046		710,025
Mosaic Co.		71,303		1,677,760
				10,396,113
Communications Equipment - 0.3%
Cisco Systems, Inc.		80,861		2,480,815
Construction & Engineering - 0.1%
Fluor Corp.		17,852		928,125
Construction Materials - 0.1%
Martin Marietta Materials, Inc.		3,389		628,253
Consumer Finance - 0.5%
American Express Co.		15,665		1,040,469
Capital One Financial Corp.		30,095		2,228,234
Discover Financial Services		21,270		1,198,139
				4,466,842
Containers & Packaging - 0.3%
Crown Holdings, Inc. (A)		28,959		1,571,026
Sealed Air Corp., Class A		5,322		242,843
WestRock Co.		20,433		943,800
				2,757,669
Diversified Financial Services - 0.8%
Berkshire Hathaway, Inc., Class B (A)		47,148		6,803,456
Voya Financial, Inc.		854		26,090
				6,829,546
Diversified Telecommunication Services - 0.9%
AT&T, Inc.		143,043		5,262,552
Verizon Communications, Inc.		52,259		2,513,658
				7,776,210
Electric Utilities - 1.5%
Edison International		32,067		2,356,283
Exelon Corp.		30,900		1,052,763
NextEra Energy, Inc.		33,498		4,287,744
PG&E Corp.		43,600		2,708,432
Xcel Energy, Inc.		51,195		2,127,152
				12,532,374
Electrical Equipment - 0.4%
Eaton Corp. PLC		47,073		3,001,845
Emerson Electric Co.		5,537		280,615
				3,282,460
Electronic Equipment, Instruments & Components - 0.4%
TE Connectivity, Ltd.		47,035		2,957,090
Energy Equipment & Services - 0.5%
Halliburton Co.		20,970		964,620
Schlumberger, Ltd.		40,262		3,149,696
				4,114,316
Equity Real Estate Investment Trusts - 1.5%
American Tower Corp., Class A		4,754		557,121

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

Transamerica Funds Annual Report 2016

Page    230

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Apartment Investment & Management Co., Class A		11,153		$   491,513
AvalonBay Communities, Inc.		11,143		1,907,459
Equinix, Inc.		3,768		1,346,231
Essex Property Trust, Inc.		1,003		214,732
Extra Space Storage, Inc.		3,333		243,809
HCP, Inc.		27,652		947,081
Kimco Realty Corp.		41,359		1,100,563
LaSalle Hotel Properties		22,780		541,025
Liberty Property Trust, Series C		13,831		559,187
Macerich Co., Class A		1,334		94,420
Prologis, Inc., Class A		16,881		880,513
Public Storage		2,278		486,854
Regency Centers Corp.		5,743		413,898
Simon Property Group, Inc.		9,423		1,752,301
SL Green Realty Corp.		6,976		685,183
STORE Capital Corp.		13,240		361,320
				12,583,210
Food & Staples Retailing - 1.0%
Costco Wholesale Corp.		20,124		2,975,736
Kroger Co.		66,779		2,068,813
Wal-Mart Stores, Inc.		742		51,955
Walgreens Boots Alliance, Inc.		38,256		3,164,919
				8,261,423
Food Products - 0.7%
Archer-Daniels-Midland Co.		9,420		410,430
Hershey Co.		3,235		331,458
J.M. Smucker, Co.		1,429		187,642
Mondelez International, Inc., Class A		102,613		4,611,428
				5,540,958
Health Care Equipment & Supplies - 1.0%
Abbott Laboratories		90,695		3,558,872
Becton Dickinson and Co.		3,000		503,730
Boston Scientific Corp. (A)		138,426		3,045,372
Danaher Corp.		11,109		872,612
Stryker Corp.		4,814		555,295
				8,535,881
Health Care Providers & Services - 1.6%
Aetna, Inc.		25,590		2,747,087
Anthem, Inc.		3,153		384,225
Cigna Corp.		6,875		816,956
HCA Holdings, Inc. (A)		3,683		281,860
Humana, Inc., Class A		10,310		1,768,474
Laboratory Corp. of America Holdings (A)		2,700		338,418
McKesson Corp.		6,854		871,623
Quest Diagnostics, Inc.		4,767		388,225
UnitedHealth Group, Inc.		43,031		6,081,571
				13,678,439
Hotels, Restaurants & Leisure - 0.8%
Royal Caribbean Cruises, Ltd., Class A		24,877		1,912,295
Starbucks Corp.		57,332		3,042,609
Yum! Brands, Inc.		19,592		1,690,398
				6,645,302
Household Durables - 0.4%
D.R. Horton, Inc.		27,236		785,214
Harman International Industries, Inc.		5,924		472,202

	Shares		Value
COMMON STOCKS (continued)
Household Durables (continued)
Mohawk Industries, Inc. (A)		859		$   158,314
Newell Brands, Inc.		5,876		282,166
PulteGroup, Inc.		41,084		764,162
Toll Brothers, Inc. (A)		17,585		482,532
				2,944,590
Household Products - 1.1%
Kimberly-Clark Corp.		33,479		3,830,332
Procter & Gamble Co.		65,610		5,694,948
				9,525,280
Industrial Conglomerates - 1.5%
General Electric Co.		263,497		7,667,762
Honeywell International, Inc.		47,335		5,191,703
				12,859,465
Insurance - 1.7%
American International Group, Inc.		43,166		2,663,342
Arthur J. Gallagher & Co.		21,588		1,041,189
Chubb, Ltd.		28,407		3,607,689
Everest RE Group, Ltd.		4,164		847,457
Hartford Financial Services Group, Inc.		10,800		476,388
MetLife, Inc.		98,509		4,625,983
XL Group, Ltd.		23,662		821,072
				14,083,120
Internet & Catalog Retail - 0.0% (C)
TripAdvisor, Inc. (A)		3,200		206,336
Internet & Direct Marketing Retail - 1.1%
Amazon.com, Inc. (A)		11,328		8,947,081
Internet Software & Services - 3.1%
Alphabet, Inc., Class A (A)		9,873		7,996,143
Alphabet, Inc., Class C (A)		9,949		7,805,388
Facebook, Inc., Class A (A)		78,744		10,314,677
				26,116,208
IT Services - 2.2%
Accenture PLC, Class A		57,930		6,733,783
Cognizant Technology Solutions Corp., Class A (A)		31,953		1,640,786
Fidelity National Information Services, Inc.		33,290		2,460,797
International Business Machines Corp.		3,300		507,177
MasterCard, Inc., Class A		4,899		524,291
PayPal Holdings, Inc. (A)		12,804		533,415
Vantiv, Inc., Class A (A)		6,956		405,952
Visa, Inc., Class A		60,564		4,997,136
WEX, Inc. (A)		7,774		848,143
				18,651,480
Life Sciences Tools & Services - 0.4%
Agilent Technologies, Inc.		13,949		607,758
Illumina, Inc. (A)		8,488		1,155,556
Thermo Fisher Scientific, Inc.		10,267		1,509,557
				3,272,871
Machinery - 1.1%
Cummins, Inc.		8,557		1,093,756
Deere & Co.		4,601		406,268
Fortive Corp.		4,094		208,999
Ingersoll-Rand PLC		10,724		721,618
PACCAR, Inc.		40,052		2,199,656
Parker-Hannifin Corp.		4,588		563,177

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

Transamerica Funds Annual Report 2016

Page    231

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Machinery (continued)
Pentair PLC		4,734		$   260,985
Snap-on, Inc.		9,621		1,482,596
Stanley Black & Decker, Inc.		20,993		2,389,843
				9,326,898
Media - 2.6%
CBS Corp., Class B		4,600		260,452
Charter Communications, Inc., Class A (A)		13,317		3,327,785
Comcast Corp., Class A		92,247		5,702,710
DISH Network Corp., Class A (A)		22,176		1,298,627
Sirius XM Holdings, Inc. (A) (B)		121,759		507,735
Time Warner, Inc.		48,788		4,341,644
Twenty-First Century Fox, Inc., Class A		179,087		4,704,615
Walt Disney Co.		19,300		1,788,917
				21,932,485
Metals & Mining - 0.1%
Newmont Mining Corp.		13,108		485,520
U.S. Steel Corp. (B)		4,538		87,765
				573,285
Multi-Utilities - 0.5%
CMS Energy Corp.		40,143		1,692,028
Public Service Enterprise Group, Inc.		7,467		314,211
Sempra Energy		17,918		1,919,018
				3,925,257
Multiline Retail - 0.2%
Dollar General Corp.		24,373		1,683,931
Oil, Gas & Consumable Fuels - 3.7%
Cabot Oil & Gas Corp.		37,797		789,201
Cheniere Energy, Inc. (A)		12,700		478,790
Chevron Corp.		35,927		3,763,353
Concho Resources, Inc. (A)		8,470		1,075,182
ConocoPhillips		32,373		1,406,607
Diamondback Energy, Inc. (A)		18,432		1,682,657
EOG Resources, Inc.		29,787		2,693,341
EQT Corp.		21,816		1,439,856
Exxon Mobil Corp.		111,695		9,306,427
Kinder Morgan, Inc.		35,206		719,259
Marathon Petroleum Corp.		21,951		956,844
Occidental Petroleum Corp.		27,994		2,041,043
Pioneer Natural Resources Co.		18,170		3,252,793
Valero Energy Corp.		25,006		1,481,356
				31,086,709
Pharmaceuticals - 3.5%
Allergan PLC (A)		17,689		3,695,940
Bristol-Myers Squibb Co.		96,365		4,905,942
Eli Lilly & Co.		59,810		4,416,370
Johnson & Johnson		39,846		4,621,738
Merck & Co., Inc.		45,402		2,666,005
Mylan NV (A)		10,154		370,621
Pfizer, Inc.		272,173		8,630,606
				29,307,222
Road & Rail - 0.8%
Canadian Pacific Railway, Ltd.		13,904		1,987,716
Union Pacific Corp.		57,087		5,033,932
				7,021,648
Semiconductors & Semiconductor Equipment - 2.2%
Analog Devices, Inc., Class A		46,537		2,983,022

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment (continued)
Broadcom, Ltd.		35,352		$  6,019,739
KLA-Tencor Corp.		5,537		415,884
Lam Research Corp.		29,748		2,881,391
NXP Semiconductors NV (A)		19,031		1,903,100
Texas Instruments, Inc.		52,563		3,724,088
				17,927,224
Software - 2.7%
Adobe Systems, Inc. (A)		49,171		5,286,374
Microsoft Corp.		262,681		15,739,846
Oracle Corp.		18,304		703,240
Workday, Inc., Class A (A)		6,308		546,777
				22,276,237
Specialty Retail - 2.1%
AutoNation, Inc. (A)		1,664		73,000
Best Buy Co., Inc.		29,026		1,129,402
Home Depot, Inc.		45,805		5,588,668
Lowe’s Cos., Inc.		61,072		4,070,449
O’Reilly Automotive, Inc. (A)		7,770		2,054,699
Ross Stores, Inc.		11,242		703,075
Signet Jewelers, Ltd. (B)		1,183		96,130
Tiffany & Co.		3,056		224,371
TJX Cos., Inc.		49,112		3,622,010
				17,561,804
Technology Hardware, Storage & Peripherals - 2.4%
Apple, Inc.		152,194		17,280,107
Hewlett Packard Enterprise Co.		12,059		270,966
HP, Inc.		141,119		2,044,814
				19,595,887
Textiles, Apparel & Luxury Goods - 0.2%
NIKE, Inc., Class B		8,900		446,602
PVH Corp.		1,965		210,216
Ralph Lauren Corp., Class A		3,046		298,813
VF Corp.		13,187		714,867
				1,670,498
Tobacco - 0.8%
Altria Group, Inc.		9,300		614,916
Philip Morris International, Inc.		29,347		2,830,225
Reynolds American, Inc., Class A		61,800		3,403,944
				6,849,085
Wireless Telecommunication Services - 0.1%
T-Mobile US, Inc. (A)		17,746		882,509
Total Common Stocks (Cost $409,397,838)				497,016,481
PREFERRED STOCKS - 0.1%
Banks - 0.1%
Citigroup Capital XIII 7.26% (D)		12,963		337,168
Capital Markets - 0.0% (C)
State Street Corp. Series D, 5.90% (D)		3,072		86,169
Electric Utilities - 0.0% (C)
SCE Trust III Series H, 5.75% (D)		960		27,552
Total Preferred Stocks (Cost $456,527)				450,889

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

Transamerica Funds Annual Report 2016

Page    232

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 2.5%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (E)		$  458,468		$  510,259
American Tower Trust I Series 2013-1A, Class 1A, 1.55%, 03/15/2043 (E)		1,607,000		1,606,555
Avis Budget Rental Car Funding AESOP LLC
Series 2013-1A, Class A,
1.92%, 09/20/2019 (E)		230,000		229,667
Series 2014-1A, Class A,
2.46%, 07/20/2020 (E)		543,000		546,801
BlueMountain CLO, Ltd. Series 2015-2A, Class A1, 2.31% (D), 07/18/2027 (E)		755,000		756,885
BXG Receivables Note Trust Series 2015-A, Class A, 2.88%, 05/02/2030 (E)		983,807		983,835
Green Tree Agency Advance Funding Trust I Series 2016-T1, Class AT1, 2.38%, 10/15/2048 (E)		320,000		319,322
Hertz Vehicle Financing LLC Series 2016-3A, Class A, 2.27%, 07/25/2020 (E)		540,000		539,394
ICG US CLO, Ltd. Series 2014-1A, Class A1, 2.03% (D), 04/20/2026 (E)		1,565,000		1,552,525
JG Wentworth XXII LLC Series 2010-3A, Class A, 3.82%, 12/15/2048 (E)		320,704		331,141
MVW Owner Trust
Series 2014-1A, Class A,
2.25%, 09/22/2031 (E)		361,451		360,726
Series 2016-1A, Class A,
2.25%, 12/20/2033 (E)		388,915		386,809
NRZ Advance Receivables Trust Series 2015-T4, Class AT4, 3.20%, 11/15/2047 (E)		1,070,000		1,075,234
OCP CLO, Ltd. Series 2015-8A, Class A1, 2.41% (D), 04/17/2027 (E)		750,000		750,132
Ocwen Master Advance Receivables Trust
Series 2015-T3, Class AT3,
3.21%, 11/15/2047 (E)		1,100,000		1,101,453
Series 2016-T2, Class AT2,
2.72%, 08/16/2049 (E)		500,000		498,594
Orange Lake Timeshare Trust Series 2016-A, Class A, 2.61%, 03/08/2029 (E)		700,000		699,921
Palmer Square CLO, Ltd. Series 2015-2A, Class A1A, 2.38% (D), 07/20/2027 (E)		790,000		790,277
SBA Tower Trust Series 2014-1A, Class C, 2.90% (D), 10/15/2044 (E)		1,886,000		1,918,285
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class B,
2.70%, 10/20/2030 (E)		90,953		91,424
Series 2014-1A, Class A,
2.07%, 03/20/2030 (E)		217,517		216,350

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Sierra Timeshare Receivables Funding LLC (continued)
Series 2014-2A, Class A,
2.05%, 06/20/2031 (E)		$  188,718		$  188,746
Series 2015-1A, Class A,
2.40%, 03/22/2032 (E)		152,714		152,923
Series 2015-1A, Class B,
3.05%, 03/22/2032 (E)		158,742		160,280
Series 2016-2A, Class A,
2.33%, 07/20/2033 (E)		866,642		863,953
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027 (E)		198,982		197,009
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (E)		464,847		433,756
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (E)		755,000		761,403
Trafigura Securitisation Finance PLC Series 2014-1A, Class A, 1.48% (D), 10/15/2018 (E)		1,250,000		1,243,238
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (E)		461,823		462,304
Wellfleet CLO, Ltd. Series 2016-2A, Class A1, 2.51% (D), 10/20/2028 (E) (F) (G)		815,000		815,000
Total Asset-Backed Securities (Cost $20,553,786)				20,544,201
CORPORATE DEBT SECURITIES - 15.2%
Air Freight & Logistics - 0.1%
FedEx Corp.
4.90%, 01/15/2034		225,000		252,748
5.10%, 01/15/2044		160,000		182,704
				435,452
Airlines - 0.6%
American Airlines Pass-Through Trust
3.20%, 12/15/2029		768,563		782,013
3.70%, 04/01/2028		509,101		529,516
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		717,571		771,388
6.82%, 02/10/2024		437,744		521,353
Northwest Airlines Pass-Through Trust 7.03%, 05/01/2021		526,538		592,355
United Airlines Pass-Through Trust 3.75%, 03/03/2028		1,559,544		1,638,496
				4,835,121
Auto Components - 0.0% (C)
BorgWarner, Inc. 3.38%, 03/15/2025		345,000		350,220
Automobiles - 0.1%
General Motors Co.
4.88%, 10/02/2023		555,000		597,588
6.25%, 10/02/2043		120,000		137,399
				734,987

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

Transamerica Funds Annual Report 2016

Page    233

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks - 2.6%
Bank of America Corp.
2.63%, 10/19/2020, MTN		$  455,000		$  462,613
4.10%, 07/24/2023		500,000		537,435
4.25%, 10/22/2026, MTN		588,000		617,817
4.45%, 03/03/2026, MTN		450,000		480,360
5.75%, 12/01/2017		250,000		261,210
Bank One Capital III 8.75%, 09/01/2030		130,000		184,857
Bank One Corp. 8.00%, 04/29/2027		300,000		404,681
Barclays Bank PLC 10.18%, 06/12/2021 (E)		1,640,000		2,073,672
Branch Banking & Trust Co. 3.80%, 10/30/2026		355,000		380,903
Citigroup, Inc.
1.70%, 04/27/2018		932,000		932,477
2.26% (D), 09/01/2023		810,000		812,875
3.38%, 03/01/2023		163,000		168,058
4.95%, 11/07/2043		60,000		66,097
6.68%, 09/13/2043		60,000		77,213
Commerzbank AG 8.13%, 09/19/2023 (E)		1,655,000		1,902,588
Cooperatieve Rabobank UA
2.25%, 01/14/2019		250,000		253,310
11.00% (D), 06/30/2019 (E) (H)		1,755,000		2,114,599
Discover Bank 3.45%, 07/27/2026		370,000		370,248
First Horizon National Corp. 3.50%, 12/15/2020		410,000		417,479
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (E)		195,000		180,956
JPMorgan Chase & Co.
2.55%, 10/29/2020		1,286,000		1,307,893
3.25%, 09/23/2022		833,000		866,072
4.85%, 02/01/2044		60,000		69,674
6.75% (D), 02/01/2024 (H)		48,000		53,280
JPMorgan Chase Bank NA 6.00%, 10/01/2017		144,000		149,990
KeyBank NA 3.40%, 05/20/2026, MTN		335,000		339,748
Macquarie Bank, Ltd. 1.65%, 03/24/2017 (E)		285,000		285,401
Nordea Bank AB 4.25%, 09/21/2022 (E)		2,025,000		2,175,642
Royal Bank of Scotland Group PLC
6.00%, 12/19/2023		215,000		221,931
6.10%, 06/10/2023		120,000		124,383
6.40%, 10/21/2019		140,000		154,827
Societe Generale SA 5.00%, 01/17/2024 (E)		415,000		432,435
Toronto-Dominion Bank 3.63% (D), 09/15/2031		760,000		759,167
US Bancorp 1.65%, 05/15/2017, MTN		685,000		686,504
Wells Fargo & Co.
2.15%, 01/15/2019		111,000		112,194
4.13%, 08/15/2023		653,000		696,526
5.38%, 11/02/2043		220,000		251,404
5.90% (D), 06/15/2024 (B) (H)		139,000		145,429

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Wells Fargo Bank NA 5.95%, 08/26/2036		$  320,000		$  392,877
				21,924,825
Beverages - 0.4%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		913,000		960,715
Molson Coors Brewing Co. 2.10%, 07/15/2021		1,211,000		1,206,189
SABMiller Holdings, Inc. 4.95%, 01/15/2042 (E)		1,157,000		1,312,895
				3,479,799
Biotechnology - 0.2%
Celgene Corp. 5.00%, 08/15/2045		1,082,000		1,160,911
Gilead Sciences, Inc. 4.15%, 03/01/2047		768,000		762,348
				1,923,259
Building Products - 0.1%
Owens Corning 4.20%, 12/15/2022		535,000		568,017
Capital Markets - 1.8%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		1,220,000		1,300,690
7.30%, 06/28/2019		845,000		965,501
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		532,000		527,685
3.80%, 06/09/2023 (E)		1,155,000		1,166,208
Deutsche Bank AG
2.12% (D), 08/20/2020		245,000		235,520
4.25%, 10/14/2021 (E)		935,000		941,158
6.00%, 09/01/2017		490,000		502,501
Goldman Sachs Group, Inc.
2.75%, 09/15/2020		386,000		393,628
5.75%, 01/24/2022		1,200,000		1,387,400
6.25%, 02/01/2041		130,000		166,504
6.75%, 10/01/2037		65,000		81,981
Macquarie Group, Ltd. 6.25%, 01/14/2021 (E)		955,000		1,080,020
Morgan Stanley
5.00%, 11/24/2025		1,303,000		1,441,257
5.75%, 01/25/2021		1,785,000		2,023,733
Oaktree Capital Management, LP 6.75%, 12/02/2019 (E)		545,000		613,274
UBS AG
1.80%, 03/26/2018, MTN		1,025,000		1,027,334
7.63%, 08/17/2022		730,000		845,887
UBS Group Funding Jersey, Ltd. 4.13%, 09/24/2025 (E)		677,000		705,366
				15,405,647
Chemicals - 0.1%
LyondellBasell Industries NV 5.00%, 04/15/2019		420,000		448,921
Monsanto Co. 4.40%, 07/15/2044		375,000		371,711
				820,632

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

Transamerica Funds Annual Report 2016

Page    234

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies - 0.2%
ERAC USA Finance LLC
2.70%, 11/01/2023 (E)		$  200,000		$  198,201
3.85%, 11/15/2024 (E)		560,000		594,630
Hutchison Whampoa International 14, Ltd. 1.63%, 10/31/2017 (E)		725,000		725,446
				1,518,277
Communications Equipment - 0.1%
Cisco Systems, Inc. 2.13%, 03/01/2019		175,000		177,971
Harris Corp. 5.55%, 10/01/2021		960,000		1,088,351
				1,266,322
Construction & Engineering - 0.0% (C)
SBA Tower Trust 2.88%, 07/15/2046 (E)		259,000		262,277
Construction Materials - 0.1%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 (E)		240,000		242,225
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		945,000		988,764
				1,230,989
Consumer Finance - 0.3%
American Express Co. 4.05%, 12/03/2042		225,000		227,998
BMW US Capital LLC 2.80%, 04/11/2026 (E)		354,286		357,347
Discover Financial Services
3.75%, 03/04/2025		785,000		791,108
3.85%, 11/21/2022		605,000		624,325
Ford Motor Credit Co. LLC 4.38%, 08/06/2023		540,000		576,010
				2,576,788
Containers & Packaging - 0.1%
International Paper Co. 4.75%, 02/15/2022		520,000		577,530
Diversified Telecommunication Services - 0.7%
AT&T, Inc.
3.00%, 06/30/2022		1,015,000		1,029,200
3.40%, 05/15/2025		1,240,000		1,235,948
4.35%, 06/15/2045		345,000		316,492
4.60%, 02/15/2021		215,000		232,519
5.00%, 03/01/2021		115,000		126,415
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (E)		165,000		164,353
Intelsat Jackson Holdings SA 7.25%, 04/01/2019		170,000		137,062
Sprint Capital Corp. 6.88%, 11/15/2028		135,000		124,200
Verizon Communications, Inc.
3.45%, 03/15/2021		575,000		604,906
4.50%, 09/15/2020		140,000		152,187
5.15%, 09/15/2023		785,000		897,930
6.55%, 09/15/2043		439,000		575,220
				5,596,432

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities - 0.6%
Appalachian Power Co. 3.40%, 06/01/2025 (B)		$  450,000		$  471,492
Cleveland Electric Illuminating Co.
5.95%, 12/15/2036		125,000		141,851
8.88%, 11/15/2018		28,000		31,862
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		1,394,000		1,393,900
Entergy Arkansas, Inc. 3.70%, 06/01/2024		206,000		220,544
Jersey Central Power & Light Co. 7.35%, 02/01/2019		116,000		128,957
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 (E)		410,000		443,974
Oncor Electric Delivery Co. LLC
4.10%, 06/01/2022		503,000		551,172
5.30%, 06/01/2042		75,000		93,273
PacifiCorp
3.60%, 04/01/2024		655,000		704,716
5.75%, 04/01/2037		125,000		159,678
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		455,000		474,363
				4,815,782
Energy Equipment & Services - 0.1%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (E)		459,000		476,267
Schlumberger Investment SA 3.65%, 12/01/2023		105,000		112,314
Weatherford International, Ltd. 5.95%, 04/15/2042		120,000		90,600
				679,181
Equity Real Estate Investment Trusts - 0.9%
CBL & Associates, LP 5.25%, 12/01/2023		754,000		763,348
EPR Properties 4.50%, 04/01/2025		730,000		740,749
HCP, Inc. 3.40%, 02/01/2025		705,000		690,981
Hospitality Properties Trust 5.00%, 08/15/2022		909,000		983,134
Kilroy Realty, LP 4.25%, 08/15/2029		865,000		897,002
Realty Income Corp. 3.88%, 07/15/2024		750,000		792,779
Simon Property Group, LP 3.38%, 10/01/2024		1,270,000		1,333,750
Ventas Realty, LP / Ventas Capital Corp. 2.70%, 04/01/2020		61,000		62,233
VEREIT Operating Partnership, LP
3.00%, 02/06/2019		885,000		895,186
4.13%, 06/01/2021		275,000		286,000
				7,445,162
Food & Staples Retailing - 0.3%
CVS Health Corp.
2.13%, 06/01/2021		789,000		789,069
5.30%, 12/05/2043		162,000		189,744
Wal-Mart Stores, Inc.
4.00%, 04/11/2043		149,000		159,261
4.30%, 04/22/2044		415,000		465,634

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

Transamerica Funds Annual Report 2016

Page    235

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food & Staples Retailing (continued)
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		$  967,000		$  1,012,534
				2,616,242
Food Products - 0.3%
Bunge, Ltd. Finance Corp. 3.25%, 08/15/2026		345,000		345,316
Kraft Heinz Foods Co.
2.80%, 07/02/2020		660,000		679,035
4.38%, 06/01/2046		677,000		686,603
4.88%, 02/15/2025 (E)		390,000		428,495
Mondelez International, Inc. 2.25%, 02/01/2019		200,000		203,013
				2,342,462
Health Care Equipment & Supplies - 0.1%
Becton Dickinson and Co. 2.68%, 12/15/2019		270,000		278,251
Boston Scientific Corp. 2.65%, 10/01/2018		187,000		190,612
				468,863
Health Care Providers & Services - 0.3%
Anthem, Inc.
1.88%, 01/15/2018		239,000		239,855
2.30%, 07/15/2018		564,000		568,581
3.30%, 01/15/2023		75,000		77,427
Coventry Health Care, Inc. 5.45%, 06/15/2021		177,000		200,283
Express Scripts Holding Co.
3.40%, 03/01/2027		540,000		530,146
4.80%, 07/15/2046		451,000		449,009
HCA Holdings, Inc. 6.25%, 02/15/2021		255,000		275,081
Tenet Healthcare Corp. 6.25%, 11/01/2018		165,000		174,488
UnitedHealth Group, Inc. 3.38%, 11/15/2021		428,000		455,523
				2,970,393
Household Durables - 0.1%
Newell Brands, Inc. 4.20%, 04/01/2026		495,000		534,854
Household Products - 0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.75%, 10/15/2020		745,000		764,579
Industrial Conglomerates - 0.4%
General Electric Co.
5.00% (D), 01/21/2021 (H)		2,006,000		2,125,156
5.50%, 01/08/2020, MTN		475,000		530,802
6.88%, 01/10/2039, MTN		290,000		424,718
				3,080,676
Insurance - 0.6%
American International Group, Inc. 8.18% (D), 05/15/2068		36,000		48,218
CNA Financial Corp. 5.88%, 08/15/2020		445,000		501,253
Fidelity National Financial, Inc. 5.50%, 09/01/2022		195,000		211,179

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Lincoln National Corp. 8.75%, 07/01/2019		$  790,000		$  921,014
MassMutual Global Funding II 2.35%, 04/09/2019 (E)		200,000		203,997
Metropolitan Life Global Funding I 1.30%, 04/10/2017 (E)		640,000		640,876
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		350,000		350,604
Pacific Life Insurance Co. 9.25%, 06/15/2039 (E)		306,000		467,943
Principal Financial Group, Inc. 8.88%, 05/15/2019		490,000		575,558
Reinsurance Group of America, Inc. 3.52% (D), 12/15/2065		1,442,000		1,217,048
				5,137,690
IT Services - 0.1%
International Business Machines Corp. 3.63%, 02/12/2024		283,000		304,801
MasterCard, Inc.
2.00%, 04/01/2019		173,000		175,837
3.38%, 04/01/2024		111,000		118,178
				598,816
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		609,000		619,171
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (E)		490,000		488,331
Media - 0.4%
CBS Corp. 5.75%, 04/15/2020		636,000		712,737
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		690,000		702,765
Comcast Corp. 5.88%, 02/15/2018		326,000		345,068
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (E) (H)		200,000		213,060
NBCUniversal Media LLC
4.38%, 04/01/2021		909,000		1,000,138
4.45%, 01/15/2043		274,000		296,283
				3,270,051
Metals & Mining - 0.0% (C)
BHP Billiton Finance USA, Ltd. 3.85%, 09/30/2023 (B)		140,000		151,879
Freeport-McMoRan, Inc. 3.88%, 03/15/2023		140,000		126,350
Rio Tinto Finance USA PLC 2.88%, 08/21/2022		16,000		16,549
				294,778
Multi-Utilities - 0.1%
CMS Energy Corp.
3.88%, 03/01/2024		70,000		75,105
4.88%, 03/01/2044		152,000		175,571
DTE Electric Co. 4.30%, 07/01/2044		300,000		337,787
				588,463

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

Transamerica Funds Annual Report 2016

Page    236

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels - 0.9%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 (B)		$  294,000		$  334,217
Apache Corp.
4.25%, 01/15/2044		47,000		46,363
4.75%, 04/15/2043		65,000		67,884
BP Capital Markets PLC 3.12%, 05/04/2026		645,000		652,639
Energy Transfer Partners, LP
5.15%, 02/01/2043		600,000		556,134
5.95%, 10/01/2043		120,000		123,499
EnLink Midstream Partners, LP 4.85%, 07/15/2026		436,000		444,121
EOG Resources, Inc. 2.45%, 04/01/2020		290,000		295,304
Exxon Mobil Corp.
1.82%, 03/15/2019		500,000		505,576
3.04%, 03/01/2026		820,000		847,896
Husky Energy, Inc. 4.00%, 04/15/2024		140,000		147,337
Kerr-McGee Corp. 6.95%, 07/01/2024		150,000		179,852
Kinder Morgan Energy Partners, LP 4.15%, 02/01/2024		465,000		476,032
Laredo Petroleum, Inc. 7.38%, 05/01/2022 (B)		180,000		185,400
MEG Energy Corp. 6.50%, 03/15/2021 (E)		150,000		129,375
Murphy Oil Corp. 3.50%, 12/01/2017		250,000		252,026
Nexen Energy ULC 5.88%, 03/10/2035		10,000		11,866
Noble Energy, Inc.
6.00%, 03/01/2041		75,000		83,889
8.25%, 03/01/2019		139,000		158,186
Peabody Energy Corp. 6.25%, 11/15/2021 (I)		135,000		59,738
Petrobras Global Finance BV 6.25%, 03/17/2024		350,000		345,975
Petroleos Mexicanos 3.50%, 07/18/2018 - 01/30/2023		390,000		385,933
Range Resources Corp. 5.75%, 06/01/2021 (E)		40,000		40,600
Shell International Finance BV
2.50%, 09/12/2026		651,000		632,877
3.75%, 09/12/2046		195,000		185,638
TransCanada PipeLines, Ltd.
3.75%, 10/16/2023		120,000		127,651
4.63%, 03/01/2034		110,000		120,804
Western Gas Partners, LP 5.38%, 06/01/2021		225,000		245,341
Williams Cos., Inc.
3.70%, 01/15/2023		64,000		61,920
7.88%, 09/01/2021		100,000		116,000
Williams Partners, LP 5.40%, 03/04/2044		104,000		103,408
				7,923,481
Pharmaceuticals - 0.6%
Actavis Funding SCS
3.00%, 03/12/2020		645,000		664,091

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Actavis Funding SCS (continued)
3.45%, 03/15/2022		$  366,000		$  379,982
3.80%, 03/15/2025		667,000		692,222
4.55%, 03/15/2035		779,000		804,324
Actavis, Inc. 3.25%, 10/01/2022		727,000		748,718
Merck & Co., Inc. 1.30%, 05/18/2018		250,000		250,519
Mylan NV 3.15%, 06/15/2021 (E)		250,000		254,015
Pfizer, Inc. 4.40%, 05/15/2044		118,000		132,672
Teva Pharmaceutical Finance Co., BV 3.65%, 11/10/2021		32,000		33,702
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/2021		843,000		832,824
4.10%, 10/01/2046		155,000		143,889
				4,936,958
Road & Rail - 0.2%
Aviation Capital Group Corp. 7.13%, 10/15/2020 (E)		1,312,000		1,551,007
Burlington Northern Santa Fe LLC
3.00%, 03/15/2023		40,000		41,573
3.75%, 04/01/2024		37,000		40,228
				1,632,808
Semiconductors & Semiconductor Equipment - 0.2%
Intel Corp. 2.45%, 07/29/2020		1,084,000		1,116,885
KLA-Tencor Corp. 4.13%, 11/01/2021		520,000		555,941
				1,672,826
Software - 0.1%
Microsoft Corp. 2.70%, 02/12/2025		845,000		859,038
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc. 2.85%, 02/23/2023		1,342,000		1,391,811
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 6.02%, 06/15/2026 (E)		555,000		604,980
Hewlett Packard Enterprise Co. 3.85%, 10/15/2020 (E)		695,000		736,331
HP, Inc. 3.75%, 12/01/2020		35,000		36,811
				2,769,933
Tobacco - 0.1%
Altria Group, Inc. 4.00%, 01/31/2024		114,000		125,115
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		340,000		395,367
				520,482
Trading Companies & Distributors - 0.1%
International Lease Finance Corp.
7.13%, 09/01/2018 (E)		500,000		544,375
8.25%, 12/15/2020		545,000		648,550
				1,192,925

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

Transamerica Funds Annual Report 2016

Page    237

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Wireless Telecommunication Services - 0.6%
America Movil SAB de CV
3.13%, 07/16/2022		$  200,000		$  205,078
4.38%, 07/16/2042 (B)		300,000		294,273
Crown Castle Towers LLC
3.22%, 05/15/2042 (E)		531,000		548,603
4.88%, 08/15/2040 (E)		525,000		570,596
6.11%, 01/15/2040 (E)		1,799,000		1,984,824
SBA Tower Trust 2.24%, 04/15/2043 (E)		215,000		215,470
Sprint Communications, Inc. 9.00%, 11/15/2018 (E)		965,000		1,061,500
Sprint Corp. 7.88%, 09/15/2023		155,000		153,450
T-Mobile USA, Inc.
6.46%, 04/28/2019		20,000		20,325
6.63%, 04/28/2021		55,000		57,681
6.73%, 04/28/2022		55,000		57,475
6.84%, 04/28/2023		15,000		16,020
				5,185,295
Total Corporate Debt Securities (Cost $125,387,774)				126,915,814
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
Brazil - 0.0% (C)
Brazil Government International Bond 4.25%, 01/07/2025		330,000		326,700
Colombia - 0.1%
Colombia Government International Bond
4.00%, 02/26/2024 (B)		235,000		244,400
4.50%, 01/28/2026 (B)		200,000		214,000
				458,400
Indonesia - 0.1%
Indonesia Government International Bond
4.75%, 01/08/2026 (E)		200,000		218,021
5.38%, 10/17/2023 (E)		315,000		355,975
				573,996
Mexico - 0.1%
Mexico Government International Bond 4.00%, 10/02/2023		630,000		662,130
Peru - 0.0% (C)
Peru Government International Bond 7.35%, 07/21/2025		125,000		170,938
Republic of Korea - 0.1%
Export-Import Bank of Korea 4.00%, 01/11/2017		515,000		517,575
Korea Development Bank
3.00%, 03/17/2019		200,000		206,669
3.50%, 08/22/2017		515,000		523,605
				1,247,849
Saudi Arabia - 0.0% (C)
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (E)		255,000		254,362
Total Foreign Government Obligations (Cost $3,586,077)				3,694,375

	Principal		Value
MORTGAGE-BACKED SECURITIES - 4.7%
Aventura Mall Trust Series 2013-AVM, Class A, 3.74% (D), 12/05/2032 (E)		$  700,000		$  748,657
Banc of America Commercial Mortgage Trust Series 2007-3, Class A1A, 5.55% (D), 06/10/2049		268,883		272,225
Banc of America Re-REMIC Trust Series 2010-UB3, Class A4B1, 5.72% (D), 06/15/2049 (E)		360,000		359,787
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (E)		1,145,000		1,151,871
Series 2012-TFT, Class C,
3.47% (D), 06/05/2030 (E)		1,070,000		1,049,623
BB-UBS Trust, Interest Only STRIPS Series 2012-SHOW, Class XA, 0.60% (D), 11/05/2036 (E)		3,045,000		133,514
BCAP LLC Trust
Series 2009-RR14, Class 1A1,
6.00% (D), 05/26/2037 (E)		79,289		81,672
Series 2009-RR6, Class 2A1,
3.11% (D), 08/26/2035 (E)		419,058		415,275
Series 2010-RR1, Class 12A1,
5.25% (D), 08/26/2036 (E)		140,897		142,544
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A,
5.19%, 12/11/2038		99,377		99,266
Series 2007-PW15, Class A1A,
5.32%, 02/11/2044		182,489		183,566
Series 2007-PW17, Class A1A,
5.65% (D), 06/11/2050		272,145		278,751
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		145,000		156,596
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		220,000		241,320
Citigroup Mortgage Loan Trust Series 2015-A, Class A1, 3.50% (D), 06/25/2058 (E)		851,877		865,026
COMM Mortgage Trust
Series 2010-RR1, Class GEB,
5.54% (D), 12/11/2049 (E)		750,000		758,892
Series 2013-CR11, Class AM,
4.72% (D), 10/10/2046		70,000		78,069
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (E)		93,022		92,431
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (E)		110,000		114,089
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		155,000		168,362
Series 2016-GCT, Class C,
3.46% (D), 08/10/2029 (E)		520,000		531,434
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (E)		830,000		855,265
Commercial Mortgage Trust Series 2007-GG11, Class AM, 5.87% (D), 12/10/2049		70,000		72,014

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

Transamerica Funds Annual Report 2016

Page    238

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 (E)		$  1,040,000		$  1,080,335
Credit Suisse Mortgage Capital Certificates Series 2009-11R, Class 5A1, 2.75% (D), 08/26/2036 (E)		450,984		444,601
CSMC Trust
Series 2010-RR1, Class 2A,
5.70% (D), 09/15/2040 (E)		323,608		326,394
Series 2014-4R, Class 21A1,
0.86% (D), 12/27/2035 (E)		750,620		724,758
DBRR Trust Series 2011-C32, Class A3A, 5.70% (D), 06/17/2049 (E)		150,000		151,279
GS Mortgage Securities Corp. II Series 2013-KING, Class E, 3.44% (D), 12/10/2027 (E)		320,000		305,235
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (D), 04/10/2031 (E)		675,000		695,606
Hilton USA Trust, Interest Only STRIPS Series 2013-HLT, Class X1FX, 0.00% (D), 11/05/2030 (E)		12,925,272		129
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (E)		700,000		713,686
Jefferies Re-REMIC Trust
Series 2009-R2, Class 2A,
3.15% (D), 12/26/2037 (E)		90,087		89,569
Series 2009-R7, Class 10A3,
6.00%, 12/26/2036 (E)		50,679		51,495
Series 2009-R7, Class 1A1,
2.78% (D), 02/26/2036 (E)		260,179		254,924
Series 2009-R7, Class 4A1,
3.17% (D), 09/26/2034 (E)		44,556		44,289
Series 2009-R9, Class 1A1,
2.81% (D), 08/26/2046 (E)		78,887		79,250
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-CB18, Class A1A,
5.43% (D), 06/12/2047		250,091		250,880
Series 2007-CB20, Class AM,
5.88% (D), 02/12/2051		360,000		371,527
Series 2007-LD12, Class A1A,
5.85% (D), 02/15/2051		339,533		346,936
Series 2007-LDPX, Class A1A,
5.44%, 01/15/2049		250,659		252,370
Series 2008-C2, Class ASB,
6.13% (D), 02/12/2051		25,971		26,233
Series 2010-C1, Class B,
5.95%, 06/15/2043 (E)		370,000		398,404
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (E)		1,187,629		1,268,500
JPMorgan Re-REMIC Trust Series 2014-2, Class 6A1, 2.88% (D), 05/26/2037 (E)		621,124		620,293
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AM, 6.16% (D), 09/15/2045		110,000		114,367

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Merrill Lynch Mortgage Trust Series 2007-C1, Class A1A, 5.83% (D), 06/12/2050		$  125,792		$  127,619
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (D), 04/25/2057 (E)		247,026		248,923
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class AS, 3.48%, 11/15/2045		320,000		335,187
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (E)		1,000,000		998,411
Morgan Stanley Capital I Trust
Series 2007-HQ12, Class AM,
5.72% (D), 04/12/2049		280,000		280,610
Series 2007-IQ13, Class A1A,
5.31%, 03/15/2044		274,070		275,515
Series 2007-IQ13, Class AM,
5.41%, 03/15/2044		110,000		110,666
Series 2007-IQ14, Class A1A,
5.67% (D), 04/15/2049		118,949		120,477
Series 2007-IQ15, Class AM,
5.91% (D), 06/11/2049		335,000		341,277
Morgan Stanley Re-REMIC Trust
Series 2010-GG10, Class A4B,
5.79% (D), 08/15/2045 (E)		678,000		682,622
Series 2012-XA, Class A,
2.00%, 07/27/2049 (E)		28,352		28,245
Series 2014-R3, Class 2A,
3.00% (D), 07/26/2048 (E)		961,286		966,829
Motel 6 Trust
Series 2015-MTL6, Class B,
3.30%, 02/05/2030 (E)		930,000		931,521
Series 2015-MTL6, Class C,
3.64%, 02/05/2030 (E)		2,085,000		2,088,340
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (D), 12/25/2052 (E)		477,655		496,203
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (D), 01/25/2054 (E)		209,131		216,663
Series 2014-2A, Class A3,
3.75% (D), 05/25/2054 (E)		533,936		552,734
Series 2014-3A, Class AFX3,
3.75% (D), 11/25/2054 (E)		387,035		399,156
Series 2015-2A, Class A1,
3.75% (D), 08/25/2055 (E)		884,016		917,184
Series 2016-2A, Class A1,
3.75% (D), 11/26/2035 (E)		571,639		591,374
Series 2016-3A, Class A1B,
3.25% (D), 09/25/2056 (E)		588,210		603,249
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (E)		750,000		762,138
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1.11% (D), 05/25/2035		463,568		445,188

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

Transamerica Funds Annual Report 2016

Page    239

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Queens Center Mortgage Trust Series 2013-QCA, Class D, 3.47% (D), 01/11/2037 (E)		$  410,000		$  402,889
SCG Trust
Series 2013-SRP1, Class A,
1.93% (D), 11/15/2026 (E)		230,000		228,264
Series 2013-SRP1, Class AJ,
2.48% (D), 11/15/2026 (E)		570,000		555,828
STRIPS, Ltd. Series 2012-1A, Class A, 1.50%, 12/25/2044 (E)		14,122		14,122
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (D), 03/25/2054 (E)		1,116,931		1,135,680
Series 2015-5, Class A1B,
2.75% (D), 05/25/2055 (E)		660,236		668,977
Series 2015-6, Class A1B,
2.75% (D), 04/25/2055 (E)		853,900		866,054
Series 2016-1, Class A1B,
2.75% (D), 02/25/2055 (E)		1,022,257		1,035,694
Series 2016-2, Class A1A,
2.75% (D), 08/25/2055 (E)		982,541		997,211
Series 2016-3, Class A1,
2.25% (D), 08/25/2055 (E)		838,236		839,493
Series 2016-4, Class A1,
2.25% (D), 07/25/2056 (E)		1,178,647		1,180,004
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (E)		560,000		588,377
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 3.03% (D), 06/15/2029 (E)		695,000		694,700
Total Mortgage-Backed Securities (Cost $39,269,381)				39,188,733
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.3%
California - 0.2%
Los Angeles Community College District, General Obligation Unlimited 6.60%, 08/01/2042		45,000		66,789
State of California, General Obligation Unlimited
7.60%, 11/01/2040		200,000		315,082
7.95%, 03/01/2036		905,000		1,078,416
University of California, Revenue Bonds Series AD, 4.86%, 05/15/2112		40,000		41,766
				1,502,053
Georgia - 0.0% (C)
Municipal Electric Authority of Georgia, Revenue Bonds Series A, 6.64%, 04/01/2057		35,000		45,823
Illinois - 0.0% (C)
State of Illinois, General Obligation Unlimited 5.10%, 06/01/2033		190,000		181,516

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS (continued)
New Jersey - 0.0% (C)
New Jersey Turnpike Authority, Revenue Bonds Series F, 7.41%, 01/01/2040		$  54,000		$  81,967
New York - 0.1%
Metropolitan Transportation Authority, Revenue Bonds Series E, 6.81%, 11/15/2040		45,000		63,106
New York City Water & Sewer System, Revenue Bonds Series CC, 5.88%, 06/15/2044		45,000		62,539
New York State Dormitory Authority, Revenue Bonds Series H, 5.39%, 03/15/2040		40,000		51,473
Port Authority of New York & New Jersey, Revenue Bonds Series 181, 4.96%, 08/01/2046		70,000		83,684
				260,802
Total Municipal Government Obligations (Cost $1,981,637)				2,072,161
U.S. GOVERNMENT AGENCY OBLIGATIONS - 6.3%
Federal Home Loan Mortgage Corp.
5.00%, 04/01/2018		4,198		4,312
5.50%, 09/01/2018 - 06/01/2041		201,639		227,457
Federal National Mortgage Association
Zero Coupon, 10/09/2019		640,000		613,147
1.99% (D), 02/01/2043		177,995		181,126
2.50%, TBA (F)		2,619,000		2,694,910
3.00%, TBA (F)		15,722,000		16,186,290
3.33% (D), 10/25/2023		190,000		202,878
3.50%, 07/01/2028 - 11/01/2028		585,034		625,708
3.50%, TBA (F)		16,769,000		17,609,592
4.00%, 04/01/2026 - 06/01/2042		152,920		165,160
4.00%, TBA (F)		5,633,000		6,031,710
4.50%, 02/01/2025 - 06/01/2026		423,858		455,103
5.00%, 05/01/2018 - 11/01/2039		2,033,093		2,291,480
5.00%, TBA (F)		1,683,000		1,863,838
5.50%, 07/01/2019 - 12/01/2041		1,616,588		1,874,763
6.00%, 08/01/2036 - 06/01/2041		1,098,083		1,269,033
6.50%, 05/01/2040		223,596		257,135
Government National Mortgage Association, Interest Only STRIPS 0.88% (D), 02/16/2053		749,736		41,598
Total U.S. Government Agency Obligations (Cost $52,629,164)				52,595,240
U.S. GOVERNMENT OBLIGATIONS - 8.8%
U.S. Treasury - 7.9%
U.S. Treasury Bond
2.50%, 02/15/2045 - 05/15/2046		4,763,000		4,679,477
2.75%, 08/15/2042		2,611,500		2,713,510
2.88%, 08/15/2045		430,000		455,666
3.13%, 02/15/2042		1,250,000		1,391,357

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

Transamerica Funds Annual Report 2016

Page    240

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
3.50%, 02/15/2039		$  1,485,000		$  1,766,338
3.63%, 02/15/2044		7,089,000		8,615,630
4.50%, 02/15/2036		2,758,500		3,750,589
4.75%, 02/15/2037		1,406,000		1,970,541
5.25%, 02/15/2029		3,555,000		4,827,302
U.S. Treasury Note
0.63%, 09/30/2017		1,618,000		1,616,863
0.88%, 04/15/2017 - 04/30/2017		5,838,700		5,848,418
1.00%, 09/15/2017 - 11/30/2019		712,900		712,910
1.13%, 06/30/2021		235,000		233,017
1.13%, 09/30/2021 (B)		880,000		871,681
1.25%, 11/30/2018		7,369,000		7,421,674
1.50%, 08/15/2026		335,000		325,002
1.63%, 03/31/2019 - 05/15/2026		7,323,100		7,379,860
1.88%, 11/30/2021		2,691,000		2,756,908
2.00%, 02/15/2025		3,139,000		3,199,084
2.50%, 08/15/2023 - 05/15/2024		5,156,300		5,458,312
				65,994,139
U.S. Treasury Inflation-Protected Securities - 0.9%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		1,164,585		1,351,133
2.50%, 01/15/2029		1,484,788		1,864,806
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		3,602,413		3,763,333
				6,979,272
Total U.S. Government Obligations (Cost $70,889,878)				72,973,411
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 4.4%
Federal Home Loan Bank Discount Notes
0.06% (J), 11/14/2016		6,100,000		6,099,561
0.09% (J), 11/23/2016		150,000		149,982
0.16% (J), 11/30/2016		400,000		399,936
0.18% (J), 12/07/2016 - 12/09/2016		12,625,000		12,622,280
0.20% (J), 12/20/2016		360,000		359,897
0.26% (J), 12/30/2016		1,125,000		1,124,613
0.31% (J), 01/09/2017		3,550,000		3,547,824
0.33% (J), 01/13/2017		1,725,000		1,723,880
0.36% (J), 01/25/2017		10,825,000		10,816,816
Total Short-Term U.S. Government Agency  Obligations (Cost $36,841,447)				36,844,789
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 1.0%
U.S. Treasury Bill
0.03% (J), 11/10/2016		3,000,000		2,999,907
0.04% (J), 11/10/2016		190,000		189,994
0.17% (J), 12/08/2016		230,000		229,960
0.21% (J), 03/30/2017		210,000		209,658

	Principal			Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Bill (continued)
0.26% (J), 01/12/2017		$  650,000			$  649,657
0.28% (J), 01/19/2017		500,000			499,688
0.29% (J), 01/12/2017		150,000			149,921
0.30% (J), 01/19/2017		400,000			399,750
0.32% (J), 01/12/2017		2,750,000			2,748,551
Total Short-Term U.S. Government Obligations (Cost $8,076,399)					8,077,086
	Shares			Value
SECURITIES LENDING COLLATERAL - 0.4%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (J)		3,642,844			3,642,844
Total Securities Lending Collateral (Cost $3,642,844)					3,642,844
	Principal			Value
REPURCHASE AGREEMENT - 1.9%
State Street Bank & Trust Co. 0.03% (J), dated 10/31/2016, to be repurchased at $16,241,106 on 11/01/2016. Collateralized by U.S. Government Agency Obligations, 0.00% (J) - 1.38%, due 11/15/2016 - 12/29/2016, and with a total value of $16,568,050		$  16,241,092			16,241,092
Total Repurchase Agreement (Cost $16,241,092)					16,241,092
Total Investments (Cost $788,953,844) (K)					880,257,116
	Shares			Value
SECURITIES SOLD SHORT - (0.0)% (C)
COMMON STOCKS - (0.0)% (C)
Equity Real Estate Investment Trusts - (0.0)% (C)
Quality Care Properties, Inc. (F)		(794	)		(12,188	)
Hotels, Restaurants & Leisure - (0.0)% (C)
Yum China Holdings, Inc. (F)		(9,796	)		(237,455	)
Total Common Stocks (Proceeds $256,749)					(249,643	)
Total Securities Sold Short (Proceeds $256,749)					(249,643	)
Net Other Assets (Liabilities) - (5.6)%					(46,693,072	)
Net Assets - 100.0%					$  833,314,401

FUTURES CONTRACTS: (L)
Description	Long/Short		Number of Contracts		Expiration Date		Unrealized Appreciation		Unrealized Depreciation
S&P 500® E-Mini		Long		108		12/16/2016	$	—	$	(80,366	)

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

Transamerica Funds Annual Report 2016

Page    241

Transamerica Multi-Managed Balanced

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(M)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	497,016,481		$	—	$	—	$	497,016,481
Preferred Stocks		450,889			—		—		450,889
Asset-Backed Securities		—			20,544,201		—		20,544,201
Corporate Debt Securities		—			126,915,814		—		126,915,814
Foreign Government Obligations		—			3,694,375		—		3,694,375
Mortgage-Backed Securities		—			39,188,733		—		39,188,733
Municipal Government Obligations		—			2,072,161		—		2,072,161
U.S. Government Agency Obligations		—			52,595,240		—		52,595,240
U.S. Government Obligations		—			72,973,411		—		72,973,411
Short-Term U.S. Government Agency Obligations		—			36,844,789		—		36,844,789
Short-Term U.S. Government Obligations		—			8,077,086		—		8,077,086
Securities Lending Collateral		3,642,844			—		—		3,642,844
Repurchase Agreement		—			16,241,092		—		16,241,092
Total Investments	$	501,110,214		$	379,146,902	$	—	$	880,257,116
LIABILITIES
Securities Sold Short
Common Stocks	$	(249,643	)	$	—	$	—	$	(249,643	)
Total Securities Sold Short	$	(249,643	)	$	—	$	—	$	(249,643	)
Other Financial Instruments
Futures Contracts (N)	$	(80,366	)	$	—	$	—	$	(80,366	)
Total Other Financial Instruments	$	(80,366	)	$	—	$	—	$	(80,366	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $3,539,042. 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.

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

^(D)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(E)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $84,745,583, representing 10.2% of the Fund’s net assets.

^(F)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(G)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, value of the security is $815,000, representing 0.1% of the Fund’s net assets.

^(H)  Perpetual maturity. The date displayed is the next call date.

^(I)  Security in default.

^(J)  Rates disclosed reflect the yields at October 31, 2016.

^(K)  Aggregate cost for federal income tax purposes is $793,778,127. Aggregate gross unrealized appreciation and depreciation for all securities is $96,416,453 and $9,937,464, respectively. Net unrealized appreciation for tax purposes is $86,478,989.

^(L)  Cash in the amount of $500,000 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts.

^(M)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

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

Transamerica Funds Annual Report 2016

Page    242

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 13.5%
American Tower Trust I Series 2013-1A, Class 1A, 1.55%, 03/15/2043 (A)		$  25,000,000		$  24,993,082
Ares IIIR / IVR CLO, Ltd. Series 2007-3RA, Class A2, 1.10% (B), 04/16/2021 (A)		3,496,146		3,471,914
Battalion CLO, Ltd. Series 2007-1A, Class C, 1.68% (B), 07/14/2022 (A)		14,000,000		13,712,944
Burr Ridge CLO Plus LLC Series 2006-1A, Class C, 1.60% (B), 03/27/2023 (A)		6,500,000		6,333,990
BXG Receivables Note Trust
Series 2012-A, Class A,
2.66%, 12/02/2027 (A)		6,662,399		6,633,239
Series 2013-A, Class A,
3.01%, 12/04/2028 (A)		13,186,181		13,298,174
Citigroup Mortgage Loan Trust Series 2003-HE3, Class A, 0.91% (B), 12/25/2033		2,217,424		2,178,975
CWABS Asset-Backed Certificates Trust Series 2006-17, Class 2A2, 0.68% (B), 03/25/2047		11,630,400		10,810,375
Diamond Resorts Owner Trust
Series 2013-1, Class A,
1.95%, 01/20/2025 (A)		3,258,613		3,244,650
Series 2013-2, Class A,
2.27%, 05/20/2026 (A)		5,146,303		5,131,863
Series 2014-1, Class B,
2.98%, 05/20/2027 (A)		1,862,905		1,861,473
Foursight Capital Automobile Receivables Trust Series 2014-1, Class A, 2.11%, 03/23/2020 (A)		2,677,659		2,679,421
Green Tree Agency Advance Funding Trust I Series 2016-T1, Class AT1, 2.38%, 10/15/2048 (A)		9,000,000		8,980,920
Hertz Vehicle Financing LLC Series 2016-1A, Class B, 3.72%, 03/25/2020 (A)		15,000,000		15,274,649
Hilton Grand Vacations Trust
Series 2013-A, Class A,
2.28%, 01/25/2026 (A)		2,654,952		2,645,125
Series 2014-AA, Class A,
1.77%, 11/25/2026 (A)		5,202,813		5,157,821
Series 2014-AA, Class B,
2.07%, 11/25/2026 (A)		7,928,096		7,874,695
HSBC Home Equity Loan Trust Series 2007-1, Class A4, 0.89% (B), 03/20/2036		4,437,219		4,409,402
Inwood Park CDO, Ltd. Series 2006-1A, Class C, 1.58% (B), 01/20/2021 (A)		12,750,000		12,565,584
Marriott Vacation Club Owner Trust Series 2012-1A, Class A, 2.51%, 05/20/2030 (A)		5,871,402		5,904,335

	Principal		Value
ASSET-BACKED SECURITIES (continued)
MVW Owner Trust
Series 2014-1A, Class B,
2.70%, 09/22/2031 (A)		$  5,764,763		$  5,788,689
Series 2015-1A, Class A,
2.52%, 12/20/2032 (A)		7,015,381		7,041,724
Newstar Trust Series 2012-2A, Class A, 2.78% (B), 01/20/2023 (A)		7,553,912		7,517,034
NRZ Advance Receivables Trust
Series 2015-T4, Class AT4,
3.20%, 11/15/2047 (A)		20,000,000		20,097,826
Series 2016-T2, Class AT2,
2.58%, 10/15/2049 (A)		10,000,000		9,994,800
Ocean Trails CLO I Series 2006-1A, Class A1, 1.12% (B), 10/12/2020 (A)		431,156		430,204
Ocwen Master Advance Receivables Trust
Series 2015-T3, Class AT3,
3.21%, 11/15/2047 (A)		20,095,000		20,121,545
Series 2016-T1, Class AT1,
2.52%, 08/17/2048 (A)		15,900,000		15,910,173
Orange Lake Timeshare Trust
Series 2012-AA, Class A,
3.45%, 03/10/2027 (A)		1,449,839		1,467,028
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		7,206,441		7,175,460
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		10,907,028		10,996,501
Series 2016-A, Class A,
2.61%, 03/08/2029 (A)		10,000,000		9,998,868
Sierra Timeshare Receivables Funding LLC
Series 2012-1A, Class B,
3.58%, 11/20/2028 (A)		1,896,207		1,900,009
Series 2012-2A, Class A,
2.38%, 03/20/2029 (A)		1,565,836		1,566,873
Series 2012-2A, Class B,
3.42%, 03/20/2029 (A)		701,121		703,816
Series 2013-2A, Class C,
4.75%, 11/20/2025 (A)		5,199,285		5,086,023
Series 2014-1A, Class A,
2.07%, 03/20/2030 (A)		2,500,190		2,486,784
Series 2014-1A, Class B,
2.42%, 03/20/2030 (A)		2,500,190		2,493,390
Series 2014-2A, Class B,
2.40%, 06/20/2031 (A)		4,898,025		4,906,888
Series 2014-3A, Class B,
2.80%, 10/20/2031 (A)		5,226,505		5,261,673
Series 2015-1A, Class A,
2.40%, 03/22/2032 (A)		1,808,457		1,810,934
Series 2015-1A, Class B,
3.05%, 03/22/2032 (A)		2,210,336		2,231,740
Silverleaf Finance XV LLC Series 2012-D, Class A, 3.00%, 03/17/2025 (A)		2,843,891		2,845,113
SilverLeaf Finance XVII LLC Series 2013-A, Class A, 2.68%, 03/16/2026 (A)		3,769,255		3,736,594

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

Transamerica Funds Annual Report 2016

Page    243

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027 (A)		$   5,102,103		$   5,051,510
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (A)		15,000,000		15,127,200
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes
Series 2015-T2, Class CT2,
3.74%, 01/15/2047 (A)		7,000,000		7,001,344
Series 2015-T3, Class AT3,
2.92%, 07/15/2047 (A)		18,000,000		18,031,716
SVO VOI Mortgage LLC Series 2012-AA, Class A, 2.00%, 09/20/2029 (A)		6,984,699		6,900,211
Welk Resorts LLC
Series 2013-AA, Class A,
3.10%, 03/15/2029 (A)		7,781,870		7,847,595
Series 2015-AA, Class A,
2.79%, 06/16/2031 (A)		7,681,293		7,671,701
Westgate Resorts LLC Series 2015-1A, Class A, 2.75%, 05/20/2027 (A)		3,745,421		3,721,575
Total Asset-Backed Securities (Cost $376,463,618)				380,085,172
CORPORATE DEBT SECURITIES - 64.6%
Aerospace & Defense - 0.6%
Bombardier, Inc.
4.75%, 04/15/2019 (A) (C)		3,020,000		3,004,900
7.50%, 03/15/2018 (A)		14,206,000		15,049,552
				18,054,452
Airlines - 1.8%
America West Airlines Pass-Through Trust
7.93%, 07/02/2020		1,111,593		1,178,288
8.06%, 01/02/2022		6,555,004		7,374,379
Delta Air Lines Pass-Through Trust 6.20%, 01/02/2020		17,861,617		19,022,622
Northwest Airlines Pass-Through Trust 6.26%, 05/20/2023		836,053		907,117
UAL Pass-Through Trust
9.75%, 07/15/2018		9,441,226		9,600,028
10.40%, 05/01/2018		7,367,211		7,389,976
Virgin Australia Trust 5.00%, 04/23/2025 (A)		5,136,369		5,328,983
				50,801,393
Banks - 10.7%
Bank of America NA 1.15% (B), 06/15/2017		14,285,000		14,280,372
Citigroup, Inc. 2.07% (B), 08/02/2021		4,910,000		4,946,039
Citizens Bank NA 1.60%, 12/04/2017, MTN		1,940,000		1,939,651
Cooperatieve Rabobank UA 11.00% (B), 06/30/2019 (A) (D)		23,684,000		28,536,852
Discover Bank 7.00%, 04/15/2020		12,352,000		13,949,163

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
First Horizon National Corp. 3.50%, 12/15/2020		$  5,160,000		$  5,254,124
First Niagara Financial Group, Inc.
6.75%, 03/19/2020		13,396,000		15,352,446
7.25%, 12/15/2021		15,000,000		18,314,610
First Tennessee Bank NA 2.95%, 12/01/2019		23,381,000		23,697,158
JPMorgan Chase & Co. 2.55%, 10/29/2020		16,040,000		16,313,065
JPMorgan Chase Bank NA 6.00%, 10/01/2017		5,470,000		5,697,546
Lloyds Bank PLC 9.88% (B), 12/16/2021, MTN (E)		17,101,000		17,281,244
National City Corp. 6.88%, 05/15/2019		3,000,000		3,356,232
Regions Bank 7.50%, 05/15/2018		23,306,000		25,255,337
Royal Bank of Scotland Group PLC 6.40%, 10/21/2019		7,305,000		8,078,629
Santander Bank NA 8.75%, 05/30/2018		16,309,000		17,755,885
Svenska Handelsbanken AB
1.78% (B), 10/01/2020		13,900,000		13,899,013
1.99% (B), 03/30/2021, MTN		17,000,000		17,153,272
Synovus Financial Corp. 7.88%, 02/15/2019		17,282,000		19,096,610
US Bank NA 2.13%, 10/28/2019		21,212,000		21,569,571
Wachovia Corp. 1.12% (B), 06/15/2017		10,725,000		10,729,000
				302,455,819
Beverages - 1.6%
Anheuser-Busch InBev Finance, Inc.
2.15% (B), 02/01/2021		9,333,000		9,569,825
2.65%, 02/01/2021		20,680,000		21,149,705
Molson Coors Brewing Co. 2.10%, 07/15/2021		14,940,000		14,880,643
				45,600,173
Biotechnology - 0.6%
Celgene Corp. 3.95%, 10/15/2020		3,000,000		3,208,383
Gilead Sciences, Inc. 2.55%, 09/01/2020		14,665,000		15,029,748
				18,238,131
Building Products - 0.5%
Owens Corning 9.00%, 06/15/2019		12,423,000		14,408,941
Capital Markets - 5.6%
Ameriprise Financial, Inc. 7.30%, 06/28/2019		18,320,000		20,932,524
Bank of New York Mellon Corp.
1.67% (B), 08/17/2020, MTN		6,000,000		6,079,320
1.97% (F), 06/20/2017		6,780,000		6,818,687
Deutsche Bank AG
2.12% (B), 08/20/2020		10,275,000		9,877,429
4.25%, 10/14/2021 (A)		8,085,000		8,138,248

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

Transamerica Funds Annual Report 2016

Page    244

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Goldman Sachs Group, Inc.
2.75%, 09/15/2020		$  8,948,000		$  9,124,821
7.50%, 02/15/2019, MTN		17,297,000		19,446,740
Lazard Group LLC 6.85%, 06/15/2017		4,141,000		4,260,083
Morgan Stanley
1.62% (B), 07/23/2019, MTN		20,000,000		20,031,500
2.28% (B), 04/21/2021, MTN		4,982,000		5,074,416
3.33% (B), 08/31/2017, MTN		1,500,000		1,505,625
7.30%, 05/13/2019, MTN		2,235,000		2,527,186
State Street Corp. 1.70% (B), 08/18/2020		16,120,000		16,268,659
UBS Group Funding Jersey, Ltd. 2.30% (B), 09/24/2020 (A)		26,205,000		26,497,081
				156,582,319
Chemicals - 1.4%
Dow Chemical Co. 8.55%, 05/15/2019		24,461,000		28,501,688
Lubrizol Corp. 8.88%, 02/01/2019		8,862,000		10,272,175
				38,773,863
Construction Materials - 0.7%
CRH America, Inc. 8.13%, 07/15/2018		17,335,000		19,190,070
Consumer Finance - 3.0%
Ally Financial, Inc.
3.50%, 01/27/2019		12,000,000		12,030,000
8.00%, 03/15/2020		5,717,000		6,474,502
American Express Credit Corp. 1.56% (B), 05/26/2020, MTN		5,000,000		5,024,790
Ford Motor Credit Co. LLC
1.68% (B), 03/12/2019		10,375,000		10,380,800
1.70% (B), 11/04/2019		4,750,000		4,765,096
5.00%, 05/15/2018		8,225,000		8,609,856
General Motors Financial Co., Inc.
2.94% (B), 01/15/2019		20,000,000		20,449,240
3.20%, 07/06/2021		9,970,000		10,064,994
Springleaf Finance Corp. 8.25%, 12/15/2020 (C)		6,825,000		7,405,125
				85,204,403
Diversified Financial Services - 1.6%
National Rural Utilities Cooperative Finance Corp. 10.38%, 11/01/2018		19,410,000		22,783,594
OMX Timber Finance Investments I LLC 5.42%, 01/29/2020 (A)		20,014,000		22,286,189
				45,069,783
Diversified Telecommunication Services - 2.4%
AT&T, Inc.
1.77% (B), 06/30/2020		8,210,000		8,246,206
2.45%, 06/30/2020		21,289,000		21,414,456
Sprint Capital Corp. 6.90%, 05/01/2019		9,000,000		9,472,500
Telefonica Emisiones SAU 3.19%, 04/27/2018		18,370,000		18,762,806

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Verizon Communications, Inc. 2.61% (B), 09/14/2018		$  8,900,000		$  9,138,520
				67,034,488
Electric Utilities - 3.2%
Entergy Texas, Inc. 7.13%, 02/01/2019		22,351,000		24,955,294
Georgia Power Co. Series B, 5.70%, 06/01/2017		9,970,000		10,233,398
Oncor Electric Delivery Co. LLC
2.15%, 06/01/2019		5,190,000		5,250,619
6.80%, 09/01/2018		8,000,000		8,760,520
Public Service Co. of Colorado 5.80%, 08/01/2018		18,201,000		19,597,836
Southern California Edison Co. 1.85%, 02/01/2022		20,821,429		20,784,262
				89,581,929
Electronic Equipment, Instruments & Components - 0.2%
Tyco Electronics Group SA 6.55%, 10/01/2017		4,685,000		4,908,521
Energy Equipment & Services - 2.3%
Boardwalk Pipelines, LP 5.88%, 11/15/2016		18,745,000		18,773,211
Nabors Industries, Inc. 6.15%, 02/15/2018		11,000,000		11,452,474
Schlumberger Holdings Corp. 2.35%, 12/21/2018 (A)		20,000,000		20,308,040
Transocean, Inc. 6.80%, 12/15/2016		14,901,000		14,919,626
				65,453,351
Equity Real Estate Investment Trusts - 3.5%
Government Properties Income Trust 3.75%, 08/15/2019		24,795,000		25,345,548
Hospitality Properties Trust 6.70%, 01/15/2018		13,666,000		14,143,244
Simon Property Group, LP 10.35%, 04/01/2019		21,362,000		25,373,613
VEREIT Operating Partnership, LP 3.00%, 02/06/2019		21,352,000		21,597,762
WEA Finance LLC / Westfield UK & Europe Finance PLC 2.70%, 09/17/2019 (A)		12,570,000		12,845,660
				99,305,827
Food & Staples Retailing - 1.1%
Wal-Mart Stores, Inc. 5.52% (F), 06/01/2018 (C)		24,970,000		25,617,197
Walgreens Boots Alliance, Inc. 2.70%, 11/18/2019		5,951,000		6,106,149
				31,723,346
Food Products - 1.7%
Kraft Heinz Foods Co.
2.25%, 06/05/2017		4,985,000		5,011,311
2.80%, 07/02/2020		23,330,000		24,002,860
Mondelez International Holdings Netherlands BV 2.00%, 10/28/2021 (A) (C)		20,000,000		19,801,600
				48,815,771

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

Transamerica Funds Annual Report 2016

Page    245

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Gas Utilities - 1.8%
DTE Gas Co. 5.00%, 10/01/2019		$   28,400,000		$   30,698,497
Southern California Gas Co. 1.55%, 06/15/2018		20,560,000		20,647,833
				51,346,330
Health Care Providers & Services - 0.5%
CHS / Community Health Systems, Inc. 5.13%, 08/15/2018 (C)		1,782,000		1,766,408
Express Scripts Holding Co. 4.75%, 11/15/2021		10,900,000		12,059,847
				13,826,255
Household Durables - 0.5%
Newell Brands, Inc. 3.15%, 04/01/2021		14,230,000		14,817,400
Household Products - 0.6%
ADOP Co. 6.63%, 10/01/2017 (A)		15,000,000		15,674,280
Independent Power & Renewable Electricity Producers - 0.5%
Dynegy, Inc. 6.75%, 11/01/2019		4,985,000		5,045,269
Exelon Generation Co. LLC 4.00%, 10/01/2020 (C)		9,554,000		10,160,497
				15,205,766
Industrial Conglomerates - 0.2%
General Electric Co. 1.68% (B), 04/15/2020, MTN		5,100,000		5,143,319
Insurance - 2.1%
CNA Financial Corp. 5.88%, 08/15/2020		6,145,000		6,921,796
Fidelity National Financial, Inc. 6.60%, 05/15/2017		17,177,000		17,597,218
Genworth Holdings, Inc. 6.52%, 05/22/2018, MTN (C)		9,510,000		9,593,213
Principal Financial Group, Inc. 8.88%, 05/15/2019		1,220,000		1,433,023
Sirius International Group, Ltd. 6.38%, 03/20/2017 (A)		22,303,000		22,592,827
				58,138,077
Machinery - 0.3%
Case New Holland Industrial, Inc. 7.88%, 12/01/2017		3,300,000		3,493,875
Stanley Black & Decker, Inc. 2.45%, 11/17/2018		4,500,000		4,575,717
				8,069,592
Media - 2.8%
Cablevision Systems Corp.
7.75%, 04/15/2018		11,397,000		12,009,589
8.63%, 09/15/2017		6,450,000		6,740,250
CBS Corp. 5.75%, 04/15/2020		15,459,000		17,324,206
Charter Communications Operating LLC / Charter Communications Operating Capital 3.58%, 07/23/2020 (A)		17,240,000		17,875,449
CSC Holdings LLC 7.63%, 07/15/2018		2,500,000		2,681,250

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
DISH DBS Corp. 4.25%, 04/01/2018		$  4,315,000		$  4,417,481
Sky PLC 9.50%, 11/15/2018 (A)		14,244,000		16,376,654
				77,424,879
Metals & Mining - 0.5%
Glencore Finance Canada, Ltd. 5.80%, 11/15/2016 (A)		4,913,000		4,920,369
Novelis, Inc. 8.38%, 12/15/2017		10,000,000		10,050,000
				14,970,369
Multi-Utilities - 1.6%
Consumers Energy Co. 6.70%, 09/15/2019		10,000,000		11,423,580
Dominion Resources, Inc.
2.96% (F), 07/01/2019		5,274,000		5,394,659
5.20%, 08/15/2019		24,954,000		27,251,165
				44,069,404
Oil, Gas & Consumable Fuels - 0.7%
Energy Transfer Partners, LP 2.50%, 06/15/2018		7,865,000		7,920,440
Exxon Mobil Corp. 1.71%, 03/01/2019		9,765,000		9,838,931
YPF SA 8.50%, 03/23/2021 (A)		1,743,000		1,916,777
				19,676,148
Pharmaceuticals - 2.5%
Actavis Funding SCS
2.10% (B), 03/12/2020		8,500,000		8,639,094
2.35%, 03/12/2018		9,476,000		9,568,960
3.00%, 03/12/2020		7,000,000		7,207,193
Johnson & Johnson 1.88%, 12/05/2019		14,920,000		15,210,254
Mylan NV 3.15%, 06/15/2021 (A)		4,000,000		4,064,244
Pfizer, Inc. 6.20%, 03/15/2019		14,565,000		16,129,281
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/2021		9,803,132		9,684,798
				70,503,824
Real Estate Management & Development - 0.4%
First Industrial, LP 7.50%, 12/01/2017, MTN		11,650,000		12,330,453
Road & Rail - 1.1%
Aviation Capital Group Corp.
4.63%, 01/31/2018 (A)		10,284,000		10,631,188
7.13%, 10/15/2020 (A)		18,266,000		21,593,517
				32,224,705
Semiconductors & Semiconductor Equipment - 0.7%
KLA-Tencor Corp. 2.38%, 11/01/2017		17,635,000		17,753,102
NXP BV / NXP Funding LLC 3.75%, 06/01/2018 (A)		2,000,000		2,060,000
				19,813,102

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

Transamerica Funds Annual Report 2016

Page    246

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software - 0.9%
Microsoft Corp. 1.55%, 08/08/2021		$  14,950,000		$  14,798,063
Oracle Corp. 1.90%, 09/15/2021		10,000,000		9,960,770
				24,758,833
Technology Hardware, Storage & Peripherals - 2.2%
Apple, Inc. 1.12% (B), 05/06/2020		10,000,000		9,982,640
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 3.48%, 06/01/2019 (A)		19,875,000		20,391,730
Hewlett Packard Enterprise Co. 3.85%, 10/15/2020 (A)		30,000,000		31,784,070
				62,158,440
Tobacco - 1.0%
Altria Group, Inc. 9.70%, 11/10/2018		12,724,000		14,793,444
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		11,299,000		13,138,986
				27,932,430
Trading Companies & Distributors - 0.8%
International Lease Finance Corp. 8.25%, 12/15/2020		18,210,000		21,669,900
Wireless Telecommunication Services - 0.4%
Sprint Communications, Inc. 9.00%, 11/15/2018 (A)		9,700,000		10,670,000
Total Corporate Debt Securities (Cost $1,808,974,408)				1,821,626,086
LOAN ASSIGNMENT - 0.3%
Health Care Providers & Services - 0.3%
Community Health Systems, Inc. Term Loan G, 3.75% (B), 12/31/2019		8,435,930		8,009,443
Total Loan Assignment (Cost $8,117,494)				8,009,443
MORTGAGE-BACKED SECURITIES - 19.2%
7 WTC Depositor LLC Trust Series 2012-7WTC, Class A, 4.08%, 03/13/2031 (A)		7,085,498		7,195,642
BAMLL Commercial Mortgage Securities Trust
Series 2014-FL1, Class B,
2.73% (B), 12/15/2031 (A)		10,000,000		10,006,769
Series 2014-INLD, Class C,
3.11% (B), 12/15/2029 (A)		19,900,000		19,645,334
Series 2014-IP, Class D,
2.72% (B), 06/15/2028 (A)		11,000,000		10,926,852
Banc of America Funding Trust Series 2010-R4, Class 1A1, 5.50%, 07/26/2036 (A)		284,985		285,758
Banc of America Re-REMIC Trust Series 2010-UB3, Class A4B1, 5.72% (B), 06/15/2049 (A)		7,970,000		7,965,278

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BBCMS Trust Series 2014-BXO, Class C, 2.53% (B), 08/15/2027 (A)		$  9,028,351		$  8,962,649
BCAP LLC Trust
Series 2009-RR14, Class 1A1,
6.00% (B), 05/26/2037 (A)		1,837,481		1,892,716
Series 2009-RR6, Class 2A1,
3.11% (B), 08/26/2035 (A)		2,885,895		2,859,845
Series 2010-RR1, Class 12A1,
5.25% (B), 08/26/2036 (A)		1,893,841		1,915,982
Series 2010-RR7, Class 5A6,
5.50%, 10/26/2036 (A)		1,812,244		1,832,892
Series 2012-RR2, Class 7A3,
2.98% (B), 09/26/2035 (A)		1,328,876		1,325,227
Series 2012-RR4, Class 2A5,
2.32% (B), 04/26/2037 (A)		2,782,330		2,778,088
Series 2012-RR5, Class 6A1,
3.33% (B), 10/26/2035 (A)		896,354		897,745
BHMS Mortgage Trust Series 2014-ATLS, Class CFL, 2.98% (B), 07/05/2033 (A)		15,000,000		14,617,073
BLCP Hotel Trust Series 2014-CLRN, Class C, 2.49% (B), 08/15/2029 (A)		10,000,000		9,876,325
BNPP Mortgage Securities LLC Series 2009-1, Class A1, 6.00%, 08/27/2037 (A)		80,240		80,224
CCRESG Commercial Mortgage Trust
Series 2016-HEAT, Class B,
4.11%, 04/10/2029 (A)		2,900,000		2,975,112
Series 2016-HEAT, Class C,
4.92%, 04/10/2029 (A)		3,000,000		3,081,421
CD Commercial Mortgage Trust Series 2007-CD4, Class A1A, 5.29% (B), 12/11/2049		5,985,820		6,012,184
CDGJ Commercial Mortgage Trust Series 2014-BXCH, Class C, 3.03% (B), 12/15/2027 (A)		15,000,000		14,849,581
CGWF Commercial Mortgage Trust Series 2013-RKWH, Class C, 2.83% (B), 11/15/2030 (A)		20,000,000		19,994,904
Citigroup Mortgage Loan Trust
Series 2009-10, Class 6A1,
3.19% (B), 09/25/2034 (A)		65,293		65,125
Series 2010-8, Class 5A6,
4.00%, 11/25/2036 (A)		484,725		484,947
Series 2010-8, Class 6A6,
4.50%, 12/25/2036 (A)		790,145		791,474
Series 2010-8, Class 6A62,
3.50%, 12/25/2036 (A)		487,562		487,467
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		7,614,398		7,904,052
COMM Mortgage Trust
Series 2014-PAT, Class D,
2.68% (B), 08/13/2027 (A)		15,000,000		14,774,299
Series 2014-PAT, Class E,
3.68% (B), 08/13/2027 (A)		5,000,000		4,929,465
Credit Suisse Commercial Mortgage Trust
Series 2007-C1, Class A1A,
5.36%, 02/15/2040		6,412,567		6,423,829

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

Transamerica Funds Annual Report 2016

Page    247

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Credit Suisse Commercial Mortgage Trust (continued)
Series 2007-C5, Class A4,
5.70% (B), 09/15/2040		$  4,578,698		$  4,681,042
CSMC Trust
Series 2010-15R, Class 4A1,
3.50% (B), 04/26/2035 (A)		3,072,540		3,083,317
Series 2010-18R, Class 1A11,
2.95% (B), 08/26/2035 (A)		263,256		262,491
Series 2010-RR2, Class 1B,
5.51% (B), 04/15/2047 (A)		11,000,000		11,006,895
Series 2015-DEAL, Class B,
2.39% (B), 04/15/2029 (A)		16,120,000		16,119,982
Series 2015-DEAL, Class D,
3.64% (B), 04/15/2029 (A)		10,000,000		9,937,379
Series 2015-SAND, Class C,
2.68% (B), 08/15/2030 (A)		4,000,000		3,919,345
GP Portfolio Trust
Series 2014-GPP, Class C,
2.48% (B), 02/15/2027 (A)		13,000,000		12,857,667
Series 2014-GPP, Class D,
3.28% (B), 02/15/2027 (A)		10,000,000		9,893,480
GS Mortgage Securities Corp. Trust Series 2016-ICE2, Class B, 3.78% (B), 02/15/2033 (A)		11,000,000		11,114,030
GS Mortgage Securities Trust Series 2013-G1, Class A1, 2.06%, 04/10/2031 (A)		8,544,941		8,460,722
Hyatt Hotel Portfolio Trust Series 2015-HYT, Class C, 2.63% (B), 11/15/2029 (A)		6,900,000		6,891,270
Impac CMB Trust Series 2007-A, Class A, 0.78% (B), 05/25/2037 (A)		10,061,342		9,139,045
Jefferies Re-REMIC Trust
Series 2009-R2, Class 2A,
3.15% (B), 12/26/2037 (A)		1,069,160		1,063,006
Series 2009-R2, Class 3A,
2.81% (B), 01/26/2047 (A)		159,495		159,151
Series 2009-R7, Class 11A1,
2.79% (B), 03/26/2037 (A)		911,181		900,919
Series 2009-R7, Class 4A1,
3.17% (B), 09/26/2034 (A)		231,468		230,079
Series 2009-R9, Class 1A1,
2.81% (B), 08/26/2046 (A)		2,311,767		2,322,407
Series 2010-R8, Class 2A1,
3.07%, 10/26/2036 (A)		798,786		799,032
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2014-DSTY, Class C,
3.80% (B), 06/10/2027 (A)		10,000,000		10,037,235
Series 2014-INN, Class C,
2.24% (B), 06/15/2029 (A)		23,415,000		23,062,656
Series 2015-CSMO, Class C,
2.78% (B), 01/15/2032 (A)		15,000,000		14,995,522
JPMorgan Commercial Mortgage-Backed Securities Trust Series 2009-RR2, Class MLB, 5.81% (B), 06/15/2050 (A)		10,000,000		10,082,613

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Re-REMIC Trust
Series 2009-11, Class 1A1,
2.99% (B), 02/26/2037 (A)		$  1,676,531		$  1,669,359
Series 2010-5, Class 2A2,
4.50% (B), 07/26/2035 (A)		2,548,042		2,572,935
Lehman Brothers Small Balance Commercial Series 2005-1A, Class A, 0.78% (B), 02/25/2030 (A)		5,031,373		4,662,010
MASTR Alternative Loan Trust Series 2003-4, Class 1A1, 5.00%, 05/25/2018		1,976,141		1,993,550
Morgan Stanley Re-REMIC Trust
Series 2009-GG10, Class A4B,
5.79% (B), 08/12/2045 (A)		17,864,000		18,040,411
Series 2010-R4, Class 3A,
5.50%, 08/26/2047 (A)		4,464,559		4,466,037
Mortgage Equity Conversion Asset Trust Series 2010-1A, Class A, 4.00%, 07/25/2060 (A)		8,136,199		7,017,472
New Residential Mortgage Loan Trust
Series 2014-1A, Class A,
3.75% (B), 01/25/2054 (A)		4,826,089		4,999,919
Series 2014-3A, Class AFX3,
3.75 % (B), 11/25/2054 (A)		5,950,555		6,136,898
ORES LLC Series 2014-LV3, Class A, 3.00%, 03/27/2024 (A)		49,498		49,498
RBSSP Resecuritization Trust Series 2013-2, Class 2A1, 0.72% (B), 12/20/2036 (A)		11,338,236		10,619,454
SCG Trust
Series 2013-SRP1, Class AJ,
2.48% (B), 11/15/2026 (A)		18,985,000		18,512,968
Series 2013-SRP1, Class B,
3.03% (B), 11/15/2026 (A)		22,500,000		21,773,977
Springleaf Mortgage Loan Trust Series 2013-2A, Class A, 1.78% (B), 12/25/2065 (A)		1,788,988		1,781,345
Station Place Securitization Trust Series 2014-4,Class A, 2.78% (B), 12/16/2016 (A)		30,000,000		30,000,000
TIAA Seasoned Commercial Mortgage Trust Series 2007-C4, Class AJ, 5.48% (B), 08/15/2039		1,066,665		1,076,151
Towd Point Mortgage Trust
Series 2015-4, Class A1B,
2.75% (B), 04/25/2055 (A)		14,751,139		14,939,702
Series 2016-3, Class A1,
2.25% (B), 08/25/2055 (A)		13,877,464		13,898,273
TRU Trust Series 2016-TOYS, Class A, 2.79% (B), 11/15/2030 (A) (G)		10,000,000		10,000,000
Wells Fargo Mortgage Loan Trust
Series 2010-RR4, Class 1A1,
3.20% (B), 12/27/2046 (A)		2,057,668		2,062,006
Series 2011-RR3, Class A1,
3.03% (B), 03/27/2037 (A)		5,755,332		5,662,547

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

Transamerica Funds Annual Report 2016

Page    248

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage-Backed Securities Trust Series 2003-G, Class A1, 2.89% (B), 06/25/2033		$  549,957		$  551,163
Total Mortgage-Backed Securities (Cost $546,353,271)				539,343,219
U.S. GOVERNMENT AGENCY OBLIGATION - 0.0% (H)
Federal Home Loan Mortgage Corp. 3.02% (B), 08/01/2037		400,145		422,400
Total U.S. Government Agency Obligation (Cost $405,756)				422,400
	Shares		Value
SECURITIES LENDING COLLATERAL - 1.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (I)		35,752,510		35,752,510
Total Securities Lending Collateral (Cost $35,752,510)				35,752,510

	Principal		Value
REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.03% (I), dated 10/31/2016, to be repurchased at $60,137,646 on 11/01/2016. Collateralized by U.S. Government Obligations, 2.50% - 2.75%, due 02/15/2024 - 05/15/2024, and with a total value of $61,345,238.		$  60,137,596		$  60,137,596
Total Repurchase Agreement (Cost $60,137,596)				60,137,596
Total Investments (Cost $2,836,204,653) (J)				2,845,376,426
Net Other Assets (Liabilities) - (1.0)%				(27,090,218	)
Net Assets - 100.0%				$  2,818,286,208

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	380,085,172	$	—	$	380,085,172
Corporate Debt Securities		—		1,821,626,086		—		1,821,626,086
Loan Assignment		—		8,009,443		—		8,009,443
Mortgage-Backed Securities		—		539,343,219		—		539,343,219
U.S. Government Agency Obligation		—		422,400		—		422,400
Securities Lending Collateral		35,752,510		—		—		35,752,510
Repurchase Agreement		—		60,137,596		—		60,137,596
Total Investments	$	35,752,510	$	2,809,623,916	$	—	$	2,845,376,426

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $1,223,639,930, representing 43.4% of the Fund’s net assets.

^(B)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(C)  All or a portion of the securities are on loan. The total value of all securities on loan is $35,030,087. 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)  Perpetual maturity. The date displayed is the next call date.

^(E)  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. At October 31, 2016, the value of the Regulation S security is $17,281,244, representing 0.6% of the Fund’s net assets.

^(F)  Step bonds. Coupon rates change in increments to maturity. The rates disclosed are as of October 31, 2016; the maturity dates disclosed are the ultimate maturity dates.

^(G)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after October 31, 2016.

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

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

Transamerica Funds Annual Report 2016

Page    249

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(I)  Rates disclosed reflect the yields at October 31, 2016.

^(J)  Aggregate cost for federal income tax purposes is $2,836,661,921. Aggregate gross unrealized appreciation and depreciation for all securities is $24,592,117 and $15,877,612, respectively. Net unrealized appreciation for tax purposes is $8,714,505.

^(K)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Funds Annual Report 2016

Page    250

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 99.0%
Aerospace & Defense - 0.4%
Wesco Aircraft Holdings, Inc. (A)		11,215		$  144,113
Air Freight & Logistics - 0.3%
Hub Group, Inc., Class A (A)		3,615		131,767
Auto Components - 1.3%
Cooper-Standard Holding, Inc. (A)		1,525		139,187
Dana, Inc.		9,585		148,376
Superior Industries International, Inc.		4,165		102,042
Tower International, Inc.		6,150		133,455
				523,060
Banks - 5.3%
Bank of the Ozarks, Inc.		3,585		132,502
Banner Corp.		3,245		146,479
Eagle Bancorp, Inc. (A)		2,925		143,764
Enterprise Financial Services Corp.		3,280		108,568
First Busey Corp.		4,530		104,688
First Interstate Bancsystem, Inc., Class A		3,600		114,840
First Merchants Corp.		4,695		132,164
First Midwest Bancorp, Inc.		7,425		143,377
Hanmi Financial Corp., Class B		5,355		133,875
Heartland Financial USA, Inc.		3,260		122,087
LegacyTexas Financial Group, Inc.		4,430		151,550
Old National Bancorp		10,210		150,087
Preferred Bank		3,030		114,898
State Bank Financial Corp.		4,385		96,689
Trustmark Corp., Class A		5,440		150,579
Umpqua Holdings Corp.		9,325		142,486
				2,088,633
Biotechnology - 1.8%
AMAG Pharmaceuticals, Inc. (A) (B)		5,880		151,116
Emergent BioSolutions, Inc. (A)		4,645		124,115
Myriad Genetics, Inc. (A) (B)		7,485		147,529
PDL Biopharma, Inc.		44,430		143,065
United Therapeutics Corp. (A)		1,205		144,684
				710,509
Capital Markets - 0.7%
Piper Jaffray Cos. (A)		2,845		160,885
Waddell & Reed Financial, Inc., Class A		7,730		121,515
				282,400
Chemicals - 1.5%
Cabot Corp.		2,805		146,253
Huntsman Corp.		8,870		150,346
Minerals Technologies, Inc.		2,100		141,120
Stepan Co.		1,990		141,350
				579,069
Commercial Services & Supplies - 4.2%
ABM Industries, Inc.		3,780		147,722
ACCO Brands Corp. (A)		15,280		169,608
Brady Corp., Class A		4,175		138,192
Brink’s Co.		3,820		151,081
Ennis, Inc.		7,475		109,509
Essendant, Inc.		7,505		115,202
Herman Miller, Inc.		5,230		145,394
InnerWorkings, Inc. (A)		13,730		120,961
Pitney Bowes, Inc.		8,170		145,753
Quad/Graphics, Inc.		5,595		132,937
Steelcase, Inc., Class A		10,245		136,771

	Shares		Value
COMMON STOCKS (continued)
Commercial Services & Supplies (continued)
Tetra Tech, Inc.		3,935		$   151,301
				1,664,431
Communications Equipment - 1.4%
Digi International, Inc. (A)		8,685		79,468
Extreme Networks, Inc. (A)		28,720		120,911
Ixia (A)		9,965		119,082
NETGEAR, Inc. (A)		2,695		136,097
Sonus Networks, Inc. (A)		14,430		83,550
				539,108
Construction & Engineering - 2.9%
AECOM (A)		5,085		141,617
Aegion Corp., Class A (A)		7,350		136,049
Chicago Bridge & Iron Co. NV, Class Y		5,235		167,625
EMCOR Group, Inc.		2,485		150,243
KBR, Inc.		9,725		144,027
MYR Group, Inc. (A)		4,045		120,703
Quanta Services, Inc. (A)		5,140		147,775
Tutor Perini Corp. (A)		6,880		131,064
				1,139,103
Consumer Finance - 1.0%
Ezcorp, Inc., Class A (A)		13,570		132,308
Navient Corp.		10,775		137,704
Nelnet, Inc., Class A		2,865		112,251
				382,263
Containers & Packaging - 0.7%
Greif, Inc., Class A		3,025		141,751
Sonoco Products Co.		3,000		150,870
				292,621
Diversified Consumer Services - 2.0%
American Public Education, Inc. (A)		4,990		100,549
Capella Education Co.		2,515		183,846
DeVry Education Group, Inc.		6,250		141,875
K12, Inc. (A)		6,995		75,826
Regis Corp. (A)		9,490		120,333
Strayer Education, Inc. (A)		2,640		154,862
				777,291
Diversified Telecommunication Services - 1.4%
Cogent Communications Holdings, Inc.		4,180		154,242
Consolidated Communications Holdings, Inc.		6,335		151,596
FairPoint Communications, Inc. (A)		6,535		101,946
Inteliquent, Inc.		8,640		145,066
				552,850
Electric Utilities - 0.8%
ALLETE, Inc.		2,370		145,257
Hawaiian Electric Industries, Inc.		5,175		152,663
				297,920
Electrical Equipment - 0.7%
General Cable Corp.		9,715		136,010
Regal Beloit Corp.		2,495		147,455
				283,465
Electronic Equipment, Instruments & Components - 5.9%
Anixter International, Inc. (A)		2,460		161,745
AVX Corp.		7,605		106,622
Benchmark Electronics, Inc. (A)		5,715		143,732
Celestica, Inc. (A)		9,720		115,182

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

Transamerica Funds Annual Report 2016

Page    251

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Electronic Equipment, Instruments & Components (continued)
Coherent, Inc. (A)		1,320		$   137,438
FARO Technologies, Inc. (A)		3,390		113,735
Insight Enterprises, Inc. (A)		4,395		126,532
Itron, Inc. (A)		2,605		140,410
Methode Electronics, Inc.		4,120		128,544
Orbotech, Ltd. (A)		5,020		137,548
Plexus Corp. (A)		3,250		148,882
Rogers Corp. (A)		2,500		136,075
Sanmina Corp. (A)		5,245		145,024
ScanSource, Inc. (A)		3,945		138,075
Tech Data Corp. (A)		1,745		134,400
TTM Technologies, Inc. (A)		12,605		165,756
Vishay Intertechnology, Inc. (B)		10,270		144,807
				2,324,507
Energy Equipment & Services - 3.1%
Diamond Offshore Drilling, Inc.		8,255		136,125
Ensco PLC, Class A		17,180		134,348
McDermott International, Inc. (A)		28,525		146,618
Nabors Industries, Ltd.		11,175		132,983
Noble Corp. PLC		23,875		117,943
Precision Drilling Corp.		31,570		140,486
Rowan Cos. PLC, Class A		9,805		130,112
Transocean, Ltd. (A) (B)		14,705		141,315
Unit Corp. (A)		7,950		136,183
				1,216,113
Equity Real Estate Investment Trusts - 6.5%
CBL & Associates Properties, Inc.		11,055		118,289
Chatham Lodging Trust		7,625		134,963
Chesapeake Lodging Trust		6,240		135,470
Corporate Office Properties Trust		5,230		139,589
DiamondRock Hospitality Co.		14,595		133,544
Government Properties Income Trust (B)		7,000		133,980
Hersha Hospitality Trust, Class A		7,920		141,134
LaSalle Hotel Properties		5,485		130,269
Lexington Realty Trust		14,250		144,495
Medical Properties Trust, Inc.		9,670		134,800
National Health Investors, Inc.		1,880		142,429
Pebblebrook Hotel Trust		5,085		123,464
Piedmont Office Realty Trust, Inc., Class A		7,180		147,046
RLJ Lodging Trust		6,270		123,644
Select Income REIT		5,795		143,368
Summit Hotel Properties, Inc.		11,360		147,566
Sunstone Hotel Investors, Inc.		11,765		147,769
Whitestone REIT		9,555		127,082
Xenia Hotels & Resorts, Inc.		9,240		144,236
				2,593,137
Food & Staples Retailing - 0.7%
SpartanNash Co.		4,835		135,380
United Natural Foods, Inc. (A)		3,200		133,568
				268,948
Food Products - 1.1%
Fresh Del Monte Produce, Inc.		2,395		144,538
Lancaster Colony Corp.		1,075		140,449
Sanderson Farms, Inc.		1,500		134,970
				419,957

	Shares		Value
COMMON STOCKS (continued)
Gas Utilities - 0.4%
Southwest Gas Corp.		2,190		$   158,687
Health Care Equipment & Supplies - 3.9%
Analogic Corp.		1,680		137,508
AngioDynamics, Inc. (A)		8,400		133,896
Haemonetics Corp. (A)		4,100		136,981
ICU Medical, Inc., Class B (A)		950		132,335
LeMaitre Vascular, Inc.		6,255		130,980
Masimo Corp. (A)		2,585		142,175
Meridian Bioscience, Inc.		6,315		103,882
Merit Medical Systems, Inc. (A)		5,920		129,944
Natus Medical, Inc. (A)		3,675		144,611
OraSure Technologies, Inc. (A)		17,910		134,504
Orthofix International NV, Series B (A)		3,410		124,976
SurModics, Inc. (A)		3,650		90,885
				1,542,677
Health Care Providers & Services - 7.0%
Aceto Corp.		7,830		143,524
Amedisys, Inc. (A)		3,170		137,134
Amsurg Corp., Class A (A)		2,085		124,579
Chemed Corp.		1,055		149,198
Community Health Systems, Inc. (A) (B)		14,200		74,976
HealthSouth Corp.		3,585		143,938
Healthways, Inc. (A)		6,105		151,404
Kindred Healthcare, Inc.		14,685		144,647
Landauer, Inc.		2,535		110,273
LHC Group, Inc. (A)		3,940		135,024
LifePoint Health, Inc. (A)		2,405		143,939
Magellan Health, Inc. (A)		2,830		145,603
Molina Healthcare, Inc. (A)		2,525		137,385
Owens & Minor, Inc.		4,485		145,538
Patterson Cos., Inc.		3,300		140,943
PharMerica Corp. (A)		5,255		125,069
Tenet Healthcare Corp. (A)		6,430		126,735
Triple-S Management Corp., Class B (A)		4,970		102,780
US Physical Therapy, Inc.		2,290		130,301
VCA, Inc. (A)		2,160		132,754
WellCare Health Plans, Inc. (A)		1,245		141,320
				2,787,064
Health Care Technology - 1.0%
Allscripts Healthcare Solutions, Inc. (A)		10,745		129,048
HMS Holdings Corp. (A)		6,990		147,279
Quality Systems, Inc.		10,870		140,114
				416,441
Hotels, Restaurants & Leisure - 0.8%
Brinker International, Inc. (B)		2,930		144,273
Cheesecake Factory, Inc.		2,965		157,709
				301,982
Household Durables - 1.1%
Ethan Allen Interiors, Inc.		4,435		136,155
iRobot Corp. (A) (B)		3,475		176,182
La-Z-Boy, Inc.		5,870		137,358
				449,695
Household Products - 0.7%
Central Garden & Pet Co. (A)		5,400		131,328
Central Garden & Pet Co., Class A (A)		5,610		130,937
				262,265

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

Transamerica Funds Annual Report 2016

Page    252

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Independent Power & Renewable Electricity Producers - 0.3%
NRG Energy, Inc.		12,735		$   135,373
Insurance - 2.4%
Aspen Insurance Holdings, Ltd.		2,990		144,267
Employers Holdings, Inc.		4,725		148,129
First American Financial Corp.		3,575		139,639
Genworth Financial, Inc., Class A (A)		27,900		115,506
Hanover Insurance Group, Inc.		1,835		139,809
Old Republic International Corp.		7,630		128,642
RenaissanceRe Holdings, Ltd.		1,170		145,419
				961,411
Internet Software & Services - 1.3%
Bankrate, Inc., Class A (A)		18,455		143,949
Blucora, Inc. (A)		12,660		168,378
DHI Group, Inc. (A)		13,115		74,755
EarthLink Holdings Corp.		19,640		112,341
				499,423
IT Services - 2.9%
Cardtronics PLC, Class A (A)		2,870		143,500
Convergys Corp.		5,135		149,942
CSG Systems International, Inc.		3,480		132,345
Hackett Group, Inc.		6,245		100,669
ManTech International Corp., Class A		3,645		141,535
NeuStar, Inc., Class A (A) (B)		5,565		124,934
Perficient, Inc. (A)		5,255		97,796
Sykes Enterprises, Inc. (A)		5,140		137,444
Teradata Corp. (A)		4,800		129,408
				1,157,573
Leisure Products - 0.3%
Brunswick Corp., Class B		2,975		129,413
Life Sciences Tools & Services - 2.1%
Bruker Corp.		7,030		144,044
Cambrex Corp. (A)		3,335		134,400
Charles River Laboratories International, Inc. (A)		1,785		135,446
ICON PLC (A)		1,960		157,349
Luminex Corp. (A)		6,430		133,937
PAREXEL International Corp. (A)		2,080		121,181
				826,357
Machinery - 1.7%
AGCO Corp.		2,770		141,492
Altra Industrial Motion Corp.		4,115		121,392
Briggs & Stratton Corp.		7,935		147,750
Timken Co.		4,145		136,992
Wabash National Corp. (A)		10,400		117,000
				664,626
Metals & Mining - 3.5%
Carpenter Technology Corp.		3,865		122,173
Commercial Metals Co.		9,130		143,432
Haynes International, Inc.		3,235		104,070
Kaiser Aluminum Corp.		1,820		131,932
Materion Corp.		4,005		121,352
Olympic Steel, Inc.		5,605		129,419
Reliance Steel & Aluminum Co.		2,060		141,687
Schnitzer Steel Industries, Inc., Class A		6,710		162,046
SunCoke Energy, Inc.		18,830		192,254
U.S. Steel Corp. (B)		8,190		158,395
				1,406,760

	Shares		Value
COMMON STOCKS (continued)
Mortgage Real Estate Investment Trusts - 2.7%
Anworth Mortgage Asset Corp.		29,990		$   147,251
ARMOUR Residential REIT, Inc.		6,905		156,536
Blackstone Mortgage Trust, Inc., Class A		5,195		156,889
Capstead Mortgage Corp.		14,895		141,652
Dynex Capital, Inc.		13,935		95,734
Invesco Mortgage Capital, Inc.		9,610		143,477
MFA Financial, Inc.		19,680		143,861
Resource Capital Corp.		7,660		94,907
				1,080,307
Multi-Utilities - 0.7%
Avista Corp.		3,500		144,900
MDU Resources Group, Inc.		5,795		151,887
				296,787
Multiline Retail - 0.7%
Big Lots, Inc. (B)		2,970		128,898
Dillard’s, Inc., Class A		2,155		132,102
				261,000
Oil, Gas & Consumable Fuels - 1.9%
Aegean Marine Petroleum Network, Inc.		12,160		104,576
Alon USA Energy, Inc.		16,140		130,088
CONSOL Energy, Inc.		7,300		123,735
Cosan, Ltd., Class A		18,155		161,580
Denbury Resources, Inc. (A) (B)		47,915		114,517
World Fuel Services Corp.		3,100		124,775
				759,271
Paper & Forest Products - 1.3%
Domtar Corp.		3,920		140,924
Mercer International, Inc.		11,435		90,336
P.H. Glatfelter Co.		5,835		129,654
Schweitzer-Mauduit International, Inc.		3,810		140,627
				501,541
Personal Products - 0.7%
Medifast, Inc.		3,555		145,968
Nu Skin Enterprises, Inc., Class A		2,210		136,247
				282,215
Pharmaceuticals - 0.6%
Impax Laboratories, Inc. (A)		6,385		128,338
SciClone Pharmaceuticals, Inc. (A)		12,025		107,624
				235,962
Professional Services - 2.6%
Acacia Research Corp.		20,330		118,930
FTI Consulting, Inc. (A)		3,485		135,776
ICF International, Inc. (A)		3,220		149,408
Insperity, Inc.		1,940		145,888
Kelly Services, Inc., Class A		5,305		99,363
ManpowerGroup, Inc.		1,990		152,832
Mistras Group, Inc. (A)		6,020		126,059
Resources Connection, Inc.		6,930		102,910
				1,031,166
Road & Rail - 0.7%
ArcBest Corp.		6,725		133,828
Swift Transportation Co., Class A (A) (B)		6,895		154,310
				288,138

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

Transamerica Funds Annual Report 2016

Page    253

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Semiconductors & Semiconductor Equipment - 1.8%
Alpha & Omega Semiconductor, Ltd. (A)		6,525		$   137,873
Kulicke & Soffa Industries, Inc. (A)		10,170		134,651
Rudolph Technologies, Inc. (A)		8,120		146,972
Silicon Laboratories, Inc. (A)		2,485		148,976
Teradyne, Inc.		6,785		158,022
				726,494
Software - 1.1%
Mentor Graphics Corp.		5,285		152,737
Nuance Communications, Inc. (A)		10,450		146,509
TiVo Corp. (A)		6,865		136,270
				435,516
Specialty Retail - 7.5%
Aaron’s, Inc.		6,295		155,550
Abercrombie & Fitch Co., Class A		9,135		133,462
American Eagle Outfitters, Inc. (B)		8,405		143,221
Barnes & Noble, Inc.		13,630		140,389
Big 5 Sporting Goods Corp.		7,230		112,065
Caleres, Inc.		5,405		135,179
Chico’s FAS, Inc.		12,310		143,658
Children’s Place, Inc.		1,905		144,685
Citi Trends, Inc.		5,405		107,343
DSW, Inc., Class A		6,740		139,990
Express, Inc. (A)		11,415		137,208
Finish Line, Inc., Class A		6,515		128,280
Francesca’s Holdings Corp. (A)		8,580		137,881
Genesco, Inc. (A)		2,550		137,190
Hibbett Sports, Inc. (A)		3,525		136,946
Pier 1 Imports, Inc.		33,015		142,295
Rent-A-Center, Inc.		15,075		152,107
Shoe Carnival, Inc.		4,500		114,165
Urban Outfitters, Inc. (A)		4,005		133,967
Vitamin Shoppe, Inc. (A)		5,165		129,383
Williams-Sonoma, Inc., Class A (B)		3,025		139,816
Zumiez, Inc. (A) (B)		6,405		142,511
				2,987,291
Technology Hardware, Storage & Peripherals - 0.4%
NCR Corp. (A)		4,570		160,179
Textiles, Apparel & Luxury Goods - 1.2%
Iconix Brand Group, Inc. (A)		18,015		141,958

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods (continued)
Movado Group, Inc.		5,425		$   119,621
Perry Ellis International, Inc. (A)		4,955		92,114
Vera Bradley, Inc. (A)		8,320		111,238
				464,931
Thrifts & Mortgage Finance - 1.3%
First Defiance Financial Corp., Class A		2,435		96,134
Flagstar Bancorp, Inc. (A)		4,380		120,143
HomeStreet, Inc. (A)		5,905		162,683
Meta Financial Group, Inc.		2,045		149,796
				528,756
Trading Companies & Distributors - 0.7%
Applied Industrial Technologies, Inc.		3,150		160,020
WESCO International, Inc. (A)		2,520		136,584
				296,604
Total Common Stocks (Cost $37,445,910)				39,247,170
SECURITIES LENDING COLLATERAL - 4.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		1,959,722		1,959,722
Total Securities Lending Collateral (Cost $1,959,722)				1,959,722
	Principal		Value
REPURCHASE AGREEMENT - 1.2%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $456,605 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.88%, due 02/22/2017, and with a value of $466,744.		$  456,604		456,604
Total Repurchase Agreement (Cost $456,604)				456,604
Total Investments (Cost $39,862,236) (D)				41,663,496
Net Other Assets (Liabilities) - (5.1)%				(2,016,365	)
Net Assets - 100.0%				$  39,647,131

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	39,247,170	$	—	$	—	$	39,247,170
Securities Lending Collateral		1,959,722		—		—		1,959,722
Repurchase Agreement		—		456,604		—		456,604
Total Investments	$	41,206,892	$	456,604	$	—	$	41,663,496

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

Transamerica Funds Annual Report 2016

Page    254

Transamerica Small Cap Core

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $1,906,740. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $40,573,733. Aggregate gross unrealized appreciation and depreciation for all securities is $3,056,373 and $1,966,610, respectively. Net unrealized appreciation for tax purposes is $1,089,763.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    255

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 97.7%
Auto Components - 4.7%
Dorman Products, Inc. (A)		17,790		$  1,142,830
Drew Industries, Inc.		11,180		1,001,169
Motorcar Parts of America, Inc. (A)		35,977		944,036
				3,088,035
Banks - 12.1%
CenterState Banks, Inc.		39,790		743,277
LegacyTexas Financial Group, Inc.		24,095		824,290
Pinnacle Financial Partners, Inc.		33,160		1,711,056
PrivateBancorp, Inc., Class A		37,265		1,685,869
South State Corp.		25,252		1,852,234
Texas Capital Bancshares, Inc. (A)		20,070		1,190,151
				8,006,877
Biotechnology - 3.1%
Eagle Pharmaceuticals, Inc. (A) (B)		15,690		876,757
Repligen Corp. (A)		40,965		1,170,370
				2,047,127
Building Products - 1.2%
Trex Co., Inc. (A)		14,845		798,810
Commercial Services & Supplies - 1.3%
Knoll, Inc.		39,805		861,380
Diversified Telecommunication Services - 1.9%
Cogent Communications Holdings, Inc.		33,675		1,242,608
Food Products - 5.0%
B&G Foods, Inc.		26,770		1,135,048
Calavo Growers, Inc.		17,880		1,057,602
J&J Snack Foods Corp.		9,280		1,133,552
				3,326,202
Health Care Equipment & Supplies - 4.4%
Cantel Medical Corp.		15,450		1,100,503
Neogen Corp. (A)		21,920		1,154,965
Vascular Solutions, Inc. (A)		14,460		659,376
				2,914,844
Health Care Providers & Services - 2.6%
Aceto Corp.		34,365		629,910
Providence Service Corp. (A)		26,920		1,089,318
				1,719,228
Health Care Technology - 2.5%
Cotiviti Holdings, Inc. (A)		22,740		701,984
Medidata Solutions, Inc. (A)		19,309		926,639
				1,628,623
Hotels, Restaurants & Leisure - 4.4%
Chuy’s Holdings, Inc. (A)		21,057		598,019
Popeyes Louisiana Kitchen, Inc. (A)		21,390		1,141,798
Sonic Corp.		49,740		1,139,543
				2,879,360
Internet Software & Services - 4.9%
LogMeIn, Inc.		22,625		2,149,375
SPS Commerce, Inc. (A)		17,950		1,119,721
				3,269,096
IT Services - 3.5%
Luxoft Holding, Inc., Class A (A) (B)		14,400		763,200
MAXIMUS, Inc., Class A		29,660		1,544,100
				2,307,300

	Shares		Value
COMMON STOCKS (continued)
Life Sciences Tools & Services - 7.2%
Cambrex Corp. (A)		35,070		$  1,413,321
ICON PLC (A)		18,685		1,500,032
PRA Health Sciences, Inc. (A)		35,100		1,868,022
				4,781,375
Oil, Gas & Consumable Fuels - 4.6%
Callon Petroleum Co. (A)		47,880		621,961
Matador Resources Co. (A) (B)		30,670		668,913
Oasis Petroleum, Inc. (A)		77,830		816,437
PDC Energy, Inc. (A)		15,370		942,642
				3,049,953
Personal Products - 1.3%
Inter Parfums, Inc.		26,819		874,299
Pharmaceuticals - 5.2%
Lannett Co., Inc. (A) (B)		28,585		626,011
Prestige Brands Holdings, Inc. (A)		28,335		1,283,009
Supernus Pharmaceuticals, Inc. (A)		76,480		1,514,304
				3,423,324
Professional Services - 4.3%
CEB, Inc.		22,240		1,081,976
WageWorks, Inc. (A)		29,360		1,730,772
				2,812,748
Road & Rail - 3.3%
Knight Transportation, Inc.		38,440		1,124,370
Saia, Inc. (A)		28,920		1,030,998
				2,155,368
Semiconductors & Semiconductor Equipment - 3.1%
CEVA, Inc. (A)		22,434		674,142
Inphi Corp. (A)		16,950		628,845
Silicon Laboratories, Inc. (A)		12,390		742,780
				2,045,767
Software - 10.0%
BroadSoft, Inc. (A)		32,210		1,338,326
Callidus Software, Inc. (A)		58,300		1,063,975
Ellie Mae, Inc. (A)		14,350		1,519,521
Pegasystems, Inc.		49,690		1,535,421
Qualys, Inc. (A)		31,380		1,168,905
				6,626,148
Specialty Retail - 1.8%
Monro Muffler Brake, Inc. (B)		21,320		1,172,600
Textiles, Apparel & Luxury Goods - 4.1%
G-III Apparel Group, Ltd. (A)		44,022		1,149,855
Steven Madden, Ltd., Class B (A)		47,170		1,575,478
				2,725,333
Trading Companies & Distributors - 1.2%
SiteOne Landscape Supply, Inc. (A)		26,315		820,502
Total Common Stocks (Cost $50,720,127)				64,576,907
SECURITIES LENDING COLLATERAL - 6.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		4,156,007		4,156,007
Total Securities Lending Collateral (Cost $4,156,007)				4,156,007

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

Transamerica Funds Annual Report 2016

Page    256

Transamerica Small Cap Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
REPURCHASE AGREEMENT - 2.2%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $1,436,037 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.50%, due 06/30/2017, and with a value of $1,468,800.		$  1,436,036		$  1,436,036
Total Repurchase Agreement (Cost $1,436,036)				1,436,036
Total Investments (Cost $56,312,170) (D)				70,168,950
Net Other Assets (Liabilities) - (6.2)%				(4,084,172	)
Net Assets - 100.0%				$  66,084,778

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	64,576,907	$	—	$	—	$	64,576,907
Securities Lending Collateral		4,156,007		—		—		4,156,007
Repurchase Agreement		—		1,436,036		—		1,436,036
Total Investments	$	68,732,914	$	1,436,036	$	—	$	70,168,950

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B) All or a portion of the securities are on loan. The total value of all securities on loan is $4,064,121. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $57,560,600. Aggregate gross unrealized appreciation and depreciation for all securities is $15,204,564 and $2,596,214, respectively. Net unrealized appreciation for tax purposes is $12,608,350.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    257

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 96.5%
Airlines - 0.8%
Hawaiian Holdings, Inc. (A)		47,110		$  2,121,128
Auto Components - 0.9%
Tenneco, Inc. (A)		42,290		2,328,910
Banks - 15.6%
1st Source Corp.		71,520		2,471,731
Banc of California, Inc.		91,760		1,220,408
Cardinal Financial Corp.		98,750		2,595,150
Cathay General Bancorp		91,675		2,745,666
Customers Bancorp, Inc. (A)		163,180		4,417,283
Enterprise Financial Services Corp.		62,070		2,054,517
First Citizens BancShares, Inc., Class A		4,600		1,338,600
First Merchants Corp.		88,000		2,477,200
Glacier Bancorp, Inc.		128,480		3,630,845
Hanmi Financial Corp., Class B		154,620		3,865,500
Investors Bancorp, Inc.		407,120		4,991,291
Popular, Inc.		113,065		4,104,260
Preferred Bank		20,960		794,803
TriCo Bancshares		111,837		2,943,550
				39,650,804
Biotechnology - 0.9%
Retrophin, Inc. (A) (B)		113,495		2,139,381
Building Products - 1.0%
Griffon Corp.		151,569		2,531,202
Capital Markets - 2.3%
Evercore Partners, Inc., Class A		64,170		3,449,137
Piper Jaffray Cos. (A)		40,650		2,298,758
				5,747,895
Chemicals - 2.5%
Cabot Corp.		76,395		3,983,236
Rayonier Advanced Materials, Inc.		182,725		2,362,634
				6,345,870
Commercial Services & Supplies - 2.5%
Deluxe Corp.		55,545		3,399,354
Multi-Color Corp.		44,605		2,895,980
				6,295,334
Construction & Engineering - 1.7%
EMCOR Group, Inc.		69,185		4,182,925
Containers & Packaging - 1.6%
Owens-Illinois, Inc. (A)		207,790		4,010,347
Electric Utilities - 1.5%
PNM Resources, Inc.		117,960		3,874,986
Electronic Equipment, Instruments & Components - 4.3%
ePlus, Inc. (A)		39,824		3,645,887
Orbotech, Ltd. (A)		132,630		3,634,062
Vishay Intertechnology, Inc. (B)		259,095		3,653,240
				10,933,189
Energy Equipment & Services - 2.4%
Dril-Quip, Inc., Class A (A) (B)		42,180		2,003,550
Oceaneering International, Inc.		66,000		1,570,800
Rowan Cos. PLC, Class A		181,565		2,409,368
				5,983,718
Equity Real Estate Investment Trusts - 11.6%
CareTrust REIT, Inc.		266,880		3,757,670
DCT Industrial Trust, Inc.		98,465		4,603,239

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
First Industrial Realty Trust, Inc.		141,480		$  3,736,487
Lexington Realty Trust		246,890		2,503,465
STORE Capital Corp.		158,895		4,336,245
Sun Communities, Inc.		47,980		3,691,101
Urban Edge Properties		125,050		3,227,540
Xenia Hotels & Resorts, Inc.		237,740		3,711,121
				29,566,868
Food Products - 1.0%
Amplify Snack Brands, Inc. (A) (B)		175,005		2,535,822
Gas Utilities - 2.6%
ONE Gas, Inc.		46,107		2,825,437
Southwest Gas Corp.		52,140		3,778,064
				6,603,501
Health Care Equipment & Supplies - 0.9%
Merit Medical Systems, Inc. (A)		107,330		2,355,894
Health Care Providers & Services - 2.5%
HealthSouth Corp.		68,575		2,753,286
Molina Healthcare, Inc. (A)		67,515		3,673,491
				6,426,777
Hotels, Restaurants & Leisure - 2.5%
Bloomin’ Brands, Inc.		180,900		3,129,570
Ruth’s Hospitality Group, Inc.		204,745		3,245,208
				6,374,778
Household Products - 1.1%
Central Garden & Pet Co., Class A (A)		122,620		2,861,951
Insurance - 3.3%
Employers Holdings, Inc.		128,025		4,013,584
Federated National Holding Co.		109,400		1,959,354
Selective Insurance Group, Inc.		67,652		2,499,741
				8,472,679
IT Services - 1.5%
Convergys Corp.		131,829		3,849,407
Leisure Products - 1.1%
Nautilus, Inc., Class A (A)		153,701		2,705,138
Life Sciences Tools & Services - 1.4%
INC Research Holdings, Inc., Class A (A)		80,060		3,658,742
Machinery - 3.6%
Greenbrier Cos., Inc. (B)		95,665		3,013,447
Timken Co.		97,785		3,231,794
Wabash National Corp. (A)		266,835		3,001,894
				9,247,135
Media - 0.6%
New Media Investment Group, Inc.		109,400		1,575,360
Metals & Mining - 0.8%
AK Steel Holding Corp. (A) (B)		408,610		2,124,772
Mortgage Real Estate Investment Trusts - 1.3%
Starwood Property Trust, Inc.		143,200		3,184,768
Multi-Utilities - 1.6%
Black Hills Corp. (B)		65,405		4,045,299
Multiline Retail - 1.2%
Big Lots, Inc. (B)		70,110		3,042,774
Oil, Gas & Consumable Fuels - 0.8%
Western Refining, Inc.		66,170		1,909,005

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

Transamerica Funds Annual Report 2016

Page    258

Transamerica Small Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products - 1.4%
Neenah Paper, Inc.		44,985		$  3,594,301
Pharmaceuticals - 1.0%
Prestige Brands Holdings, Inc. (A)		55,005		2,490,626
Road & Rail - 1.7%
Swift Transportation Co., Class A (A) (B)		191,800		4,292,484
Semiconductors & Semiconductor Equipment - 1.7%
Rudolph Technologies, Inc. (A)		239,576		4,336,326
Software - 1.2%
VASCO Data Security International, Inc. (A)		224,290		3,083,987
Specialty Retail - 2.5%
Caleres, Inc.		117,157		2,930,097
Urban Outfitters, Inc. (A)		100,225		3,352,526
				6,282,623
Thrifts & Mortgage Finance - 6.2%
Dime Community Bancshares, Inc.		134,455		2,178,171
First Defiance Financial Corp., Class A		59,496		2,348,902
HomeStreet, Inc. (A)		116,280		3,203,514
MGIC Investment Corp. (A)		377,590		3,081,135
Washington Federal, Inc.		185,185		5,046,291
				15,858,013
Trading Companies & Distributors - 3.4%
Aircastle, Ltd.		172,961		3,554,348
H&E Equipment Services, Inc.		113,285		1,580,326
MRC Global, Inc. (A)		241,040		3,552,930
				8,687,604
Total Common Stocks (Cost $223,237,570)				245,312,323

	Shares		Value
MASTER LIMITED PARTNERSHIPS - 2.0%
Energy Equipment & Services - 0.9%
Archrock Partners, LP		163,790		$  2,363,489
Oil, Gas & Consumable Fuels - 1.1%
Tallgrass Energy Partners, LP		59,895		2,709,051
Total Master Limited Partnerships (Cost $4,764,964)				5,072,540
SECURITIES LENDING COLLATERAL - 8.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		21,127,961		21,127,961
Total Securities Lending Collateral (Cost $21,127,961)				21,127,961
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $1,249,360 on 11/01/2016. Collateralized by a U.S. Government Obligation, 0.63%, due 11/15/2016, and with a value of $1,278,188.		$  1,249,359		1,249,359
Total Repurchase Agreement (Cost $1,249,359)				1,249,359
Total Investments (Cost $250,379,854) (D)				272,762,183
Net Other Assets (Liabilities) - (7.3)%				(18,512,346	)
Net Assets - 100.0%				$  254,249,837

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	245,312,323	$	—	$	—	$	245,312,323
Master Limited Partnerships		5,072,540		—		—		5,072,540
Securities Lending Collateral		21,127,961		—		—		21,127,961
Repurchase Agreement		—		1,249,359		—		1,249,359
Total Investments	$	271,512,824	$	1,249,359	$	—	$	272,762,183

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) Non-income producing securities.

^(B) All or a portion of the securities are on loan. The total value of all securities on loan is $20,542,275. 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) Rates disclosed reflect the yields at October 31, 2016.

^(D) Aggregate cost for federal income tax purposes is $252,959,700. Aggregate gross unrealized appreciation and depreciation for all securities is $27,909,294 and $8,106,811, respectively. Net unrealized appreciation for tax purposes is $19,802,483.

^(E) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    259

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 97.7%
Aerospace & Defense - 1.0%
Aerovironment, Inc. (A)		72,139		$  1,730,615
Arconic, Inc. (A)		75,300		2,162,616
Curtiss-Wright Corp.		20,000		1,792,400
Orbital ATK, Inc.		27,062		2,012,330
				7,697,961
Airlines - 1.2%
Alaska Air Group, Inc.		132,925		9,599,843
Auto Components - 1.7%
American Axle & Manufacturing Holdings, Inc. (A)		65,500		1,173,760
Dana, Inc.		7,000		108,360
Gentex Corp.		79,500		1,344,345
Goodyear Tire & Rubber Co.		258,215		7,495,981
Stoneridge, Inc. (A)		80,000		1,185,600
Visteon Corp.		19,850		1,401,609
				12,709,655
Banks - 8.5%
Berkshire Hills Bancorp, Inc.		95,831		2,831,806
First Citizens BancShares, Inc., Class A		18,913		5,503,683
First Community Bancshares, Inc.		155,340		3,518,451
First Republic Bank, Class A		26,000		1,935,180
Hanmi Financial Corp., Class B		73,000		1,825,000
Hope Bancorp, Inc.		97,882		1,579,816
IBERIABANK Corp.		67,305		4,418,573
KeyCorp		315,085		4,449,000
Lakeland Bancorp, Inc., Class A		279,500		3,954,925
Regions Financial Corp.		394,430		4,224,345
Sandy Spring Bancorp, Inc.		119,000		3,772,300
Sterling Bancorp		328,115		5,906,070
Umpqua Holdings Corp.		85,500		1,306,440
Union Bankshares Corp.		49,100		1,371,363
United Community Banks, Inc.		168,859		3,642,289
Washington Trust Bancorp, Inc.		39,571		1,816,309
Webster Financial Corp. (B)		61,000		2,464,400
Zions Bancorporation		311,795		10,042,917
				64,562,867
Building Products - 1.5%
American Woodmark Corp. (A)		20,000		1,494,000
Caesarstone, Ltd. (A)		128,000		4,524,800
Continental Building Products, Inc. (A)		225,600		4,613,520
Gibraltar Industries, Inc. (A)		20,800		809,120
				11,441,440
Capital Markets - 3.4%
E*TRADE Financial Corp. (A)		323,785		9,117,786
Invesco, Ltd.		271,445		7,624,890
Janus Capital Group, Inc.		148,000		1,897,360
Legg Mason, Inc.		59,200		1,700,224
Piper Jaffray Cos. (A)		45,000		2,544,750
Stifel Financial Corp. (A)		56,700		2,219,238
Waddell & Reed Financial, Inc., Class A		36,000		565,920
				25,670,168
Chemicals - 1.8%
Albemarle Corp.		42,500		3,550,875
Chemours Co.		348,379		5,723,867
FutureFuel Corp.		73,500		805,560
Trinseo SA		63,740		3,343,163
				13,423,465

	Shares		Value
COMMON STOCKS (continued)
Commercial Services & Supplies - 0.7%
HNI Corp.		45,500		$  1,850,030
Knoll, Inc.		56,000		1,211,840
Tetra Tech, Inc.		54,000		2,076,300
				5,138,170
Communications Equipment - 0.7%
Harmonic, Inc. (A) (B)		219,300		1,118,430
KVH Industries, Inc. (A)		304,500		2,420,775
NETGEAR, Inc. (A)		36,000		1,818,000
				5,357,205
Construction & Engineering - 2.9%
AECOM (A)		79,600		2,216,860
Comfort Systems USA, Inc., Class A		89,000		2,567,650
EMCOR Group, Inc.		57,500		3,476,450
Granite Construction, Inc.		55,500		2,728,380
KBR, Inc.		756,970		11,210,726
				22,200,066
Containers & Packaging - 1.6%
Berry Plastics Group, Inc. (A)		106,320		4,651,500
International Paper Co.		175,870		7,919,426
				12,570,926
Diversified Financial Services - 1.4%
Voya Financial, Inc.		345,600		10,558,080
Diversified Telecommunication Services - 1.4%
Level 3 Communications, Inc. (A)		83,440		4,685,156
Zayo Group Holdings, Inc. (A)		190,889		6,142,808
				10,827,964
Electric Utilities - 2.8%
Exelon Corp.		366,510		12,486,995
PG&E Corp.		131,540		8,171,265
Spark Energy, Inc., Class A (B)		21,000		508,200
				21,166,460
Electrical Equipment - 0.4%
Regal Beloit Corp.		46,300		2,736,330
Electronic Equipment, Instruments & Components - 5.0%
Amphenol Corp., Class A		21,085		1,390,134
Belden, Inc.		64,200		4,160,802
Benchmark Electronics, Inc. (A)		31,000		779,650
Coherent, Inc. (A)		50,910		5,300,749
Control4 Corp. (A) (B)		520,500		5,876,445
Daktronics, Inc.		22,500		187,875
Fitbit, Inc., Class A (A) (B)		452,975		6,006,449
Methode Electronics, Inc.		23,000		717,600
Orbotech, Ltd. (A)		293,136		8,031,926
Universal Display Corp., Class A (A) (B)		64,000		3,308,800
Vishay Intertechnology, Inc. (B)		180,000		2,538,000
				38,298,430
Energy Equipment & Services - 1.7%
Baker Hughes, Inc.		77,465		4,291,561
Precision Drilling Corp. (B)		1,967,815		8,756,777
				13,048,338
Equity Real Estate Investment Trusts - 8.7%
Alexandria Real Estate Equities, Inc.		28,445		3,066,655
Brandywine Realty Trust		211,500		3,278,250
CBL & Associates Properties, Inc.		393,440		4,209,808
Community Healthcare Trust, Inc.		159,000		3,558,420

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

Transamerica Funds Annual Report 2016

Page    260

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Cousins Properties, Inc.		990,610		$  7,697,040
DiamondRock Hospitality Co.		340,500		3,115,575
DuPont Fabros Technology, Inc.		73,575		3,002,596
Lexington Realty Trust		191,900		1,945,866
Liberty Property Trust, Series C		66,000		2,668,380
National Retail Properties, Inc.		49,000		2,235,380
Parkway, Inc. (A)		218,962		3,945,695
Physicians Realty Trust		185,000		3,657,450
Piedmont Office Realty Trust, Inc., Class A		65,500		1,341,440
Ryman Hospitality Properties, Inc.		75,690		3,816,290
Sabra Healthcare REIT, Inc.		44,500		1,036,850
SL Green Realty Corp.		97,220		9,548,948
Summit Hotel Properties, Inc.		328,000		4,260,720
Sunstone Hotel Investors, Inc.		302,553		3,800,066
				66,185,429
Food Products - 1.7%
ConAgra Foods, Inc.		24,890		1,199,200
J&J Snack Foods Corp.		9,250		1,129,888
Pinnacle Foods, Inc.		206,405		10,613,345
				12,942,433
Health Care Equipment & Supplies - 1.0%
AngioDynamics, Inc. (A)		125,700		2,003,658
Boston Scientific Corp. (A)		242,500		5,335,000
				7,338,658
Health Care Providers & Services - 3.5%
AMN Healthcare Services, Inc. (A)		35,050		1,149,640
Amsurg Corp., Class A (A) (B)		148,385		8,866,004
Centene Corp. (A)		81,092		5,066,628
HealthSouth Corp.		173,400		6,962,010
PharMerica Corp. (A)		95,500		2,272,900
WellCare Health Plans, Inc. (A)		24,500		2,780,995
				27,098,177
Health Care Technology - 0.8%
Cotiviti Holdings, Inc. (A)		128,685		3,972,506
Omnicell, Inc. (A)		62,200		2,029,275
				6,001,781
Hotels, Restaurants & Leisure - 1.2%
Churchill Downs, Inc.		24,500		3,332,000
MGM Resorts International (A)		229,415		6,003,791
				9,335,791
Household Durables - 2.6%
Harman International Industries, Inc.		39,400		3,140,574
Helen of Troy, Ltd. (A)		25,000		2,037,500
KB Home (B)		352,070		5,119,098
La-Z-Boy, Inc.		80,000		1,872,000
Newell Brands, Inc.		160,740		7,718,735
				19,887,907
Household Products - 0.5%
Spectrum Brands Holdings, Inc., Class A (B)		27,000		3,651,480
Insurance - 3.4%
Aspen Insurance Holdings, Ltd.		51,500		2,484,875
Selective Insurance Group, Inc.		149,000		5,505,550
United Fire Group, Inc.		132,993		5,255,883
Validus Holdings, Ltd.		44,500		2,273,950
XL Group, Ltd.		304,154		10,554,144
				26,074,402

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 0.1%
Nutrisystem, Inc.		36,500		$  1,157,050
Internet Software & Services - 0.3%
IAC/InterActiveCorp		37,500		2,416,500
IT Services - 1.8%
CoreLogic, Inc. (A)		54,200		2,306,752
Global Payments, Inc.		33,750		2,447,550
Leidos Holdings, Inc.		176,195		7,324,426
Sykes Enterprises, Inc. (A)		62,350		1,667,239
				13,745,967
Life Sciences Tools & Services - 0.4%
PerkinElmer, Inc.		62,055		3,157,979
Machinery - 4.4%
AGCO Corp.		89,325		4,562,721
Altra Industrial Motion Corp.		60,000		1,770,000
Columbus McKinnon Corp.		3,600		70,164
Crane Co.		36,000		2,448,360
Douglas Dynamics, Inc.		86,500		2,776,650
Ingersoll-Rand PLC		98,755		6,645,224
ITT, Inc.		246,667		8,687,612
Mueller Industries, Inc.		79,500		2,408,055
Oshkosh Corp.		24,500		1,310,750
Watts Water Technologies, Inc., Class A		43,500		2,610,000
				33,289,536
Media - 1.3%
AMC Networks, Inc., Class A (A)		16,000		782,880
CBS Corp., Class B		33,625		1,903,847
Starz, Class A (A)		76,500		2,406,690
TEGNA, Inc.		255,435		5,011,635
				10,105,052
Metals & Mining - 1.5%
ArcelorMittal (A)		1,208,910		8,135,964
Freeport-McMoRan, Inc. (A)		143,745		1,607,069
Kaiser Aluminum Corp.		26,500		1,920,985
				11,664,018
Multi-Utilities - 2.6%
Black Hills Corp. (B)		22,877		1,414,942
DTE Energy Co.		24,560		2,358,006
NorthWestern Corp.		91,800		5,283,090
Public Service Enterprise Group, Inc.		264,575		11,133,316
				20,189,354
Multiline Retail - 0.6%
JC Penney Co., Inc. (A) (B)		519,280		4,460,615
Oil, Gas & Consumable Fuels - 6.5%
Alon USA Energy, Inc. (B)		75,000		604,500
Callon Petroleum Co. (A)		105,000		1,363,950
Energen Corp.		132,190		6,626,685
Gulfport Energy Corp. (A)		100,000		2,411,000
Hess Corp.		164,510		7,891,545
Oasis Petroleum, Inc. (A)		399,015		4,185,667
PDC Energy, Inc. (A)		74,650		4,578,284
REX American Resources Corp., Class A (A)		30,800		2,432,892
SM Energy Co.		117,525		3,952,366
Targa Resources Corp.		74,520		3,271,428
Tesoro Corp.		86,730		7,369,448
Western Refining, Inc. (B)		162,875		4,698,944
				49,386,709

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

Transamerica Funds Annual Report 2016

Page    261

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Paper & Forest Products - 0.6%
Domtar Corp.		84,450		$  3,035,977
P.H. Glatfelter Co.		65,000		1,444,300
				4,480,277
Pharmaceuticals - 0.8%
Endo International PLC (A)		233,390		4,376,063
Nektar Therapeutics (A)		165,533		2,052,609
				6,428,672
Professional Services - 1.3%
FTI Consulting, Inc. (A)		20,500		798,680
Heidrick & Struggles International, Inc.		134,500		2,488,250
ManpowerGroup, Inc.		55,990		4,300,032
On Assignment, Inc. (A)		63,500		2,185,035
				9,771,997
Real Estate Management & Development - 1.3%
CBRE Group, Inc., Class A (A)		387,525		9,982,644
Road & Rail - 0.5%
AMERCO		11,400		3,675,246
Semiconductors & Semiconductor Equipment - 6.6%
Analog Devices, Inc., Class A		130,665		8,375,626
Applied Materials, Inc., Class A		196,630		5,718,000
Brooks Automation, Inc., Class A		196,000		2,553,880
Cohu, Inc.		164,500		1,840,755
Entegris, Inc. (A)		196,500		3,124,350
Lam Research Corp.		23,873		2,312,339
Microsemi Corp. (A)		178,210		7,507,987
MKS Instruments, Inc.		48,800		2,461,960
Qorvo, Inc. (A)		46,274		2,575,148
Sigma Designs, Inc. (A)		276,000		2,014,800
Silicon Motion Technology Corp., ADR		81,000		3,289,410
Versum Materials, Inc. (A)		211,265		4,795,716
Xcerra Corp. (A)		366,200		2,017,762
Xilinx, Inc.		31,740		1,614,614
				50,202,347
Software - 0.3%
Activision Blizzard, Inc.		24,745		1,068,242
TiVo Corp. (A)		68,198		1,353,730
				2,421,972
Specialty Retail - 1.3%
Abercrombie & Fitch Co., Class A (B)		132,000		1,928,520
American Eagle Outfitters, Inc. (B)		279,500		4,762,680
Express, Inc. (A)		93,700		1,126,274
Foot Locker, Inc.		31,000		2,069,870
Guess?, Inc.		11,000		148,500
				10,035,844
Technology Hardware, Storage & Peripherals - 0.8%
Western Digital Corp.		100,985		5,901,563
Textiles, Apparel & Luxury Goods - 1.7%
PVH Corp.		104,200		11,147,316
Steven Madden, Ltd., Class B (A)		55,350		1,848,690
				12,996,006
Thrifts & Mortgage Finance - 1.9%
Dime Community Bancshares, Inc.		140,250		2,272,050
Oritani Financial Corp.		60,500		946,825
Provident Financial Services, Inc.		118,000		2,677,420

	Shares		Value
COMMON STOCKS (continued)
Thrifts & Mortgage Finance (continued)
TrustCo Bank Corp.		164,000		$  1,148,000
United Financial Bancorp, Inc.		207,958		3,059,062
Washington Federal, Inc.		150,000		4,087,500
				14,190,857
Total Common Stocks (Cost $671,732,263)				745,183,631
MASTER LIMITED PARTNERSHIP - 1.1%
Capital Markets - 1.1%
Lazard, Ltd., Class A		226,715		8,266,029
Total Master Limited Partnership (Cost $9,285,403)				8,266,029
SECURITIES LENDING COLLATERAL - 4.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		36,191,345		36,191,345
Total Securities Lending Collateral (Cost $36,191,345)				36,191,345
	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $12,150,614 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $12,396,675.		$  12,150,604		12,150,604
Total Repurchase Agreement (Cost $12,150,604)				12,150,604
Total Investments (Cost $729,359,615) (D)				801,791,609
Net Other Assets (Liabilities) - (5.1)%				(39,075,591	)
Net Assets - 100.0%				$  762,716,018

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

Transamerica Funds Annual Report 2016

Page    262

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	745,183,631	$	—	$	—	$	745,183,631
Master Limited Partnership		8,266,029		—		—		8,266,029
Securities Lending Collateral		36,191,345		—		—		36,191,345
Repurchase Agreement		—		12,150,604		—		12,150,604
Total Investments	$	789,641,005	$	12,150,604	$	—	$	801,791,609

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $35,145,417. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $736,318,885. Aggregate gross unrealized appreciation and depreciation for all securities is $108,084,088 and $42,611,364, respectively. Net unrealized appreciation for tax purposes is $65,472,724.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

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

Transamerica Funds Annual Report 2016

Page    263

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 45.2%
Air Freight & Logistics - 0.9%
United Parcel Service, Inc., Class B		3,900		$  420,264
Automobiles - 0.9%
Ford Motor Co.		37,000		434,380
Banks - 2.5%
JPMorgan Chase & Co.		3,750		259,725
US Bancorp		10,425		466,623
Wells Fargo & Co.		10,400		478,504
				1,204,852
Beverages - 0.4%
Coca-Cola Co.		4,125		174,900
Biotechnology - 0.8%
Gilead Sciences, Inc.		5,100		375,513
Capital Markets - 1.1%
Ameriprise Financial, Inc.		6,150		543,599
Chemicals - 0.9%
LyondellBasell Industries NV, Class A		5,700		453,435
Communications Equipment - 1.1%
Cisco Systems, Inc.		17,750		544,570
Consumer Finance - 1.0%
Capital One Financial Corp.		6,800		503,472
Containers & Packaging - 0.7%
International Paper Co.		7,500		337,725
Diversified Telecommunication Services - 1.5%
AT&T, Inc.		7,775		286,042
Verizon Communications, Inc.		8,625		414,863
				700,905
Electric Utilities - 1.5%
PPL Corp.		16,900		580,346
Xcel Energy, Inc.		3,000		124,650
				704,996
Electrical Equipment - 0.9%
Eaton Corp. PLC		6,800		433,636
Equity Real Estate Investment Trusts - 1.4%
Crown Castle International Corp.		3,700		336,663
Lamar Advertising Co., Class A (A)		5,500		348,975
				685,638
Food & Staples Retailing - 0.6%
Wal-Mart Stores, Inc.		4,250		297,585
Health Care Equipment & Supplies - 0.7%
Medtronic PLC		4,200		344,484
Health Care Providers & Services - 0.8%
Cardinal Health, Inc.		5,400		370,926
Hotels, Restaurants & Leisure - 0.9%
Wyndham Worldwide Corp.		6,400		421,376
Household Durables - 1.0%
Whirlpool Corp.		3,200		479,424
Household Products - 0.8%
Procter & Gamble Co.		4,325		375,410
Industrial Conglomerates - 0.6%
General Electric Co.		10,000		291,000
Insurance - 2.8%
Allstate Corp.		3,100		210,490
FNF Group		9,500		341,145

	Shares		Value
COMMON STOCKS (continued)
Insurance (continued)
MetLife, Inc.		9,000		$  422,640
Prudential Financial, Inc.		4,300		364,597
				1,338,872
Internet Software & Services - 0.8%
Alphabet, Inc., Class C (B)		500		392,270
Machinery - 0.4%
Stanley Black & Decker, Inc.		1,725		196,374
Mortgage Real Estate Investment Trusts - 0.9%
Annaly Capital Management, Inc.		40,150		415,954
Multi-Utilities - 0.7%
National Grid PLC, ADR		5,075		332,007
Multiline Retail - 1.5%
Kohl’s Corp.		6,000		262,500
Target Corp.		6,500		446,745
				709,245
Oil, Gas & Consumable Fuels - 3.1%
Exxon Mobil Corp.		7,600		633,232
Royal Dutch Shell PLC, Class B, ADR (A)		6,075		317,783
Valero Energy Corp.		6,575		389,503
Williams Cos., Inc.		5,250		153,300
				1,493,818
Pharmaceuticals - 3.1%
AstraZeneca PLC, ADR		7,350		208,152
Johnson & Johnson		4,375		507,456
Novartis AG, ADR		4,475		317,815
Pfizer, Inc.		10,975		348,017
Teva Pharmaceutical Industries, Ltd., ADR		3,000		128,220
				1,509,660
Road & Rail - 1.0%
Union Pacific Corp.		5,500		484,990
Semiconductors & Semiconductor Equipment - 2.5%
Intel Corp.		15,800		550,946
QUALCOMM, Inc.		9,750		670,020
				1,220,966
Software - 2.2%
Microsoft Corp.		10,100		605,192
Oracle Corp.		11,525		442,790
				1,047,982
Specialty Retail - 2.1%
Foot Locker, Inc.		7,550		504,113
Home Depot, Inc.		4,000		488,040
				992,153
Technology Hardware, Storage & Peripherals - 2.0%
Apple, Inc.		8,350		948,059
Thrifts & Mortgage Finance - 0.7%
New York Community Bancorp, Inc.		22,000		315,920
Wireless Telecommunication Services - 0.4%
Rogers Communications, Inc., Class B		5,000		201,150
Total Common Stocks (Cost $22,100,346)				21,697,510

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

Transamerica Funds Annual Report 2016

Page    264

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
PREFERRED STOCKS - 9.4%
Banks - 1.4%
Bank of America Corp. Series W, 6.63% (A)		13,000		$  354,510
Citigroup, Inc. Series J, 7.13% (A) (C)		12,000		342,240
				696,750
Consumer Finance - 1.2%
Capital One Financial Corp. Series D, 6.70% (A)		20,000		561,800
Equity Real Estate Investment Trusts - 2.4%
Corporate Office Properties Trust Series L, 7.38%		15,250		392,840
DuPont Fabros Technology, Inc. Series C, 6.63%		10,000		275,000
NorthStar Realty Finance Corp. Series E, 8.75%		10,350		274,586
Taubman Centers, Inc. Series J, 6.50%		9,000		233,100
				1,175,526
Insurance - 3.2%
Kemper Corp. 7.38%		19,484		520,028
Maiden Holdings North America, Ltd. 7.75%		15,600		418,392
Maiden Holdings, Ltd. Series A, 8.25%		1,400		36,512
Torchmark Corp. 6.13%		20,000		540,600
				1,515,532
Mortgage Real Estate Investment Trusts - 1.2%
AGNC Investment Corp. Series B, 7.75%		15,000		381,000
Colony Capital, Inc. Series B, 7.50%		8,250		209,055
				590,055
Total Preferred Stocks (Cost $4,369,657)				4,539,663
	Principal		Value
CORPORATE DEBT SECURITIES - 42.1%
Aerospace & Defense - 0.8%
Triumph Group, Inc. 5.25%, 06/01/2022		$  400,000		366,000
Auto Components - 0.9%
Cooper Tire & Rubber Co.
7.63%, 03/15/2027		79,000		86,308
8.00%, 12/15/2019		300,000		340,650
				426,958
Banks - 1.1%
Wells Fargo & Co. 7.98% (C), 03/15/2018 (D)		500,000		521,250
Building Products - 2.5%
BMC East LLC 5.50%, 10/01/2024 (E)		500,000		507,500
GCP Applied Technologies, Inc. 9.50%, 02/01/2023 (E)		250,000		283,125

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Building Products (continued)
Gibraltar Industries, Inc. 6.25%, 02/01/2021		$  400,000		$  414,500
				1,205,125
Capital Markets - 1.1%
BCD Acquisition, Inc. 9.63%, 09/15/2023 (E)		500,000		516,250
Chemicals - 1.2%
Blue Cube Spinco, Inc. 9.75%, 10/15/2023		500,000		587,500
Commercial Services & Supplies - 1.8%
ADT Corp. 6.25%, 10/15/2021		300,000		328,125
Prime Security Services Borrower LLC / Prime Finance, Inc. 9.25%, 05/15/2023 (E)		500,000		531,250
				859,375
Consumer Finance - 1.8%
Ally Financial, Inc. 8.00%, 03/15/2020		425,000		481,313
Navient Corp. 7.25%, 01/25/2022, MTN		400,000		404,000
				885,313
Diversified Financial Services - 1.0%
Icahn Enterprises, LP / Icahn Enterprises Finance Corp. 6.00%, 08/01/2020		500,000		491,250
Diversified Telecommunication Services - 3.1%
CenturyLink, Inc. 7.50%, 04/01/2024		650,000		676,812
Frontier Communications Corp.
8.50%, 04/15/2020		335,000		357,613
10.50%, 09/15/2022		125,000		130,000
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		300,000		328,875
				1,493,300
Electronic Equipment, Instruments & Components - 1.1%
Zebra Technologies Corp. 7.25%, 10/15/2022 (A)		500,000		538,750
Energy Equipment & Services - 2.0%
Enviva Partners, LP / Enviva Partners Finance Corp. 8.50%, 11/01/2021 (E) (F)		500,000		511,250
SEACOR Holdings, Inc. 7.38%, 10/01/2019		443,000		446,322
				957,572
Health Care Providers & Services - 1.6%
CHS / Community Health Systems, Inc. 8.00%, 11/15/2019 (A)		303,000		266,640
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 (E)		500,000		506,875
				773,515
Hotels, Restaurants & Leisure - 1.3%
MGM Resorts International 8.63%, 02/01/2019		350,000		392,656
Rivers Pittsburgh Borrower, LP / Rivers Pittsburgh Finance Corp. 6.13%, 08/15/2021 (E)		250,000		258,125
				650,781

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

Transamerica Funds Annual Report 2016

Page    265

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Household Durables - 1.3%
Meritage Homes Corp.
7.00%, 04/01/2022		$  353,000		$  393,948
7.15%, 04/15/2020		225,000		249,750
				643,698
Insurance - 0.7%
Prudential Financial, Inc. 8.88% (C), 06/15/2068		300,000		331,500
Machinery - 0.8%
Terex Corp. 6.50%, 04/01/2020		400,000		408,000
Media - 2.5%
Cablevision Systems Corp. 8.63%, 09/15/2017		250,000		261,250
DISH DBS Corp. 7.88%, 09/01/2019		400,000		446,000
Gray Television, Inc. 5.13%, 10/15/2024 (E)		500,000		485,000
				1,192,250
Multiline Retail - 0.9%
Dillard’s, Inc. 7.88%, 01/01/2023		350,000		423,465
Oil, Gas & Consumable Fuels - 3.5%
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.00%, 08/01/2024 (E)		300,000		312,000
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/2023 (E)		500,000		462,500
Tesoro Logistics, LP / Tesoro Logistics Finance Corp. 6.38%, 05/01/2024		450,000		484,875
Valero Energy Corp. 8.75%, 06/15/2030		300,000		404,730
				1,664,105
Professional Services - 1.1%
AMN Healthcare, Inc. 5.13%, 10/01/2024 (E)		500,000		507,500
Semiconductors & Semiconductor Equipment - 0.8%
Microsemi Corp. 9.13%, 04/15/2023 (E)		324,000		373,410
Specialty Retail - 3.6%
Foot Locker, Inc. 8.50%, 01/15/2022		500,000		592,500
L Brands, Inc.
6.95%, 03/01/2033		400,000		413,000
7.00%, 05/01/2020		200,000		228,000
Rent-A-Center, Inc. 6.63%, 11/15/2020 (A)		542,000		490,510
				1,724,010
Technology Hardware, Storage & Peripherals - 3.5%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 8.10%, 07/15/2036 (E)		500,000		596,880
Diebold, Inc. 8.50%, 04/15/2024 (E)		500,000		529,875

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp. 10.50%, 04/01/2024 (E)		$  500,000		$  577,500
				1,704,255
Textiles, Apparel & Luxury Goods - 0.2%
PVH Corp. 7.75%, 11/15/2023		100,000		116,250
Thrifts & Mortgage Finance - 1.2%
Radian Group, Inc. 7.00%, 03/15/2021		500,000		560,470
Trading Companies & Distributors - 0.7%
United Rentals North America, Inc. 7.63%, 04/15/2022		300,000		319,014
Total Corporate Debt Securities (Cost $19,795,724)				20,240,866
	Shares		Value
SECURITIES LENDING COLLATERAL - 5.3%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (G)		2,532,315		2,532,315
Total Securities Lending Collateral (Cost $2,532,315)				2,532,315
	Principal		Value
REPURCHASE AGREEMENT - 2.4%
State Street Bank & Trust Co. 0.03% (G), dated 10/31/2016, to be repurchased at $1,129,195 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.50%, due 06/30/2017, and with a value of $1,152,600.		$  1,129,194		1,129,194
Total Repurchase Agreement (Cost $1,129,194)				1,129,194
Total Investments (Cost $49,927,236) (H)				50,139,548
Net Other Assets (Liabilities) - (4.4)%				(2,122,841	)
Net Assets - 100.0%				$  48,016,707

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

Transamerica Funds Annual Report 2016

Page    266

Transamerica Strategic High Income

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(I)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	21,697,510	$	—	$	—	$	21,697,510
Preferred Stocks		4,539,663		—		—		4,539,663
Corporate Debt Securities		—		20,240,866		—		20,240,866
Securities Lending Collateral		2,532,315		—		—		2,532,315
Repurchase Agreement		—		1,129,194		—		1,129,194
Total Investments	$	28,769,488	$	21,370,060	$	—	$	50,139,548

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $2,478,715. 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)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(D)  Perpetual maturity. The date displayed is the next call date.

^(E)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $6,959,040, representing 14.5% of the Fund’s net assets.

^(F)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after October 31, 2016.

^(G)  Rates disclosed reflect the yields at October 31, 2016.

^(H)  Aggregate cost for federal income tax purposes is $49,929,281. Aggregate gross unrealized appreciation and depreciation for all securities is $1,756,985 and $1,546,718, respectively. Net unrealized appreciation for tax purposes is $210,267.

^(I)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
MTN	Medium Term Note

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

Transamerica Funds Annual Report 2016

Page    267

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 23.7%
Allegro CLO II, Ltd. Series 2014-1A, Class E, 7.63% (A), 01/21/2027 (B) (C)		$  1,500,000		$  1,249,548
Allegro CLO III, Ltd. Series 2015-1A, Class F, 6.68% (A), 07/25/2027 (B) (C)		2,000,000		1,582,178
Ally Auto Receivables Trust Series 2015-2, Class A3, 1.49%, 11/15/2019		2,000,000		2,006,987
American Express Credit Account Master Trust Series 2014-1, Class A, 0.90% (A), 12/15/2021		1,860,000		1,866,137
AmeriCredit Automobile Receivables Trust
Series 2013-3, Class D,
3.00%, 07/08/2019		1,800,000		1,824,728
Series 2016-3, Class A3,
1.46%, 05/08/2021		1,000,000		1,000,683
Series 2016-4, Class A3,
1.53%, 07/08/2021		2,000,000		1,999,376
Atrium XII Series 12A, Class F, 8.38% (A), 10/22/2026 (B) (C)		2,000,000		1,715,726
Avery Point VII CLO, Ltd. Series 2015-7A, Class F, 8.88% (A), 01/15/2028 (B) (C)		1,700,000		1,486,516
Avis Budget Rental Car Funding AESOP LLC Series 2013-1A, Class A, 1.92%, 09/20/2019 (B)		2,000,000		1,997,106
BA Credit Card Trust Series 2015-A2, Class A, 1.36%, 09/15/2020		362,000		362,892
BlueMountain CLO, Ltd. Series 2015-3A, Class E, 7.68% (A), 10/20/2027 (B) (C)		2,000,000		1,655,316
Capital Auto Receivables Asset Trust Series 2016-3, Class A3, 1.54%, 08/20/2020		2,000,000		2,001,771
Capital One Multi-Asset Execution Trust Series 2016-A4, Class A4, 1.33%, 06/15/2022		960,000		958,656
CarMax Auto Owner Trust
Series 2016-3, Class A4,
1.60%, 01/18/2022		270,000		270,613
Series 2016-4, Class A4,
1.60%, 06/15/2022		1,724,000		1,719,430
Chase Issuance Trust
Series 2014-A5, Class A5,
0.90% (A), 04/15/2021		225,000		225,653
Series 2016-A2, Class A,
1.37%, 06/15/2021		1,326,000		1,326,468
Series 2016-A5, Class A5,
1.27%, 07/15/2021		2,000,000		1,996,077
CitiBank Credit Card Issuance Trust Series 2014-A8, Class A8, 1.73%, 04/09/2020		2,000,000		2,015,354

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Discover Card Execution Note Trust
Series 2013-A6, Class A6,
0.98% (A), 04/15/2021		$   1,000,000		$   1,003,935
Series 2015-A3, Class A,
1.45%, 03/15/2021		2,000,000		2,007,168
Series 2015-A4, Class A4,
2.19%, 04/17/2023		2,000,000		2,043,951
Ford Credit Auto Owner Trust Series 2015-2, Class A, 2.44%, 01/15/2027 (B)		990,000		1,016,470
Honda Auto Receivables Owner Trust
Series 2015-3, Class A4,
1.56%, 10/18/2021		2,000,000		2,012,513
Series 2016-2, Class A4,
1.62%, 08/15/2022		880,000		887,364
Hyundai Auto Lease Securitization Trust Series 2016-C, Class A4, 1.65%, 07/15/2020 (B)		2,000,000		1,998,449
Mercedes-Benz Auto Receivables Trust Series 2016-1, Class A4, 1.46%, 12/15/2022		2,000,000		2,000,122
OHA Credit Partners XI, Ltd. Series 2015-11A, Class F, 8.98% (A), 10/20/2028 (B) (C)		2,000,000		1,774,262
Santander Drive Auto Receivables Trust Series 2014-5, Class C, 2.46%, 06/15/2020		500,000		505,549
Synchrony Credit Card Master Note Trust
Series 2012-6, Class A,
1.36%, 08/17/2020		2,000,000		2,003,085
Series 2016-1, Class A,
2.04%, 03/15/2022		1,250,000		1,264,668
Series 2016-2, Class A,
2.21%, 05/15/2024		1,223,000		1,240,343
Taco Bell Funding LLC Series 2016-1A, Class A2I, 3.83%, 05/25/2046 (B)		862,000		875,678
Toyota Auto Receivables Owner Trust Series 2016-A, Class A4, 1.47%, 09/15/2021		2,000,000		2,003,413
Total Asset-Backed Securities (Cost $52,042,093)				51,898,185
CORPORATE DEBT SECURITIES - 35.9%
Aerospace & Defense - 0.6%
General Dynamics Corp. 1.88%, 08/15/2023		300,000		293,686
Lockheed Martin Corp. 1.85%, 11/23/2018		600,000		605,732
Moog, Inc. 5.25%, 12/01/2022 (B)		180,000		184,500
Triumph Group, Inc. 5.25%, 06/01/2022		150,000		137,250
				1,221,168
Airlines - 0.3%
Allegiant Travel Co. 5.50%, 07/15/2019		400,000		415,500

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

Transamerica Funds Annual Report 2016

Page    268

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
United Airlines Pass-Through Trust 5.38%, 02/15/2023		$   290,198		$   301,806
				717,306
Automobiles - 0.1%
Hyundai Capital America 2.40%, 10/30/2018 (B)		239,000		241,696
Banks - 7.9%
Australia & New Zealand Banking Group, Ltd. 6.75% (A), 06/15/2026 (B) (D) (E)		563,000		617,935
Bank of America Corp.
2.63%, 04/19/2021, MTN		400,000		404,796
6.11%, 01/29/2037		207,000		251,292
Barclays PLC 8.25% (A), 12/15/2018 (E)		1,000,000		1,012,500
BNP Paribas SA 7.63% (A), 03/30/2021 (B) (E)		1,775,000		1,854,875
Citigroup, Inc.
2.26% (A), 09/01/2023		500,000		501,775
4.40%, 06/10/2025		148,000		156,302
Credit Agricole SA
4.38%, 03/17/2025 (B)		271,000		276,591
8.13% (A), 12/23/2025 (B) (E)		1,553,000		1,667,674
Fifth Third Bancorp 2.88%, 07/27/2020		298,000		307,801
Fifth Third Bank 2.30%, 03/15/2019		235,000		237,968
First Horizon National Corp. 3.50%, 12/15/2020		232,000		236,232
HSBC Holdings PLC 6.88% (A), 06/01/2021 (D) (E)		1,300,000		1,368,250
Intesa Sanpaolo SpA
5.02%, 06/26/2024 (B)		467,000		433,367
7.70% (A), 09/17/2025 (B) (E)		1,626,000		1,485,757
JPMorgan Chase & Co. 2.55%, 10/29/2020		299,000		304,090
Lloyds Banking Group PLC 7.50% (A), 06/27/2024 (D) (E)		1,300,000		1,339,000
Regions Financial Corp. 7.38%, 12/10/2037		309,000		388,504
Royal Bank of Canada 4.65%, 01/27/2026, MTN		200,000		216,859
Royal Bank of Scotland Group PLC
8.00% (A), 08/10/2025 (E)		760,000		722,000
8.63% (A), 08/15/2021 (E)		557,000		554,215
Royal Bank of Scotland NV 4.65%, 06/04/2018		483,000		495,238
Societe Generale SA
7.88% (A), 12/18/2023 (B) (D) (E)		1,000,000		990,000
8.00% (A), 09/29/2025 (B) (E)		506,000		510,428
Standard Chartered PLC
1.94% (A), 08/19/2019 (B)		115,000		115,750
7.50% (A), 04/02/2022 (B) (D) (E)		488,000		491,355
Toronto-Dominion Bank 3.63% (A), 09/15/2031		70,000		69,923
US Bank NA 1.45%, 01/29/2018, MTN		250,000		250,772
				17,261,249

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages - 0.6%
Anheuser-Busch InBev Finance, Inc. 1.90%, 02/01/2019		$   400,000		$   403,110
Coca-Cola Co. 0.88%, 10/27/2017		299,000		298,734
PepsiCo, Inc. 2.38%, 10/06/2026		250,000		245,114
Pernod Ricard SA 2.95%, 01/15/2017 (B)		354,000		354,993
				1,301,951
Biotechnology - 0.2%
Celgene Corp. 2.13%, 08/15/2018		331,000		334,141
Building Products - 0.2%
Boise Cascade Co. 5.63%, 09/01/2024 (B)		300,000		303,375
Griffon Corp. 5.25%, 03/01/2022		100,000		101,250
				404,625
Capital Markets - 2.2%
Credit Suisse Group AG 7.50% (A), 12/11/2023 (B) (E)		1,700,000		1,759,500
Credit Suisse Group Funding Guernsey, Ltd. 3.17%(A), 04/16/2021 (B)		500,000		519,776
Donnelley Financial Solutions, Inc. 8.25%, 10/15/2024 (B)		204,000		210,630
Goldman Sachs Group, Inc.
1.92% (A), 04/25/2019		250,000		251,654
5.25%, 07/27/2021		267,000		300,092
Morgan Stanley 5.00%, 11/24/2025		289,000		319,665
UBS AG 7.63%, 08/17/2022		800,000		927,000
UBS Group Funding Jersey, Ltd. 3.00%, 04/15/2021 (B)		500,000		510,835
				4,799,152
Chemicals - 0.7%
A. Schulman, Inc. 6.88%, 06/01/2023 (B)		196,000		199,430
Air Liquide Finance SA 1.75%, 09/27/2021 (B)		330,000		325,810
Airgas, Inc. 3.05%, 08/01/2020		106,000		110,473
Ecolab, Inc.
1.45%, 12/08/2017		419,000		419,727
3.70%, 11/01/2046		35,000		34,254
Praxair, Inc. 2.25%, 09/24/2020		299,000		306,356
Unifrax I LLC / Unifrax Holding Co. 7.50%, 02/15/2019 (B)		202,000		194,425
				1,590,475
Commercial Services & Supplies - 0.6%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.13%, 06/01/2022 (B)		45,000		44,100
5.25%, 03/15/2025 (B)		286,000		271,700

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

Transamerica Funds Annual Report 2016

Page    269

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Commercial Services & Supplies (continued)
Clean Harbors, Inc. 5.13%, 06/01/2021		$   154,000		$   157,657
Herc Rentals, Inc. 7.50%, 06/01/2022 (B)		202,000		202,000
Pitney Bowes, Inc. 3.38%, 10/01/2021		440,000		438,798
Quad / Graphics, Inc. 7.00%, 05/01/2022		307,000		294,720
				1,408,975
Communications Equipment - 0.4%
Harris Corp.
2.70%, 04/27/2020		383,000		388,006
4.85%, 04/27/2035		140,000		150,022
Plantronics, Inc. 5.50%, 05/31/2023 (B)		290,000		295,075
				833,103
Construction & Engineering - 0.4%
Great Lakes Dredge & Dock Corp. 7.38%, 02/01/2019		319,000		313,019
K Hovnanian Enterprises, Inc. 7.25%, 10/15/2020 (B)		315,000		283,500
Weekley Homes LLC / Weekley Finance Corp. 6.00%, 02/01/2023		330,000		300,300
				896,819
Consumer Finance - 1.4%
Ally Financial, Inc. 5.75%, 11/20/2025		357,000		365,479
Altice Financing SA 7.50%, 05/15/2026 (B)		590,000		607,700
BMW US Capital LLC 1.50%, 04/11/2019 (B)		240,000		240,117
Daimler Finance North America LLC 2.00%, 07/06/2021 (B)		225,000		223,352
Enova International, Inc. 9.75%, 06/01/2021		460,000		431,250
Ford Motor Credit Co. LLC 1.65% (A), 08/12/2019		200,000		200,044
Navient Corp. 5.63%, 08/01/2033, MTN		290,000		229,825
OneMain Financial Holdings LLC 6.75%, 12/15/2019 (B)		215,000		222,525
Synchrony Financial 2.60%, 01/15/2019		500,000		505,964
				3,026,256
Containers & Packaging - 0.2%
Amcor Finance USA, Inc. 3.63%, 04/28/2026 (B)		110,000		112,011
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026		160,000		179,600
Owens-Brockway Glass Container, Inc. 5.38%, 01/15/2025 (B)		149,000		153,470
				445,081
Diversified Financial Services - 0.7%
Credit Acceptance Corp. 7.38%, 03/15/2023		310,000		320,075

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Financial Services (continued)
Fly Leasing, Ltd. 6.38%, 10/15/2021		$   200,000		$   204,500
Jefferies Finance LLC / JFIN Co-Issuer Corp. 6.88%, 04/15/2022 (B)		200,000		189,000
National Rural Utilities Cooperative Finance Corp.
1.10%, 01/27/2017		239,000		239,194
2.30%, 11/01/2020		77,000		78,392
Quicken Loans, Inc. 5.75%, 05/01/2025 (B)		430,000		424,625
				1,455,786
Diversified Telecommunication Services - 2.6%
AT&T, Inc. 5.80%, 02/15/2019		362,000		393,236
CenturyLink, Inc.
5.63%, 04/01/2025		193,000		180,938
7.50%, 04/01/2024		205,000		213,456
Cincinnati Bell, Inc. 7.00%, 07/15/2024 (B)		300,000		314,250
Cogent Communications Group, Inc. 5.38%, 03/01/2022 (B)		395,000		405,863
Embarq Corp. 8.00%, 06/01/2036		390,000		395,850
Frontier Communications Corp. 11.00%, 09/15/2025		535,000		547,786
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		380,000		416,575
Inmarsat Finance PLC 4.88%, 05/15/2022 (B)		435,000		410,248
SFR Group SA 7.38%, 05/01/2026 (B)		600,000		606,000
Sprint Capital Corp. 8.75%, 03/15/2032		200,000		203,000
Telesat Canada / Telesat LLC 6.00%, 05/15/2017 (B)		615,000		615,769
UPCB Finance IV, Ltd. 5.38%, 01/15/2025 (B)		410,000		416,150
Verizon Communications, Inc. 4.86%, 08/21/2046		191,000		202,303
Zayo Group LLC / Zayo Capital, Inc. 6.38%, 05/15/2025		290,000		305,318
				5,626,742
Electric Utilities - 0.5%
Exelon Corp. 2.85%, 06/15/2020		594,000		611,336
Southern Power Co. 1.85%, 12/01/2017		239,000		240,096
Talen Energy Supply LLC 4.63%, 07/15/2019 (B)		225,000		213,750
				1,065,182
Electrical Equipment - 0.2%
EnerSys 5.00%, 04/30/2023 (B)		300,000		307,500
General Cable Corp. 5.75%, 10/01/2022		155,000		146,475
				453,975

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

Transamerica Funds Annual Report 2016

Page    270

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electronic Equipment, Instruments & Components - 0.1%
Belden, Inc. 5.25%, 07/15/2024 (B)		$   300,000		$   302,250
Energy Equipment & Services - 0.8%
Bristow Group, Inc. 6.25%, 10/15/2022		300,000		239,250
Forum Energy Technologies, Inc. 6.25%, 10/01/2021		267,000		264,330
Genesis Energy, LP / Genesis Energy Finance Corp. 5.63%, 06/15/2024		365,000		361,350
Sabine Pass Liquefaction LLC 6.25%, 03/15/2022		300,000		328,500
SESI LLC 7.13%, 12/15/2021		310,000		302,250
TerraForm Power Operating LLC 9.38% (F), 02/01/2023 (B)		280,000		280,700
				1,776,380
Equity Real Estate Investment Trusts - 0.7%
American Tower Corp. 2.25%, 01/15/2022		500,000		493,320
CTR Partnership, LP / CareTrust Capital Corp. 5.88%, 06/01/2021		281,000		289,430
DuPont Fabros Technology, LP 5.63%, 06/15/2023		200,000		210,500
ESH Hospitality, Inc. 5.25%, 05/01/2025 (B)		300,000		297,000
iStar, Inc. 6.50%, 07/01/2021		275,000		277,063
				1,567,313
Food & Staples Retailing - 0.5%
Albertsons Cos. LLC / Safeway, Inc.
5.75%, 03/15/2025 (B)		100,000		98,719
6.63%, 06/15/2024 (B)		279,000		289,463
Kroger Co. 1.50%, 09/30/2019, MTN		330,000		328,234
Walgreens Boots Alliance, Inc. 2.60%, 06/01/2021		470,000		475,767
				1,192,183
Food Products - 0.1%
Land O’Lakes Capital Trust I 7.45%, 03/15/2028 (B)		96,000		109,920
Health Care Equipment & Supplies - 0.1%
Danaher Corp. 1.65%, 09/15/2018		137,000		137,952
Health Care Providers & Services - 0.5%
Centene Corp. 4.75%, 01/15/2025 (G)		210,000		209,081
CHS / Community Health Systems, Inc. 6.88%, 02/01/2022		275,000		209,687
HCA, Inc. 5.25%, 06/15/2026		187,000		195,415
IASIS Healthcare LLC / IASIS Capital Corp. 8.38%, 05/15/2019		199,000		189,548
RegionalCare Hospital Partners Holdings, Inc. 8.25%, 05/01/2023 (B)		400,000		405,500
				1,209,231

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Hotels, Restaurants & Leisure - 1.5%
Brinker International, Inc. 5.00%, 10/01/2024 (B)		$   300,000		$   305,250
Caesars Growth Properties Holdings LLC / Caesars Growth Properties Finance, Inc. 9.38%, 05/01/2022		380,000		403,750
Chester Downs & Marina LLC / Chester Downs Finance Corp. 9.25%, 02/01/2020 (B)		64,000		62,720
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 07/01/2019 (B)		188,000		189,880
Golden Nugget, Inc. 8.50%, 12/01/2021 (B)		210,000		220,500
Interval Acquisition Corp. 5.63%, 04/15/2023		265,000		273,612
LG FinanceCo Corp. 5.88%, 11/01/2024 (B)		210,000		211,969
Mohegan Tribal Gaming Authority 7.88%, 10/15/2024 (B)		310,000		314,650
NCL Corp., Ltd. 4.63%, 11/15/2020 (B)		195,000		197,438
PF Chang’s China Bistro, Inc. 10.25%, 06/30/2020 (B)		209,000		199,073
Royal Caribbean Cruises, Ltd. 5.25%, 11/15/2022		486,000		531,562
Scientific Games International, Inc. 10.00%, 12/01/2022		445,000		411,625
				3,322,029
Household Durables - 0.2%
Newell Brands, Inc. 3.85%, 04/01/2023		380,000		403,260
Tempur Sealy International, Inc. 5.50%, 06/15/2026		139,000		143,170
				546,430
Independent Power & Renewable Electricity Producers - 0.6%
AES Corp. 5.50%, 03/15/2024		350,000		355,250
Dynegy, Inc.
7.38%, 11/01/2022		345,000		332,709
8.00%, 01/15/2025 (B)		200,000		193,000
NRG Energy, Inc. 6.25%, 07/15/2022		350,000		350,875
				1,231,834
Industrial Conglomerates - 0.1%
Opal Acquisition, Inc. 8.88%, 12/15/2021 (B)		200,000		163,000
Insurance - 0.6%
American International Group, Inc. 3.30%, 03/01/2021		510,000		533,158
Assured Guaranty Municipal Holdings, Inc. 6.40% (A), 12/15/2066 (B)		425,000		350,200
Pricoa Global Funding I 1.35%, 08/18/2017 (B)		175,000		175,144
XLIT, Ltd. 4.45%, 03/31/2025		238,000		241,869
				1,300,371

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

Transamerica Funds Annual Report 2016

Page    271

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Internet & Direct Marketing Retail - 0.2%
NetFlix, Inc. 5.88%, 02/15/2025		$   365,000		$   404,694
Internet Software & Services - 0.3%
Cimpress NV 7.00%, 04/01/2022 (B)		380,000		393,300
Rackspace Hosting, Inc. 6.50%, 01/15/2024 (B)		295,000		337,406
				730,706
IT Services - 0.1%
Alliance Data Systems Corp. 5.88%, 11/01/2021 (B)		200,000		201,500
Life Sciences Tools & Services - 0.3%
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		668,000		679,157
Machinery - 0.3%
ATS Automation Tooling Systems, Inc. 6.50%, 06/15/2023 (B)		150,000		155,250
JB Poindexter & Co., Inc. 9.00%, 04/01/2022 (B)		193,000		202,747
Novelis Corp.
5.88%, 09/30/2026 (B)		150,000		151,875
6.25%, 08/15/2024 (B)		103,000		107,120
				616,992
Media - 1.4%
Block Communications, Inc. 7.25%, 02/01/2020 (B)		319,000		326,177
Cable One, Inc. 5.75%, 06/15/2022 (B)		181,000		190,955
CCO Holdings LLC / CCO Holdings Capital Corp. 5.75%, 02/15/2026 (B)		310,000		322,981
Charter Communications Operating LLC / Charter Communications Operating Capital 3.58%, 07/23/2020 (B)		178,000		184,561
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		400,000		402,000
CSC Holdings LLC 5.50%, 04/15/2027 (B)		400,000		405,750
DISH DBS Corp. 7.75%, 07/01/2026		477,000		523,808
Omnicom Group, Inc. 3.60%, 04/15/2026		125,000		129,852
Sirius XM Radio, Inc. 5.38%, 07/15/2026 (B)		320,000		325,002
Viacom, Inc. 2.25%, 02/04/2022		350,000		344,473
				3,155,559
Metals & Mining - 0.9%
AK Steel Corp. 7.50%, 07/15/2023		325,000		350,187
ArcelorMittal 7.25%, 02/25/2022 (D)		345,000		391,575
First Quantum Minerals, Ltd. 7.25%, 05/15/2022 (B)		400,000		378,500
FMG Resources Pty, Ltd. 9.75%, 03/01/2022 (B)		300,000		348,000

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Metals & Mining (continued)
Kaiser Aluminum Corp. 5.88%, 05/15/2024		$   105,000		$   110,906
U.S. Steel Corp. 8.38%, 07/01/2021 (B)		289,000		307,063
				1,886,231
Multiline Retail - 0.1%
Conn’s, Inc. 7.25%, 07/15/2022		415,000		318,513
Oil, Gas & Consumable Fuels - 2.8%
Anadarko Petroleum Corp. 6.45%, 09/15/2036		172,000		204,109
Antero Midstream Partners, LP / Antero Midstream Finance Corp. 5.38%, 09/15/2024 (B)		247,000		248,852
Carrizo Oil & Gas, Inc. 6.25%, 04/15/2023 (D)		182,000		187,005
Columbia Pipeline Group, Inc. 2.45%, 06/01/2018		345,000		346,453
Denbury Resources, Inc.
5.50%, 05/01/2022		164,000		129,560
9.00%, 05/15/2021 (B)		375,000		386,250
Energy Transfer Equity, LP 7.50%, 10/15/2020		295,000		321,550
Exxon Mobil Corp. 1.71%, 03/01/2019		200,000		201,514
Hilcorp Energy I, LP / Hilcorp Finance Co. 5.00%, 12/01/2024 (B)		275,000		268,125
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.00%, 08/01/2024 (B)		297,000		308,880
Laredo Petroleum, Inc. 7.38%, 05/01/2022 (D)		231,000		237,930
MEG Energy Corp.
6.38%, 01/30/2023 (B)		270,000		222,750
6.50%, 03/15/2021 (B)		350,000		301,875
Newfield Exploration Co. 5.38%, 01/01/2026		225,000		231,188
Noble Energy, Inc. 3.90%, 11/15/2024		248,000		254,979
PBF Holding Co. LLC / PBF Finance Corp. 7.00%, 11/15/2023 (B)		180,000		166,500
Rose Rock Midstream, LP / Rose Rock Finance Corp. 5.63%, 07/15/2022		190,000		181,450
Sanchez Energy Corp. 6.13%, 01/15/2023 (D)		139,000		118,845
SM Energy Co. 5.63%, 06/01/2025		250,000		238,125
SunCoke Energy Partners, LP / SunCoke Energy Partners Finance Corp. 7.38%, 02/01/2020		325,000		312,812
Tallgrass Energy Partners, LP / Tallgrass Energy Finance Corp. 5.50%, 09/15/2024 (B)		310,000		308,450
Tesoro Logistics, LP / Tesoro Logistics Finance Corp. 6.13%, 10/15/2021		315,000		329,569

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

Transamerica Funds Annual Report 2016

Page    272

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Western Gas Partners, LP 4.65%, 07/01/2026		$   330,000		$   345,753
WPX Energy, Inc. 7.50%, 08/01/2020		225,000		237,094
				6,089,618
Paper & Forest Products - 0.4%
Clearwater Paper Corp. 4.50%, 02/01/2023		190,000		189,050
Georgia-Pacific LLC 3.60%, 03/01/2025 (B)		486,000		509,889
P.H. Glatfelter Co. 5.38%, 10/15/2020		208,000		212,160
				911,099
Pharmaceuticals - 0.3%
Endo Finance LLC / Endo Finco, Inc. 7.25%, 01/15/2022 (B)		300,000		284,250
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/2026		265,000		257,722
4.10%, 10/01/2046		54,000		50,129
				592,101
Professional Services - 0.3%
Harland Clarke Holdings Corp. 6.88%, 03/01/2020 (B)		525,000		502,688
Total System Services, Inc. 3.80%, 04/01/2021		160,000		168,780
				671,468
Real Estate Management & Development - 0.5%
Greystar Real Estate Partners LLC 8.25%, 12/01/2022 (B)		400,000		435,000
Kennedy-Wilson, Inc. 5.88%, 04/01/2024		375,000		379,219
Mattamy Group Corp. 6.50%, 11/15/2020 (B)		320,000		319,200
				1,133,419
Road & Rail - 0.3%
Canadian National Railway Co. 1.45%, 12/15/2016		250,000		250,130
GATX Corp. 3.25%, 09/15/2026		110,000		107,775
Hertz Corp. 5.50%, 10/15/2024 (B) (D)		306,000		297,095
				655,000
Semiconductors & Semiconductor Equipment - 0.1%
Amkor Technology, Inc. 6.38%, 10/01/2022		89,000		91,781
Sensata Technologies BV 5.00%, 10/01/2025 (B)		150,000		153,750
				245,531
Software - 0.2%
Microsoft Corp. 1.10%, 08/08/2019		500,000		496,904
Specialty Retail - 0.1%
Advance Auto Parts, Inc. 5.75%, 05/01/2020		137,000		150,208

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 0.7%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
3.48%, 06/01/2019 (B)		$   230,000		$   235,980
6.02%, 06/15/2026 (B)		580,000		632,232
Diebold, Inc. 8.50%, 04/15/2024 (B)		349,000		369,852
Western Digital Corp. 10.50%, 04/01/2024 (B)		295,000		340,725
				1,578,789
Textiles, Apparel & Luxury Goods - 0.0% (H)
Wolverine World Wide, Inc. 5.00%, 09/01/2026 (B)		55,000		55,000
Transportation Infrastructure - 0.3%
Penske Truck Leasing Co., LP / PTL Finance Corp. 2.88%, 07/17/2018 (B)		596,000		606,818
Wireless Telecommunication Services - 0.7%
Sprint Communications, Inc. 7.00%, 08/15/2020		120,000		124,800
Sprint Corp. 7.25%, 09/15/2021		1,006,000		1,029,892
T-Mobile USA, Inc. 6.54%, 04/28/2020		390,000		402,675
				1,557,367
Total Corporate Debt Securities (Cost $76,748,597)				78,679,249
FOREIGN GOVERNMENT OBLIGATIONS - 25.9%
Argentina - 4.0%
Argentina Republic Government International Bond
6.88%, 04/22/2021 (I)		3,220,000		3,484,040
7.13%, 07/06/2036 (D) (I)		2,000,000		2,062,000
7.50%, 04/22/2026 (I)		2,950,000		3,222,875
				8,768,915
Brazil - 8.6%
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2019 - 01/01/2027		BRL  63,200,000		18,748,662
Indonesia - 3.6%
Indonesia Treasury Bond
8.25%, 07/15/2021		IDR  25,000,000,000		2,007,971
8.38%, 03/15/2024 - 03/15/2034		47,300,000,000		3,845,664
10.50%, 08/15/2030		22,200,000,000		2,093,146
				7,946,781
Mexico - 1.6%
Mexico Government International Bond
3.63%, 03/15/2022		$  1,330,000		1,389,850
4.75%, 03/08/2044, MTN		2,180,000		2,174,550
				3,564,400
Panama - 0.5%
Panama Government International Bond 7.13%, 01/29/2026		880,000		1,163,800

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

Transamerica Funds Annual Report 2016

Page    273

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Peru - 7.0%
Peru Government Bond
5.70%, 08/12/2024		PEN  11,900,000		$   3,624,619
6.35%, 08/12/2028		5,350,000		1,636,950
6.95%, 08/12/2031		6,000,000		1,938,995
8.20%, 08/12/2026		14,730,000		5,187,027
Peru Government International Bond 6.35%, 08/12/2028 (B)		9,960,000		3,047,482
				15,435,073
Poland - 0.6%
Republic of Poland Government International Bond 3.00%, 03/17/2023		$  1,190,000		1,224,629
Total Foreign Government Obligations (Cost $57,130,911)				56,852,260
LOAN ASSIGNMENTS - 0.3%
Machinery - 0.0% (H)
Ameriforge Group, Inc. 1st Lien Term Loan, 5.00% (A), 12/19/2019		171,534		85,767
Media - 0.0% (H)
Wenner Media LLC Term Loan, 7.75% (A), 05/19/2019		129,952		107,860
Oil, Gas & Consumable Fuels - 0.1%
EP Energy LLC Term Loan, 9.75% (A), 06/30/2021		200,000		204,000
Trading Companies & Distributors - 0.2%
BakerCorp International, Inc. Term Loan, 4.25% (A), 02/07/2020		415,245		358,495
Total Loan Assignments (Cost $839,051)				756,122
U.S. GOVERNMENT OBLIGATIONS - 8.8%
U.S. Treasury - 3.9%
U.S. Treasury Floating Rate Note 0.43% (A), 01/31/2017		7,000,000		7,001,918
U.S. Treasury Note
0.75%, 01/31/2018		1,000		1,000
0.88%, 09/15/2019		365,000		363,731
1.13%, 08/31/2021		85,000		84,250
1.50%, 08/15/2026		1,000,000		970,156
				8,421,055
U.S. Treasury Inflation-Protected Securities - 4.9%
U.S. Treasury Inflation-Indexed Bond
1.00%, 02/15/2046		691,200		744,625
1.75%, 01/15/2028		574,820		666,897

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury Inflation-Protected Securities  (continued)
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2021 - 07/15/2026		$   3,576,410		$   3,633,382
0.25%, 01/15/2025		1,016,860		1,030,322
0.38%, 07/15/2025		406,244		417,016
0.63%, 01/15/2024		1,032,210		1,078,319
1.63%, 01/15/2018		1,954,388		2,010,925
2.13%, 01/15/2019		1,121,780		1,192,030
				10,773,516
Total U.S. Government Obligations (Cost $19,268,516)				19,194,571
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 0.3%
U.S. Treasury Bill
0.04% (J), 11/17/2016 (K)		250,000		249,980
0.08% (J), 11/25/2016 (K)		10,000		9,999
0.09% (J), 12/01/2016 (G) (K)		100,000		99,986
0.09% (J), 11/25/2016 (K)		50,000		49,994
0.13% (J), 12/08/2016 (K)		56,000		55,990
0.16% (J), 12/15/2016 (K)		75,000		74,984
0.17% (J), 12/29/2016 (K)		90,000		89,963
Total Short-Term U.S. Government Obligations (Cost $630,895)				630,896
	Shares		Value
SECURITIES LENDING COLLATERAL - 3.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (J)		7,950,697		7,950,697
Total Securities Lending Collateral (Cost $7,950,697)				7,950,697
	Principal		Value
REPURCHASE AGREEMENT - 4.3%
State Street Bank & Trust Co. 0.03% (J), dated 10/31/2016, to be repurchased at $9,502,220 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.13%, due 09/22/2017, and with a value of $9,693,225.		$  9,502,212		9,502,212
Total Repurchase Agreement (Cost $9,502,212)				9,502,212
Total Investments (Cost $224,112,972) (L)				225,464,192
Net Other Assets (Liabilities) - (2.8)%				(6,167,851	)
Net Assets - 100.0%				$  219,296,341

FUTURES CONTRACTS:
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation	Unrealized Depreciation
10-Year U.S. Treasury Note		Short		(459	)		12/20/2016	$  613,581	$	—

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

Transamerica Funds Annual Report 2016

Page    274

Transamerica Unconstrained Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(M)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	51,898,185	$	—	$	51,898,185
Corporate Debt Securities		—		78,679,249		—		78,679,249
Foreign Government Obligations		—		56,852,260		—		56,852,260
Loan Assignments		—		756,122		—		756,122
U.S. Government Obligations		—		19,194,571		—		19,194,571
Short-Term U.S. Government Obligations		—		630,896		—		630,896
Securities Lending Collateral		7,950,697		—		—		7,950,697
Repurchase Agreement		—		9,502,212		—		9,502,212
Total Investments	$	7,950,697	$	217,513,495	$	—	$	225,464,192
Other Financial Instruments
Futures Contracts (N)	$	613,581	$	—	$	—	$	613,581
Total Other Financial Instruments	$	613,581	$	—	$	—	$	613,581

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(B)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $53,864,862, representing 24.6% of the Fund’s net assets.

^(C)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $9,463,546, representing 4.3% of the Fund’s net assets.

^(D)  All or a portion of the securities are on loan. The total value of all securities on loan is $7,792,856. 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)  Perpetual maturity. The date displayed is the next call date.

^(F)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2016; the maturity date disclosed is the ultimate maturity date.

^(G)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

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

^(I)  Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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. At October 31, 2016, the total value of Regulation S securities is $8,768,915, representing 4.0% of the Fund’s net assets.

^(J)  Rates disclosed reflect the yields at October 31, 2016.

^(K)  All or a portion of these securities have been segregated by the custodian as collateral to cover margin requirements for open futures contracts. The total value of all securities segregated as collateral to cover margin requirements for open futures contracts is $630,896.

^(L)  Aggregate cost for federal income tax purposes is $224,181,586. Aggregate gross unrealized appreciation and depreciation for all securities is $2,633,157 and $1,350,551, respectively. Net unrealized appreciation for tax purposes is $1,282,606.

^(M)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
IDR	Indonesian Rupiah
PEN	Peruvian Nuevo Sol

PORTFOLIO ABBREVIATION:

MTN Medium Term Note

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

Transamerica Funds Annual Report 2016

Page    275

Transamerica US Growth

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 99.4%
Aerospace & Defense - 0.6%
TransDigm Group, Inc.		23,394		$  6,373,929
Beverages - 2.3%
Molson Coors Brewing Co., Class B		92,535		9,606,059
Monster Beverage Corp. (A)		92,892		13,408,031
				23,014,090
Biotechnology - 2.6%
Alkermes PLC (A)		95,738		4,826,152
Incyte Corp. (A)		90,462		7,867,480
Regeneron Pharmaceuticals, Inc., Class A (A)		37,730		13,017,605
				25,711,237
Building Products - 0.9%
Fortune Brands Home & Security, Inc.		173,302		9,467,488
Capital Markets - 3.5%
BlackRock, Inc., Class A		38,547		13,153,778
Intercontinental Exchange, Inc.		35,200		9,517,728
S&P Global, Inc.		98,042		11,946,418
				34,617,924
Chemicals - 1.8%
PPG Industries, Inc.		107,814		10,040,718
Sherwin-Williams Co.		31,789		7,783,854
				17,824,572
Containers & Packaging - 1.1%
Crown Holdings, Inc. (A)		212,875		11,548,469
Electrical Equipment - 0.7%
Eaton Corp. PLC		103,380		6,592,542
Energy Equipment & Services - 0.9%
Baker Hughes, Inc.		159,600		8,841,840
Food & Staples Retailing - 2.9%
Costco Wholesale Corp.		123,633		18,281,612
Walgreens Boots Alliance, Inc.		128,599		10,638,995
				28,920,607
Food Products - 1.5%
Mondelez International, Inc., Class A		325,818		14,642,261
Health Care Equipment & Supplies - 0.9%
Medtronic PLC		111,323		9,130,712
Health Care Providers & Services - 3.7%
HCA Holdings, Inc. (A)		130,635		9,997,497
McKesson Corp.		32,884		4,181,858
UnitedHealth Group, Inc.		159,027		22,475,286
				36,654,641
Health Care Technology - 0.9%
Cerner Corp. (A)		150,620		8,823,319
Hotels, Restaurants & Leisure - 3.0%
Hilton Worldwide Holdings, Inc.		495,178		11,191,023
Starbucks Corp.		352,272		18,695,075
				29,886,098
Household Durables - 1.1%
Mohawk Industries, Inc. (A)		57,249		10,550,991
Household Products - 1.7%
Colgate-Palmolive Co.		234,000		16,698,240
Industrial Conglomerates - 1.4%
Honeywell International, Inc.		127,423		13,975,755

	Shares		Value
COMMON STOCKS (continued)
Insurance - 0.8%
Marsh & McLennan Cos., Inc.		131,325		$  8,324,692
Internet & Direct Marketing Retail - 5.1%
Amazon.com, Inc. (A)		47,152		37,241,593
Netflix, Inc. (A)		107,804		13,461,485
				50,703,078
Internet Software & Services - 10.8%
Alphabet, Inc., Class A (A)		45,058		36,492,474
Alphabet, Inc., Class C (A)		29,791		23,372,231
Facebook, Inc., Class A (A)		264,574		34,656,548
GoDaddy, Inc., Class A (A) (B)		217,335		7,778,420
Zillow Group, Inc., Class C (A) (B)		157,310		5,247,862
				107,547,535
IT Services - 5.9%
Accenture PLC, Class A		105,838		12,302,609
Genpact, Ltd. (A)		19,231		442,121
Global Payments, Inc.		117,639		8,531,180
Jack Henry & Associates, Inc.		71,479		5,791,229
MasterCard, Inc., Class A		221,612		23,716,916
PayPal Holdings, Inc. (A)		202,380		8,431,151
				59,215,206
Life Sciences Tools & Services - 1.4%
Thermo Fisher Scientific, Inc.		96,468		14,183,690
Machinery - 3.6%
Illinois Tool Works, Inc., Class A		135,132		15,346,941
Middleby Corp. (A)		95,710		10,730,048
Snap-on, Inc.		66,725		10,282,323
				36,359,312
Media - 2.4%
Comcast Corp., Class A		390,895		24,165,129
Multiline Retail - 1.3%
Dollar Tree, Inc. (A)		174,672		13,196,469
Personal Products - 1.5%
Estee Lauder Cos., Inc., Class A		174,144		15,173,167
Pharmaceuticals - 4.8%
Allergan PLC (A)		74,773		15,623,071
Bristol-Myers Squibb Co.		332,361		16,920,498
Eli Lilly & Co.		69,751		5,150,414
Merck & Co., Inc.		180,661		10,608,414
				48,302,397
Professional Services - 2.3%
Equifax, Inc.		74,736		9,265,022
Nielsen Holdings PLC		116,066		5,225,291
Verisk Analytics, Inc., Class A (A)		109,110		8,897,921
				23,388,234
Road & Rail - 0.8%
JB Hunt Transport Services, Inc.		98,630		8,049,194
Semiconductors & Semiconductor Equipment - 3.3%
Analog Devices, Inc., Class A		125,580		8,049,678
Broadcom, Ltd.		62,841		10,700,565
QUALCOMM, Inc.		131,151		9,012,697
Skyworks Solutions, Inc.		63,068		4,852,452
				32,615,392
Software - 7.8%
Adobe Systems, Inc. (A)		110,459		11,875,447

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

Transamerica Funds Annual Report 2016

Page    276

Transamerica US Growth

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Electronic Arts, Inc. (A)		113,220		$  8,890,034
Microsoft Corp.		484,857		29,052,632
salesforce.com, Inc. (A)		113,218		8,509,465
ServiceNow, Inc. (A)		104,377		9,175,782
Workday, Inc., Class A (A)		116,852		10,128,731
				77,632,091
Specialty Retail - 4.8%
Advance Auto Parts, Inc.		77,201		10,814,316
Lowe’s Cos., Inc.		227,667		15,174,006
Michaels Cos., Inc. (A)		237,610		5,524,433
TJX Cos., Inc.		220,910		16,292,112
				47,804,867
Technology Hardware, Storage & Peripherals - 6.2%
Apple, Inc.		549,111		62,346,063
Textiles, Apparel & Luxury Goods - 2.9%
NIKE, Inc., Class B		378,953		19,015,862
VF Corp.		177,473		9,620,811
				28,636,673
Tobacco - 2.2%
Altria Group, Inc.		331,789		21,937,889
Total Common Stocks (Cost $789,977,485)				992,855,793

	Shares		Value
SECURITIES LENDING COLLATERAL - 0.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		5,684,957		$  5,684,957
Total Securities Lending Collateral (Cost $5,684,957)				5,684,957
	Principal		Value
REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $3,490,135 on 11/01/2016. Collateralized by a U.S. Government Obligation, 0.61%, due 01/31/2018, and with a value of $3,564,450.		$  3,490,132		3,490,132
Total Repurchase Agreement (Cost $3,490,132)				3,490,132
Total Investments (Cost $799,152,574) (D)				1,002,030,882
Net Other Assets (Liabilities) - (0.3)%				(3,277,122	)
Net Assets - 100.0%				$  998,753,760

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	992,855,793	$	—	$	—	$	992,855,793
Securities Lending Collateral		5,684,957		—		—		5,684,957
Repurchase Agreement		—		3,490,132		—		3,490,132
Total Investments	$	998,540,750	$	3,490,132	$	—	$	1,002,030,882

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $5,537,183. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(C)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $799,917,038. Aggregate gross unrealized appreciation and depreciation for all securities is $220,028,865 and $17,915,021, respectively. Net unrealized appreciation for tax purposes is $202,113,844.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

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

Transamerica Funds Annual Report 2016

Page    277

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2016

	Transamerica Bond			Transamerica Capital Growth			Transamerica Concentrated Growth		Transamerica Dividend Focused		Transamerica Dynamic Allocation
Assets:
Investments, at value (A) (B)	$	221,379,842		$	624,181,631		$	245,093,188	$	772,036,200	$	25,882,819
Repurchase agreements, at value (C)		10,081,296			51,636,769			3,578,647		19,148,207		107,284
Cash		113,751			—			—		—		383
Receivables:
Shares of beneficial interest sold		18,729			865,062			8,366		718,744		3,682
Due from investment manager		—			—			—		—		462
Investments sold		487,211			23,558,768			—		—		—
Interest		2,006,240			43			3		16		—
Dividends		6,280			56,515			146,209		2,700,821		71
Tax reclaims		1,925			159,195			138,117		206,662		—
Net income from securities lending		4,145			76,761			—		3,205		1,742
Total assets		234,099,419			700,534,744			248,964,530		794,813,855		25,996,443
Liabilities:
Cash deposit due to broker		—			80,000			—		—		—
Payables and other liabilities:
Shares of beneficial interest redeemed		56,000			605,344			89,980		294,791		133,632
Investments purchased		208,986			22,970,717			—		1,665,633		—
When-issued, delayed-delivery, and forward commitment securities purchased		670,000			—			—		—		—
Investment management fees		132,869			448,888			144,714		456,359		—
Distribution and service fees		—			98,633			778		24,719		9,604
Transfer agent fees		1,434			55,929			3,965		7,999		2,871
Trustees, CCO and deferred compensation fees		290			493			181		571		14
Audit and tax fees		23,975			17,944			21,220		19,507		16,895
Custody fees		13,708			23,423			11,578		18,196		2,555
Legal fees		3,583			7,347			3,592		7,910		169
Printing and shareholder reports fees		24,354			59,778			14,848		34,987		2,699
Registration fees		3,472			7,963			6,245		10,053		3,692
Other		1,003			1,886			1,450		2,772		46
Collateral for securities on loan		8,544,929			27,783,858			—		14,161,356		5,442,394
Total liabilities		9,684,603			52,162,203			298,551		16,704,853		5,614,571
Net assets	$	224,414,816		$	648,372,541		$	248,665,979	$	778,109,002	$	20,381,872
Net assets consist of:
Paid-in capital	$	223,025,474		$	298,613,619		$	189,092,484	$	595,472,521	$	22,058,147
Undistributed (distributions in excess of) net investment income (loss)		(2,211,780	)		(2,446,926	)		1,599,249		2,382,012		124,818
Accumulated net realized gain (loss)		9,409,055			130,406,802			34,748,715		102,685,281		(2,781,328	)
Net unrealized appreciation (depreciation) on:
Investments		(5,806,073	)		221,799,046			23,225,531		77,569,188		980,235
Translation of assets and liabilities denominated in foreign currencies		(1,860	)		—			—		—		—
Net assets	$	224,414,816		$	648,372,541		$	248,665,979	$	778,109,002	$	20,381,872
Net assets by class:
Class A	$	—		$	170,198,201		$	767,684	$	86,942,686	$	9,348,114
Class B		—			2,583,729			—		—		—
Class C		—			69,158,666			720,831		7,755,630		8,710,165
Class I		—			164,575,416			24,424,250		10,558,889		2,323,593
Class I2		223,935,070			241,856,529			222,753,214		672,377,923		—
Class R6		479,746			—			—		473,874		—
Shares outstanding (unlimited shares, no par value):
Class A		—			6,623,407			44,182		7,798,629		891,587
Class B		—			115,957			—		—		—
Class C		—			3,074,305			42,247		699,107		843,846
Class I		—			6,225,783			1,414,753		947,468		221,966
Class I2		23,087,345			13,875,710			12,766,491		60,300,112		—
Class R6		49,430			—			—		42,510		—
Net asset value per share: (D)
Class A	$	—		$	25.70		$	17.38	$	11.15	$	10.48
Class B		—			22.28			—		—		—
Class C		—			22.50			17.06		11.09		10.32
Class I		—			26.43			17.26		11.14		10.47
Class I2		9.70			17.43			17.45		11.15		—
Class R6		9.71			—			—		11.15		—
Maximum offering price per share: (E)
Class A	$	—		$	27.20		$	18.39	$	11.80	$	11.09
(A)      Investments, at cost	$	227,185,915		$	402,382,585		$	221,867,657	$	694,467,012	$	24,902,584
(B)      Securities on loan, at value	$	8,355,047		$	27,203,843		$	—	$	13,819,659	$	5,329,564
(C)      Repurchase agreements, at cost	$	10,081,296		$	51,636,769		$	3,578,647	$	19,148,207	$	107,284

^(D) Net asset value per share for Class B, C, I, I2 and R6 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

^(E) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the prospectus.

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

Transamerica Funds Annual Report 2016

Page    278

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica Dynamic Income			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Flexible Income			Transamerica Floating Rate
Assets:
Investments, at value (A) (B)	$	498,551,104		$	835,536,693		$	150,946,363		$	466,606,212		$	382,421,398
Repurchase agreements, at value (C)		2,085,875			43,383,597			2,278,700			2,176,542			46,680,223
Cash		—			—			—			—			4,158,927
Foreign currency, at value (D)		—			7,046,356			113,958			—			—
Unrealized appreciation on unfunded commitments		—			—			—			—			1,246
Receivables:
Shares of beneficial interest sold		399,074			722,207			12,804			1,122,824			127,439
Investments sold		—			25,640,323			1,581,759			—			—
When-issued, delayed-delivery, and forward commitment securities sold		—			—			—			—			3,024,847
Interest		2			13,384,797			2			4,079,414			1,538,046
Dividends		—			—			65,670			4,043			—
Tax reclaims		—			5,776			17,764			5,920			4,310
Net income from securities lending		65,256			15,741			1,790			3,303			678
Unrealized appreciation on forward foreign currency contracts		—			315,668			—			—			—
Total assets		501,101,311			926,051,158			155,018,810			473,998,258			437,957,114
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		1,457,558			555,847			28,551			494,822			28,415
Investments purchased		—			17,991,936			1,377,424			1,377,510			—
When-issued, delayed-delivery, and forward commitment securities purchased		—			15,023,327			—			11,289,178			34,011,554
Investment management fees		180,161			442,060			126,096			182,361			205,671
Distribution and service fees		208,944			20,056			2,066			70,174			6,809
Transfer agent fees		40,183			68,261			1,755			35,362			4,426
Trustees, CCO and deferred compensation fees		359			405			108			396			160
Audit and tax fees		17,662			28,236			17,511			23,263			27,201
Custody fees		3,637			65,362			66,902			11,267			35,650
Legal fees		3,205			4,652			1,469			3,292			2,310
Printing and shareholder reports fees		53,340			59,229			9,257			27,997			10,514
Registration fees		5,210			10,197			4,858			9,095			4,903
Dividends and/or distributions payable		—			—			—			156,655			169,444
Other		907			1,851			414			—			737
Foreign capital gains tax		—			299,999			—			—			—
Collateral for securities on loan		82,993,430			53,411,313			2,234,109			9,381,515			2,484,100
Unrealized depreciation on forward foreign currency contracts		—			473,085			—			—			—
Total liabilities		84,964,596			88,455,816			3,870,520			23,062,887			36,991,894
Net assets	$	416,136,715		$	837,595,342		$	151,148,290		$	450,935,371		$	400,965,220
Net assets consist of:
Paid-in capital	$	479,100,385		$	887,092,760		$	212,777,248		$	463,815,059		$	401,905,992
Undistributed (distributions in excess of) net investment income (loss)		(90,977	)		(2,387,253	)		2,880,344			(311,508	)		51,319
Accumulated net realized gain (loss)		(64,823,552	)		(57,290,862	)		(82,146,385	)		(20,535,690	)		(928,471	)
Net unrealized appreciation (depreciation) on:
Investments		1,950,859			10,414,604	(E)		17,641,703			7,967,949			(64,866	)
Unfunded commitments		—			—			—			—			1,246
Translation of assets and liabilities denominated in foreign currencies		—			(233,907	)		(4,620	)		(439	)		—
Net assets	$	416,136,715		$	837,595,342		$	151,148,290		$	450,935,371		$	400,965,220
Net assets by class:
Class A	$	122,240,176		$	35,765,241		$	2,367,545		$	86,304,731		$	6,327,491
Class B		—			—			—			1,355,428			—
Class C		210,600,193			14,362,946			1,846,234			60,125,833			6,668,746
Class I		83,296,346			618,258,018			476,357			162,875,103			13,060,827
Class I2		—			169,122,215			146,458,154			137,246,042			374,908,156
Class R6		—			86,922			—			3,028,234			—
Shares outstanding (unlimited shares, no par value):
Class A		12,925,551			3,407,747			268,106			9,271,189			636,042
Class B		—			—			—			145,478			—
Class C		22,355,669			1,377,114			211,242			6,502,584			670,123
Class I		8,807,342			58,749,336			53,636			17,475,481			1,317,259
Class I2		—			16,074,515			16,468,514			14,719,869			37,687,060
Class R6		—			8,265			—			324,891			—
Net asset value per share: (F)
Class A	$	9.46		$	10.50		$	8.83		$	9.31		$	9.95
Class B		—			—			—			9.32			—
Class C		9.42			10.43			8.74			9.25			9.95
Class I		9.46			10.52			8.88			9.32			9.92
Class I2		—			10.52			8.89			9.32			9.95
Class R6		—			10.52			—			9.32			—
Maximum offering price per share: (G)
Class A	$	9.93		$	11.02		$	9.34		$	9.77		$	10.45
(A)     Investments, at cost	$	496,600,245		$	824,822,090		$	133,304,660		$	458,638,263		$	382,486,264
(B)     Securities on loan, at value	$	81,238,497		$	52,313,736		$	2,123,501		$	9,190,612		$	2,434,036
(C)      Repurchase agreements, at cost	$	2,085,875		$	43,383,597		$	2,278,700		$	2,176,542		$	46,680,223
(D)     Foreign currency, at cost	$	—		$	7,081,765		$	114,144		$	—		$	—

^(E)  Net of foreign capital gains tax of $299,999.

^(F)  Net asset value per share for Class B, C, I, I2 and R6 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

^(G)  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.

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

Transamerica Funds Annual Report 2016

Page    279

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica Global Bond			Transamerica Global Equity			Transamerica Global Long/ Short Equity			Transamerica Government Money Market (G)			Transamerica Growth
Assets:
Investments, at value (A) (B)	$	42,831,808		$	121,060,476		$	12,877,915		$	139,686,103		$	372,618,883
Repurchase agreements, at value (C)		5,026,033			2,531,940			—			110,292,525			183,674
Cash		—			—			2,558,734			—			—
Cash on deposit with broker		—			—			422,606			—			—
Cash on deposit with custodian		—			—			600,000			—			—
Foreign currency, at value (D)		336,807			2			50,918			—			—
Receivables:
Shares of beneficial interest sold		—			16,456			—			106,559			13,664
Due from investment manager		—			—			47,872			—			—
Investments sold		—			1,273,548			404,890			—			240,874
Interest		598,959			2			—			31,398			—
Dividends		—			209,570			22,987			—			123,802
Tax reclaims		8,109			236,833			9,242			—			34,243
Net income from securities lending		92			294			—			—			93
Due from distributor		—			—			—			488,512			—
Unrealized appreciation on forward foreign currency contracts		49,464			—			—			—			—
Total assets		48,851,272			125,329,121			16,995,164			250,605,097			373,215,233
Liabilities:
Cash deposit due to broker		—			—			14,457			—			—
Payables and other liabilities:
Shares of beneficial interest redeemed		3,303			392,345			—			475,172			180,841
Investments purchased		—			864,539			373,232			—			1,041,440
Investment management fees		33,485			78,092			—			24,824			260,200
Distribution and service fees		560			52,233			491			706,847			—
Transfer agent fees		511			20,110			283			27,669			2,400
Trustees, CCO and deferred compensation fees		55			117			3			124			250
Audit and tax fees		26,971			15,404			18,075			13,623			15,659
Custody fees		25,238			15,758			29,828			17,808			12,520
Legal fees		297			2,074			652			1,429			2,992
Printing and shareholder reports fees		2,793			21,786			706			8,236			16,743
Registration fees		4,043			7,098			680			6,061			2,878
Dividends and/or distributions payable		—			—			—			317			—
Dividends, interest and fees for borrowing from securities sold short		—			—			11,593			—			—
Other		96			605			4,887			5,057			907
Foreign capital gains tax		3,112			—			—			—			—
Collateral for securities on loan		1,139,858			5,053,170			—			—			—
Securities sold short, at value (E)		—			—			7,673,942			—			—
Written options and swaptions, at value (F)		—			—			1,979			—			—
Unrealized depreciation on forward foreign currency contracts		108,161			—			—			—			—
Total liabilities		1,348,483			6,523,331			8,130,808			1,287,167			1,536,830
Net assets	$	47,502,789		$	118,805,790		$	8,864,356		$	249,317,930		$	371,678,403
Net assets consist of:
Paid-in capital	$	51,921,921		$	181,525,709		$	9,995,145		$	249,318,522		$	151,468,808
Undistributed (distributions in excess of) net investment income (loss)		(77,547	)		2,464,924			(120,683	)		(1	)		—
Accumulated net realized gain (loss)		(3,241,254	)		(69,513,636	)		(1,243,883	)		(591	)		70,347,026
Net unrealized appreciation (depreciation) on:
Investments		(1,027,854	)(H)		4,332,246			309,182			—			149,863,837
Securities sold short		—			—			(88,249	)		—			—
Written options and swaptions		—			—			(84	)		—			—
Translation of assets and liabilities denominated in foreign currencies		(72,477	)		(3,453	)		12,928			—			(1,268	)
Net assets	$	47,502,789		$	118,805,790		$	8,864,356		$	249,317,930		$	371,678,403
Net assets by class:
Class A	$	731,132		$	39,698,851		$	2,280,993		$	192,607,274		$	—
Class B		—			1,641,668			—			1,382,738			—
Class C		477,871			48,719,744			—			22,189,185			—
Class I		464,184			28,605,411			2,286,242			21,184,742			—
Class I2		45,829,602			—			4,297,121			11,953,991			369,391,226
Class R6		—			140,116			—			—			2,287,177
Shares outstanding (unlimited shares, no par value):
Class A		73,720			3,562,505			250,068			192,606,979			—
Class B		—			150,558			—			1,382,409			—
Class C		48,522			4,473,923			—			22,185,673			—
Class I		46,705			2,556,008			250,067			21,185,527			—
Class I2		4,608,954			—			470,117			11,953,607			28,376,295
Class R6		—			12,490			—			—			175,728
Net asset value per share: (I)
Class A	$	9.92		$	11.14		$	9.12		$	1.00		$	—
Class B		—			10.90			—			1.00			—
Class C		9.85			10.89			—			1.00			—
Class I		9.94			11.19			9.14			1.00			—
Class I2		9.94			—			9.14			1.00			13.02
Class R6		—			11.22			—			—			13.02
Maximum offering price per share: (J)
Class A	$	10.41		$	11.79		$	9.65		$	1.00		$	—
(A)      Investments, at cost	$	43,856,550		$	116,728,230		$	12,568,733		$	139,686,103		$	222,755,046
(B)      Securities on loan, at value	$	1,115,910		$	4,825,996		$	—		$	—		$	—
(C)      Repurchase agreements, at cost	$	5,026,033		$	2,531,940		$	—		$	110,292,525		$	183,674
(D)      Foreign currency, at cost	$	340,301		$	2		$	50,324		$	—		$	—
(E)      Proceeds received from securities sold short	$	—		$	—		$	7,585,693		$	—		$	—
(F)      Premium received on written options and swaptions	$	—		$	—		$	(1,895	)	$	—		$	—

^(G)  Formerly, Transamerica Money Market.

^(H) Net of foreign capital gains tax of $3,112.

^(I) Net asset value per share for Class B, C, I, I2 and R6 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

^(J) 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.

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

Transamerica Funds Annual Report 2016

Page    280

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica High Yield Bond			Transamerica High Yield Muni		Transamerica Income & Growth			Transamerica Inflation Opportunities			Transamerica Intermediate Muni (E)
Assets:
Investments, at value (A) (B)	$	1,291,070,371		$	125,594,547	$	119,986,170		$	177,496,529		$	1,393,600,463
Repurchase agreements, at value (C)		63,227,347			8,453,374		1,410,420			3,448,834			86,700,540
Cash		169,391			—		—			—			—
Foreign currency, at value (D)		—			—		476,734			—			—
Receivables:
Shares of beneficial interest sold		523,176			380,952		44,108			1,087,614			7,915,413
Investments sold		950,736			172,016		—			1,583,450			4,172,016
When-issued, delayed-delivery, and forward commitment securities sold		—			3,800,850		—			—			—
Interest		20,022,033			1,499,004		1			411,779			13,885,627
Dividends		—			—		246,354			314			623
Tax reclaims		—			—		595,570			3,250			—
Net income from securities lending		41,762			—		2,080			694			—
Due from distributor		—			8,143		—			—			77,661
Unrealized appreciation on forward foreign currency contracts		—			—		—			124,956			—
Total assets		1,376,004,816			139,908,886		122,761,437			184,157,420			1,506,352,343
Liabilities:
Foreign currency overdraft, at value (D)		—			—		—			448			—
Payables and other liabilities:
Shares of beneficial interest redeemed		13,056,436			5,349,894		578,751			59,244			3,974,037
Investments purchased		1,561,900			610,266		993,331			1,620,625			462,494
When-issued, delayed-delivery, and forward commitment securities purchased		7,056,030			5,451,255		—			430,000			40,980,895
Investment management fees		639,440			64,412		69,945			88,915			519,584
Distribution and service fees		71,497			24,625		58,005			574			256,758
Transfer agent fees		44,032			9,990		13,355			1,255			104,852
Trustees, CCO and deferred compensation fees		670			38		236			103			419
Audit and tax fees		25,770			22,280		20,650			26,437			25,573
Custody fees		19,211			3,451		20,362			11,239			17,818
Legal fees		6,547			548		2,416			1,248			5,153
Printing and shareholder reports fees		70,728			3,388		30,807			7,479			19,701
Registration fees		12,200			3,909		4,874			5,945			19,125
Dividends and/or distributions payable		755,295			41,543		—			—			270,346
Other		11,785			240		18,042			368			2,348
Collateral for securities on loan		65,401,839			—		7,176,103			498,713			—
Unrealized depreciation on forward foreign currency contracts		—			—		—			2,540			—
Total liabilities		88,733,380			11,585,839		8,986,877			2,755,133			46,659,103
Net assets	$	1,287,271,436		$	128,323,047	$	113,774,560		$	181,402,287		$	1,459,693,240
Net assets consist of:
Paid-in capital	$	1,327,816,239		$	125,307,670	$	172,664,148		$	183,850,091		$	1,444,913,395
Undistributed (distributions in excess of) net investment income (loss)		(165,335	)		—		3,458,169			(58,920	)		—
Accumulated net realized gain (loss)		(22,323,563	)		1,373,220		(74,447,538	)		(2,406,458	)		7,795,884
Net unrealized appreciation (depreciation) on:
Investments		(18,055,905	)		1,642,157		12,123,671			(101,250	)		6,983,961
Translation of assets and liabilities denominated in foreign currencies		—			—		(23,890	)		118,824			—
Net assets	$	1,287,271,436		$	128,323,047	$	113,774,560		$	181,402,287		$	1,459,693,240
Net assets by class:
Class A	$	114,761,390		$	58,848,328	$	30,720,180		$	644,853		$	426,747,897
Class B		2,722,678			—		—			—			—
Class C		51,787,250			13,670,151		58,504,428			517,612			199,783,736
Class I		155,777,371			55,794,719		24,540,162			1,335,676			833,151,725
Class I2		958,136,710			9,849		9,790			178,853,484			9,882
Class R6		4,086,037			—		—			50,662			—
Shares outstanding (unlimited shares, no par value):
Class A		12,659,925			4,955,637		3,250,659			64,566			36,880,279
Class B		300,136			—		—			—			—
Class C		5,742,630			1,150,688		6,217,834			52,584			17,306,334
Class I		17,057,541			4,692,443		2,592,152			133,157			71,682,853
Class I2		104,694,678			828		1,022			17,795,836			850
Class R6		446,382			—		—			5,040			—
Net asset value per share: (F)
Class A	$	9.06		$	11.88	$	9.45		$	9.99		$	11.57
Class B		9.07			—		—			—			—
Class C		9.02			11.88		9.41			9.84			11.54
Class I		9.13			11.89		9.47			10.03			11.62
Class I2		9.15			11.89		9.57	(G)		10.05			11.62	(G)
Class R6		9.15			—		—			10.05			—
Maximum offering price per share: (H)
Class A	$	9.51		$	12.28	$	10.00		$	10.49		$	11.96
(A)      Investments, at cost	$	1,309,126,276		$	123,952,390	$	107,862,499		$	177,597,779		$	1,386,616,502
(B)      Securities on loan, at value	$	64,063,102		$	—	$	6,853,909		$	488,700		$	—
(C)      Repurchase agreements, at cost	$	63,227,347		$	8,453,374	$	1,410,420		$	3,448,834		$	86,700,540
(D)      Foreign currency, at cost	$	—		$	—	$	477,364		$	(440	)	$	—

^(E) Formerly, Transamerica Enhanced Muni.

^(F) Net asset value per share for Class B, C, I, I2 and R6 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

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

^(H) 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.

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

Transamerica Funds Annual Report 2016

Page    281

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica International Equity			Transamerica International Small Cap Value			Transamerica Large Cap Value		Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities
Assets:
Investments, at value (A) (B)	$	3,625,046,882		$	733,261,392		$	1,942,945,891	$	151,211,668		$	670,359,324
Repurchase agreements, at value (C)		92,250,840			4,386,462			109,026,817		800,293			43,866,800
Foreign currency, at value (D)		4,664			11			—		—			—
Receivables:
Shares of beneficial interest sold		47,457,976			44,377			2,775,978		8,520			4,199,685
Investments sold		2,906			25,002			13,121,119		2,110,516			2,145,569
Interest		77			4			91		1			37
Dividends		10,207,235			1,547,089			995,250		29,515			230,380
Tax reclaims		2,440,791			803,747			—		—			—
Net income from securities lending		142,282			14,486			644		476			4,487
Total assets		3,777,553,653			740,082,570			2,068,865,790		154,160,989			720,806,282
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		3,396,508			216,455			418,257		—			309,425
Investments purchased		702,420			55,594			14,398,320		2,332,533			8,074,197
Investment management fees		2,213,933			572,055			1,139,281		92,784			416,068
Distribution and service fees		118,889			—			31,070		1,662			21,271
Transfer agent fees		222,999			29,009			23,918		1,732			35,036
Trustees, CCO and deferred compensation fees		1,332			385			1,055		95			266
Audit and tax fees		25,944			20,381			21,005		19,812			22,245
Custody fees		191,456			90,032			28,172		9,146			14,640
Legal fees		15,753			5,799			12,291		3,114			5,423
Printing and shareholder reports fees		118,650			33,006			61,008		10,954			20,787
Registration fees		25,668			4,590			7,061		5,253			9,602
Other		15,389			1,682			4,074		10,676			4,421
Collateral for securities on loan		82,321,584			25,075,887			321,247		5,185,567			7,299,208
Total liabilities		89,370,525			26,104,875			16,466,759		7,673,328			16,232,589
Net assets	$	3,688,183,128		$	713,977,695		$	2,052,399,031	$	146,487,661		$	704,573,693
Net assets consist of:
Paid-in capital	$	3,702,618,148		$	753,130,491		$	1,789,756,313	$	154,028,247		$	593,786,424
Undistributed (distributions in excess of) net investment income (loss)		43,561,094			10,490,933			3,575,539		—			6,547,320
Accumulated net realized gain (loss)		5,388,310			3,948,437			156,574,868		(15,111,857	)		50,474,682
Net unrealized appreciation (depreciation) on:
Investments		(63,023,034	)		(53,544,819	)		102,492,311		7,571,271			53,765,267
Translation of assets and liabilities denominated in foreign currencies		(361,390	)		(47,347	)		—		—			—
Net assets	$	3,688,183,128		$	713,977,695		$	2,052,399,031	$	146,487,661		$	704,573,693
Net assets by class:
Class A	$	313,393,927		$	—		$	71,700,183	$	5,154,148		$	75,556,221
Class C		60,630,161			—			22,482,293		719,512			7,103,256
Class I		1,552,631,851			273,539,401			56,160,777		399,514			298,589,222
Class I2		1,704,609,659			440,438,294			1,898,665,210		140,214,487			323,274,986
Class R6		56,917,530			—			3,390,568		—			50,008
Shares outstanding (unlimited shares, no par value):
Class A		19,007,525			—			5,798,910		450,943			6,400,931
Class C		3,737,711			—			1,825,697		64,167			607,050
Class I		92,805,059			24,011,671			4,518,418		34,741			25,188,425
Class I2		101,764,253			38,582,496			152,865,076		12,162,347			27,234,188
Class R6		3,367,699			—			272,977		—			4,212
Net asset value per share: (E)
Class A	$	16.49		$	—		$	12.36	$	11.43		$	11.80
Class C		16.22			—			12.31		11.21			11.70
Class I		16.73			11.39			12.43		11.50			11.85
Class I2		16.75			11.42			12.42		11.53			11.87
Class R6		16.90			—			12.42		—			11.87
Maximum offering price per share: (F)
Class A	$	17.45		$	—		$	13.08	$	12.10		$	12.49
(A)     Investments, at cost	$	3,688,069,916		$	786,806,211		$	1,840,453,580	$	143,640,397		$	616,594,057
(B)     Securities on loan, at value	$	78,544,040		$	23,678,476		$	313,132	$	5,075,548		$	7,064,370
(C)      Repurchase agreements, at cost	$	92,250,840		$	4,386,462		$	109,026,817	$	800,293		$	43,866,800
(D)     Foreign currency, at cost	$	4,654		$	11		$	—	$	—		$	—

^(E) Net asset value per share for Class C, I, I2 and R6 shares represents offering price. The redemption price for Class C shares equals net asset value less any applicable contingent deferred sales charge.

^(F) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the prospectus.

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

Transamerica Funds Annual Report 2016

Page    282

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica MLP & Energy Income			Transamerica Multi-Cap Growth  (E)			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Core
Assets:
Investments, at value (A) (B)	$	403,992,222		$	260,135,609		$	864,016,024		$	2,785,238,830		$	41,206,892
Repurchase agreements, at value (C)		8,640,856			3,238,973			16,241,092			60,137,596			456,604
Cash		155,231			43,752			644,945			542,379			—
Cash on deposit with broker		—			—			500,000			—			—
Receivables:
Shares of beneficial interest sold		114,129			39,072			1,577,536			13,004,230			10,304
Investments sold		396,699			—			2,532,169			890			—
When-issued, delayed-delivery, and forward commitment securities sold		—			—			1,082,693			—			—
Interest		238,577			3			1,961,116			25,642,219			—
Dividends		1,847,641			156,689			372,888			—			25,903
Tax reclaims		—			27,404			—			—			—
Net income from securities lending		17,815			21			1,911			11,018			448
Due from distributor		—			—			—			—			—
Total assets		415,403,170			263,641,523			888,930,374			2,884,577,162			41,700,151
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		274,063			159,525			808,249			4,671,128			11,676
Investments purchased		423,716			—			3,669,446			12,850,232			—
When-issued, delayed-delivery, and forward commitment securities purchased		—			—			46,337,188			10,000,000			—
Investment management fees		374,790			158,001			454,869			1,179,199			27,800
Distribution and service fees		36,870			18,117			264,804			726,894			634
Transfer agent fees		16,528			32,732			74,507			194,092			626
Trustees, CCO and deferred compensation fees		255			266			363			1,855			61
Audit and tax fees		23,546			16,192			21,953			30,114			19,252
Custody fees		11,539			5,658			18,917			52,610			11,529
Legal fees		3,450			2,227			4,203			22,223			784
Printing and shareholder reports fees		30,203			22,983			38,624			211,422			7,232
Registration fees		6,255			6,637			8,874			16,497			3,904
Dividends and/or distributions payable		—			—			—			575,938			—
Other		1,104			598			1,452			6,240			9,800
Variation margin payable		—			—			20,037			—			—
Collateral for securities on loan		31,680,491			4,484,025			3,642,844			35,752,510			1,959,722
Securities sold short, at value (D)		—			—			249,643			—			—
Total liabilities		32,882,810			4,906,961			55,615,973			66,290,954			2,053,020
Net assets	$	382,520,360		$	258,734,562		$	833,314,401		$	2,818,286,208		$	39,647,131
Net assets consist of:
Paid-in capital	$	554,260,167		$	212,590,023		$	742,908,370		$	2,834,752,561		$	50,630,359
Undistributed (distributions in excess of) net investment income (loss)		(2,158,781	)		—			877,615			(673,147	)		39,317
Accumulated net realized gain (loss)		(188,233,189	)		47,728,222			(1,701,596	)		(24,964,979	)		(12,823,805	)
Net unrealized appreciation (depreciation) on:
Investments		18,652,163			(1,583,683	)		91,303,272			9,171,773			1,801,260
Securities sold short		—			—			7,106			—			—
Futures contracts		—			—			(80,366	)		—			—
Net assets	$	382,520,360		$	258,734,562		$	833,314,401		$	2,818,286,208		$	39,647,131
Net assets by class:
Class A	$	43,221,422		$	46,432,895		$	406,605,990		$	934,615,279		$	1,336,519
Class B		—			1,140,709			3,470,188			—			—
Class C		31,067,158			7,694,513			208,410,303			621,425,108			405,821
Class I		39,715,805			38,914,458			208,511,578			979,857,491			1,263,968
Class I2		268,515,975			164,551,987			—			282,016,163			36,640,823
Class R6		—			—			6,316,342			372,167			—
Shares outstanding (unlimited shares, no par value):
Class A		5,694,933			6,447,488			16,344,280			91,401,828			133,330
Class B		—			193,265			140,396			—			—
Class C		4,112,341			1,289,306			8,525,407			60,888,103			40,860
Class I		5,231,105			4,985,062			8,344,884			97,516,583			125,679
Class I2		35,351,280			20,784,448			—			28,091,758			3,642,568
Class R6		—			—			252,756			37,075			—
Net asset value per share: (F)
Class A	$	7.59		$	7.20		$	24.88		$	10.23		$	10.02
Class B		—			5.90			24.72			—			—
Class C		7.55			5.97			24.45			10.21			9.93
Class I		7.59			7.81			24.99			10.05			10.06
Class I2		7.60			7.92			—			10.04			10.06
Class R6		—			—			24.99			10.04			—
Maximum offering price per share: (G)
Class A	$	8.03		$	7.62		$	26.33		$	10.49		$	10.60
(A)      Investments, at cost	$	385,340,059		$	261,719,292		$	772,712,752		$	2,776,067,057		$	39,405,632
(B)      Securities on loan, at value	$	30,901,831		$	4,384,380		$	3,539,042		$	35,030,087		$	1,906,740
(C)      Repurchase agreements, at cost	$	8,640,856		$	3,238,973		$	16,241,092		$	60,137,596		$	456,604
(D)      Proceeds received from securities sold short	$	—		$	—		$	256,749		$	—		$	—

^(E)  Formerly, Transamerica Growth Opportunities.

^(F)  Net asset value per share for Class B, C, I, I2 and R6 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

^(G)  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.

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

Transamerica Funds Annual Report 2016

Page    283

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica Small Cap Growth		Transamerica Small Cap Value			Transamerica Small/Mid Cap Value		Transamerica Strategic High Income			Transamerica Unconstrained Bond
Assets:
Investments, at value (A) (B)	$	68,732,914	$	271,512,824		$	789,641,005	$	49,010,354		$	215,961,980
Repurchase agreements, at value (C)		1,436,036		1,249,359			12,150,604		1,129,194			9,502,212
Cash		—		—			—		—			363,519
Foreign currency, at value (D)		—		—			—		—			574
Receivables:
Shares of beneficial interest sold		218,152		9,345			642,668		—			—
Investments sold		—		2,929,886			4,577,313		650,201			117,635
Interest		1		1			10		313,933			2,259,698
Dividends		15,082		95,193			275,596		21,818			—
Tax reclaims		—		—			898		1,962			6,094
Net income from securities lending		2,447		7,712			17,850		1,346			2,504
Total assets		70,404,632		275,804,320			807,305,944		51,128,808			228,214,216
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		53,312		31,553			1,269,496		—			—
Investments purchased		—		148,804			6,048,792		—			468,114
When-issued, delayed-delivery, and forward commitment securities purchased		—		—			—		500,000			211,010
Investment management fees		50,358		185,646			535,171		38,715			124,336
Distribution and service fees		3,083		1,016			286,610		4,035			—
Transfer agent fees		1,689		2,089			117,526		4,218			1,420
Trustees, CCO and deferred compensation fees		168		243			493		21			77
Audit and tax fees		16,238		16,014			17,428		23,817			26,972
Custody fees		8,271		5,388			23,034		2,368			28,087
Legal fees		2,740		2,267			5,379		251			1,104
Printing and shareholder reports fees		17,863		17,087			84,922		2,162			4,936
Registration fees		6,789		6,159			8,110		4,113			4,051
Dividends and/or distributions payable		—		—			—		—			73,991
Other		3,336		10,256			1,620		86			369
Variation margin payable		—		—			—		—			22,711
Collateral for securities on loan		4,156,007		21,127,961			36,191,345		2,532,315			7,950,697
Total liabilities		4,319,854		21,554,483			44,589,926		3,112,101			8,917,875
Net assets	$	66,084,778	$	254,249,837		$	762,716,018	$	48,016,707		$	219,296,341
Net assets consist of:
Paid-in capital	$	11,396,193	$	258,629,949		$	649,307,015	$	48,245,556		$	223,409,692
Undistributed (distributions in excess of) net investment income (loss)		—		1,866,563			5,804,604		96,391			627,318
Accumulated net realized gain (loss)		40,831,805		(28,629,004	)		35,172,405		(537,552	)		(6,706,200	)
Net unrealized appreciation (depreciation) on:
Investments		13,856,780		22,382,329			72,431,994		212,312			1,351,220
Futures contracts		—		—			—		—			613,581
Translation of assets and liabilities denominated in foreign currencies		—		—			—		—			730
Net assets	$	66,084,778	$	254,249,837		$	762,716,018	$	48,016,707		$	219,296,341
Net assets by class:
Class A	$	8,834,322	$	1,852,155		$	338,576,975	$	2,152,656		$	—
Class B		—		—			9,174,604		—			—
Class C		1,369,209		725,184			237,404,321		4,173,155			—
Class I		2,042,262		381,650			158,537,761		41,690,885			286,739
Class I2		53,790,114		251,241,820			18,081,633		11			219,009,602
Class R6		48,871		49,028			940,724		—			—
Shares outstanding (unlimited shares, no par value):
Class A		727,222		191,088			13,496,582		215,996			—
Class B		—		—			405,244		—			—
Class C		116,330		75,343			10,612,232		420,041			—
Class I		166,033		39,134			6,135,343		4,183,362			28,907
Class I2		4,351,865		25,722,495			698,587		1			22,093,670
Class R6		3,953		5,020			36,219		—			—
Net asset value per share: (E)
Class A	$	12.15	$	9.69		$	25.09	$	9.97		$	—
Class B		—		—			22.64		—			—
Class C		11.77		9.63			22.37		9.94			—
Class I		12.30		9.75			25.84		9.97			9.92
Class I2		12.36		9.77			25.88		9.62	(F)		9.91
Class R6		12.36		9.77			25.97		—			—
Maximum offering price per share: (G)
Class A	$	12.86	$	10.25		$	26.55	$	10.55		$	—
(A)      Investments, at cost	$	54,876,134	$	249,130,495		$	717,209,011	$	48,798,042		$	214,610,760
(B)      Securities on loan, at value	$	4,064,121	$	20,542,275		$	35,145,417	$	2,478,715		$	7,792,856
(C)      Repurchase agreements, at cost	$	1,436,036	$	1,249,359		$	12,150,604	$	1,129,194		$	9,502,212
(D)      Foreign currency, at cost	$	—	$	—		$	—	$	—		$	576

^(E)  Net asset value per share for Class B, C, I, I2 and R6 shares represents offering price. The redemption price for Class B and C shares equals net asset value less any applicable contingent deferred sales charge.

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

^(G)  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.

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

Transamerica Funds Annual Report 2016

Page    284

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica US Growth
Assets:
Investments, at value (A) (B)	$	998,540,750
Repurchase agreements, at value (C)		3,490,132
Receivables:
Shares of beneficial interest sold		245,691
Investments sold		2,410,230
Interest		3
Dividends		1,084,564
Tax reclaims		473,998
Net income from securities lending		3,664
Total assets		1,006,249,032
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		692,153
Investments purchased		134,443
Investment management fees		601,204
Distribution and service fees		138,245
Transfer agent fees		126,131
Trustees, CCO and deferred compensation fees		623
Audit and tax fees		20,141
Custody fees		17,498
Legal fees		7,174
Printing and shareholder reports fees		60,879
Registration fees		9,592
Other		2,232
Collateral for securities on loan		5,684,957
Total liabilities		7,495,272
Net assets	$	998,753,760
Net assets consist of:
Paid-in capital	$	774,768,984
Undistributed (distributions in excess of) net investment income (loss)		1,456,800
Accumulated net realized gain (loss)		19,554,007
Net unrealized appreciation (depreciation) on:
Investments		202,878,308
Translation of assets and liabilities denominated in foreign currencies		95,661
Net assets	$	998,753,760
Net assets by class:
Class A	$	432,130,344
Class B		7,519,560
Class C		44,876,604
Class I		160,628,158
Class I2		258,721,888
Class T		94,877,206
Shares outstanding (unlimited shares, no par value):
Class A		25,619,938
Class B		465,377
Class C		2,773,030
Class I		9,365,379
Class I2		15,106,366
Class T		2,272,151
Net asset value per share: (D)
Class A	$	16.87
Class B		16.16
Class C		16.18
Class I		17.15
Class I2		17.13
Class T		41.76
Maximum offering price per share: (E)
Class A	$	17.85
Class T	$	45.64
(A)      Investments, at cost	$	795,662,442
(B)      Securities on loan, at value	$	5,537,183
(C)      Repurchase agreements, at cost	$	3,490,132

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

^(E) Includes the maximum selling commission (represented as a percentage of offering price) which is reduced on certain levels of sales as set forth in the prospectus.

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

Transamerica Funds Annual Report 2016

Page    285

STATEMENTS OF OPERATIONS

For the year ended October 31, 2016

	Transamerica Bond			Transamerica Capital Growth			Transamerica Concentrated Growth			Transamerica Dividend Focused			Transamerica Dynamic Allocation
Investment Income:
Dividend income	$	467,877		$	3,989,533		$	5,896,503		$	35,483,635		$	472,374
Interest income		23,826,859			5,665			7,117			12,081			4,731
Net income (loss) from securities lending		191,969			2,477,223			106,034			133,025			61,352
Withholding taxes on foreign income		—			(297	)		(219,735	)		(206,662	)		—
Total investment income		24,486,705			6,472,124			5,789,919			35,422,079			538,457
Expenses:
Investment advisory fees		1,200,599			3,030,851			809,014			2,174,834			50,087
Investment management fees		1,997,693			4,595,836			2,802,508			5,582,930			88,242
Distribution and service fees:
Class A		—			410,449			1,827			148,710			29,701
Class B		—			31,199			—			—			—
Class C		—			712,028			6,486			63,438			100,886
Administration fees		56,089			125,521			37,339			101,303			2,732
Transfer agent fees
Class A		—			273,786			1,077			14,463			18,039
Class B		—			12,229			—			—			—
Class C		—			104,969			577			6,770			13,473
Class I		—			213,987			24,486			8,340			2,584
Class I2		36,117			45,711			38,486			82,681			—
Class R6		13			—			—			16			—
Trustees, CCO and deferred compensation fees		7,553			15,478			9,202			19,073			375
Audit and tax fees		36,163			28,586			28,009			30,402			20,275
Custody fees		68,972			121,235			60,700			94,025			12,679
Legal fees		14,735			33,276			17,866			38,091			758
Printing and shareholder reports fees		46,019			123,861			30,027			54,241			5,138
Registration fees		24,094			77,109			41,083			65,865			42,322
Other		11,820			22,502			12,028			26,215			2,256
Total expenses before waiver and/or reimbursement and recapture		3,499,867			9,978,613			3,920,715			8,511,397			389,547
Expenses waived and/or reimbursed:
Class A		—			—			—			—			(27,381	)
Class B		—			(939	)		—			—			—
Class C		—			—			—			—			(21,410	)
Class I		—			—			—			—			(4,549	)
Class I2		(96,704	)		—			—			—			—
Class R6		(54	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		—			—			—			—			465
Class B		—			877			—			—			—
Class C		—			—			—			—			430
Class I		—			—			—			—			212
Class I2		17,570			—			—			—			—
Class R6		29			—			—			—			—
Reimbursement of custody fees (A)		(74,502	)		(76,306	)		(9,089	)		(46,823	)		(3,630	)
Net expenses		3,346,206			9,902,245			3,911,626			8,464,574			333,684
Net investment income (loss)		21,140,499			(3,430,121	)		1,878,293			26,957,505			204,773
Net realized gain (loss) on:
Investments		980,940			178,055,247			61,777,083			102,749,875			(1,736,333	)
Futures contracts		(694,103	)		—			—			—			—
Foreign currency transactions		(835,110	)		82,207			(1,103	)		—			—
Net realized gain (loss)		(548,273	)		178,137,454			61,775,980			102,749,875			(1,736,333	)
Net change in unrealized appreciation (depreciation) on:
Investments		9,168,239			(144,080,018	)		(11,815,463	)		(30,855,088	)		1,043,976
Futures contracts		164,873			—			—			—			—
Translation of assets and liabilities denominated in foreign currencies		46,575			—			—			—			—
Net change in unrealized appreciation (depreciation)		9,379,687			(144,080,018	)		(11,815,463	)		(30,855,088	)		1,043,976
Net realized and change in unrealized gain (loss)		8,831,414			34,057,436			49,960,517			71,894,787			(692,357	)
Net increase (decrease) in net assets resulting from operations	$	29,971,913		$	30,627,315		$	51,838,810		$	98,852,292		$	(487,584	)

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

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

Transamerica Funds Annual Report 2016

Page    286

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	Transamerica Dynamic Income			Transamerica Emerging Markets Debt			Transamerica Emerging Markets Equity			Transamerica Flexible Income			Transamerica Floating Rate
Investment Income:
Dividend income	$	20,529,978		$	—		$	5,993,730		$	542,520		$	369,225
Interest income		787			53,932,749			1,212			20,328,201			17,779,833
Net income (loss) from securities lending		1,605,808			289,114			46,147			67,730			55,296
Withholding taxes on foreign income		—			(414,788	)		(740,836	)		—			—
Total investment income		22,136,573			53,807,075			5,300,253			20,938,451			18,204,354
Expenses:
Investment advisory fees		771,604			1,342,141			697,834			641,411			705,844
Investment management fees		1,480,419			3,105,638			1,246,801			1,398,278			1,557,368
Distribution and service fees:
Class A		337,880			109,638			4,486			190,039			9,933
Class B		—			—			—			17,287			—
Class C		2,313,820			148,751			17,652			616,449			51,569
Administration fees		49,999			68,053			22,049			42,837			34,714
Transfer agent fees
Class A		128,233			80,541			5,242			105,149			4,632
Class B		—			—			—			4,488			—
Class C		248,702			25,513			2,534			60,090			4,982
Class I		101,171			607,309			832			194,681			7,458
Class I2		—			6,553			14,739			11,011			25,712
Class R6		—			5			—			106			—
Trustees, CCO and deferred compensation fees		7,004			11,226			3,139			6,175			5,565
Audit and tax fees		23,863			41,056			21,738			33,964			38,741
Custody fees		15,294			356,442			322,084			69,215			246,916
Legal fees		12,492			22,096			6,204			15,701			11,519
Printing and shareholder reports fees		104,927			146,823			14,552			42,381			22,690
Registration fees		50,147			89,578			40,323			89,924			47,024
Other		11,929			28,077			5,824			15,153			8,080
Total expenses before waiver and/or reimbursement and recapture		5,657,484			6,189,440			2,426,033			3,554,339			2,782,747
Expenses waived and/or reimbursed:
Class A		(2,753	)		—			—			—			(2,619	)
Class B		—			—			—			(270	)		—
Class C		(16,153	)		—			—			—			(2,210	)
Class I		—			—			—			—			(4,654	)
Recapture of previously waived and/or reimbursed fees:
Class A		2,753			—			—			—			80
Class B		—			—			—			270			—
Class C		16,153			—			—			—			38
Class I		—			—			—			—			873
Class I2		—			—			—			—			8,739
Reimbursement of custody fees (A)		(47,542	)		(41,871	)		(19,309	)		(77,272	)		(8,669	)
Net expenses		5,609,942			6,147,569			2,406,724			3,477,067			2,774,325
Net investment income (loss)		16,526,631			47,659,506			2,893,529			17,461,384			15,430,029
Net realized gain (loss) on:
Investments		(55,887,265	)		(22,635,477	)(B)		(33,586,454	)		1,063,299			(442,721	)
Futures contracts		—			(49,889	)		—			—			—
Foreign currency transactions		—			1,508,241			(76,665	)		(32,637	)		—
Net realized gain (loss)		(55,887,265	)		(21,177,125	)		(33,663,119	)		1,030,662			(442,721	)
Net change in unrealized appreciation (depreciation) on:
Investments		64,452,114			55,375,592	(C)		34,607,271			1,892,863			5,373,729
Unfunded commitment		—			—			—			—			1,246
Translation of assets and liabilities denominated in foreign currencies		—			(421,857	)		(1,097	)		3,821			—
Net change in unrealized appreciation (depreciation)		64,452,114			54,953,735			34,606,174			1,896,684			5,374,975
Net realized and change in unrealized gain (loss)		8,564,849			33,776,610			943,055			2,927,346			4,932,254
Net increase (decrease) in net assets resulting from operations	$	25,091,480		$	81,436,116		$	3,836,584		$	20,388,730		$	20,362,283

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

^(B)  Net of realized foreign capital gains tax of $135,795.

^(C)  Net change in foreign capital gains tax of $193,443.

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

Transamerica Funds Annual Report 2016

Page    287

STATEMENTS OF OPERATIONS (continued)

For the period and year ended October 31, 2016

	Transamerica Global Bond			Transamerica Global Equity			Transamerica Global Long/ Short Equity (A)			Transamerica Government Money Market (B)			Transamerica Growth
Investment Income:
Dividend income	$	—		$	6,877,120		$	408,925		$	—		$	3,457,143
Interest income		1,657,716			1,074			—			990,499			1,097
Net income (loss) from securities lending		10,354			65,408			—			—			323,581
Withholding taxes on foreign income		(5,283	)		(473,480	)		(27,008	)		—			(66,223	)
Total investment income		1,662,787			6,470,122			381,917			990,499			3,715,598
Expenses:
Investment advisory fees		79,036			879,653			32,895			274,976			1,200,320
Investment management fees		179,317			1,519,555			87,115			498,994			2,311,673
Distribution and service fees:
Class A		1,210			108,542			5,357			382,334			—
Class B		—			22,972			—			19,029			—
Class C		3,640			542,166			—			239,271			—
Administration fees		4,391			32,677			990			20,623			46,400
Transfer agent fees
Class A		819			93,140			154			229,880			—
Class B		—			8,901			—			6,036			—
Class C		441			108,724			—			33,292			—
Class I		474			33,417			2,253			45,454			—
Class I2		3,366			11,907			560			1,994			32,939
Class R6		—			5			—			—			84
Trustees, CCO and deferred compensation fees		677			4,702			207			3,536			6,816
Audit and tax fees		36,581			20,977			22,586			22,594			21,374
Custody fees		91,173			88,307			148,674			114,634			64,545
Legal fees		1,090			11,000			3,313			7,418			13,531
Printing and shareholder reports fees		1,957			49,018			1,573			37,920			33,260
Registration fees		31,382			56,927			75,015			69,430			21,341
Dividends, interest and fees for borrowings from securities sold short		—			—			369,121			—			—
Other		4,622			13,418			5,649			15,581			9,855
Total expenses before waiver and/or reimbursement and recapture		440,176			3,606,008			755,462			2,022,996			3,762,138
Expenses waived and/or reimbursed:
Class A		(1,909	)		(22,402	)		(37,645	)		(676,551	)		—
Class B		—			(5,277	)		—			(26,870	)		—
Class C		(1,241	)		(26,533	)		—			(281,191	)		—
Class I		(1,282	)		—			(38,920	)		(58,368	)		—
Class I2		(98,551	)		—			(134,751	)		(20,534	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		229			3,583			2,312			38,111			—
Class B		—			394			—			1,353			—
Class C		149			10,693			—			4,278			—
Class I		145			—			1,554			8,837			—
Class I2		14,509			—			11,581			10,099			—
Reimbursement of custody fees (C)		(6,440	)		(29,596	)		—			(43,242	)		(64,482	)
Net expenses		345,785			3,536,870			559,593			978,918			3,697,656
Net investment income (loss)		1,317,002			2,933,252			(177,676	)		11,581			17,942
Net realized gain (loss) on:
Investments		(1,030,901	)(D)		(3,293,373	)		(440,904	)		—			72,500,518
Securities sold short		—			—			(663,113	)		—			—
Written options and swaptions		—			—			479			—			—
Foreign currency transactions		1,859,305			(42,195	)		(104,748	)		—			1,196
Net realized gain (loss)		828,404			(3,335,568	)		(1,208,286	)		—			72,501,714
Net change in unrealized appreciation (depreciation) on:
Investments		2,263,700	(E)		(480,008	)		309,182			—			(78,843,754	)
Securities sold short		—			—			(88,249	)		—			—
Written options and swaptions		—			—			(84	)		—			—
Translation of assets and liabilities denominated in foreign currencies		(72,610	)		(470	)		12,928			—			88
Net change in unrealized appreciation (depreciation)		2,191,090			(480,478	)		233,777			—			(78,843,666	)
Net realized and change in unrealized gain (loss)		3,019,494			(3,816,046	)		(974,509	)		—			(6,341,952	)
Net increase (decrease) in net assets resulting from operations	$	4,336,496		$	(882,794	)	$	(1,152,185	)	$	11,581		$	(6,324,010	)

^(A) Commenced operations on November 30, 2015.

^(B)  Formerly, Transamerica Money Market.

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

^(D)  Net of realized foreign capital gains tax of $4,743.

^(E)  Net change in foreign capital gains tax of $3,112.

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

Transamerica Funds Annual Report 2016

Page    288

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	Transamerica High Yield Bond			Transamerica High Yield Muni			Transamerica Income & Growth			Transamerica Inflation Opportunities			Transamerica Intermediate Muni (A)
Investment Income:
Dividend income	$	808,269		$	20,524		$	15,190,180		$	32,535		$	34,472
Interest income		67,325,679			3,431,745			1,056			3,034,875			23,664,315
Net income (loss) from securities lending		543,397			854			499,495			9,524			—
Withholding taxes on foreign income		—			—			(559,993	)		3,336			—
Total investment income		68,677,345			3,453,123			15,130,738			3,080,270			23,698,787
Expenses:
Investment advisory fees		1,629,420			111,247			889,934			355,649			757,346
Investment management fees		4,289,726			413,428			1,152,000			700,405			3,362,516
Distribution and service fees:
Class A		281,730			124,987			94,466			1,413			711,338
Class B		30,692			—			—			—			—
Class C		520,938			86,084			706,390			4,370			1,272,707
Administration fees		88,877			6,544			39,881			19,414			53,917
Transfer agent fees
Class A		171,085			33,932			46,006			417			129,840
Class B		6,550			—			—			—			—
Class C		60,907			6,159			86,388			430			65,249
Class I		136,919			41,784			34,236			317			580,981
Class I2		55,966			—			11,738			13,815			—
Class R6		126			—			—			1			—
Trustees, CCO and deferred compensation fees		15,903			1,556			4,528			2,835			15,267
Audit and tax fees		40,828			31,293			28,130			36,687			39,417
Custody fees		94,010			18,101			91,904			56,488			84,575
Legal fees		29,237			3,094			8,197			5,469			29,520
Printing and shareholder reports fees		104,282			11,736			52,124			10,890			64,531
Registration fees		106,823			49,358			52,329			52,529			195,173
Other		32,513			3,335			36,493			6,491			16,177
Total expenses before waiver and/or reimbursement and recapture		7,696,532			942,638			3,334,744			1,267,620			7,378,554
Expenses waived and/or reimbursed:
Class A		—			(60,564	)		—			(42	)		(284,535	)
Class C		—			(23,342	)		—			(142	)		(318,176	)
Class I		—			(11,754	)		—			(135	)		—
Recapture of previously waived and/or reimbursed fees:
Class A		—			26,424			—			42			14,370
Class C		—			4,285			—			55			9,043
Class I		—			9,511			—			20			112,191
Reimbursement of custody fees (B)		(103,946	)		(813	)		(26,530	)		(10,176	)		(3,553	)
Net expenses		7,592,586			886,385			3,308,214			1,257,242			6,907,894
Net investment income (loss)		61,084,759			2,566,738			11,822,524			1,823,028			16,790,893
Net realized gain (loss) on:
Investments		(17,266,273	)		1,382,422			(11,725,498	)		(4,495,347	)		7,888,022
Futures contracts		—			—			—			(289,038	)		—
Foreign currency transactions		—			—			(31,431	)		995,801			—
Net realized gain (loss)		(17,266,273	)		1,382,422			(11,756,929	)		(3,788,584	)		7,888,022
Net change in unrealized appreciation (depreciation) on:
Investments		38,797,499			1,034,364			7,777,392			10,061,190			2,352,399
Futures contracts		—			—			—			43,236			—
Translation of assets and liabilities denominated in foreign currencies		—			—			6,207			(337,518	)		—
Net change in unrealized appreciation (depreciation)		38,797,499			1,034,364			7,783,599			9,766,908			2,352,399
Net realized and change in unrealized gain (loss)		21,531,226			2,416,786			(3,973,330	)		5,978,324			10,240,421
Net increase (decrease) in net assets resulting from operations	$	82,615,985		$	4,983,524		$	7,849,194		$	7,801,352		$	27,031,314

^(A)  Formerly, Transamerica Enhanced Muni.

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

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

Transamerica Funds Annual Report 2016

Page    289

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	Transamerica International Equity			Transamerica International Small Cap Value			Transamerica Large Cap Value			Transamerica Mid Cap Growth			Transamerica Mid Cap Value Opportunities
Investment Income:
Dividend income	$	88,802,767		$	30,336,470		$	44,072,785		$	3,633,915		$	16,388,496
Interest income		29,573			4,252			23,308			879			14,783
Net income (loss) from securities lending		1,850,485			372,802			522,952			85,119			287,616
Withholding taxes on foreign income		(7,808,125	)		(2,190,025	)		(654,168	)		(8,208	)		(61,173	)
Total investment income		82,874,700			28,523,499			43,964,877			3,711,705			16,629,722
Expenses:
Investment advisory fees		4,925,269			2,724,855			3,694,187			1,101,001			1,594,638
Investment management fees		14,366,518			5,141,629			8,718,816			2,224,338			4,105,600
Distribution and service fees:
Class A		780,316			—			94,446			9,425			108,919
Class C		623,391			—			143,400			7,384			33,957
Administration fees		208,907			90,921			177,684			45,875			71,432
Transfer agent fees
Class A		590,587			—			44,966			6,346			34,912
Class C		100,337			—			18,068			1,480			5,006
Class I		1,382,448			312,361			30,227			555			225,378
Class I2		73,610			41,571			138,747			33,342			43,014
Class R6		426			—			60			—			1
Trustees, CCO and deferred compensation fees		41,641			13,317			30,189			7,507			13,784
Audit and tax fees		47,054			30,959			36,478			26,509			31,224
Custody fees		1,123,277			477,422			156,396			51,653			86,500
Legal fees		81,489			27,900			58,485			16,571			29,153
Printing and shareholder reports fees		337,530			48,006			105,941			55,972			65,871
Registration fees		201,410			39,734			80,673			47,888			90,250
Other		63,366			28,140			38,869			19,567			18,638
Total expenses before waiver and/or reimbursement and recapture		24,947,576			8,976,815			13,567,632			3,655,413			6,558,277
Expenses waived and/or reimbursed:
Class A		(1,702	)		—			—			—			—
Recapture of previously waived and/or reimbursed fees:
Class A		191,851			—			—			—			—
Reimbursement of custody fees (A)		(47,844	)		(27,424	)		(113,071	)		(4,741	)		(7,083	)
Net expenses		25,089,881			8,949,391			13,454,561			3,650,672			6,551,194
Net investment income (loss)		57,784,819			19,574,108			30,510,316			61,033			10,078,528
Net realized gain (loss) on:
Investments		6,127,420			5,532,787			163,915,086			(12,943,547	)		55,829,247
Foreign currency transactions		(1,167,658	)		768,813			—			—			1,170
Net realized gain (loss)		4,959,762			6,301,600			163,915,086			(12,943,547	)		55,830,417
Net change in unrealized appreciation (depreciation) on:
Investments		(54,045,811	)		(51,013,378	)		(7,839,682	)		16,582,662			33,045,922
Translation of assets and liabilities denominated in foreign currencies		(284,054	)		(5,737	)		—			—			—
Net change in unrealized appreciation (depreciation)		(54,329,865	)		(51,019,115	)		(7,839,682	)		16,582,662			33,045,922
Net realized and change in unrealized gain (loss)		(49,370,103	)		(44,717,515	)		156,075,404			3,639,115			88,876,339
Net increase (decrease) in net assets resulting from operations	$	8,414,716		$	(25,143,407	)	$	186,585,720		$	3,700,148		$	98,954,867

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

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

Transamerica Funds Annual Report 2016

Page    290

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	Transamerica MLP & Energy Income			Transamerica Multi-Cap Growth (A)			Transamerica Multi-Managed Balanced			Transamerica Short-Term Bond			Transamerica Small Cap Core
Investment Income:
Dividend income	$	22,160,602		$	2,532,804		$	7,815,524		$	—		$	1,722,504
Interest income		1,773,338			671			6,706,884			89,877,213			383
Net income (loss) from securities lending		513,278			410,737			60,889			154,805			26,724
Withholding taxes on foreign income		(248,292	)		(34,256	)		(2,536	)		—			(294	)
Total investment income		24,198,926			2,909,956			14,580,761			90,032,018			1,749,317
Expenses:
Investment advisory fees		1,660,394			909,912			1,287,860			5,534,410			346,515
Investment management fees		3,738,921			1,365,378			3,232,048			10,183,370			411,714
Distribution and service fees:
Class A		96,774			156,931			699,683			2,304,514			2,658
Class B		—			15,742			42,635			—			—
Class C		304,030			90,016			1,963,890			6,681,978			3,859
Administration fees		46,263			34,744			59,440			357,941			12,994
Transfer agent fees
Class A		64,705			246,169			333,016			596,649			1,899
Class B		—			11,356			16,801			—			—
Class C		62,588			35,360			198,886			532,240			453
Class I		44,277			84,462			237,088			925,403			1,136
Class I2		28,837			14,492			—			57,906			6,784
Class R6		—			—			74			18			—
Trustees, CCO and deferred compensation fees		7,947			4,614			10,589			49,585			1,379
Audit and tax fees		31,095			21,032			34,025			59,372			24,189
Custody fees		61,458			29,265			101,729			279,083			61,504
Legal fees		15,125			10,238			20,576			101,445			2,683
Printing and shareholder reports fees		75,000			45,007			104,543			501,158			9,712
Registration fees		39,991			62,047			93,243			169,729			43,206
Other		11,971			10,088			15,053			68,117			13,833
Total expenses before waiver and/or reimbursement and recapture		6,289,376			3,146,853			8,451,179			28,402,918			944,518
Expenses waived and/or reimbursed:
Class A		(6,705	)		(68,578	)		—			—			(1,633	)
Class B		—			(6,199	)		(110	)		—			—
Class C		(7,215	)		(10,037	)		—			—			(374	)
Class I		—			—			—			—			(1,027	)
Recapture of previously waived and/or reimbursed fees:
Class A		6,705			8,124			—			—			403
Class B		—			523			110			—			—
Class C		5,543			1,332			—			—			163
Class I		—			—			—			—			527
Reimbursement of custody fees (B)		(16,832	)		(84,304	)		(71,914	)		(311,398	)		(5,552	)
Net expenses		6,270,872			2,987,714			8,379,265			28,091,520			937,025
Net investment income (loss)		17,928,054			(77,758	)		6,201,496			61,940,498			812,292
Net realized gain (loss) on:
Investments		(142,506,249	)		48,728,853			2,389,958			(22,311,352	)		(10,315,697	)
Written options and swaptions		131,953			—			—			—			—
Futures contracts		—			—			746,902			—			—
Foreign currency transactions		(61,996	)		4,672			(274	)		(49,411	)		—
Net realized gain (loss)		(142,436,292	)		48,733,525			3,136,586			(22,360,763	)		(10,315,697	)
Net change in unrealized appreciation (depreciation) on:
Investments		147,867,124			(81,621,575	)		14,031,102			36,036,293			14,516,517
Securities sold short		—			—			7,106			—			—
Futures contracts		—			—			(380,186	)		—			—
Translation of assets and liabilities denominated in foreign currencies		(16,188	)		—			—			29,596			—
Net change in unrealized appreciation (depreciation)		147,850,936			(81,621,575	)		13,658,022			36,065,889			14,516,517
Net realized and change in unrealized gain (loss)		5,414,644			(32,888,050	)		16,794,608			13,705,126			4,200,820
Net increase (decrease) in net assets resulting from operations	$	23,342,698		$	(32,965,808	)	$	22,996,104		$	75,645,624		$	5,013,112

^(A)  Formerly, Transamerica Growth Opportunities.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

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

Transamerica Funds Annual Report 2016

Page    291

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	Transamerica Small Cap Growth			Transamerica Small Cap Value			Transamerica Small/Mid Cap Value			Transamerica Strategic High Income			Transamerica Unconstrained Bond
Investment Income:
Dividend income	$	1,848,441		$	5,521,322		$	18,286,963		$	902,971		$	—
Interest income		2,154			2,065			2,509			1,021,195			8,805,719
Net income (loss) from securities lending		251,498			239,961			414,155			30,812			99,778
Withholding taxes on foreign income		—			(3,731	)		(12,927	)		(3,437	)		(27,610	)
Total investment income		2,102,093			5,759,617			18,690,700			1,951,541			8,877,887
Expenses:
Investment advisory fees		1,217,612			1,018,062			2,138,099			79,425			360,410
Investment management fees		1,794,392			1,659,295			4,320,005			198,562			756,915
Distribution and service fees:
Class A		12,148			3,425			899,797			4,794			—
Class B		—			—			137,264			—			—
Class C		12,663			7,554			2,504,331			40,410			—
Administration fees		44,173			37,887			82,218			3,610			16,894
Transfer agent fees
Class A		8,442			3,245			790,171			1,212			—
Class B		—			—			29,470			—			—
Class C		2,253			911			375,427			1,432			—
Class I		2,156			602			172,754			36,564			334
Class I2		26,035			24,023			1,370			—			12,676
Class R6		1			1			26			—			—
Trustees, CCO and deferred compensation fees		5,594			4,834			12,469			632			2,538
Audit and tax fees		21,939			21,132			25,528			29,694			37,504
Custody fees		45,125			34,724			127,961			13,181			174,192
Legal fees		11,837			14,358			23,891			1,247			5,524
Printing and shareholder reports fees		27,091			26,062			196,808			3,863			6,521
Registration fees		59,067			53,188			80,368			34,839			46,990
Other		12,652			18,848			19,731			2,534			4,331
Total expenses before waiver and/or reimbursement and recapture		3,303,180			2,928,151			11,937,688			451,999			1,424,829
Expenses waived and/or reimbursed:
Class A		—			(1,274	)		—			(1,026	)		—
Class C		—			—			—			(1,494	)		—
Class I		—			—			—			(29,532	)		(40	)
Recapture of previously waived and/or reimbursed fees:
Class A		—			218			—			760			—
Class C		—			—			—			2,037			—
Class I		—			—			—			10,166			31
Reimbursement of custody fees (A)		(23,037	)		(29,430	)		(77,676	)		(1,098	)		(2,882	)
Net expenses		3,280,143			2,897,665			11,860,012			431,812			1,421,938
Net investment income (loss)		(1,178,050	)		2,861,952			6,830,688			1,519,729			7,455,949
Net realized gain (loss) on:
Investments		111,501,977			(27,645,984	)		39,225,377			(519,919	)		(3,143,767	)
Futures contracts		—			—			—			—			(704,904	)
Foreign currency transactions		—			—			(1,161	)		(77	)		(138,437	)
Net realized gain (loss)		111,501,977			(27,645,984	)		39,224,216			(519,996	)		(3,987,108	)
Net change in unrealized appreciation (depreciation) on:
Investments		(89,809,183	)		2,401,066			(15,129,200	)		711,801			3,736,625
Futures contracts		—			—			—			—			547,999
Translation of assets and liabilities denominated in foreign currencies		—			—			—			—			730
Net change in unrealized appreciation (depreciation)		(89,809,183	)		2,401,066			(15,129,200	)		711,801			4,285,354
Net realized and change in unrealized gain (loss)		21,692,794			(25,244,918	)		24,095,016			191,805			298,246
Net increase (decrease) in net assets resulting from operations	$	20,514,744		$	(22,382,966	)	$	30,925,704		$	1,711,534		$	7,754,195

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

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

Transamerica Funds Annual Report 2016

Page    292

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	Transamerica US Growth
Investment Income:
Dividend income	$	12,719,178
Interest income		2,299
Net income (loss) from securities lending		307,584
Total investment income		13,029,061
Expenses:
Investment advisory fees		2,414,278
Investment management fees		5,004,731
Distribution and service fees:
Class A		1,109,866
Class B		90,031
Class C		485,364
Administration fees		108,791
Transfer agent fees
Class A		953,614
Class B		38,839
Class C		122,783
Class I		235,462
Class I2		23,430
Class T		88,737
Trustees, CCO and deferred compensation fees		16,759
Audit and tax fees		30,680
Custody fees		94,104
Legal fees		33,062
Printing and shareholder reports fees		125,103
Registration fees		89,842
Other		23,983
Total expenses before waiver and/or reimbursement and recapture		11,089,459
Expenses waived and/or reimbursed:
Class B		(1,494	)
Recapture of previously waived and/or reimbursed fees:
Class B		1,494
Reimbursement of custody fees (A)		(217,722	)
Net expenses		10,871,737
Net investment income (loss)		2,157,324
Net realized gain (loss) on:
Investments		25,592,602
Net realized gain (loss)		25,592,602
Net change in unrealized appreciation (depreciation) on:
Investments		(37,028,954	)
Translation of assets and liabilities denominated in foreign currencies		(527	)
Net change in unrealized appreciation (depreciation)		(37,029,481	)
Net realized and change in unrealized gain (loss)		(11,436,879	)
Net increase (decrease) in net assets resulting from operations	$	(9,279,555	)

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

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

Transamerica Funds Annual Report 2016

Page    293

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Bond (A)						Transamerica Capital Growth						Transamerica Concentrated Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	21,140,499		$	31,578,608		$	(3,430,121	)	$	(5,889,356	)	$	1,878,293		$	1,783,123
Net realized gain (loss)		(548,273	)		25,619,028			178,137,454			55,960,009			61,775,980			(3,982,601	)
Net change in unrealized appreciation (depreciation)		9,379,687			(67,362,727	)		(144,080,018	)		29,055,248			(11,815,463	)		19,247,480
Net increase (decrease) in net assets resulting from operations		29,971,913			(10,165,091	)		30,627,315			79,125,901			51,838,810			17,048,002
Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			—			—			—			(902	)		—
Class I		—			—			—			—			(71,704	)		(23,194	)
Class I2		(15,255,378	)		(32,461,443	)		—			—			(1,601,992	)		(1,071,082	)
Class R6		(4,642	)		(970	)		—			—			—			—
Total dividends and/or distributions from net investment income		(15,260,020	)		(32,462,413	)		—			—			(1,674,598	)		(1,094,276	)
Net realized gains:
Class A		—			—			(5,675,091	)		(3,324,337	)		—			(1,067	)
Class B		—			—			(142,588	)		(146,506	)		—			—
Class C		—			—			(2,760,430	)		(1,561,956	)		—			(728	)
Class I		—			—			(5,083,818	)		(4,201,022	)		—			(46,387	)
Class I2		(26,329,259	)		(26,769,165	)		(41,875,786	)		(32,799,000	)		—			(974,659	)
Class R6		(2,610	)		—			—			—			—			—
Total dividends and/or distributions from net realized gains		(26,331,869	)		(26,769,165	)		(55,537,713	)		(42,032,821	)		—			(1,022,841	)
Total dividends and/or distributions to shareholders		(41,591,889	)		(59,231,578	)		(55,537,713	)		(42,032,821	)		(1,674,598	)		(2,117,117	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			58,713,338			60,370,515			141,484			312,845
Class B		—			—			158,206			382,583			—			—
Class C		—			—			19,158,018			27,150,870			302,227			151,129
Class I		—			—			60,616,566			49,697,856			2,349,119			4,375,653
Class I2		29,208,199			67,840,657			31,238,600			292,769,066			381,398,082			98,783,436
Class R6		420,854			50,000			—			—			—			—
		29,629,053			67,890,657			169,884,728			430,370,890			384,190,912			103,623,063
Dividends and/or distributions reinvested:
Class A		—			—			5,530,965			3,232,197			902			1,067
Class B		—			—			139,867			141,128			—			—
Class C		—			—			2,342,840			1,279,713			—			728
Class I		—			—			4,773,081			3,384,906			70,845			68,653
Class I2		41,584,637			59,230,608			41,811,721			32,799,000			1,601,992			2,045,741
Class R6		7,252			970			—			—			—			—
		41,591,889			59,231,578			54,598,474			40,836,944			1,673,739			2,116,189
Cost of shares redeemed:
Class A		—			—			(56,500,602	)		(33,999,737	)		(88,281	)		(88,697	)
Class B		—			—			(438,052	)		(510,007	)		—			—
Class C		—			—			(20,915,151	)		(11,740,160	)		(33,745	)		(9,351	)
Class I		—			—			(58,324,633	)		(67,238,891	)		(2,250,473	)		(1,394,949	)
Class I2		(612,989,972	)		(60,218,832	)		(841,145,028	)		(147,755,274	)		(600,264,357	)		(77,743,706	)
Class R6		(11,148	)		—			—			—			—			—
		(613,001,120	)		(60,218,832	)		(977,323,466	)		(261,244,069	)		(602,636,856	)		(79,236,703	)
Automatic conversions:
Class A		—			—			1,059,412			1,182,934			—			—
Class B		—			—			(1,059,412	)		(1,182,934	)		—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(541,780,178	)		66,903,403			(752,840,264	)		209,963,765			(216,772,205	)		26,502,549
Net increase (decrease) in net assets		(553,400,154	)		(2,493,266	)		(777,750,662	)		247,056,845			(166,607,993	)		41,433,434
Net assets:
Beginning of year		777,814,970			780,308,236			1,426,123,203			1,179,066,358			415,273,972			373,840,538
End of year	$	224,414,816		$	777,814,970		$	648,372,541		$	1,426,123,203		$	248,665,979		$	415,273,972
Undistributed (distributions in excess of) net investment income (loss)	$	(2,211,780	)	$	1,705,781		$	(2,446,926	)	$	(4,876,749	)	$	1,599,249		$	1,396,657

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

Transamerica Funds Annual Report 2016

Page    294

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Bond (A)						Transamerica Capital Growth						Transamerica Concentrated Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		—			—			2,387,560			2,402,893			8,842			18,521
Class B		—			—			7,301			17,493			—			—
Class C		—			—			882,781			1,211,272			18,893			8,924
Class I		—			—			2,469,615			1,933,024			142,819			264,873
Class I2		3,176,326			6,478,626			2,025,324			16,684,723			23,981,427			5,893,265
Class R6		44,913			4,794			—			—			—			—
		3,221,239			6,483,420			7,772,581			22,249,405			24,151,981			6,185,583
Shares reinvested:
Class A		—			—			219,048			136,668			55			63
Class B		—			—			6,335			6,727			—			—
Class C		—			—			105,296			60,708			—			43
Class I		—			—			184,218			139,988			4,362			4,108
Class I2		4,655,495			5,815,024			2,449,427			2,028,386			97,683			121,265
Class R6		791			97			—			—			—			—
		4,656,286			5,815,121			2,964,324			2,372,477			102,100			125,479
Shares redeemed:
Class A		—			—			(2,347,749	)		(1,364,311	)		(5,244	)		(5,439	)
Class B		—			—			(21,653	)		(23,219	)		—			—
Class C		—			—			(983,073	)		(531,963	)		(2,045	)		(549	)
Class I		—			—			(2,343,770	)		(2,651,109	)		(139,697	)		(82,397	)
Class I2		(63,348,559	)		(5,867,866	)		(50,348,171	)		(8,535,271	)		(34,495,279	)		(4,564,490	)
Class R6		(1,165	)		—			—			—			—			—
		(63,349,724	)		(5,867,866	)		(56,044,416	)		(13,105,873	)		(34,642,265	)		(4,652,875	)
Automatic conversions:
Class A		—			—			43,211			47,951			—			—
Class B		—			—			(49,538	)		(54,169	)		—			—
		—			—			(6,327	)		(6,218	)		—			—
Net increase (decrease) in shares outstanding:
Class A		—			—			302,070			1,223,201			3,653			13,145
Class B		—			—			(57,555	)		(53,168	)		—			—
Class C		—			—			5,004			740,017			16,848			8,418
Class I		—			—			310,063			(578,097	)		7,484			186,584
Class I2		(55,516,738	)		6,425,784			(45,873,420	)		10,177,838			(10,416,169	)		1,450,040
Class R6		44,539			4,891			—			—			—			—
		(55,472,199	)		6,430,675			(45,313,838	)		11,509,791			(10,388,184	)		1,658,187

^(A)  Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    295

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dividend Focused (A)						Transamerica Dynamic Allocation						Transamerica Dynamic Income
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	26,957,505		$	22,862,706		$	204,773		$	105,310		$	16,526,631		$	28,169,271
Net realized gain (loss)		102,749,875			131,540,942			(1,736,333	)		763,090			(55,887,265	)		6,531,985
Net change in unrealized appreciation (depreciation)		(30,855,088	)		(138,061,201	)		1,043,976			(950,931	)		64,452,114			(72,914,711	)
Net increase (decrease) in net assets resulting from operations		98,852,292			16,342,447			(487,584	)		(82,531	)		25,091,480			(38,213,455	)
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(1,186,902	)		(920,532	)		(57,755	)		(115,591	)		(4,970,634	)		(9,803,437	)
Class C		(83,811	)		(49,211	)		—			(22,885	)		(7,051,219	)		(12,936,612	)
Class I		(173,329	)		(117,280	)		(23,577	)		(43,984	)		(3,744,189	)		(9,233,231	)
Class I2		(24,361,220	)		(22,364,831	)		—			—			—			—
Class R6		(5,430	)		(484	)		—			—			—			—
Total dividends and/or distributions from net investment income		(25,810,692	)		(23,452,338	)		(81,332	)		(182,460	)		(15,766,042	)		(31,973,280	)
Net realized gains:
Class A		(7,420,644	)		(2,041,457	)		(581,706	)		(650,313	)		(3,383,260	)		(4,162,900	)
Class C		(781,365	)		(176,625	)		(473,626	)		(396,800	)		(5,652,651	)		(6,427,415	)
Class I		(878,040	)		(221,274	)		(150,755	)		(200,624	)		(2,588,698	)		(3,875,409	)
Class I2		(122,506,398	)		(46,758,415	)		—			—			—			—
Class R6		(6,989	)		—			—			—			—			—
Total dividends and/or distributions from net realized gains		(131,593,436	)		(49,197,771	)		(1,206,087	)		(1,247,737	)		(11,624,609	)		(14,465,724	)
Return of capital:
Class A		—			—			—			—			(979,070	)		—
Class C		—			—			—			—			(1,388,884	)		—
Class I		—			—			—			—			(737,494	)		—
Total dividends and/or distributions from return of capital		—			—			—			—			(3,105,448	)		—
Total dividends and/or distributions to shareholders		(157,404,128	)		(72,650,109	)		(1,287,419	)		(1,430,197	)		(30,496,099	)		(46,439,004	)
Capital share transactions:
Proceeds from shares sold:
Class A		43,970,794			18,382,956			1,117,965			1,884,640			10,179,921			24,145,782
Class C		4,626,518			2,123,252			911,727			2,389,815			9,370,551			29,552,865
Class I		5,501,417			2,157,399			1,200,108			769,768			15,284,193			37,784,686
Class I2		729,919,715			129,427,147			—			—			—			—
Class R6		450,087			50,000			—			—			—			—
		784,468,531			152,140,754			3,229,800			5,044,223			34,834,665			91,483,333
Issued from fund acquisition:
Class A		—			—			—			4,758,255			—			—
Class C		—			—			—			5,521,344			—			—
Class I		—			—			—			688,528			—			—
		—			—			—			10,968,127			—			—
Dividends and/or distributions reinvested:
Class A		8,590,237			2,958,519			636,081			753,200			8,719,650			12,982,180
Class C		860,111			224,369			473,626			419,685			12,817,129			17,434,541
Class I		1,044,171			338,554			174,332			244,608			6,021,499			10,972,177
Class I2		146,699,481			69,122,302			—			—			—			—
Class R6		12,419			484			—			—			—			—
		157,206,419			72,644,228			1,284,039			1,417,493			27,558,278			41,388,898
Cost of shares redeemed:
Class A		(11,076,371	)		(30,188,588	)		(5,698,153	)		(4,668,612	)		(70,284,892	)		(97,061,461	)
Class C		(1,811,982	)		(1,749,029	)		(3,487,450	)		(3,539,518	)		(99,084,099	)		(119,307,129	)
Class I		(1,570,347	)		(2,174,773	)		(2,652,613	)		(1,129,605	)		(80,367,535	)		(125,159,466	)
Class I2		(1,005,896,361	)		(696,099,147	)		—			—			—			—
Class R6		(32,441	)		—			—			—			—			—
		(1,020,387,502	)		(730,211,537	)		(11,838,216	)		(9,337,735	)		(249,736,526	)		(341,528,056	)
Net increase (decrease) in net assets resulting from capital share transactions		(78,712,552	)		(505,426,555	)		(7,324,377	)		8,092,108			(187,343,583	)		(208,655,825	)
Net increase (decrease) in net assets		(137,264,388	)		(561,734,217	)		(9,099,380	)		6,579,380			(192,748,202	)		(293,308,284	)
Net assets:
Beginning of year		915,373,390			1,477,107,607			29,481,252			22,901,872			608,884,917			902,193,201
End of year	$	778,109,002		$	915,373,390		$	20,381,872		$	29,481,252		$	416,136,715		$	608,884,917
Undistributed (distributions in excess of) net investment income (loss)	$	2,382,012		$	1,235,199		$	124,818		$	—		$	(90,977	)	$	(853,932	)

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

Transamerica Funds Annual Report 2016

Page    296

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Dividend Focused (A)						Transamerica Dynamic Allocation						Transamerica Dynamic Income
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		3,940,726			1,408,647			107,406			165,653			1,087,740			2,362,824
Class C		413,923			159,938			88,826			212,142			1,014,364			2,908,904
Class I		494,675			162,956			113,331			68,301			1,634,604			3,717,491
Class I2		69,515,919			9,792,048			—			—			—			—
Class R6		40,493			3,774			—			—			—			—
		74,405,736			11,527,363			309,563			446,096			3,736,708			8,989,219
Shares issued on fund acquisition:
Class A		—			—			—			418,396			—			—
Class C		—			—			—			490,111			—			—
Class I		—			—			—			60,692			—			—
		—			—			—			969,199			—			—
Shares reinvested:
Class A		789,043			224,471			60,869			67,551			969,645			1,298,159
Class C		79,331			17,020			45,716			37,844			1,433,330			1,752,148
Class I		95,891			25,728			16,747			22,017			670,241			1,094,999
Class I2		13,488,341			5,237,794			—			—			—			—
Class R6		1,133			38			—			—			—			—
		14,453,739			5,505,051			123,332			127,412			3,073,216			4,145,306
Shares redeemed:
Class A		(994,635	)		(2,335,171	)		(547,502	)		(414,034	)		(7,801,976	)		(9,737,936	)
Class C		(167,973	)		(134,978	)		(338,943	)		(318,046	)		(11,027,740	)		(12,043,710	)
Class I		(138,730	)		(165,742	)		(259,198	)		(100,709	)		(8,929,077	)		(12,535,550	)
Class I2		(89,542,657	)		(53,198,181	)		—			—			—			—
Class R6		(2,928	)		—			—			—			—			—
		(90,846,923	)		(55,834,072	)		(1,145,643	)		(832,789	)		(27,758,793	)		(34,317,196	)
Net increase (decrease) in shares outstanding:
Class A		3,735,134			(702,053	)		(379,227	)		237,566			(5,744,591	)		(6,076,953	)
Class C		325,281			41,980			(204,401	)		422,051			(8,580,046	)		(7,382,658	)
Class I		451,836			22,942			(129,120	)		50,301			(6,624,232	)		(7,723,060	)
Class I2		(6,538,397	)		(38,168,339	)		—			—			—			—
Class R6		38,698			3,812			—			—			—			—
		(1,987,448	)		(38,801,658	)		(712,748	)		709,918			(20,948,869	)		(21,182,671	)

^(A) Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    297

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Emerging Markets Debt (A)						Transamerica Emerging Markets Equity						Transamerica Flexible Income (A)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	47,659,506		$	43,466,796		$	2,893,529		$	3,643,275		$	17,461,384		$	24,374,051
Net realized gain (loss)		(21,177,125	)		(49,320,863	)		(33,663,119	)		(41,518,266	)		1,030,662			(252,640	)
Net change in unrealized appreciation (depreciation)		54,953,735			(38,097,710	)		34,606,174			(28,167,498	)		1,896,684			(18,405,965	)
Net increase (decrease) in net assets resulting from operations		81,436,116			(43,951,777	)		3,836,584			(66,042,489	)		20,388,730			5,715,446
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(1,325,471	)		(3,228,749	)		(14,621	)		(18,976	)		(2,834,200	)		(2,253,630	)
Class B		—			—			—			—			(47,783	)		(67,483	)
Class C		(383,112	)		(732,308	)		(6,235	)		(5,547	)		(1,847,441	)		(1,636,876	)
Class I		(19,257,492	)		(21,796,180	)		(16,610	)		(14,731	)		(5,870,317	)		(1,727,785	)
Class I2		(3,321,600	)		(4,414,212	)		(3,123,763	)		(2,932,835	)		(5,706,681	)		(18,895,673	)
Class R6		(2,268	)		(1,336	)		—			—			(62,197	)		(774	)
Total dividends and/or distributions from net investment income		(24,289,943	)		(30,172,785	)		(3,161,229	)		(2,972,089	)		(16,368,619	)		(24,582,221	)
Return of capital:
Class A		(101,218	)		—			—			—			—			—
Class C		(29,255	)		—			—			—			—			—
Class I		(1,470,557	)		—			—			—			—			—
Class I2		(253,647	)		—			—			—			—			—
Class R6		(173	)		—			—			—			—			—
Total dividends and/or distributions from return of capital		(1,854,850	)		—			—			—			—			—
Total dividends and/or distributions to shareholders		(26,144,793	)		(30,172,785	)		(3,161,229	)		(2,972,089	)		(16,368,619	)		(24,582,221	)
Capital share transactions:
Proceeds from shares sold:
Class A		18,949,103			52,749,406			1,105,786			904,159			40,209,476			19,662,902
Class B		—			—			—			—			242,846			370,403
Class C		1,446,224			4,431,692			226,261			1,049,442			9,877,969			11,812,005
Class I		129,293,462			437,740,094			3,442,545			527,536			213,074,310			36,885,031
Class I2		107,460,471			4,650,275			61,914,743			223,871,060			7,880,383			41,409,186
Class R6		35,376			50,000			—			—			3,161,356			50,000
		257,184,636			499,621,467			66,689,335			226,352,197			274,446,340			110,189,527
Dividends and/or distributions reinvested:
Class A		1,328,547			3,011,700			13,641			17,064			2,521,347			1,997,516
Class B		—			—			—			—			42,696			62,120
Class C		354,472			635,908			5,826			5,393			1,350,127			1,176,426
Class I		15,297,412			17,224,415			16,610			14,731			4,583,709			1,279,481
Class I2		3,575,247			4,414,212			3,123,763			2,932,835			5,647,900			18,895,673
Class R6		2,441			1,336			—			—			61,434			774
		20,558,119			25,287,571			3,159,840			2,970,023			14,207,213			23,411,990
Cost of shares redeemed:
Class A		(46,194,959	)		(70,034,479	)		(519,034	)		(426,954	)		(26,263,660	)		(25,974,070	)
Class B		—			—			—			—			(444,873	)		(1,164,467	)
Class C		(5,905,147	)		(12,235,778	)		(327,682	)		(234,088	)		(16,638,787	)		(14,853,970	)
Class I		(153,956,654	)		(162,496,910	)		(4,176,266	)		(173,208	)		(112,453,661	)		(23,954,706	)
Class I2		(8,274,605	)		(79,586,343	)		(189,587,402	)		(129,963,499	)		(231,798,141	)		(231,998,581	)
Class R6		(4,587	)		—			—			—			(293,767	)		—
		(214,335,952	)		(324,353,510	)		(194,610,384	)		(130,797,749	)		(387,892,889	)		(297,945,794	)
Automatic conversions:
Class A		—			—			—			—			658,999			671,260
Class B		—			—			—			—			(658,999	)		(671,260	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		63,406,803			200,555,528			(124,761,209	)		98,524,471			(99,239,336	)		(164,344,277	)
Net increase (decrease) in net assets		118,698,126			126,430,966			(124,085,854	)		29,509,893			(95,219,225	)		(183,211,052	)
Net assets:
Beginning of year		718,897,216			592,466,250			275,234,144			245,724,251			546,154,596			729,365,648
End of year	$	837,595,342		$	718,897,216		$	151,148,290		$	275,234,144		$	450,935,371		$	546,154,596
Undistributed (distributions in excess of) net investment income (loss)	$	(2,387,253	)	$	(1,930,752	)	$	2,880,344		$	3,147,794		$	(311,508	)	$	50,343

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

Transamerica Funds Annual Report 2016

Page    298

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Emerging Markets Debt (A)						Transamerica Emerging Markets Equity						Transamerica Flexible Income (A)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		1,906,416			5,208,429			134,462			95,090			4,383,525			2,094,067
Class B		—			—			—			—			26,732			39,077
Class C		143,581			433,963			28,053			107,987			1,086,188			1,265,998
Class I		13,094,787			42,796,847			429,709			55,636			23,327,453			3,932,609
Class I2		10,350,744			464,408			8,023,009			22,366,184			862,520			4,394,563
Class R6		3,519			4,822			—			—			344,778			5,291
		25,499,047			48,908,469			8,615,233			22,624,897			30,031,196			11,731,605
Shares reinvested:
Class A		136,413			304,486			1,714			1,736			275,573			213,304
Class B		—			—			—			—			4,673			6,625
Class C		36,343			64,203			737			551			148,678			126,473
Class I		1,554,102			1,741,480			2,084			1,494			500,446			136,582
Class I2		355,107			441,051			391,448			297,448			616,716			2,013,690
Class R6		246			136			—			—			6,640			83
		2,082,211			2,551,356			395,983			301,229			1,552,726			2,496,757
Shares redeemed:
Class A		(4,729,428	)		(7,015,409	)		(64,505	)		(46,279	)		(2,871,366	)		(2,771,100	)
Class B		—			—			—			—			(48,812	)		(124,556	)
Class C		(610,696	)		(1,227,455	)		(41,410	)		(25,105	)		(1,831,568	)		(1,593,766	)
Class I		(15,772,112	)		(16,209,016	)		(527,997	)		(18,720	)		(12,353,334	)		(2,559,964	)
Class I2		(848,307	)		(8,005,692	)		(23,545,345	)		(14,521,706	)		(25,247,588	)		(24,982,423	)
Class R6		(458	)		—			—			—			(31,901	)		—
		(21,961,001	)		(32,457,572	)		(24,179,257	)		(14,611,810	)		(42,384,569	)		(32,031,809	)
Automatic conversions:
Class A		—			—			—			—			71,825			71,498
Class B		—			—			—			—			(71,766	)		(71,474	)
		—			—			—			—			59			24
Net increase (decrease) in shares outstanding:
Class A		(2,686,599	)		(1,502,494	)		71,671			50,547			1,859,557			(392,231	)
Class B		—			—			—			—			(89,173	)		(150,328	)
Class C		(430,772	)		(729,289	)		(12,620	)		83,433			(596,702	)		(201,295	)
Class I		(1,123,223	)		28,329,311			(96,204	)		38,410			11,474,565			1,509,227
Class I2		9,857,544			(7,100,233	)		(15,130,888	)		8,141,926			(23,768,352	)		(18,574,170	)
Class R6		3,307			4,958			—			—			319,517			5,374
		5,620,257			19,002,253			(15,168,041	)		8,314,316			(10,800,588	)		(17,803,423	)

^(A)  Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    299

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Floating Rate						Transamerica Global Bond						Transamerica Global Equity (A)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	15,430,029		$	10,783,400		$	1,317,002		$	2,854,094		$	2,933,252		$	1,592,016
Net realized gain (loss)		(442,721	)		(248,185	)		828,404			(21,487,490	)		(3,335,568	)		(9,840,284	)
Net change in unrealized appreciation (depreciation)		5,374,975			(3,382,984	)		2,191,090			6,482,260			(480,478	)		10,099,698
Net increase (decrease) in net assets resulting from operations		20,362,283			7,152,231			4,336,496			(12,151,136	)		(882,794	)		1,851,430
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(161,356	)		(85,287	)		(2,074	)		(1,097	)		—			—
Class C		(170,674	)		(79,227	)		(114	)		(292	)		—			—
Class I		(298,669	)		(47,861	)		(3,227	)		(1,452	)		(22,459	)		—
Class I2		(14,867,637	)		(10,675,346	)		(437,973	)		(1,079,077	)		(357,775	)		—
Class R6		—			—			—			—			0	(B)		—
Total dividends and/or distributions from net investment income		(15,498,336	)		(10,887,721	)		(443,388	)		(1,081,918	)		(380,234	)		—
Net realized gains:
Class A		—			(989	)		—			—			—			—
Class C		—			(3,168	)		—			—			—			—
Class I		—			(583	)		—			—			—			—
Class I2		—			(315,100	)		—			—			—			—
Total dividends and/or distributions from net realized gains		—			(319,840	)		—			—			—			—
Total dividends and/or distributions to shareholders		(15,498,336	)		(11,207,561	)		(443,388	)		(1,081,918	)		(380,234	)		—
Capital share transactions:
Proceeds from shares sold:
Class A		6,716,639			8,487,073			676,671			27,575			1,900,666			8,268,726
Class B		—			—			—			—			85			51,811
Class C		6,346,986			3,209,441			198,854			26,075			1,328,838			3,527,286
Class I		26,178,551			7,961,626			111,054			20,000			2,988,642			16,646,005
Class I2		110,013,882			116,222,380			—			—			83,999,994			28,210,857
Class R6		—			—			—			—			95,376			50,000
		149,256,058			135,880,520			986,579			73,650			90,313,601			56,754,685
Dividends and/or distributions reinvested:
Class A		157,722			81,210			2,074			1,097			—			—
Class C		164,045			74,332			114			292			—			—
Class I		293,228			37,806			3,227			1,452			16,326			—
Class I2		14,806,845			10,941,492			437,973			1,079,077			357,775			—
Class R6		—			—			—			—			0	(B)		—
		15,421,840			11,134,840			443,388			1,081,918			374,101			—
Cost of shares redeemed:
Class A		(3,980,172	)		(5,770,927	)		(259,232	)		(23,944	)		(11,575,516	)		(18,818,967	)
Class B		—			—			—			—			(385,067	)		(1,269,219	)
Class C		(2,864,841	)		(2,008,937	)		(6,138	)		(2,000	)		(13,274,059	)		(16,942,534	)
Class I		(14,247,679	)		(7,602,138	)		—			—			(11,652,148	)		(12,899,525	)
Class I2		(91,080,529	)		(179,094	)		(2,000,004	)		(183,135,829	)		(236,580,436	)		(4,364,353	)
Class R6		—			—			—			—			(3,370	)		—
		(112,173,221	)		(15,561,096	)		(2,265,374	)		(183,161,773	)		(273,470,596	)		(54,294,598	)
Automatic conversions:
Class A		—			—			—			—			1,291,130			1,869,065
Class B		—			—			—			—			(1,291,130	)		(1,869,065	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		52,504,677			131,454,264			(835,407	)		(182,006,205	)		(182,782,894	)		2,460,087
Net increase (decrease) in net assets		57,368,624			127,398,934			3,057,701			(195,239,259	)		(184,045,922	)		4,311,517
Net assets:
Beginning of year		343,596,596			216,197,662			44,445,088			239,684,347			302,851,712			298,540,195
End of year	$	400,965,220		$	343,596,596		$	47,502,789		$	44,445,088		$	118,805,790		$	302,851,712
Undistributed (distributions in excess of) net investment income (loss)	$	51,319		$	47,105		$	(77,547	)	$	(219,513	)	$	2,464,924		$	170,959

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

Transamerica Funds Annual Report 2016

Page    300

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Floating Rate						Transamerica Global Bond						Transamerica Global Equity (A)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		687,647			854,474			69,226			2,946			174,578			740,198
Class B		—			—			—			—			8			4,547
Class C		649,266			323,025			20,676			2,826			124,362			318,484
Class I		2,676,514			801,748			11,190			2,152			271,356			1,504,326
Class I2		11,116,758			11,676,419			—			—			7,480,842			2,495,861
Class R6		—			—			—			—			8,488			4,299
		15,130,185			13,655,666			101,092			7,924			8,059,634			5,067,715
Shares reinvested:
Class A		16,091			8,194			232			115			—			—
Class C		16,727			7,503			13			31			—			—
Class I		29,912			3,814			361			151			1,465			—
Class I2		1,514,593			1,105,199			48,990			112,756			32,116			—
Class R6		—			—			—			—			0	(C)		—
		1,577,323			1,124,710			49,596			113,053			33,581			—
Shares redeemed:
Class A		(409,800	)		(584,333	)		(26,696	)		(2,590	)		(1,063,953	)		(1,690,464	)
Class B		—			—			—			—			(36,120	)		(114,933	)
Class C		(291,736	)		(203,222	)		(666	)		(211	)		(1,246,130	)		(1,528,107	)
Class I		(1,469,567	)		(766,650	)		—			—			(1,081,021	)		(1,153,173	)
Class I2		(9,231,212	)		(18,222	)		(210,971	)		(19,590,734	)		(21,116,552	)		(402,320	)
Class R6		—			—			—			—			(297	)		—
		(11,402,315	)		(1,572,427	)		(238,333	)		(19,593,535	)		(24,544,073	)		(4,888,997	)
Automatic conversions:
Class A		—			—			—			—			118,743			167,509
Class B		—			—			—			—			(120,837	)		(169,209	)
		—			—			—			—			(2,094	)		(1,700	)
Net increase (decrease) in shares outstanding:
Class A		293,938			278,335			42,762			471			(770,632	)		(782,757	)
Class B		—			—			—			—			(156,949	)		(279,595	)
Class C		374,257			127,306			20,023			2,646			(1,121,768	)		(1,209,623	)
Class I		1,236,859			38,912			11,551			2,303			(808,200	)		351,153
Class I2		3,400,139			12,763,396			(161,981	)		(19,477,978	)		(13,603,594	)		2,093,541
Class R6		—			—			—			—			8,191			4,299
		5,305,193			13,207,949			(87,645	)		(19,472,558	)		(16,452,952	)		177,018

^(A)  Class R6 commenced operations on May 29, 2015.

^(B)  Rounds to less than $1 or $(1).

^(C)  Rounds to less than 1 or (1) shares.

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

Transamerica Funds Annual Report 2016

Page    301

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Global Long/Short Equity (A)			Transamerica Government Money Market (B)						Transamerica Growth (C)
	October 31, 2016			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	(177,676	)	$	11,581		$	8,878		$	17,942		$	(379,002	)
Net realized gain (loss)		(1,208,286	)		—			—			72,501,714			62,981,460
Net change in unrealized appreciation (depreciation)		233,777			—			—			(78,843,666	)		(188,247	)
Net increase (decrease) in net assets resulting from operations		(1,152,185	)		11,581			8,878			(6,324,010	)		62,414,211
Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			(8,004	)		(11,048	)		—			—
Class B		—			(102	)		(443	)		—			—
Class C		—			(1,260	)		(3,189	)		—			—
Class I		—			(1,184	)		(3,392	)		—			—
Class I2		—			(1,492	)		(6,409	)		—			—
Class R6		—			—			—			—			—
Total dividends and/or distributions from net investment income		—			(12,042	)		(24,481	)		—			—
Net realized gains:
Class I2		—			—			—			(62,865,520	)		(90,956,059	)
Class R6		—			—			—			(6,481	)		—
Total dividends and/or distributions from net realized gains		—			—			—			(62,872,001	)		(90,956,059	)
Total dividends and/or distributions to shareholders		—			(12,042	)		(24,481	)		(62,872,001	)		(90,956,059	)
Capital share transactions:
Proceeds from shares sold:
Class A		2,549,060			173,301,868			105,136,614			—			—
Class B		—			480,985			937,635			—			—
Class C		—			19,891,409			19,134,000			—			—
Class I		2,500,625			11,230,378			3,942,587			—			—
Class I2		11,460,964			11,636,932			30,377,897			28,501,624			27,169,904
Class R6		—			—			—			2,574,049			50,000
		16,510,649			216,541,572			159,528,733			31,075,673			27,219,904
Dividends and/or distributions reinvested:
Class A		—			6,714			9,726			—			—
Class B		—			75			393			—			—
Class C		—			1,051			2,853			—			—
Class I		—			1,012			3,226			—			—
Class I2		—			1,478			6,401			62,865,520			90,956,059
Class R6		—			—			—			6,481			—
		—			10,330			22,599			62,872,001			90,956,059
Cost of shares redeemed:
Class A		(50,739	)		(87,035,102	)		(100,870,681	)		—			—
Class B		—			(714,470	)		(1,385,501	)		—			—
Class C		—			(19,203,264	)		(21,814,290	)		—			—
Class I		—			(8,576,090	)		(4,738,989	)		—			—
Class I2		(6,443,369	)		(34,928,839	)		(26,658,848	)		(169,548,845	)		(102,140,398	)
Class R6		—			—			—			(444,543	)		—
		(6,494,108	)		(150,457,765	)		(155,468,309	)		(169,993,388	)		(102,140,398	)
Automatic conversions:
Class A		—			801,915			954,523			—			—
Class B		—			(801,915	)		(954,523	)		—			—
		—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		10,016,541			66,094,137			4,083,023			(76,045,714	)		16,035,565
Net increase (decrease) in net assets		8,864,356			66,093,676			4,067,420			(145,241,725	)		(12,506,283	)
Net assets:
Beginning of period/year		—			183,224,254			179,156,834			516,920,128			529,426,411
End of period/year	$	8,864,356		$	249,317,930		$	183,224,254		$	371,678,403		$	516,920,128
Undistributed (distributions in excess of) net investment income (loss)	$	(120,683	)	$	(1	)	$	460		$	—		$	(496,910	)

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

Transamerica Funds Annual Report 2016

Page    302

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Global Long/Short Equity (A)			Transamerica Government Money Market (B)						Transamerica Growth (C)
	October 31, 2016			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		255,491			173,301,868			105,136,614			—			—
Class B		—			480,985			937,635			—			—
Class C		—			19,891,409			19,134,000			—			—
Class I		250,067			11,230,378			3,942,587			—			—
Class I2		1,170,117			11,636,932			30,377,897			2,365,987			1,853,990
Class R6		—			—			—			207,033			3,427
		1,675,675			216,541,572			159,528,733			2,573,020			1,857,417
Shares reinvested:
Class A		—			6,714			9,726			—			—
Class B		—			75			393			—			—
Class C		—			1,051			2,853			—			—
Class I		—			1,012			3,226			—			—
Class I2		—			1,478			6,401			4,773,388			6,707,674
Class R6		—			—			—			492			—
		—			10,330			22,599			4,773,880			6,707,674
Shares redeemed:
Class A		(5,423	)		(87,035,101	)		(100,870,681	)		—			—
Class B		—			(714,470	)		(1,385,501	)		—			—
Class C		—			(19,203,264	)		(21,814,290	)		—			—
Class I		—			(8,576,090	)		(4,738,989	)		—			—
Class I2		(700,000	)		(34,928,839	)		(26,658,848	)		(13,089,193	)		(6,963,215	)
Class R6		—			—			—			(35,224	)		—
		(705,423	)		(150,457,764	)		(155,468,309	)		(13,124,417	)		(6,963,215	)
Automatic conversions:
Class A		—			801,915			954,523			—			—
Class B		—			(801,915	)		(954,523	)		—			—
		—			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		250,068			87,075,396			5,230,182			—			—
Class B		—			(1,035,325	)		(1,401,996	)		—			—
Class C		—			689,196			(2,677,437	)		—			—
Class I		250,067			2,655,300			(793,176	)		—			—
Class I2		470,117			(23,290,429	)		3,725,450			(5,949,818	)		1,598,449
Class R6		—			—			—			172,301			3,427
		970,252			66,094,138			4,083,023			(5,777,517	)		1,601,876

^(A)  Commenced operations on November 30, 2015.

^(B)  Formerly, Transamerica Money Market.

^(C)  Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    303

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica High Yield Bond (A)						Transamerica High Yield Muni (B)						Transamerica Income & Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	61,084,759		$	65,083,014		$	2,566,738		$	708,500		$	11,822,524		$	29,753,901
Net realized gain (loss)		(17,266,273	)		(4,945,413	)		1,382,422			335,938			(11,756,929	)		(58,459,034	)
Net change in unrealized appreciation (depreciation)		38,797,499			(66,012,886	)		1,034,364			258,480			7,783,599			(20,665,008	)
Net increase (decrease) in net assets resulting from operations		82,615,985			(5,875,285	)		4,983,524			1,302,918			7,849,194			(49,370,141	)
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(6,346,434	)		(7,305,489	)		(1,292,693	)		(304,605	)		(1,609,141	)		(2,062,874	)
Class B		(148,598	)		(230,662	)		—			—			—			—
Class C		(2,602,691	)		(2,843,338	)		(178,050	)		(59,332	)		(2,473,910	)		(2,668,529	)
Class I		(7,042,288	)		(9,482,140	)		(1,104,677	)		(336,060	)		(1,468,262	)		(2,349,988	)
Class I2		(45,126,367	)		(45,085,082	)		(27	)		—			(6,986,885	)		(17,019,656	)
Class R6		(106,118	)		(1,165	)		—			—			—			—
Total dividends and/or distributions from net investment income		(61,372,496	)		(64,947,876	)		(2,575,447	)		(699,997	)		(12,538,198	)		(24,101,047	)
Net realized gains:
Class A		—			(1,686,828	)		(175,791	)		(181,320	)		—			—
Class B		—			(79,485	)		—			—			—			—
Class C		—			(865,505	)		(23,889	)		(56,774	)		—			—
Class I		—			(3,594,493	)		(144,982	)		(169,446	)		—			—
Class I2		—			(10,708,487	)		—			—			—			—
Class R6		—			—			—			—			—			—
Total dividends and/or distributions from net realized gains		—			(16,934,798	)		(344,662	)		(407,540	)		—			—
Return of capital:
Class A		—			—			—			—			—			(465,758	)
Class C		—			—			—			—			—			(602,504	)
Class I		—			—			—			—			—			(530,583	)
Class I2		—			—			—			—			—			(3,842,720	)
Total dividends and/or distributions from return of capital		—			—			—			—			—			(5,441,565	)
Total dividends and/or distributions to shareholders		(61,372,496	)		(81,882,674	)		(2,920,109	)		(1,107,537	)		(12,538,198	)		(29,542,612	)
Capital share transactions:
Proceeds from shares sold:
Class A		86,915,396			130,399,413			65,385,444			28,337,037			4,447,611			27,174,641
Class B		15,166			72,640			—			—			—			—
Class C		10,097,796			18,807,150			10,609,547			2,897,889			3,700,852			36,793,898
Class I		126,044,148			235,988,326			56,710,636			23,485,480			5,407,443			34,948,973
Class I2		371,593,975			251,445,300			10,000			—			6,010,005			10,000,000
Class R6		4,052,613			50,000			—			—			—			—
		598,719,094			636,762,829			132,715,627			54,720,406			19,565,911			108,917,512
Dividends and/or distributions reinvested:
Class A		5,774,528			8,311,624			1,424,015			417,121			1,491,344			2,105,684
Class B		138,889			299,227			—			—			—			—
Class C		2,311,235			3,312,263			195,297			115,125			2,230,580			2,832,317
Class I		6,344,862			12,017,750			1,204,988			505,506			1,294,340			2,505,030
Class I2		44,551,954			55,793,569			24			—			6,986,885			20,860,905
Class R6		103,809			1,165			—			—			—			—
		59,225,277			79,735,598			2,824,324			1,037,752			12,003,149			28,303,936
Cost of shares redeemed:
Class A		(107,639,895	)		(137,487,787	)		(33,823,753	)		(8,592,197	)		(24,235,984	)		(41,104,006	)
Class B		(1,057,467	)		(2,041,786	)		—			—			—			—
Class C		(19,142,024	)		(28,275,728	)		(969,857	)		(719,353	)		(36,233,614	)		(29,232,374	)
Class I		(107,729,505	)		(413,975,492	)		(21,979,962	)		(10,081,049	)		(30,029,610	)		(52,612,310	)
Class I2		(261,655,724	)		(264,683,652	)		—			—			(374,472,205	)		(277,108,101	)
Class R6		(273,677	)		—			—			—			—			—
		(497,498,292	)		(846,464,445	)		(56,773,572	)		(19,392,599	)		(464,971,413	)		(400,056,791	)
Automatic conversions:
Class A		331,940			389,192			—			—			—			—
Class B		(331,940	)		(389,192	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		160,446,079			(129,966,018	)		78,766,379			36,365,559			(433,402,353	)		(262,835,343	)
Net increase (decrease) in net assets		181,689,568			(217,723,977	)		80,829,794			36,560,940			(438,091,357	)		(341,748,096	)
Net assets:
Beginning of year		1,105,581,868			1,323,305,845			47,493,253			10,932,313			551,865,917			893,614,013
End of year	$	1,287,271,436		$	1,105,581,868		$	128,323,047		$	47,493,253		$	113,774,560		$	551,865,917
Undistributed (distributions in excess of) net investment income (loss)	$	(165,335	)	$	119,844		$	—		$	—		$	3,458,169		$	4,928,913

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

Transamerica Funds Annual Report 2016

Page    304

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica High Yield Bond (A)						Transamerica High Yield Muni (B)						Transamerica Income & Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		10,094,016			13,981,462			5,536,103			2,487,546			472,895			2,564,711
Class B		1,713			7,701			—			—			—			—
Class C		1,183,150			2,025,005			892,790			254,359			401,785			3,481,209
Class I		14,556,872			25,064,540			4,773,542			2,067,343			575,095			3,297,230
Class I2		41,949,270			26,679,075			826			—			638,643			913,242
Class R6		459,883			5,230			—			—			—			—
		68,244,904			67,763,013			11,203,261			4,809,248			2,088,418			10,256,392
Shares reinvested:
Class A		666,843			891,984			120,189			37,003			159,756			207,304
Class B		16,092			32,089			—			—			—			—
Class C		268,400			357,544			16,438			10,232			239,707			280,711
Class I		720,584			1,276,194			101,483			44,800			138,423			244,767
Class I2		5,085,661			5,946,117			2			—			754,828			2,031,683
Class R6		11,574			127			—			—			—			—
		6,769,154			8,504,055			238,112			92,035			1,292,714			2,764,465
Shares redeemed:
Class A		(12,359,150	)		(14,662,330	)		(2,854,222	)		(763,040	)		(2,621,772	)		(4,007,368	)
Class B		(122,724	)		(219,062	)		—			—			—			—
Class C		(2,226,483	)		(3,044,264	)		(81,548	)		(63,524	)		(3,919,262	)		(2,883,430	)
Class I		(12,358,272	)		(43,605,928	)		(1,844,434	)		(889,769	)		(3,236,984	)		(5,103,988	)
Class I2		(29,452,025	)		(28,072,299	)		—			—			(39,053,070	)		(25,796,053	)
Class R6		(30,432	)		—			—			—			—			—
		(56,549,086	)		(89,603,883	)		(4,780,204	)		(1,716,333	)		(48,831,088	)		(37,790,839	)
Automatic conversions:
Class A		38,306			41,736			—			—			—			—
Class B		(38,295	)		(41,729	)		—			—			—			—
		11			7			—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		(1,559,985	)		252,852			2,802,070			1,761,509			(1,989,121	)		(1,235,353	)
Class B		(143,214	)		(221,001	)		—			—			—			—
Class C		(774,933	)		(661,715	)		827,680			201,067			(3,277,770	)		878,490
Class I		2,919,184			(17,265,194	)		3,030,591			1,222,374			(2,523,466	)		(1,561,991	)
Class I2		17,582,906			4,552,893			828			—			(37,659,599	)		(22,851,128	)
Class R6		441,025			5,357			—			—			—			—
		18,464,983			(13,336,808	)		6,661,169			3,184,950			(45,449,956	)		(24,769,982	)

^(A)  Class R6 commenced operations on July 25, 2016.

^(B)  Class I2 commenced operations on September 30, 2016.

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

Transamerica Funds Annual Report 2016

Page    305

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Inflation Opportunities (A)						Transamerica Intermediate Muni (B) (C)						Transamerica International Equity (D)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	1,823,028		$	494,262		$	16,790,893		$	3,125,098		$	57,784,819		$	34,696,145
Net realized gain (loss)		(3,788,584	)		(2,156,580	)		7,888,022			2,192,948			4,959,762			10,732,949
Net change in unrealized appreciation (depreciation)		9,766,908			(6,006,191	)		2,352,399			3,204,057			(54,329,865	)		(24,986,410	)
Net increase (decrease) in net assets resulting from operations		7,801,352			(7,668,509	)		27,031,314			8,522,103			8,414,716			20,442,684
Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			(432	)		(5,158,528	)		(1,193,475	)		(5,429,157	)		(2,282,829	)
Class C		—			(251	)		(1,564,162	)		(253,001	)		(801,585	)		(337,761	)
Class I		—			(500	)		(10,200,756	)		(1,637,748	)		(23,123,213	)		(11,479,675	)
Class I2		—			(476,915	)		(17	)		—			(11,904,155	)		(10,145,805	)
Class R6		—			—			—			—			(631	)		—
Total dividends and/or distributions from net investment income		—			(478,098	)		(16,923,463	)		(3,084,224	)		(41,258,741	)		(24,246,070	)
Net realized gains:
Class A		—			(295	)		(676,003	)		(541,063	)		(1,611,311	)		(2,190,966	)
Class C		—			(385	)		(290,626	)		(157,597	)		(341,847	)		(608,013	)
Class I		—			(273	)		(1,223,637	)		(327,944	)		(5,929,708	)		(10,166,976	)
Class I2		—			(241,694	)		—			—			(2,944,816	)		(8,725,708	)
Class R6		—			—			—			—			(264	)		—
Total dividends and/or distributions from net realized gains		—			(242,647	)		(2,190,266	)		(1,026,604	)		(10,827,946	)		(21,691,663	)
Return of capital:
Class A		—			(317	)		—			—			—			—
Class C		—			(185	)		—			—			—			—
Class I		—			(368	)		—			—			—			—
Class I2		—			(351,109	)		—			—			—			—
Total dividends and/or distributions from return of capital		—			(351,979	)		—			—			—			—
Total dividends and/or distributions to shareholders		—			(1,072,724	)		(19,113,729	)		(4,110,828	)		(52,086,687	)		(45,937,733	)
Capital share transactions:
Proceeds from shares sold:
Class A		137,026			296,022			380,906,254			95,937,835			195,654,376			243,479,919
Class C		137,586			100,122			165,589,788			39,693,636			19,533,495			35,633,107
Class I		1,069,145			1,100			730,095,426			217,870,711			1,242,491,556			874,805,178
Class I2		11,509,401			22,953,087			10,000			—			1,196,014,688			48,714,134
Class R6		50,000			—			—			—			56,955,442			50,000
		12,903,158			23,350,331			1,276,601,468			353,502,182			2,710,649,557			1,202,682,338
Dividends and/or distributions reinvested:
Class A		—			1,044			5,396,792			1,628,460			6,867,831			4,355,695
Class C		—			821			1,605,573			376,684			826,180			606,869
Class I		—			1,141			7,634,089			1,458,940			27,122,300			20,240,425
Class I2		—			1,069,718			17			—			14,848,971			18,871,513
Class R6		—			—			—			—			895			—
		—			1,072,724			14,636,471			3,464,084			49,666,177			44,074,502
Cost of shares redeemed:
Class A		(32,646	)		(64,889	)		(79,225,200	)		(17,430,750	)		(126,032,002	)		(57,365,650	)
Class C		(8,058	)		(92,470	)		(15,890,481	)		(3,002,637	)		(18,450,028	)		(9,874,430	)
Class I		(4,147	)		(9,991	)		(124,836,936	)		(28,395,017	)		(726,233,939	)		(404,045,204	)
Class I2		(75,205,014	)		(26,237,377	)		—			—			(86,215,686	)		(82,434,259	)
Class R6		—			—			—			—			(513,256	)		—
		(75,249,865	)		(26,404,727	)		(219,952,617	)		(48,828,404	)		(957,444,911	)		(553,719,543	)
Net increase (decrease) in net assets resulting from capital share transactions		(62,346,707	)		(1,981,672	)		1,071,285,322			308,137,862			1,802,870,823			693,037,297
Net increase (decrease) in net assets		(54,545,355	)		(10,722,905	)		1,079,202,907			312,549,137			1,759,198,852			667,542,248
Net assets:
Beginning of year		235,947,642			246,670,547			380,490,333			67,941,196			1,928,984,276			1,261,442,028
End of year	$	181,402,287		$	235,947,642		$	1,459,693,240		$	380,490,333		$	3,688,183,128		$	1,928,984,276
Undistributed (distributions in excess of) net investment income (loss)	$	(58,920	)	$	(1,247,076	)	$	—		$	43,635		$	43,561,094		$	28,271,077

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

Transamerica Funds Annual Report 2016

Page    306

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Inflation Opportunities (A)						Transamerica Intermediate Muni (B) (C)						Transamerica International Equity (D)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		14,079			30,388			32,858,118			8,572,175			11,985,467			13,881,289
Class C		14,340			10,331			14,324,230			3,554,301			1,223,719			2,034,850
Class I		106,595			113			62,744,571			19,418,277			77,694,866			49,758,628
Class I2		1,187,564			2,350,014			849			—			73,617,452			2,704,182
Class R6		5,040			—			—			—			3,395,894			2,681
		1,327,618			2,390,846			109,927,768			31,544,753			167,917,398			68,381,630
Shares reinvested:
Class A		—			107			465,878			146,287			413,476			258,039
Class C		—			84			139,018			33,926			50,285			36,296
Class I		—			116			655,358			130,259			1,615,384			1,187,818
Class I2		—			108,870			1			—			883,867			1,106,834
Class R6		—			—			—			—			53			—
		—			109,177			1,260,255			310,472			2,963,065			2,588,987
Shares redeemed:
Class A		(3,385	)		(6,659	)		(6,825,529	)		(1,561,313	)		(7,770,297	)		(3,256,174	)
Class C		(824	)		(9,597	)		(1,370,009	)		(269,342	)		(1,159,978	)		(574,003	)
Class I		(436	)		(1,019	)		(10,699,898	)		(2,530,471	)		(45,786,565	)		(23,537,765	)
Class I2		(7,845,514	)		(2,686,686	)		—			—			(5,306,738	)		(4,694,656	)
Class R6		—			—			—			—			(30,929	)		—
		(7,850,159	)		(2,703,961	)		(18,895,436	)		(4,361,126	)		(60,054,507	)		(32,062,598	)
Net increase (decrease) in shares outstanding:
Class A		10,694			23,836			26,498,467			7,157,149			4,628,646			10,883,154
Class C		13,516			818			13,093,239			3,318,885			114,026			1,497,143
Class I		106,159			(790	)		52,700,031			17,018,065			33,523,685			27,408,681
Class I2		(6,657,950	)		(227,802	)		850			—			69,194,581			(883,640	)
Class R6		5,040			—			—			—			3,365,018			2,681
		(6,522,541	)		(203,938	)		92,292,587			27,494,099			110,825,956			38,908,019

^(A) Class R6 commenced operations on July 25, 2016.

^(B)  Formerly, Transamerica Enhanced Muni.

^(C)  Class I2 commenced operations on September 30, 2016.

^(D)  Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    307

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica International Small Cap Value						Transamerica Large Cap Value (A)						Transamerica Mid Cap Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	19,574,108		$	15,346,327		$	30,510,316		$	28,980,677		$	61,033		$	424,314
Net realized gain (loss)		6,301,600			31,988,118			163,915,086			189,349,064			(12,943,547	)		(2,168,310	)
Net change in unrealized appreciation (depreciation)		(51,019,115	)		13,170,480			(7,839,682	)		(112,051,884	)		16,582,662			(13,941,411	)
Net increase (decrease) in net assets resulting from operations		(25,143,407	)		60,504,925			186,585,720			106,277,857			3,700,148			(15,685,407	)
Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			—			(455,743	)		(317,684	)		—			(1,695	)
Class C		—			—			(78,272	)		(49,190	)		—			—
Class I		(8,366,689	)		(4,376,955	)		(401,391	)		(183,341	)		—			(1,526	)
Class I2		(14,268,643	)		(7,820,800	)		(28,828,968	)		(28,184,418	)		—			(617,589	)
Class R6		—			—			(12,018	)		(413	)		—			—
Total dividends and/or distributions from net investment income		(22,635,332	)		(12,197,755	)		(29,776,392	)		(28,735,046	)		—			(620,810	)
Net realized gains:
Class A		—			—			(3,073,830	)		(2,592,085	)		—			(536	)
Class C		—			—			(1,175,209	)		(796,138	)		—			(328	)
Class I		(12,415,086	)		(2,279,816	)		(1,689,010	)		(1,106,899	)		—			(333	)
Class I2		(20,393,414	)		(3,974,087	)		(185,773,195	)		(151,428,785	)		—			(115,706	)
Class R6		—			—			(5,276	)		—			—			—
Total dividends and/or distributions from net realized gains		(32,808,500	)		(6,253,903	)		(191,716,520	)		(155,923,907	)		—			(116,903	)
Return of capital:
Class A		—			—			—			—			—			(503	)
Class C		—			—			—			—			—			(9	)
Class I		—			—			—			—			—			(450	)
Class I2		—			—			—			—			—			(181,258	)
Total dividends and/or distributions from return of capital		—			—			—			—			—			(182,220	)
Total dividends and/or distributions to shareholders		(55,443,832	)		(18,451,658	)		(221,492,912	)		(184,658,953	)		—			(919,933	)
Capital share transactions:
Proceeds from shares sold:
Class A		—			—			62,609,005			16,164,055			3,272,986			3,043,612
Class C		—			—			13,538,354			4,628,987			108,326			745,508
Class I		52,840,028			211,349,142			55,889,450			6,829,851			89,890			127,177
Class I2		71,363,471			83,051,699			197,206,161			198,623,628			170,000,011			344,013,549
Class R6		—			—			3,532,142			50,000			—			—
		124,203,499			294,400,841			332,775,112			226,296,521			173,471,213			347,929,846
Dividends and/or distributions reinvested:
Class A		—			—			3,372,857			2,818,796			—			2,733
Class C		—			—			799,946			480,684			—			337
Class I		20,599,383			6,398,531			1,088,792			665,967			—			2,308
Class I2		34,662,057			11,794,887			214,471,738			179,613,203			—			914,553
Class R6		—			—			17,294			413			—			—
		55,261,440			18,193,418			219,750,627			183,579,063			—			919,931
Cost of shares redeemed:
Class A		—			—			(24,574,709	)		(17,615,930	)		(983,974	)		(710,871	)
Class C		—			—			(2,877,936	)		(2,995,590	)		(384,541	)		(42,288	)
Class I		(134,229,003	)		(82,400,882	)		(16,306,606	)		(5,325,311	)		(165,243	)		—
Class I2		(216,937,343	)		(53,207,956	)		(297,513,894	)		(223,147,346	)		(410,569,301	)		(6,318,634	)
Class R6		—			—			(255,200	)		—			—			—
		(351,166,346	)		(135,608,838	)		(341,528,345	)		(249,084,177	)		(412,103,059	)		(7,071,793	)
Net increase (decrease) in net assets resulting from capital share transactions		(171,701,407	)		176,985,421			210,997,394			160,791,407			(238,631,846	)		341,777,984
Net increase (decrease) in net assets		(252,288,646	)		219,038,688			176,090,202			82,410,311			(234,931,698	)		325,172,644
Net assets:
Beginning of year		966,266,341			747,227,653			1,876,308,829			1,793,898,518			381,419,359			56,246,715
End of year	$	713,977,695		$	966,266,341		$	2,052,399,031		$	1,876,308,829		$	146,487,661		$	381,419,359
Undistributed (distributions in excess of) net investment income (loss)	$	10,490,933		$	11,752,913		$	3,575,539		$	245,631		$	—		$	(196,496	)

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

Transamerica Funds Annual Report 2016

Page    308

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica International Small Cap Value						Transamerica Large Cap Value (A)						Transamerica Mid Cap Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		—			—			5,166,040			1,274,941			298,716			255,935
Class C		—			—			1,117,028			366,449			10,144			61,928
Class I		4,736,802			18,056,372			4,613,055			545,326			7,843			10,626
Class I2		6,558,243			6,563,017			16,619,885			15,361,893			14,650,687			28,510,798
Class R6		—			—			289,437			3,825			—			—
		11,295,045			24,619,389			27,805,445			17,552,434			14,967,390			28,839,287
Shares reinvested:
Class A		—			—			293,297			224,026			—			241
Class C		—			—			69,942			38,232			—			30
Class I		1,792,810			563,747			93,997			52,671			—			203
Class I2		3,011,473			1,038,283			18,604,051			14,219,190			—			80,365
Class R6		—			—			1,448			33			—			—
		4,804,283			1,602,030			19,062,735			14,534,152			—			80,839
Shares redeemed:
Class A		—			—			(2,143,996	)		(1,397,728	)		(88,489	)		(60,338	)
Class C		—			—			(239,613	)		(235,459	)		(34,552	)		(3,718	)
Class I		(12,146,086	)		(7,128,949	)		(1,370,411	)		(416,037	)		(14,816	)		—
Class I2		(19,168,028	)		(4,504,476	)		(24,898,732	)		(17,426,172	)		(35,543,012	)		(547,817	)
Class R6		—			—			(21,766	)		—			—			—
		(31,314,114	)		(11,633,425	)		(28,674,518	)		(19,475,396	)		(35,680,869	)		(611,873	)
Net increase (decrease) in shares outstanding:
Class A		—			—			3,315,341			101,239			210,227			195,838
Class C		—			—			947,357			169,222			(24,408	)		58,240
Class I		(5,616,474	)		11,491,170			3,336,641			181,960			(6,973	)		10,829
Class I2		(9,598,312	)		3,096,824			10,325,204			12,154,911			(20,892,325	)		28,043,346
Class R6		—			—			269,119			3,858			—			—
		(15,214,786	)		14,587,994			18,193,662			12,611,190			(20,713,479	)		28,308,253

^(A) Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    309

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Value Opportunities (A)						Transamerica MLP & Energy Income						Transamerica Multi-Cap Growth (B)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	10,078,528		$	6,000,260		$	17,928,054		$	20,300,144		$	(77,758	)	$	(3,634,070	)
Net realized gain (loss)		55,830,417			10,217,128			(142,436,292	)		(67,261,128	)		48,733,525			28,329,493
Net change in unrealized appreciation (depreciation)		33,045,922			13,943,292			147,850,936			(160,639,421	)		(81,621,575	)		(73,071,191	)
Net increase (decrease) in net assets resulting from operations		98,954,867			30,160,680			23,342,698			(207,600,405	)		(32,965,808	)		(48,375,768	)
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(282,154	)		(7,810	)		(1,418,557	)		(540,663	)		—			(155	)
Class B		—			—			—			—			—			—
Class C		(11,762	)		(343	)		(882,602	)		(322,318	)		—			—
Class I		(2,001,904	)		(25,996	)		(1,711,097	)		(889,628	)		—			—
Class I2		(6,368,105	)		(923,303	)		(15,383,168	)		(4,592,770	)		—			(586,179	)
Total dividends and/or distributions from net investment income		(8,663,925	)		(957,452	)		(19,395,424	)		(6,345,379	)		—			(586,334	)
Net realized gains:
Class A		(543,178	)		(16,836	)		—			(408,686	)		(6,515,914	)		(11,148,928	)
Class B		—			—			—			—			(228,293	)		(483,562	)
Class C		(36,657	)		(2,228	)		—			(337,331	)		(1,111,819	)		(1,618,720	)
Class I		(3,545,366	)		(56,881	)		—			(681,287	)		(4,188,981	)		(6,597,502	)
Class I2		(11,017,637	)		(1,885,185	)		—			(3,381,510	)		(17,545,117	)		(59,751,141	)
Total dividends and/or distributions from net realized gains		(15,142,838	)		(1,961,130	)		—			(4,808,814	)		(29,590,124	)		(79,599,853	)
Return of capital:
Class A		—			—			—			(1,161,349	)		—			—
Class C		—			—			—			(692,343	)		—			—
Class I		—			—			—			(1,910,931	)		—			—
Class I2		—			—			—			(9,865,320	)		—			—
Total dividends and/or distributions from return of capital		—			—			—			(13,629,943	)		—			—
Total dividends and/or distributions to shareholders		(23,806,763	)		(2,918,582	)		(19,395,424	)		(24,784,136	)		(29,590,124	)		(80,186,187	)
Capital share transactions:
Proceeds from shares sold:
Class A		74,980,447			19,486,160			16,418,169			38,945,134			4,524,772			4,102,067
Class B		—			—			—			—			83			9,842
Class C		6,178,890			1,032,835			5,375,532			16,613,619			627,291			923,882
Class I		184,395,749			140,497,546			32,556,738			63,319,621			3,690,475			2,828,040
Class I2		297,239,475			288,655,022			220,449,129			232,298,091			11,672,912			54,111,965
Class R6		50,000			—			—			—			—			—
		562,844,561			449,671,563			274,799,568			351,176,465			20,515,533			61,975,796
Dividends and/or distributions reinvested:
Class A		824,263			24,646			1,203,777			1,838,211			6,420,206			11,019,702
Class B		—			—			—			—			225,447			480,471
Class C		48,211			2,571			607,483			889,626			1,064,102			1,575,527
Class I		5,544,525			77,908			936,423			2,108,793			4,149,339			6,547,917
Class I2		17,347,629			2,808,488			15,381,456			17,839,600			17,545,117			60,337,320
		23,764,628			2,913,613			18,129,139			22,676,230			29,404,211			79,960,937
Cost of shares redeemed:
Class A		(21,910,651	)		(1,774,683	)		(19,755,231	)		(36,411,803	)		(22,007,371	)		(28,385,153	)
Class B		—			—			—			—			(242,845	)		(375,881	)
Class C		(560,328	)		(99,168	)		(10,697,693	)		(14,663,379	)		(2,027,710	)		(2,435,107	)
Class I		(50,041,009	)		(4,863,783	)		(48,566,786	)		(81,577,004	)		(10,286,069	)		(11,654,934	)
Class I2		(518,194,012	)		(12,696,970	)		(329,581,656	)		(208,553,949	)		(141,074,514	)		(305,076,118	)
		(590,706,000	)		(19,434,604	)		(408,601,366	)		(341,206,135	)		(175,638,509	)		(347,927,193	)
Automatic conversions:
Class A		—			—			—			—			650,864			1,127,495
Class B		—			—			—			—			(650,864	)		(1,127,495	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(4,096,811	)		433,150,572			(115,672,659	)		32,646,560			(125,718,765	)		(205,990,460	)
Net increase (decrease) in net assets		71,051,293			460,392,670			(111,725,385	)		(199,737,981	)		(188,274,697	)		(334,552,415	)
Net assets:
Beginning of year		633,522,400			173,129,730			494,245,745			693,983,726			447,009,259			781,561,674
End of year	$	704,573,693		$	633,522,400		$	382,520,360		$	494,245,745		$	258,734,562		$	447,009,259
Undistributed (distributions in excess of) net investment income (loss)	$	6,547,320		$	5,102,330		$	(2,158,781	)	$	8,535,486		$	—		$	(2,887,258	)

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

Transamerica Funds Annual Report 2016

Page    310

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Mid Cap Value Opportunities (A)						Transamerica MLP & Energy Income						Transamerica Multi-Cap Growth (B)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		6,612,071			1,742,759			2,532,438			3,870,605			588,717			412,946
Class B		—			—			—			—			25			1,067
Class C		542,355			92,296			825,662			1,648,766			96,054			107,516
Class I		16,136,058			12,824,558			4,671,021			6,328,000			443,620			261,560
Class I2		28,974,260			26,151,928			34,817,422			24,603,773			1,473,516			4,907,502
Class R6		4,212			—			—			—			—			—
		52,268,956			40,811,541			42,846,543			36,451,144			2,601,932			5,690,591
Shares reinvested:
Class A		76,321			2,253			169,230			188,817			759,788			1,109,738
Class B		—			—			—			—			32,345			56,995
Class C		4,476			235			85,848			91,587			151,151			185,356
Class I		512,433			7,114			133,485			214,575			454,473			616,565
Class I2		1,601,812			256,483			2,221,051			1,819,363			1,898,822			5,623,236
		2,195,042			266,085			2,609,614			2,314,342			3,296,579			7,591,890
Shares redeemed:
Class A		(1,940,306	)		(158,011	)		(2,875,873	)		(3,725,449	)		(2,907,752	)		(3,004,065	)
Class B		—			—			—			—			(36,981	)		(43,805	)
Class C		(49,555	)		(8,772	)		(1,587,966	)		(1,539,833	)		(316,016	)		(284,672	)
Class I		(4,410,932	)		(440,130	)		(7,586,189	)		(8,233,644	)		(1,200,970	)		(1,076,152	)
Class I2		(44,157,764	)		(1,138,893	)		(45,215,506	)		(22,773,965	)		(14,572,407	)		(27,586,937	)
		(50,558,557	)		(1,745,806	)		(57,265,534	)		(36,272,891	)		(19,034,126	)		(31,995,631	)
Automatic conversions:
Class A		—			—			—			—			82,794			112,936
Class B		—			—			—			—			(100,342	)		(133,091	)
		—			—			—			—			(17,548	)		(20,155	)
Net increase (decrease) in shares outstanding:
Class A		4,748,086			1,587,001			(174,205	)		333,973			(1,476,453	)		(1,368,445	)
Class B		—			—			—			—			(104,953	)		(118,834	)
Class C		497,276			83,759			(676,456	)		200,520			(68,811	)		8,200
Class I		12,237,559			12,391,542			(2,781,683	)		(1,691,069	)		(302,877	)		(198,027	)
Class I2		(13,581,692	)		25,269,518			(8,177,033	)		3,649,171			(11,200,069	)		(17,056,199	)
Class R6		4,212			—			—			—			—			—
		3,905,441			39,331,820			(11,809,377	)		2,492,595			(13,153,163	)		(18,733,305	)

^(A)  Class R6 commenced operations on July 25, 2016.

^(B)  Formerly, Transamerica Growth Opportunities.

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

Transamerica Funds Annual Report 2016

Page    311

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Managed Balanced (A)						Transamerica Short-Term Bond (A)						Transamerica Small Cap Core
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	6,201,496		$	4,822,940		$	61,940,498		$	74,745,160		$	812,292		$	2,408,197
Net realized gain (loss)		3,136,586			14,300,980			(22,360,763	)		1,329,386			(10,315,697	)		(2,622,605	)
Net change in unrealized appreciation (depreciation)		13,658,022			(6,664,988	)		36,065,889			(55,565,480	)		14,516,517			(17,652,356	)
Net increase (decrease) in net assets resulting from operations		22,996,104			12,458,932			75,645,624			20,509,066			5,013,112			(17,866,764	)
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(2,999,475	)		(1,950,062	)		(17,809,230	)		(20,591,542	)		(18,700	)		(1,275	)
Class B		(695	)		(3,521	)		—			—			—			—
Class C		(668,965	)		(611,059	)		(8,375,961	)		(10,202,687	)		(6,740	)		—
Class I		(2,550,239	)		(2,525,751	)		(18,688,541	)		(17,994,300	)		(20,100	)		(4,391	)
Class I2		—			—			(16,734,521	)		(30,520,106	)		(2,487,433	)		(1,421,660	)
Class R6		(24,055	)		(347	)		(5,352	)		(501	)		—			—
Total dividends and/or distributions from net investment income		(6,243,429	)		(5,090,740	)		(61,613,605	)		(79,309,136	)		(2,532,973	)		(1,427,326	)
Net realized gains:
Class A		(5,133,421	)		(8,043,419	)		—			(2,212,685	)		—			(7,159	)
Class B		(116,857	)		(296,077	)		—			—			—			—
Class C		(4,536,475	)		(6,369,742	)		—			(1,794,239	)		—			(9,590	)
Class I		(4,704,975	)		(8,141,857	)		—			(1,776,307	)		—			(15,428	)
Class I2		—			—			—			(3,124,732	)		—			(4,435,892	)
Class R6		(1,151	)		—			—			—			—			—
Total dividends and/or distributions from net realized gains		(14,492,879	)		(22,851,095	)		—			(8,907,963	)		—			(4,468,069	)
Return of capital:
Class A		—			—			(2,208,329	)		—			—			—
Class C		—			—			(1,038,612	)		—			—			—
Class I		—			—			(2,317,364	)		—			—			—
Class I2		—			—			(2,075,066	)		—			—			—
Class R6		—			—			(665	)		—			—			—
Total dividends and/or distributions from return of capital		—			—			(7,640,036	)		—			—			—
Total dividends and/or distributions to shareholders		(20,736,308	)		(27,941,835	)		(69,253,641	)		(88,217,099	)		(2,532,973	)		(5,895,395	)
Capital share transactions:
Proceeds from shares sold:
Class A		230,420,224			69,839,004			331,648,362			363,746,990			1,525,067			401,364
Class B		244,375			752,286			—			—			—			—
Class C		52,693,240			78,282,487			80,758,395			107,636,904			18,505			105,820
Class I		52,367,325			69,660,484			596,619,617			496,675,967			520,830			304,498
Class I2		—			—			127,916,920			203,155,430			21,385,657			51,362,923
Class R6		6,289,794			50,000			328,734			50,000			—			—
		342,014,958			218,584,261			1,137,272,028			1,171,265,291			23,450,059			52,174,605
Dividends and/or distributions reinvested:
Class A		7,875,169			9,628,215			18,168,207			20,313,241			18,700			8,434
Class B		116,154			290,218			—			—			—			—
Class C		4,780,473			6,409,532			8,187,482			10,317,781			6,740			9,590
Class I		6,730,902			10,301,269			16,605,635			15,341,047			20,100			19,819
Class I2		—			—			18,771,805			33,583,233			2,484,249			5,857,552
Class R6		25,206			347			5,926			482			—			—
		19,527,904			26,629,581			61,739,055			79,555,784			2,529,789			5,895,395
Cost of shares redeemed:
Class A		(45,724,032	)		(39,941,859	)		(394,083,690	)		(402,643,887	)		(851,956	)		(102,387	)
Class B		(570,562	)		(578,066	)		—			—			—			—
Class C		(34,333,226	)		(27,626,476	)		(190,637,158	)		(230,480,659	)		(886	)		(87,609	)
Class I		(49,929,061	)		(51,985,787	)		(458,815,981	)		(480,181,920	)		(108,442	)		(157,032	)
Class I2		—			—			(1,086,687,029	)		(391,333,420	)		(225,038,627	)		(8,994,397	)
Class R6		(65,953	)		—			(15,967	)		—			—			—
		(130,622,834	)		(120,132,188	)		(2,130,239,825	)		(1,504,639,886	)		(225,999,911	)		(9,341,425	)
Automatic conversions:
Class A		1,634,891			1,501,058			—			—			—			—
Class B		(1,634,891	)		(1,501,058	)		—			—			—			—
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		230,920,028			125,081,654			(931,228,742	)		(253,818,811	)		(200,020,063	)		48,728,575
Net increase (decrease) in net assets		233,179,824			109,598,751			(924,836,759	)		(321,526,844	)		(197,539,924	)		24,966,416
Net assets:
Beginning of year		600,134,577			490,535,826			3,743,122,967			4,064,649,811			237,187,055			212,220,639
End of year	$	833,314,401		$	600,134,577		$	2,818,286,208		$	3,743,122,967		$	39,647,131		$	237,187,055
Undistributed (distributions in excess of) net investment income (loss)	$	877,615		$	—		$	(673,147	)	$	(718,626	)	$	39,317		$	1,818,166

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

Transamerica Funds Annual Report 2016

Page    312

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Multi-Managed Balanced (A)						Transamerica Short-Term Bond (A)						Transamerica Small Cap Core
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		9,354,912			2,793,515			32,624,334			35,381,288			155,321			40,465
Class B		10,231			30,083			—			—			—			—
Class C		2,193,295			3,176,637			7,966,545			10,493,670			1,943			10,146
Class I		2,121,445			2,783,361			59,718,529			49,207,796			55,970			29,195
Class I2		—			—			12,794,490			20,118,062			2,161,329			4,787,958
Class R6		252,400			1,969			33,091			4,941			—			—
		13,932,283			8,785,565			113,136,989			115,205,757			2,374,563			4,867,764
Shares reinvested:
Class A		324,939			386,725			1,787,601			1,978,020			1,954			796
Class B		4,850			11,705			—			—			—			—
Class C		201,467			261,302			807,130			1,006,453			707			908
Class I		277,160			412,270			1,662,349			1,520,366			2,098			1,870
Class I2		—			—			1,884,790			3,328,869			259,316			552,599
Class R6		1,002			14			592			48			—			—
		809,418			1,072,016			6,142,462			7,833,756			264,075			556,173
Shares redeemed:
Class A		(1,869,209	)		(1,601,019	)		(38,858,733	)		(39,185,899	)		(85,637	)		(10,356	)
Class B		(23,456	)		(23,279	)		—			—			—			—
Class C		(1,434,508	)		(1,127,603	)		(18,800,041	)		(22,463,857	)		(106	)		(8,168	)
Class I		(2,042,829	)		(2,080,197	)		(45,959,240	)		(47,540,482	)		(11,863	)		(14,877	)
Class I2		—			—			(108,785,892	)		(38,767,943	)		(22,708,396	)		(883,968	)
Class R6		(2,629	)		—			(1,597	)		—			—			—
		(5,372,631	)		(4,832,098	)		(212,405,503	)		(147,958,181	)		(22,806,002	)		(917,369	)
Automatic conversions:
Class A		67,121			60,258			—			—			—			—
Class B		(67,585	)		(60,659	)		—			—			—			—
		(464	)		(401	)		—			—			—			—
Net increase (decrease) in shares outstanding:
Class A		7,877,763			1,639,479			(4,446,798	)		(1,826,591	)		71,638			30,905
Class B		(75,960	)		(42,150	)		—			—			—			—
Class C		960,254			2,310,336			(10,026,366	)		(10,963,734	)		2,544			2,886
Class I		355,776			1,115,434			15,421,638			3,187,680			46,205			16,188
Class I2		—			—			(94,106,612	)		(15,321,012	)		(20,287,751	)		4,456,589
Class R6		250,773			1,983			32,086			4,989			—			—
		9,368,606			5,025,082			(93,126,052	)		(24,918,668	)		(20,167,364	)		4,506,568

^(A)  Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    313

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small Cap Growth (A)						Transamerica Small Cap Value (A)						Transamerica Small/Mid Cap Value (B)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	(1,178,050	)	$	355,010		$	2,861,952		$	7,689,046		$	6,830,688		$	732,293
Net realized gain (loss)		111,501,977			36,635,490			(27,645,984	)		36,779,154			39,224,216			73,756,521
Net change in unrealized appreciation (depreciation)		(89,809,183	)		7,214,906			2,401,066			(71,213,092	)		(15,129,200	)		(71,704,529	)
Net increase (decrease) in net assets resulting from operations		20,514,744			44,205,406			(22,382,966	)		(26,744,892	)		30,925,704			2,784,285
Dividends and/or distributions to shareholders:
Net investment income:
Class A		—			—			(12,873	)		(6,784	)		(394,445	)		(538,330	)
Class B		—			—			—			—			—			—
Class C		—			—			(2,622	)		(1,111	)		—			—
Class I		—			—			(6,588	)		(6,654	)		(865,915	)		(1,179,568	)
Class I2		—			—			(6,246,976	)		(7,453,689	)		(110,424	)		(130,262	)
Class R6		—			—			—			—			(132	)		—
Total dividends and/or distributions from net investment income		—			—			(6,269,059	)		(7,468,238	)		(1,370,916	)		(1,848,160	)
Net realized gains:
Class A		(266,325	)		(70,203	)		(92,707	)		(85,908	)		(32,568,914	)		(44,311,576	)
Class B		—			—			—			—			(1,584,990	)		(2,648,701	)
Class C		(114,382	)		(50,005	)		(70,061	)		(81,364	)		(24,819,106	)		(32,287,551	)
Class I		(197,822	)		(41,226	)		(40,361	)		(58,777	)		(14,768,898	)		(21,671,798	)
Class I2		(35,817,720	)		(40,468,544	)		(34,360,391	)		(58,359,000	)		(1,522,010	)		(2,043,198	)
Class R6		—			—			—			—			(3,884	)		—
Total dividends and/or distributions from net realized gains		(36,396,249	)		(40,629,978	)		(34,563,520	)		(58,585,049	)		(75,267,802	)		(102,962,824	)
Total dividends and/or distributions to shareholders		(36,396,249	)		(40,629,978	)		(40,832,579	)		(66,053,287	)		(76,638,718	)		(104,810,984	)
Capital share transactions:
Proceeds from shares sold:
Class A		7,694,535			4,944,885			1,125,650			325,480			34,430,867			54,328,670
Class B		—			—			—			—			123,300			347,724
Class C		349,787			874,129			41,700			198,298			18,937,657			33,686,521
Class I		1,506,256			2,724,824			10,868			31,000			42,831,420			53,931,259
Class I2		18,410,212			40,228,354			52,024,153			55,145,372			509,478			1,327,022
Class R6		50,000			—			50,000			—			944,032			50,000
		28,010,790			48,772,192			53,252,371			55,700,150			97,776,754			143,671,196
Dividends and/or distributions reinvested:
Class A		262,980			68,727			105,580			92,692			31,792,224			43,177,629
Class B		—			—			—			—			1,415,420			2,271,555
Class C		114,382			50,005			72,683			82,440			21,638,423			27,789,752
Class I		197,071			41,226			46,949			65,431			12,068,675			17,390,119
Class I2		35,777,612			40,468,544			40,597,288			65,812,689			1,632,434			2,173,460
Class R6		—			—			—			—			4,016			—
		36,352,045			40,628,502			40,822,500			66,053,252			68,551,192			92,802,515
Cost of shares redeemed:
Class A		(1,850,414	)		(2,949,305	)		(373,409	)		(92,259	)		(115,805,796	)		(129,977,124	)
Class B		—			—			—			—			(3,905,496	)		(6,359,754	)
Class C		(372,625	)		(144,424	)		(151,680	)		(176,809	)		(65,472,590	)		(64,847,181	)
Class I		(1,977,426	)		(707,912	)		(132,230	)		(130,631	)		(75,462,716	)		(96,707,417	)
Class I2		(524,004,033	)		(74,257,505	)		(239,635,291	)		(246,245,322	)		(2,356,058	)		(4,728,026	)
Class R6		—			—			—			—			(76,880	)		—
		(528,204,498	)		(78,059,146	)		(240,292,610	)		(246,645,021	)		(263,079,536	)		(302,619,502	)
Automatic conversions:
Class A		—			—			—			—			5,859,261			2,013,322
Class B		—			—			—			—			(5,859,261	)		(2,013,322	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		(463,841,663	)		11,341,548			(146,217,739	)		(124,891,619	)		(96,751,590	)		(66,145,791	)
Net increase (decrease) in net assets		(479,723,168	)		14,916,976			(209,433,284	)		(217,689,798	)		(142,464,604	)		(168,172,490	)
Net assets:
Beginning of year		545,807,946			530,890,970			463,683,121			681,372,919			905,180,622			1,073,353,112
End of year	$	66,084,778		$	545,807,946		$	254,249,837		$	463,683,121		$	762,716,018		$	905,180,622
Undistributed (distributions in excess of) net investment income (loss)	$	—		$	—		$	1,866,563		$	5,003,147		$	5,804,604		$	—

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

Transamerica Funds Annual Report 2016

Page    314

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Small Cap Growth (A)						Transamerica Small Cap Value (A)						Transamerica Small/Mid Cap Value (B)
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		634,498			385,591			116,849			28,882			1,424,666			2,016,741
Class B		—			—			—			—			5,672			14,145
Class C		29,368			67,810			4,091			16,881			874,045			1,372,806
Class I		123,528			207,632			1,203			2,578			1,712,268			1,940,009
Class I2		1,530,510			3,127,023			5,885,362			4,588,444			20,712			46,602
Class R6		3,953			—			5,020			—			37,257			1,763
		2,321,857			3,788,056			6,012,525			4,636,785			4,074,620			5,392,066
Shares reinvested:
Class A		22,749			5,709			10,998			7,744			1,337,494			1,625,052
Class B		—			—			—			—			65,559			92,792
Class C		10,140			4,220			7,579			6,899			1,014,935			1,148,337
Class I		16,872			3,401			4,870			5,448			494,415			638,638
Class I2		3,050,095			3,330,744			4,211,337			5,479,824			66,821			79,760
Class R6		—			—			—			—			164			—
		3,099,856			3,344,074			4,234,784			5,499,915			2,979,388			3,584,579
Shares redeemed:
Class A		(154,786	)		(233,483	)		(39,252	)		(7,877	)		(4,805,283	)		(4,815,577	)
Class B		—			—			—			—			(179,701	)		(253,761	)
Class C		(33,167	)		(11,536	)		(16,893	)		(14,760	)		(3,020,989	)		(2,644,512	)
Class I		(170,704	)		(54,106	)		(14,435	)		(10,842	)		(3,080,046	)		(3,515,101	)
Class I2		(41,735,746	)		(5,730,491	)		(26,141,691	)		(20,345,033	)		(94,288	)		(171,870	)
Class R6		—			—			—			—			(2,965	)		—
		(42,094,403	)		(6,029,616	)		(26,212,271	)		(20,378,512	)		(11,183,272	)		(11,400,821	)
Automatic conversions:
Class A		—			—			—			—			239,029			75,696
Class B		—			—			—			—			(263,859	)		(82,360	)
		—			—			—			—			(24,830	)		(6,664	)
Net increase (decrease) in shares outstanding:
Class A		502,461			157,817			88,595			28,749			(1,804,094	)		(1,098,088	)
Class B		—			—			—			—			(372,329	)		(229,184	)
Class C		6,341			60,494			(5,223	)		9,020			(1,132,009	)		(123,369	)
Class I		(30,304	)		156,927			(8,362	)		(2,816	)		(873,363	)		(936,454	)
Class I2		(37,155,141	)		727,276			(16,044,992	)		(10,276,765	)		(6,755	)		(45,508	)
Class R6		3,953			—			5,020			—			34,456			1,763
		(36,672,690	)		1,102,514			(15,964,962	)		(10,241,812	)		(4,154,094	)		(2,430,840	)

^(A)  Class R6 commenced operations on July 25, 2016.

^(B)  Class R6 commenced operations on May 29, 2015.

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

Transamerica Funds Annual Report 2016

Page    315

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Strategic High Income						Transamerica Unconstrained Bond  (A)						Transamerica US Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	1,519,729		$	1,250,690		$	7,455,949		$	3,246,977		$	2,157,324		$	2,329,358
Net realized gain (loss)		(519,996	)		117,441			(3,987,108	)		(2,878,988	)		25,592,602			34,891,611
Net change in unrealized appreciation (depreciation)		711,801			(752,039	)		4,285,354			(2,319,823	)		(37,029,481	)		97,432,360
Net increase (decrease) in net assets resulting from operations		1,711,534			616,092			7,754,195			(1,951,834	)		(9,279,555	)		134,653,329
Dividends and/or distributions to shareholders:
Net investment income:
Class A		(66,295	)		(56,064	)		—			—			(22,737	)		(520,412	)
Class B		—			—			—			—			—			—
Class C		(113,320	)		(46,640	)		—			—			—			—
Class I		(1,292,364	)		(964,955	)		(10,621	)		(7,166	)		(560,522	)		(883,080	)
Class I2		0	(B)		(210,075	)		(6,653,179	)		(3,289,971	)		(1,576,091	)		(2,222,771	)
Class T		—			—			—			—			(108,037	)		(184,264	)
Total dividends and/or distributions from net investment income		(1,471,979	)		(1,277,734	)		(6,663,800	)		(3,297,137	)		(2,267,387	)		(3,810,527	)
Net realized gains:
Class A		(6,314	)		(13,156	)		—			—			(11,022,054	)		(87,284,697	)
Class B		—			—			—			—			(258,428	)		(3,078,492	)
Class C		(15,312	)		(11,123	)		—			—			(1,301,421	)		(9,631,368	)
Class I		(116,346	)		(174,339	)		—			—			(4,157,551	)		(36,732,769	)
Class I2		0	(B)		(234,686	)		—			—			(8,074,287	)		(69,775,748	)
Class T		—			—			—			—			(1,015,032	)		(8,896,400	)
Total dividends and/or distributions from net realized gains		(137,972	)		(433,304	)		—			—			(25,828,773	)		(215,399,474	)
Total dividends and/or distributions to shareholders		(1,609,951	)		(1,711,038	)		(6,663,800	)		(3,297,137	)		(28,096,160	)		(219,210,001	)
Capital share transactions:
Proceeds from shares sold:
Class A		717,055			1,141,605			—			—			19,569,942			17,522,126
Class B		—			—			—			—			111,491			187,723
Class C		1,440,103			1,907,843			—			—			1,903,071			7,263,630
Class I		12,054,479			16,772,870			—			286,687			6,242,039			6,691,702
Class I2		—			11,189			74,744,066			206,836,482			20,238,914			19,247,183
Class T		—			—			—			—			613,536			828,301
		14,211,637			19,833,507			74,744,066			207,123,169			48,678,993			51,740,665
Dividends and/or distributions reinvested:
Class A		71,751			68,991			—			—			10,831,565			86,360,394
Class B		—			—			—			—			256,224			3,062,063
Class C		127,579			56,775			—			—			1,256,994			9,282,087
Class I		1,358,694			1,078,787			10,529			7,166			4,630,062			36,905,857
Class I2		0	(B)		444,761			6,575,851			3,289,971			9,650,158			71,900,449
Class T		—			—			—			—			1,097,391			8,869,390
		1,558,024			1,649,314			6,586,380			3,297,137			27,722,394			216,380,240
Cost of shares redeemed:
Class A		(243,124	)		(733,647	)		—			—			(55,670,518	)		(61,529,725	)
Class B		—			—			—			—			(1,129,682	)		(1,398,771	)
Class C		(435,750	)		(9,462	)		—			—			(9,437,141	)		(7,718,325	)
Class I		(2,099,949	)		(605,929	)		(14,074	)		(168	)		(26,888,105	)		(57,849,144	)
Class I2		—			(22,902,214	)		(66,281,585	)		(2,000,008	)		(121,894,504	)		(71,171,437	)
Class T		—			—			—			—			(10,323,220	)		(8,020,361	)
		(2,778,823	)		(24,251,252	)		(66,295,659	)		(2,000,176	)		(225,343,170	)		(207,687,763	)
Automatic conversions:
Class A		—			—			—			—			2,547,917			5,177,571
Class B		—			—			—			—			(2,547,917	)		(5,177,571	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital share transactions		12,990,838			(2,768,431	)		15,034,787			208,420,130			(148,941,783	)		60,433,142
Net increase (decrease) in net assets		13,092,421			(3,863,377	)		16,125,182			203,171,159			(186,317,498	)		(24,123,530	)
Net assets:
Beginning of period/year		34,924,286			38,787,663			203,171,159			—			1,185,071,258			1,209,194,788
End of period/year	$	48,016,707		$	34,924,286		$	219,296,341		$	203,171,159		$	998,753,760		$	1,185,071,258
Undistributed (distributions in excess of) net investment income (loss)	$	96,391		$	29,586		$	627,318		$	—		$	1,456,800		$	1,536,907

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

Transamerica Funds Annual Report 2016

Page    316

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	Transamerica Strategic High Income						Transamerica Unconstrained Bond  (A)						Transamerica US Growth
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
Capital share transactions - shares:
Shares issued:
Class A		72,529			112,206			—			—			1,180,741			1,030,712
Class B		—			—			—			—			7,517			11,438
Class C		147,359			195,263			—			—			116,869			437,068
Class I		1,221,694			1,644,219			—			28,636			368,724			381,690
Class I2		—			1,089			7,601,738			20,520,165			1,259,614			1,105,911
Class T		—			—			—			—			14,920			20,067
		1,441,582			1,952,777			7,601,738			20,548,801			2,948,385			2,986,886
Shares reinvested:
Class A		7,320			6,827			—			—			644,738			5,317,758
Class B		—			—			—			—			15,787			193,312
Class C		13,069			5,675			—			—			77,449			586,731
Class I		138,642			107,095			1,096			717			271,877			2,242,154
Class I2		—			43,647			684,332			330,973			567,990			4,378,834
Class T		—			—			—			—			26,475			225,169
		159,031			163,244			685,428			331,690			1,604,316			12,943,958
Shares redeemed:
Class A		(24,395	)		(74,966	)		—			—			(3,330,078	)		(3,603,759	)
Class B		—			—			—			—			(69,691	)		(84,206	)
Class C		(44,548	)		(949	)		—			—			(587,793	)		(462,713	)
Class I		(217,320	)		(59,440	)		(1,525	)		(17	)		(1,575,939	)		(3,245,242	)
Class I2		0	(C)		(2,241,078	)		(6,841,313	)		(202,225	)		(7,124,892	)		(4,087,330	)
Class T		—			—			—			—			(250,423	)		(195,508	)
		(286,263	)		(2,376,433	)		(6,842,838	)		(202,242	)		(12,938,816	)		(11,678,758	)
Automatic conversions:
Class A		—			—			—			—			152,727			313,198
Class B		—			—			—			—			(158,532	)		(321,548	)
		—			—			—			—			(5,805	)		(8,350	)
Net increase (decrease) in shares outstanding:
Class A		55,454			44,067			—			—			(1,351,872	)		3,057,909
Class B		—			—			—			—			(204,919	)		(201,004	)
Class C		115,880			199,989			—			—			(393,475	)		561,086
Class I		1,143,016			1,691,874			(429	)		29,336			(935,338	)		(621,398	)
Class I2		0	(C)		(2,196,342	)		1,444,757			20,648,913			(5,297,288	)		1,397,415
Class T		—			—			—			—			(209,028	)		49,728
		1,314,350			(260,412	)		1,444,328			20,678,249			(8,391,920	)		4,243,736

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

^(B) Rounds to less than $1 or $(1).

^(C) Rounds to less than 1 or (1) shares.

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

Transamerica Funds Annual Report 2016

Page    317

STATEMENT OF CASH FLOWS

For the period ended October 31, 2016

	Transamerica Global Long/Short Equity (A)
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	(1,152,185	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(47,060,000	)
Proceeds from long-term investments		34,050,363
Purchases to cover securities sold short		(24,099,164	)
Proceeds from securities sold short		31,021,744
Net change in unrealized appreciation (depreciation)		(233,777	)
Net realized gain (loss)		1,208,286
(Increase) decrease in receivables for investments sold		(404,890	)
(Increase) decrease in receivables for dividends		(22,987	)
(Increase) decrease in receivable for tax reclaim		(9,242	)
(Increase) decrease in cash on deposit with broker and custodian		(1,022,606	)
(Increase) decrease in prepaid expenses		(47,872	)
Increase (decrease) in cash deposit due to broker		14,455
Increase (decrease) in payables for investments purchased		373,232
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		11,593
Increase (decrease) in accrued liabilities		55,607
Net cash provided by (used for) written options and swaptions transactions		2,374
Net cash provided by (used for) foreign currency transactions		(91,820	)
Net cash provided by (used for) operating activities		(7,406,889	)
Cash flows from financing activities:
Proceeds from shares sold, net of receivable for shares sold		16,510,649
Payment of shares redeemed, net of payable for shares redeemed		(6,494,108	)
Net cash provided by (used for) financing activities		10,016,541
Net increase in cash and foreign currencies		2,609,652
Cash and foreign currencies, at beginning of period	$	—
Cash and foreign currencies, at end of period	$	2,609,652
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowing from securities sold short paid	$	357,528

^(A) Commenced operations on November 30, 2015.

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

Transamerica Funds Annual Report 2016

Page    318

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Bond
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.89		$	10.81		$	10.60		$	10.70		$	10.61
Investment operations:
Net investment income (loss) (A)		0.41	(B)		0.40			0.42			0.46			0.49
Net realized and unrealized gain (loss)		0.27			(0.54	)		0.38			0.02			0.84
Total investment operations		0.68			(0.14	)		0.80			0.48			1.33
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.42	)		(0.45	)		(0.49	)		(0.65	)
Net realized gains		(0.53	)		(0.36	)		(0.14	)		(0.09	)		(0.59	)
Total dividends and/or distributions to shareholders		(0.87	)		(0.78	)		(0.59	)		(0.58	)		(1.24	)
Net asset value, end of year	$	9.70		$	9.89		$	10.81		$	10.60		$	10.70
Total return		7.80	%		(1.31	)%		7.77	%		4.62	%		14.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	223,935		$	777,767		$	780,308		$	857,807		$	737,080
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.70	%		0.70	%		0.70	%		0.71	%
Including waiver and/or reimbursement and recapture		0.70	%(B)		0.70	%		0.70	%		0.70	%		0.71	%
Net investment income (loss) to average net assets		4.39	%(B)		3.93	%		3.95	%		4.28	%		4.77	%
Portfolio turnover rate		38	%		46	%		36	%		54	%		26	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and year indicated:	Transamerica Bond
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.90		$	10.43
Investment operations:
Net investment income (loss) (B)		0.40	(C)		0.17
Net realized and unrealized gain (loss)		0.28			(0.50	)
Total investment operations		0.68			(0.33	)
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.20	)
Net realized gains		(0.53	)		—
Total dividends and/or distributions to shareholders		(0.87	)		(0.20	)
Net asset value, end of period/year	$	9.71		$	9.90
Total return		7.80	%		(3.17	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	480		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.70	%(E)
Including waiver and/or reimbursement and recapture		0.68	%(C)		0.70	%(E)
Net investment income (loss) to average net assets		4.24	%(C)		3.87	%(E)
Portfolio turnover rate		38	%		46	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    319

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	25.35		$	24.40		$	21.40		$	15.34		$	15.47
Investment operations:
Net investment income (loss) (A)		(0.14	)(C)		(0.19	)		(0.15	)		(0.07	)		0.00	(B)
Net realized and unrealized gain (loss)		1.33			1.80			3.64			6.49			0.32
Total investment operations		1.19			1.61			3.49			6.42			0.32
Dividends and/or distributions to shareholders:
Net realized gains		(0.84	)		(0.66	)		(0.49	)		(0.36	)		(0.45	)
Net asset value, end of year	$	25.70		$	25.35		$	24.40		$	21.40		$	15.34
Total return (D)		4.77	%		6.77	%		16.52	%		42.74	%		2.38	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	170,198		$	160,269		$	124,413		$	88,843		$	65,782
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%		1.21	%		1.26	%		1.41	%		1.47	%
Including waiver and/or reimbursement and recapture		1.22	%(C)		1.21	%		1.26	%		1.48	%		1.52	%
Net investment income (loss) to average net assets		(0.57	)%(C)		(0.75	)%		(0.63	)%		(0.38	)%		0.01	%
Portfolio turnover rate		32	%		24	%		30	%		29	%		52	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	22.30		$	21.76		$	19.31		$	13.96		$	14.22
Investment operations:
Net investment income (loss) (A)		(0.33	)(B)		(0.38	)		(0.32	)		(0.17	)		(0.10	)
Net realized and unrealized gain (loss)		1.15			1.58			3.26			5.88			0.29
Total investment operations		0.82			1.20			2.94			5.71			0.19
Dividends and/or distributions to shareholders:
Net realized gains		(0.84	)		(0.66	)		(0.49	)		(0.36	)		(0.45	)
Net asset value, end of year	$	22.28		$	22.30		$	21.76		$	19.31		$	13.96
Total return (C)		3.78	%		5.72	%		15.44	%		41.86	%		1.65	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,584		$	3,870		$	4,932		$	6,020		$	5,596
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.20	%		2.13	%		2.16	%		2.28	%		2.33	%
Including waiver and/or reimbursement and recapture		2.19	%(B)		2.20	%		2.20	%		2.20	%		2.20	%
Net investment income (loss) to average net assets		(1.54	)%(B)		(1.73	)%		(1.54	)%		(1.07	)%		(0.73	)%
Portfolio turnover rate		32	%		24	%		30	%		29	%		52	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    320

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	22.46		$	21.84		$	19.33		$	13.96		$	14.20
Investment operations:
Net investment income (loss) (A)		(0.28	)(B)		(0.33	)		(0.28	)		(0.15	)		(0.08	)
Net realized and unrealized gain (loss)		1.16			1.61			3.28			5.88			0.29
Total investment operations		0.88			1.28			3.00			5.73			0.21
Dividends and/or distributions to shareholders:
Net realized gains		(0.84	)		(0.66	)		(0.49	)		(0.36	)		(0.45	)
Net asset value, end of year	$	22.50		$	22.46		$	21.84		$	19.33		$	13.96
Total return (C)		4.03	%		5.98	%		15.74	%		42.01	%		1.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	69,159		$	68,922		$	50,879		$	27,535		$	19,809
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.96	%		1.92	%		1.95	%		2.04	%		2.06	%
Including waiver and/or reimbursement and recapture		1.95	%(B)		1.92	%		1.95	%		2.04	%		2.08	%
Net investment income (loss) to average net assets		(1.30	)%(B)		(1.47	)%		(1.34	)%		(0.95	)%		(0.54	)%
Portfolio turnover rate		32	%		24	%		30	%		29	%		52	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	25.98		$	24.92		$	21.78		$	15.61		$	15.66
Investment operations:
Net investment income (loss) (A)		(0.07	)(B)		(0.12	)		(0.07	)		0.02			0.11
Net realized and unrealized gain (loss)		1.36			1.84			3.70			6.59			0.30
Total investment operations		1.29			1.72			3.63			6.61			0.41
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.08	)		(0.01	)
Net realized gains		(0.84	)		(0.66	)		(0.49	)		(0.36	)		(0.45	)
Total dividends and/or distributions to shareholders		(0.84	)		(0.66	)		(0.49	)		(0.44	)		(0.46	)
Net asset value, end of year	$	26.43		$	25.98		$	24.92		$	21.78		$	15.61
Total return		5.09	%		7.07	%		16.88	%		43.45	%		2.96	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	164,575		$	153,719		$	161,858		$	105,747		$	80,083
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.92	%		0.95	%		0.99	%		0.94	%
Including waiver and/or reimbursement and recapture		0.93	%(B)		0.92	%		0.95	%		0.99	%		0.94	%
Net investment income (loss) to average net assets		(0.28	)%(B)		(0.46	)%		(0.31	)%		0.11	%		0.66	%
Portfolio turnover rate		32	%		24	%		30	%		29	%		52	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    321

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Capital Growth
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.40		$	16.88		$	14.88		$	10.80		$	10.96
Investment operations:
Net investment income (loss) (A)		(0.03	)(B)		(0.06	)		(0.03	)		0.04			0.07
Net realized and unrealized gain (loss)		0.90			1.24			2.52			4.50			0.22
Total investment operations		0.87			1.18			2.49			4.54			0.29
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.10	)		(0.00	)(C)
Net realized gains		(0.84	)		(0.66	)		(0.49	)		(0.36	)		(0.45	)
Total dividends and/or distributions to shareholders		(0.84	)		(0.66	)		(0.49	)		(0.46	)		(0.45	)
Net asset value, end of year	$	17.43		$	17.40		$	16.88		$	14.88		$	10.80
Total return		5.25	%		7.19	%		17.05	%		43.65	%		3.11	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	241,857		$	1,039,343		$	836,984		$	509,700		$	545,635
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.79	%		0.81	%		0.84	%		0.84	%
Including waiver and/or reimbursement and recapture		0.81	%(B)		0.79	%		0.81	%		0.84	%		0.84	%
Net investment income (loss) to average net assets		(0.18	)%(B)		(0.34	)%		(0.20	)%		0.32	%		0.67	%
Portfolio turnover rate		32	%		24	%		30	%		29	%		52	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	16.80		$	16.22		$	15.57
Investment operations:
Net investment income (loss) (B)		(0.02	)(C)		0.01			0.00	(D)
Net realized and unrealized gain (loss)		0.62			0.61			0.65
Total investment operations		0.60			0.62			0.65
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		—			—
Net realized gains		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(0.02	)		(0.04	)		—
Net asset value, end of period/year	$	17.38		$	16.80		$	16.22
Total return (E)		3.59	%		3.81	%		4.17	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	768		$	681		$	444
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.06	%		1.18	%(G)
Including waiver and/or reimbursement and recapture		1.11	%(C)		1.06	%		1.18	%(G)
Net investment income (loss) to average net assets		(0.10	)%(C)		0.07	%		0.03	%(G)
Portfolio turnover rate		83	%		34	%		18	%(F)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E)  Total return has been calculated without deduction of the maximum sales charge.

^(F)  Not annualized.

^(G)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    322

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	16.59		$	16.14		$	15.57
Investment operations:
Net investment income (loss) (B)		(0.13	)(C)		(0.11	)		(0.07	)
Net realized and unrealized gain (loss)		0.60			0.60			0.64
Total investment operations		0.47			0.49			0.57
Dividends and/or distributions to shareholders:
Net realized gains		—			(0.04	)		—
Net asset value, end of period/year	$	17.06		$	16.59		$	16.14
Total return (D)		2.83	%		3.02	%		3.66	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	721		$	421		$	274
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.81	%		1.80	%		1.93	%(F)
Including waiver and/or reimbursement and recapture		1.81	%(C)		1.80	%		1.93	%(F)
Net investment income (loss) to average net assets		(0.81	)%(C)		(0.67	)%		(0.67	)%(F)
Portfolio turnover rate		83	%		34	%		18	%(E)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the years indicated:	Transamerica Concentrated Growth
	Class I (A)
	October 31, 2016			October 31, 2015			October 31, 2014 (B)			December 31, 2013			December 31, 2012
Net asset value, beginning of year	$	16.67		$	16.09		$	15.76		$	12.24		$	10.22
Investment operations:
Net investment income (loss) (C)		0.03	(D)		0.04			0.02			(0.00	)(E)		0.01	(F)
Net realized and unrealized gain (loss)		0.61			0.60			0.76			3.87			2.06
Total investment operations		0.64			0.64			0.78			3.87			2.07
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.02	)		—			(0.00	)(E)		(0.00	)(E)
Net realized gains		—			(0.04	)		(0.45	)		(0.34	)		(0.05	)
Total dividends and/or distributions to shareholders		(0.05	)		(0.06	)		(0.45	)		(0.35	)		(0.05	)
Net asset value, end of year	$	17.26		$	16.67		$	16.09		$	15.76		$	12.24
Total return		3.87	%		3.95	%		6.13	%(G)		31.84	%		20.28	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	24,424		$	23,460		$	19,643		$	13,761		$	10,320
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.83	%		0.83	%		1.08	%(H)		2.18	%		3.68	%
Including waiver and/or reimbursement and recapture		0.82	%(D)		0.88	%		1.00	%(H)		1.25	%		1.25	%
Net investment income (loss) to average net assets		0.19	%(D)		0.27	%		0.16	%(H)		(0.02	)%		0.08	%(F)
Portfolio turnover rate		83	%		34	%		18	%(G)		15	%		22	%

^(A)  Prior to February 28, 2014, information provided in previous periods reflects The Torray Resolute Fund, which is the accounting survivor pursuant to a Plan of Reorganization. Prior to January 1, 2014, the financial highlights were audited by another independent registered public accounting firm.

^(B)  Effective at the close of business on February 28, 2014, the fiscal year end of the Fund changed to October 31. The Financial Highlights represent activity for the ten months of January 1, 2014 - October 31, 2014. Refer to the notes to the financial statements for details.

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

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

^(F)  For the year ended December 31, 2012, investment income per share reflects a special dividend which amounted to $0.01 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been (0.01)%.

^(G)  Not annualized.

^(H)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    323

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Concentrated Growth
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	16.85		$	16.26		$	15.57
Investment operations:
Net investment income (loss) (B)		0.06	(C)		0.07			0.04
Net realized and unrealized gain (loss)		0.61			0.60			0.65
Total investment operations		0.67			0.67			0.69
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.04	)		—
Net realized gains		—			(0.04	)		—
Total dividends and/or distributions to shareholders		(0.07	)		(0.08	)		—
Net asset value, end of period/year	$	17.45		$	16.85		$	16.26
Total return		4.02	%		4.11	%		4.43	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	222,753		$	390,712		$	353,480
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.73	%		0.77	%(E)
Including waiver and/or reimbursement and recapture		0.72	%(C)		0.73	%		0.77	%(E)
Net investment income (loss) to average net assets		0.36	%(C)		0.41	%		0.42	%(E)
Portfolio turnover rate		83	%		34	%		18	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	12.75		$	13.35		$	11.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.23	(C)		0.23			0.20			0.14
Net realized and unrealized gain (loss)		0.23			(0.18	)		1.47			1.97
Total investment operations		0.46			0.05			1.67			2.11
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.22	)		(0.20	)		(0.13	)
Net realized gains		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(2.06	)		(0.65	)		(0.30	)		(0.13	)
Net asset value, end of period/year	$	11.15		$	12.75		$	13.35		$	11.98
Total return (D)		4.30	%		0.32	%		14.14	%		21.25	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	86,943		$	51,809		$	63,639		$	1,245
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%		0.97	%		0.96	%		1.07	%(F)
Including waiver and/or reimbursement and recapture		0.97	%(C)		0.97	%		0.96	%		1.07	%(F)
Net investment income (loss) to average net assets		2.09	%(C)		1.74	%		1.55	%		1.47	%(F)
Portfolio turnover rate		54	%		15	%		21	%		23	%(E)

^(A)  Commenced operations on January 4, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    324

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	12.70		$	13.32		$	11.96		$	10.00
Investment operations:
Net investment income (loss) (B)		0.14	(C)		0.12			0.09			0.08
Net realized and unrealized gain (loss)		0.22			(0.19	)		1.49			1.96
Total investment operations		0.36			(0.07	)		1.58			2.04
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.12	)		(0.12	)		(0.08	)
Net realized gains		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(1.97	)		(0.55	)		(0.22	)		(0.08	)
Net asset value, end of period/year	$	11.09		$	12.70		$	13.32		$	11.96
Total return (D)		3.41	%		(0.62	)%		13.30	%		20.50	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,755		$	4,749		$	4,419		$	1,297
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%		1.81	%		1.81	%		1.78	%(F)
Including waiver and/or reimbursement and recapture		1.80	%(C)		1.81	%		1.81	%		1.78	%(F)
Net investment income (loss) to average net assets		1.23	%(C)		0.89	%		0.74	%		0.83	%(F)
Portfolio turnover rate		54	%		15	%		21	%		23	%(E)

^(A)  Commenced operations on January 4, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	12.75		$	13.35		$	11.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.25	(C)		0.25			0.23			0.17
Net realized and unrealized gain (loss)		0.22			(0.18	)		1.47			1.96
Total investment operations		0.47			0.07			1.70			2.13
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.24	)		(0.23	)		(0.15	)
Net realized gains		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(2.08	)		(0.67	)		(0.33	)		(0.15	)
Net asset value, end of period/year	$	11.14		$	12.75		$	13.35		$	11.98
Total return		4.38	%		0.49	%		14.37	%		21.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,559		$	6,318		$	6,311		$	1,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.81	%		0.80	%		0.82	%(E)
Including waiver and/or reimbursement and recapture		0.80	%(C)		0.81	%		0.80	%		0.82	%(E)
Net investment income (loss) to average net assets		2.26	%(C)		1.88	%		1.80	%		1.82	%(E)
Portfolio turnover rate		54	%		15	%		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    325

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Dividend Focused
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	12.75		$	13.36		$	11.98		$	10.00
Investment operations:
Net investment income (loss) (B)		0.26	(C)		0.26			0.24			0.17
Net realized and unrealized gain (loss)		0.23			(0.18	)		1.48			1.97
Total investment operations		0.49			0.08			1.72			2.14
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.26	)		(0.24	)		(0.16	)
Net realized gains		(1.83	)		(0.43	)		(0.10	)		—
Total dividends and/or distributions to shareholders		(2.09	)		(0.69	)		(0.34	)		(0.16	)
Net asset value, end of period/year	$	11.15		$	12.75		$	13.36		$	11.98
Total return		4.57	%		0.52	%		14.56	%		21.49	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	672,378		$	852,448		$	1,402,739		$	1,023,268
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.70	%		0.71	%		0.70	%		0.71	%(E)
Including waiver and/or reimbursement and recapture		0.70	%(C)		0.71	%		0.70	%		0.71	%(E)
Net investment income (loss) to average net assets		2.31	%(C)		1.98	%		1.88	%		1.91	%(E)
Portfolio turnover rate		54	%		15	%		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and year indicated:	Transamerica Dividend Focused
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	12.75		$	13.25
Investment operations:
Net investment income (loss) (B)		0.27	(C)		0.11
Net realized and unrealized gain (loss)		0.22			(0.48	)
Total investment operations		0.49			(0.37	)
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.13	)
Net realized gains		(1.83	)		—
Total dividends and/or distributions to shareholders		(2.09	)		(0.13	)
Net asset value, end of period/year	$	11.15		$	12.75
Total return		4.57	%		(2.79	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	474		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.71	%		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.70	%(C)		0.72	%(E)
Net investment income (loss) to average net assets		2.39	%(C)		1.99	%(E)
Portfolio turnover rate		54	%		15	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    326

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	11.10		$	11.73		$	11.12		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.12	(D)		0.07			0.08			0.05
Net realized and unrealized gain (loss)		(0.23	)		0.04	(E)		0.61			1.56
Total investment operations		(0.11	)		0.11			0.69			1.61
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		(0.11	)		(0.05	)		(0.49	)
Net realized gains		(0.46	)		(0.63	)		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.51	)		(0.74	)		(0.08	)		(0.49	)
Net asset value, end of year	$	10.48		$	11.10		$	11.73		$	11.12
Total return (F)		(0.99	)%		0.91	%		6.31	%		16.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	9,348		$	14,100		$	12,115		$	6,456
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.33	%		1.36	%		1.32	%		3.94	%
Including waiver and/or reimbursement and recapture		1.09	%(D)		1.10	%		1.11	%		1.15	%
Net investment income (loss) to average net assets (C)		1.14	%(D)		0.63	%		0.70	%		0.45	%
Portfolio turnover rate (H)		142	%		308	%		194	%		301	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Total return has been calculated without deduction of the maximum sales charge.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	10.96		$	11.60		$	11.05		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.04	(D)		(0.01	)		(0.00	)(E)		(0.03	)
Net realized and unrealized gain (loss)		(0.22	)		0.04	(F)		0.60			1.56
Total investment operations		(0.18	)		0.03			0.60			1.53
Dividends and/or distributions to shareholders:
Net investment income		—			(0.04	)		(0.02	)		(0.48	)
Net realized gains		(0.46	)		(0.63	)		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.46	)		(0.67	)		(0.05	)		(0.48	)
Net asset value, end of year	$	10.32		$	10.96		$	11.60		$	11.05
Total return (G)		(1.64	)%		0.15	%		5.46	%		16.03	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	8,710		$	11,492		$	7,266		$	3,840
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		2.06	%		2.12	%		2.09	%		4.69	%
Including waiver and/or reimbursement and recapture		1.83	%(D)		1.85	%		1.85	%		1.85	%
Net investment income (loss) to average net assets (C)		0.37	%(D)		(0.13	)%		(0.03	)%		(0.28	)%
Portfolio turnover rate (I)		142	%		308	%		194	%		301	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

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

^(F)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(G)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(H)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    327

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Allocation
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	11.08		$	11.71		$	11.09		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15	(D)		0.10			0.11			0.07
Net realized and unrealized gain (loss)		(0.23	)		0.04	(E)		0.61			1.57
Total investment operations		(0.08	)		0.14			0.72			1.64
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.07	)		(0.55	)
Net realized gains		(0.46	)		(0.63	)		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.53	)		(0.77	)		(0.10	)		(0.55	)
Net asset value, end of year	$	10.47		$	11.08		$	11.71		$	11.09
Total return		(0.65	)%		1.15	%		6.57	%		17.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,324		$	3,889		$	3,521		$	2,824
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.03	%		1.08	%		1.03	%		3.63	%
Including waiver and/or reimbursement and recapture		0.83	%(D)		0.85	%		0.85	%		0.85	%
Net investment income (loss) to average net assets (C)		1.39	%(D)		0.91	%		0.98	%		0.67	%
Portfolio turnover rate (G)		142	%		308	%		194	%		301	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.38		$	10.48		$	10.16		$	10.25		$	10.00
Investment operations:
Net investment income (loss) (A) (B)		0.36	(C)		0.39			0.38			0.34			0.33
Net realized and unrealized gain (loss)		0.32			(0.87	)		0.26			0.10			0.45
Total investment operations		0.68			(0.48	)		0.64			0.44			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.45	)		(0.32	)		(0.47	)		(0.53	)
Net realized gains		(0.20	)		(0.17	)		—			(0.04	)		—
Return of capital		(0.07	)		—			—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.60	)		(0.62	)		(0.32	)		(0.53	)		(0.53	)
Net asset value, end of year	$	9.46		$	9.38		$	10.48		$	10.16		$	10.25
Total return (D)		7.79	%		(4.78	)%		6.39	%		4.49	%		8.02	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	122,240		$	175,092		$	259,348		$	342,367		$	254,763
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.89	%		0.89	%		0.89	%		0.93	%		0.98	%
Including waiver and/or reimbursement and recapture		0.88	%(C)		0.89	%		0.87	%		0.88	%		0.92	%
Net investment income (loss) to average net assets (B)		3.89	%(C)		3.84	%		3.63	%		3.32	%		3.27	%
Portfolio turnover rate (F)		27	%		159	%		102	%		237	%		142	%

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

^(B)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    328

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.34		$	10.44		$	10.12		$	10.22		$	10.00
Investment operations:
Net investment income (loss) (A) (B)		0.28	(C)		0.31			0.29			0.25			0.25
Net realized and unrealized gain (loss)		0.33			(0.87	)		0.27			0.11			0.46
Total investment operations		0.61			(0.56	)		0.56			0.36			0.71
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.37	)		(0.24	)		(0.40	)		(0.49	)
Net realized gains		(0.20	)		(0.17	)		—			(0.04	)		—
Return of capital		(0.05	)		—			—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.53	)		(0.54	)		(0.24	)		(0.46	)		(0.49	)
Net asset value, end of year	$	9.42		$	9.34		$	10.44		$	10.12		$	10.22
Total return (D)		7.00	%		(5.53	)%		5.61	%		3.63	%		7.26	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	210,600		$	289,060		$	400,142		$	464,339		$	279,728
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		1.65	%		1.65	%		1.63	%		1.63	%		1.68	%
Including waiver and/or reimbursement and recapture		1.64	%(C)		1.65	%		1.63	%		1.63	%		1.67	%
Net investment income (loss) to average net assets (B)		3.11	%(C)		3.09	%		2.86	%		2.54	%		2.48	%
Portfolio turnover rate (F)		27	%		159	%		102	%		237	%		142	%

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

^(B)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Dynamic Income
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.38		$	10.48		$	10.16		$	10.26		$	10.00
Investment operations:
Net investment income (loss) (A) (B)		0.39	(C)		0.41			0.40			0.36			0.37
Net realized and unrealized gain (loss)		0.31			(0.87	)		0.26			0.10			0.44
Total investment operations		0.70			(0.46	)		0.66			0.46			0.81
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.47	)		(0.34	)		(0.50	)		(0.55	)
Net realized gains		(0.20	)		(0.17	)		—			(0.04	)		—
Return of capital		(0.07	)		—			—			(0.02	)		—
Total dividends and/or distributions to shareholders		(0.62	)		(0.64	)		(0.34	)		(0.56	)		(0.55	)
Net asset value, end of year	$	9.46		$	9.38		$	10.48		$	10.16		$	10.26
Total return		8.06	%		(4.56	)%		6.64	%		4.62	%		8.35	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	83,297		$	144,733		$	242,703		$	270,502		$	240,339
Expenses to average net assets (D)
Excluding waiver and/or reimbursement and recapture		0.65	%		0.66	%		0.64	%		0.65	%		0.72	%
Including waiver and/or reimbursement and recapture		0.64	%(C)		0.66	%		0.64	%		0.67	%		0.67	%
Net investment income (loss) to average net assets (B)		4.25	%(C)		4.05	%		3.83	%		3.57	%		3.61	%
Portfolio turnover rate (E)		27	%		159	%		102	%		237	%		142	%

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

^(B)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(E)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    329

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.70		$	10.75		$	10.83		$	11.54		$	10.00
Investment operations:
Net investment income (loss) (A)		0.63	(B)		0.60			0.61			0.56			0.59
Net realized and unrealized gain (loss)		0.49			(1.26	)		(0.11	)		(0.55	)		1.45
Total investment operations		1.12			(0.66	)		0.50			0.01			2.04
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.39	)		(0.58	)		(0.47	)		(0.50	)
Net realized gains		—			—			—			(0.25	)		—
Return of capital		(0.02	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.32	)		(0.39	)		(0.58	)		(0.72	)		(0.50	)
Net asset value, end of year	$	10.50		$	9.70		$	10.75		$	10.83		$	11.54
Total return (C)		11.86	%		(6.30	)%		4.81	%		(0.07	)%		21.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	35,765		$	59,093		$	81,684		$	129,805		$	60,754
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.15	%		1.11	%		1.18	%		1.11	%		1.19	%
Including waiver and/or reimbursement and recapture		1.15	%(B)		1.11	%		1.18	%		1.11	%		1.21	%
Net investment income (loss) to average net assets		6.39	%(B)		5.94	%		5.68	%		5.02	%		5.47	%
Portfolio turnover rate		257	%		237	%		321	%		326	%		305	%

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

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum sales charge.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.66		$	10.72		$	10.80		$	11.51		$	9.99
Investment operations:
Net investment income (loss) (A)		0.55	(B)		0.53			0.54			0.48			0.52
Net realized and unrealized gain (loss)		0.49			(1.26	)		(0.11	)		(0.54	)		1.44
Total investment operations		1.04			(0.73	)		0.43			(0.06	)		1.96
Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.33	)		(0.51	)		(0.40	)		(0.44	)
Net realized gains		—			—			—			(0.25	)		—
Return of capital		(0.02	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.27	)		(0.33	)		(0.51	)		(0.65	)		(0.44	)
Net asset value, end of year	$	10.43		$	9.66		$	10.72		$	10.80		$	11.51
Total return (C)		11.01	%		(7.02	)%		4.12	%		(0.69	)%		20.24	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,363		$	17,462		$	27,202		$	30,547		$	10,543
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.89	%		1.84	%		1.84	%		1.81	%		1.86	%
Including waiver and/or reimbursement and recapture		1.88	%(B)		1.84	%		1.84	%		1.81	%		1.87	%
Net investment income (loss) to average net assets		5.56	%(B)		5.23	%		5.02	%		4.36	%		4.87	%
Portfolio turnover rate		257	%		237	%		321	%		326	%		305	%

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

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    330

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.72		$	10.78		$	10.85		$	11.56		$	10.01
Investment operations:
Net investment income (loss) (A)		0.66	(B)		0.64			0.65			0.60			0.63
Net realized and unrealized gain (loss)		0.49			(1.27	)		(0.10	)		(0.56	)		1.44
Total investment operations		1.15			(0.63	)		0.55			0.04			2.07
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.43	)		(0.62	)		(0.50	)		(0.52	)
Net realized gains		—			—			—			(0.25	)		—
Return of capital		(0.02	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.35	)		(0.43	)		(0.62	)		(0.75	)		(0.52	)
Net asset value, end of year	$	10.52		$	9.72		$	10.78		$	10.85		$	11.56
Total return		12.27	%		(6.03	)%		5.30	%		0.23	%		21.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	618,258		$	581,888		$	340,068		$	133,449		$	46,190
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.81	%		0.81	%		0.79	%		0.84	%
Including waiver and/or reimbursement and recapture		0.82	%(B)		0.81	%		0.81	%		0.79	%		0.86	%
Net investment income (loss) to average net assets		6.60	%(B)		6.39	%		6.00	%		5.38	%		5.68	%
Portfolio turnover rate		257	%		237	%		321	%		326	%		305	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Emerging Markets Debt
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.72		$	10.78		$	10.85		$	11.56		$	10.01
Investment operations:
Net investment income (loss) (A)		0.65	(B)		0.64			0.66			0.61			0.63
Net realized and unrealized gain (loss)		0.51			(1.26	)		(0.10	)		(0.56	)		1.45
Total investment operations		1.16			(0.62	)		0.56			0.05			2.08
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.44	)		(0.63	)		(0.51	)		(0.53	)
Net realized gains		—			—			—			(0.25	)		—
Return of capital		(0.03	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.36	)		(0.44	)		(0.63	)		(0.76	)		(0.53	)
Net asset value, end of year	$	10.52		$	9.72		$	10.78		$	10.85		$	11.56
Total return		12.25	%		(5.86	)%		5.39	%		0.33	%		21.50	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	169,122		$	60,406		$	143,512		$	339,967		$	505,629
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.70	%		0.71	%		0.69	%		0.74	%
Including waiver and/or reimbursement and recapture		0.72	%(B)		0.70	%		0.71	%		0.69	%		0.76	%
Net investment income (loss) to average net assets		6.48	%(B)		6.29	%		6.16	%		5.38	%		5.82	%
Portfolio turnover rate		257	%		237	%		321	%		326	%		305	%

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

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    331

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Emerging Markets Debt
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.71		$	10.37
Investment operations:
Net investment income (loss) (B)		0.66	(C)		0.28
Net realized and unrealized gain (loss)		0.51			(0.66	)
Total investment operations		1.17			(0.38	)
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.28	)
Return of capital		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.36	)		(0.28	)
Net asset value, end of period/year	$	10.52		$	9.71
Total return		12.36	%		(3.71	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	87		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.72	%		0.71	%(E)
Including waiver and/or reimbursement and recapture		0.72	%(C)		0.71	%(E)
Net investment income (loss) to average net assets		6.62	%(C)		6.66	%(E)
Portfolio turnover rate		257	%		237	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	8.50		$	10.25		$	10.40		$	9.42		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07	(C)		0.06			0.11			0.12			0.09
Net realized and unrealized gain (loss)		0.34			(1.70	)		(0.16	)		0.88			(0.67	)
Total investment operations		0.41			(1.64	)		(0.05	)		1.00			(0.58	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.11	)		(0.10	)		(0.02	)		—
Net asset value, end of period/year	$	8.83		$	8.50		$	10.25		$	10.40		$	9.42
Total return (D)		4.88	%		(16.17	)%		(0.40	)%		10.68	%		(5.80	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,368		$	1,669		$	1,495		$	805		$	302
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.73	%		1.60	%		1.62	%		1.60	%		1.85	%(F)
Including waiver and/or reimbursement and recapture		1.72	%(C)		1.60	%		1.62	%		1.60	%		1.85	%(F)
Net investment income (loss) to average net assets		0.87	%(C)		0.63	%		1.05	%		1.19	%		1.97	%(F)
Portfolio turnover rate		61	%		89	%		69	%		63	%		76	%(E)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    332

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	8.41		$	10.14		$	10.32		$	9.39		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02	(C)		0.01			0.04			0.06			0.07
Net realized and unrealized gain (loss)		0.34			(1.70	)		(0.15	)		0.87			(0.68	)
Total investment operations		0.36			(1.69	)		(0.11	)		0.93			(0.61	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.04	)		(0.07	)		—			—
Net asset value, end of period/year	$	8.74		$	8.41		$	10.14		$	10.32		$	9.39
Total return (D)		4.28	%		(16.73	)%		(1.05	)%		9.90	%		(6.10	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,846		$	1,882		$	1,424		$	916		$	253
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.33	%		2.28	%		2.29	%		2.23	%		2.52	%(F)
Including waiver and/or reimbursement and recapture		2.32	%(C)		2.28	%		2.29	%		2.23	%		2.52	%(F)
Net investment income (loss) to average net assets		0.23	%(C)		0.08	%		0.36	%		0.57	%		1.43	%(F)
Portfolio turnover rate		61	%		89	%		69	%		63	%		76	%(E)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	8.55		$	10.30		$	10.43		$	9.43		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08	(C)		0.10			0.12			0.17			0.11
Net realized and unrealized gain (loss)		0.36			(1.72	)		(0.13	)		0.87			(0.68	)
Total investment operations		0.44			(1.62	)		(0.01	)		1.04			(0.57	)
Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.13	)		(0.12	)		(0.04	)		—
Net asset value, end of period/year	$	8.88		$	8.55		$	10.30		$	10.43		$	9.43
Total return		5.30	%		(15.89	)%		(0.04	)%		11.03	%		(5.70	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	476		$	1,281		$	1,147		$	505		$	302
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.31	%		1.25	%		1.29	%		1.26	%		1.60	%(E)
Including waiver and/or reimbursement and recapture		1.31	%(C)		1.25	%		1.29	%		1.26	%		1.60	%(E)
Net investment income (loss) to average net assets		1.04	%(C)		1.01	%		1.22	%		1.74	%		2.26	%(E)
Portfolio turnover rate		61	%		89	%		69	%		63	%		76	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    333

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Emerging Markets Equity
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	8.56		$	10.30		$	10.44		$	9.44		$	10.00
Investment operations:
Net investment income (loss) (B)		0.12	(C)		0.12			0.15			0.16			0.10
Net realized and unrealized gain (loss)		0.33			(1.72	)		(0.16	)		0.88			(0.66	)
Total investment operations		0.45			(1.60	)		(0.01	)		1.04			(0.56	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.14	)		(0.13	)		(0.04	)		—
Net asset value, end of period/year	$	8.89		$	8.56		$	10.30		$	10.44		$	9.44
Total return		5.41	%		(15.74	)%		(0.02	)%		11.09	%		(5.60	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	146,458		$	270,402		$	241,658		$	220,261		$	107,183
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.19	%		1.14	%		1.17	%		1.15	%		1.49	%(E)
Including waiver and/or reimbursement and recapture		1.18	%(C)		1.14	%		1.17	%		1.15	%		1.49	%(E)
Net investment income (loss) to average net assets		1.46	%(C)		1.26	%		1.44	%		1.66	%		2.06	%(E)
Portfolio turnover rate		61	%		89	%		69	%		63	%		76	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.22		$	9.46		$	9.38		$	9.37		$	8.83
Investment operations:
Net investment income (loss) (A)		0.36	(B)		0.28			0.29			0.41			0.45
Net realized and unrealized gain (loss)		0.07			(0.23	)		0.08			0.03			0.55
Total investment operations		0.43			0.05			0.37			0.44			1.00
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.29	)		(0.29	)		(0.43	)		(0.46	)
Net asset value, end of year	$	9.31		$	9.22		$	9.46		$	9.38		$	9.37
Total return (C)		4.78	%		0.56	%		3.98	%		4.85	%		11.60	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	86,305		$	68,304		$	73,829		$	78,512		$	77,291
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.93	%		0.88	%		0.91	%		1.00	%		1.01	%
Including waiver and/or reimbursement and recapture		0.91	%(B)		0.88	%		0.89	%		0.95	%		0.95	%
Net investment income (loss) to average net assets		3.92	%(B)		3.03	%		3.04	%		4.32	%		4.95	%
Portfolio turnover rate		47	%		27	%		26	%		32	%		35	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum sales charge.

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

Transamerica Funds Annual Report 2016

Page    334

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.22		$	9.46		$	9.39		$	9.37		$	8.83
Investment operations:
Net investment income (loss) (A)		0.28	(B)		0.21			0.21			0.32			0.37
Net realized and unrealized gain (loss)		0.08			(0.24	)		0.07			0.05			0.55
Total investment operations		0.36			(0.03	)		0.28			0.37			0.92
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.21	)		(0.21	)		(0.35	)		(0.38	)
Net asset value, end of year	$	9.32		$	9.22		$	9.46		$	9.39		$	9.37
Total return (C)		3.95	%		(0.28	)%		2.98	%		4.00	%		10.69	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,355		$	2,164		$	3,644		$	4,819		$	6,641
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%		1.71	%		1.72	%		1.85	%		1.79	%
Including waiver and/or reimbursement and recapture		1.79	%(B)		1.71	%		1.72	%		1.85	%		1.79	%
Net investment income (loss) to average net assets		3.03	%(B)		2.18	%		2.24	%		3.42	%		4.13	%
Portfolio turnover rate		47	%		27	%		26	%		32	%		35	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.16		$	9.40		$	9.32		$	9.31		$	8.79
Investment operations:
Net investment income (loss) (A)		0.29	(B)		0.22			0.22			0.34			0.38
Net realized and unrealized gain (loss)		0.07			(0.23	)		0.08			0.04			0.54
Total investment operations		0.36			(0.01	)		0.30			0.38			0.92
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.23	)		(0.22	)		(0.37	)		(0.40	)
Net asset value, end of year	$	9.25		$	9.16		$	9.40		$	9.32		$	9.31
Total return (C)		4.18	%		(0.15	)%		3.26	%		4.10	%		10.71	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	60,126		$	64,995		$	68,629		$	71,692		$	81,874
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.64	%		1.59	%		1.60	%		1.67	%		1.65	%
Including waiver and/or reimbursement and recapture		1.62	%(B)		1.59	%		1.60	%		1.67	%		1.65	%
Net investment income (loss) to average net assets		3.20	%(B)		2.32	%		2.33	%		3.60	%		4.22	%
Portfolio turnover rate		47	%		27	%		26	%		32	%		35	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    335

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.23		$	9.47		$	9.39		$	9.38		$	8.85
Investment operations:
Net investment income (loss) (A)		0.38	(B)		0.31			0.31			0.43			0.47
Net realized and unrealized gain (loss)		0.07			(0.23	)		0.08			0.04			0.55
Total investment operations		0.45			0.08			0.39			0.47			1.02
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.32	)		(0.31	)		(0.46	)		(0.49	)
Net asset value, end of year	$	9.32		$	9.23		$	9.47		$	9.39		$	9.38
Total return		5.05	%		0.84	%		4.25	%		5.13	%		11.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	162,875		$	55,370		$	42,545		$	33,036		$	31,480
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.67	%		0.61	%		0.62	%		0.68	%		0.67	%
Including waiver and/or reimbursement and recapture		0.65	%(B)		0.61	%		0.62	%		0.68	%		0.67	%
Net investment income (loss) to average net assets		4.20	%(B)		3.33	%		3.29	%		4.58	%		5.20	%
Portfolio turnover rate		47	%		27	%		26	%		32	%		35	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Flexible Income
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.23		$	9.48		$	9.40		$	9.38		$	8.86
Investment operations:
Net investment income (loss) (A)		0.39	(B)		0.32			0.31			0.44			0.48
Net realized and unrealized gain (loss)		0.07			(0.24	)		0.09			0.05			0.54
Total investment operations		0.46			0.08			0.40			0.49			1.02
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.33	)		(0.32	)		(0.47	)		(0.50	)
Net asset value, end of year	$	9.32		$	9.23		$	9.48		$	9.40		$	9.38
Total return		5.17	%		0.83	%		4.35	%		5.35	%		11.85	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	137,246		$	355,272		$	540,719		$	56,421		$	128,284
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%		0.51	%		0.52	%		0.58	%		0.57	%
Including waiver and/or reimbursement and recapture		0.53	%(B)		0.51	%		0.52	%		0.58	%		0.57	%
Net investment income (loss) to average net assets		4.23	%(B)		3.40	%		3.26	%		4.65	%		5.32	%
Portfolio turnover rate		47	%		27	%		26	%		32	%		35	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    336

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Flexible Income
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.23		$	9.45
Investment operations:
Net investment income (loss) (B)		0.40	(C)		0.14
Net realized and unrealized gain (loss)		0.06			(0.21	)
Total investment operations		0.46			(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.15	)
Net asset value, end of period/year	$	9.32		$	9.23
Total return		5.16	%		(0.79	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,028		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.55	%		0.52	%(E)
Including waiver and/or reimbursement and recapture		0.52	%(C)		0.52	%(E)
Net investment income (loss) to average net assets		4.38	%(C)		3.55	%(E)
Portfolio turnover rate		47	%		27	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.40	(D)		0.34			0.31
Net realized and unrealized gain (loss)		0.12			(0.08	)		(0.10	)
Total investment operations		0.52			0.26			0.21
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		(0.35	)		(0.29	)
Net realized gains		—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.39	)		(0.36	)		(0.29	)
Net asset value, end of year	$	9.95		$	9.82		$	9.92
Total return (E)		5.50	%		2.73	%		2.17	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,327		$	3,360		$	633
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.11	%		1.11	%		1.21	%
Including waiver and/or reimbursement and recapture		1.05	%(D)		1.05	%		1.06	%
Net investment income (loss) to average net assets (C)		4.05	%(D)		3.46	%		3.08	%
Portfolio turnover rate (G)		50	%		41	%		73	%

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Total return has been calculated without deduction of the maximum sales charge.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    337

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.32	(D)		0.27			0.24
Net realized and unrealized gain (loss)		0.13			(0.08	)		(0.10	)
Total investment operations		0.45			0.19			0.14
Dividends and/or distributions to shareholders:
Net investment income		(0.32	)		(0.28	)		(0.22	)
Net realized gains		—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.32	)		(0.29	)		(0.22	)
Net asset value, end of year	$	9.95		$	9.82		$	9.92
Total return (E)		4.70	%		1.98	%		1.43	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	6,669		$	2,904		$	1,672
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.84	%		1.86	%		1.97	%
Including waiver and/or reimbursement and recapture		1.80	%(D)		1.80	%		1.80	%
Net investment income (loss) to average net assets (C)		3.30	%(D)		2.78	%		2.45	%
Portfolio turnover rate (G)		50	%		41	%		73	%

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.79		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.41	(D)		0.35			0.33
Net realized and unrealized gain (loss)		0.14			(0.09	)		(0.09	)
Total investment operations		0.55			0.26			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.38	)		(0.32	)
Net realized gains		—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.39	)		(0.32	)
Net asset value, end of year	$	9.92		$	9.79		$	9.92
Total return		5.75	%		2.66	%		2.45	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	13,061		$	787		$	412
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.85	%		0.87	%		0.97	%
Including waiver and/or reimbursement and recapture		0.80	%(D)		0.80	%		0.80	%
Net investment income (loss) to average net assets (C)		4.21	%(D)		3.57	%		3.27	%
Portfolio turnover rate (F)		50	%		41	%		73	%

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    338

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Floating Rate
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.82		$	9.92		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.42	(D)		0.38			0.34
Net realized and unrealized gain (loss)		0.13			(0.09	)		(0.10	)
Total investment operations		0.55			0.29			0.24
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.38	)		(0.32	)
Net realized gains		—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.39	)		(0.32	)
Net asset value, end of year	$	9.95		$	9.82		$	9.92
Total return		5.81	%		2.99	%		2.47	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	374,908		$	336,546		$	213,481
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		0.75	%		0.77	%		0.87	%
Including waiver and/or reimbursement and recapture		0.75	%(D)(F)		0.80	%		0.80	%
Net investment income (loss) to average net assets (C)		4.32	%(D)		3.79	%		3.37	%
Portfolio turnover rate (G)		50	%		41	%		73	%

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Waiver and/or reimbursement rounds to less than 0.01%

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Global Bond
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.11		$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.26	(C)		0.15			0.15
Net realized and unrealized gain (loss)		0.62			(0.84	)		(0.23	)
Total investment operations		0.88			(0.69	)		(0.08	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.04	)		(0.08	)
Net asset value, end of period/year	$	9.92		$	9.11		$	9.84
Total return (D)		9.73	%		(7.07	)%		(0.82	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	731		$	282		$	300
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.35	%		1.15	%		1.09	%(F)
Including waiver and/or reimbursement and recapture		0.98	%(C)		1.00	%		1.00	%(F)
Net investment income (loss) to average net assets		2.64	%(C)		1.57	%		2.15	%(F)
Portfolio turnover rate		133	%		195	%		138	%(E)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    339

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Global Bond
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.05		$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.18	(C)		0.07			0.09
Net realized and unrealized gain (loss)		0.62			(0.83	)		(0.22	)
Total investment operations		0.80			(0.76	)		(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(D)		(0.01	)		(0.05	)
Net asset value, end of period/year	$	9.85		$	9.05		$	9.82
Total return (E)		8.89	%		(7.73	)%		(1.34	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	478		$	258		$	254
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.05	%		1.90	%		1.81	%(G)
Including waiver and/or reimbursement and recapture		1.74	%(C)		1.75	%		1.75	%(G)
Net investment income (loss) to average net assets		1.91	%(C)		0.80	%		1.39	%(G)
Portfolio turnover rate		133	%		195	%		138	%(F)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Not annualized.

^(G)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Global Bond
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.13		$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.28	(C)		0.17			0.16
Net realized and unrealized gain (loss)		0.62			(0.84	)		(0.23	)
Total investment operations		0.90			(0.67	)		(0.07	)
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.04	)		(0.09	)
Net asset value, end of period/year	$	9.94		$	9.13		$	9.84
Total return		9.99	%		(6.79	)%		(0.71	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	464		$	321		$	323
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.06	%		0.92	%		0.91	%(E)
Including waiver and/or reimbursement and recapture		0.74	%(C)		0.75	%		0.75	%(E)
Net investment income (loss) to average net assets		2.89	%(C)		1.80	%		2.42	%(E)
Portfolio turnover rate		133	%		195	%		138	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    340

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Global Bond
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.14		$	9.85		$	10.00
Investment operations:
Net investment income (loss) (B)		0.27	(C)		0.22			0.15
Net realized and unrealized gain (loss)		0.62			(0.89	)		(0.21	)
Total investment operations		0.89			(0.67	)		(0.06	)
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.04	)		(0.09	)
Net asset value, end of period/year	$	9.94		$	9.14		$	9.85
Total return		9.87	%		(6.78	)%		(0.61	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	45,830		$	43,584		$	238,807
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.80	%		0.79	%(E)
Including waiver and/or reimbursement and recapture		0.74	%(C)		0.75	%		0.75	%(E)
Net investment income (loss) to average net assets		2.87	%(C)		2.29	%		2.23	%(E)
Portfolio turnover rate		133	%		195	%		138	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.15		$	11.08		$	10.96		$	9.22		$	9.09
Investment operations:
Net investment income (loss) (A)		0.08	(B)		0.05	(C)		0.18	(C)		0.11	(C)		0.16	(C)
Net realized and unrealized gain (loss)		(0.09	)		0.02			0.10			1.73			0.22
Total investment operations		(0.01	)		0.07			0.28			1.84			0.38
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.16	)		(0.10	)		(0.25	)
Net asset value, end of year	$	11.14		$	11.15		$	11.08		$	10.96		$	9.22
Total return (D)		(0.09	)%		0.63	%		2.54	%		20.08	%		4.65	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	39,699		$	48,311		$	56,663		$	82,534		$	86,834
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.39	%		1.36	%(E)		0.75	%(E)		0.69	%(E)		0.68	%(E)
Including waiver and/or reimbursement and recapture		1.34	%(B)		1.35	%(E)		0.74	%(E)		0.69	%(E)		0.68	%(E)
Net investment income (loss) to average net assets		0.74	%(B)		0.46	%(C)		1.64	%(C)		1.09	%(C)		1.79	%(C)
Portfolio turnover rate		63	%		51	%(F)		150	%(F)		18	%(F)		41	%(F)

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    341

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.99		$	11.00		$	10.89		$	9.16		$	9.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		(0.03	)(D)		0.10	(D)		0.04	(D)		0.09	(D)
Net realized and unrealized gain (loss)		(0.09	)		0.02			0.08			1.71			0.24
Total investment operations		(0.09	)		(0.01	)		0.18			1.75			0.33
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.07	)		(0.02	)		(0.17	)
Net asset value, end of year	$	10.90		$	10.99		$	11.00		$	10.89		$	9.16
Total return (E)		(0.82	)%		(0.09	)%		1.64	%		19.11	%		3.92	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,642		$	3,380		$	6,460		$	9,191		$	9,847
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.31	%		2.27	%(F)		1.63	%(F)		1.54	%(F)		1.54	%(F)
Including waiver and/or reimbursement and recapture		2.09	%(C)		2.10	%(F)		1.53	%(F)		1.45	%(F)		1.45	%(F)
Net investment income (loss) to average net assets		0.03	%(C)		(0.28	)%(D)		0.95	%(D)		0.37	%(D)		1.05	%(D)
Portfolio turnover rate		63	%		51	%(G)		150	%(G)		18	%(G)		41	%(G)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^{(D) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.}

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.98		$	10.99		$	10.88		$	9.15		$	9.01
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		(0.03	)(D)		0.09	(D)		0.04	(D)		0.09	(D)
Net realized and unrealized gain (loss)		(0.09	)		0.02			0.10			1.72			0.23
Total investment operations		(0.09	)		(0.01	)		0.19			1.76			0.32
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.08	)		(0.03	)		(0.18	)
Net asset value, end of year	$	10.89		$	10.98		$	10.99		$	10.88		$	9.15
Total return (E)		(0.82	)%		(0.09	)%		1.73	%		19.26	%		3.87	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	48,720		$	61,427		$	74,772		$	88,681		$	92,050
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.13	%		2.10	%(F)		1.49	%(F)		1.40	%(F)		1.38	%(F)
Including waiver and/or reimbursement and recapture		2.09	%(C)		2.10	%(F)(G)		1.47	%(F)		1.40	%(F)		1.38	%(F)
Net investment income (loss) to average net assets		(0.01	)%(C)		(0.29	)%(D)		0.87	%(D)		0.40	%(D)		1.07	%(D)
Portfolio turnover rate		63	%		51	%(H)		150	%(H)		18	%(H)		41	%(H)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Waiver and/or reimbursement rounds to less than 0.01%.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    342

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Global Equity
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.17		$	11.06		$	10.96		$	9.23		$	9.11
Investment operations:
Net investment income (loss) (A)		0.11	(B)		0.09	(C)		0.21	(C)		0.14	(C)		0.16	(C)
Net realized and unrealized gain (loss)		(0.08	)		0.02			0.09			1.73			0.25
Total investment operations		0.03			0.11			0.30			1.87			0.41
Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—			(0.20	)		(0.14	)		(0.29	)
Net asset value, end of year	$	11.19		$	11.17		$	11.06		$	10.96		$	9.23
Total return		0.24	%		0.99	%		2.75	%		20.53	%		5.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	28,605		$	37,576		$	33,329		$	32,954		$	28,450
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		1.03	%(D)		0.46	%(D)		0.31	%(D)		0.28	%(D)
Including waiver and/or reimbursement and recapture		1.02	%(B)		1.04	%(D)		0.44	%(D)		0.31	%(D)		0.28	%(D)
Net investment income (loss) to average net assets		1.04	%(B)		0.78	%(C)		1.88	%(C)		1.39	%(C)		1.87	%(C)
Portfolio turnover rate		63	%		51	%(E)		150	%(E)		18	%(E)		41	%(E)

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

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(E)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Global Equity
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	11.18		$	11.63
Investment operations:
Net investment income (loss) (B)		0.09	(C)		0.03	(D)
Net realized and unrealized gain (loss)		(0.05	)		(0.48	)(E)
Total investment operations		0.04			(0.45	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(F)		—
Net asset value, end of period/year	$	11.22		$	11.18
Total return		0.36	%		(3.87	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	140		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		0.93	%(H)(I)
Including waiver and/or reimbursement and recapture		0.94	%(C)		0.93	%(H)(I)
Net investment income (loss) to average net assets		0.82	%(C)		0.61	%(D)(I)
Portfolio turnover rate		63	%		51	%(J)

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(E) The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

^(G) Not annualized.

^(H)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I)  Annualized.

^(J) Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    343

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Global Long/Short Equity
	Class A			Class I			Class I2
	October 31, 2016 (A)			October 31, 2016 (A)			October 31, 2016 (A)
Net asset value, beginning of period	$	10.00		$	10.00		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		(0.15	)		(0.13	)		(0.12	)
Net realized and unrealized gain (loss)		(0.73	)		(0.73	)		(0.74	)
Total investment operations		(0.88	)		(0.86	)		(0.86	)
Net asset value, end of period	$	9.12		$	9.14		$	9.14
Total return (D)		(8.80	)%(E)		(8.60	)%(E)		(8.60	)%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	2,281		$	2,286		$	4,297
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		6.50	%(G)		6.35	%(G)		6.43	%(G)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		4.85	%(G)		4.61	%(G)		4.78	%(G)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short		1.82	%(G)		1.58	%(G)		1.57	%(G)
Net investment income (loss) to average net assets (C)		(1.77	)%(G)		(1.52	)%(G)		(1.44	)%(G)
Portfolio turnover rate (H)		799	%(E)		799	%(E)		799	%(E)

^(A) Commenced operations on November 30, 2015.

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

^(C) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D) Total return has been calculated without deduction of the maximum sales charge.

^(E) Not annualized.

^(F) Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G) Annualized.

^(H) Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Government Money Market (formerly, Transamerica Money Market)
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Total investment operations		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (D)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	192,607		$	105,532		$	100,310		$	90,423		$	95,801
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		1.07	%		1.09	%		1.09	%		1.17	%
Including waiver and/or reimbursement and recapture (E)		0.43	%(C)		0.27	%		0.22	%		0.24	%		0.27	%
Net investment income (loss) to average net assets		0.01	%(C)		0.00	%(F)		0.01	%		0.00	%(F)		0.00	%(F)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to the Financial Statements for more information.

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

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

Transamerica Funds Annual Report 2016

Page    344

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market (formerly, Transamerica Money Market)
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Total investment operations		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (D)		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,383		$	2,418		$	3,820		$	6,189		$	9,289
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.79	%		1.83	%		1.86	%		1.82	%		1.84	%
Including waiver and/or reimbursement and recapture (E)		0.43	%(C)		0.26	%		0.22	%		0.24	%		0.27	%
Net investment income (loss) to average net assets		0.01	%(C)		0.01	%		0.01	%		0.00	%(F)		0.00	%(F)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to the Financial Statements for more information.

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

For a share outstanding during the years indicated:	Transamerica Government Money Market (formerly, Transamerica Money Market)
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Total investment operations		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return (D)		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%(E)
Ratio and supplemental data:
Net assets end of year (000’s)	$	22,189		$	21,500		$	24,180		$	30,196		$	31,391
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.61	%		1.68	%		1.67	%		1.64	%		1.67	%
Including waiver and/or reimbursement and recapture (F)		0.43	%(C)		0.27	%		0.22	%		0.24	%		0.27	%
Net investment income (loss) to average net assets		0.01	%(C)		0.00	%(E)		0.01	%		0.00	%(E)		0.00	%(E)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

^(F)  Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to the Financial Statements for more information.

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

Transamerica Funds Annual Report 2016

Page    345

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Government Money Market (formerly, Transamerica Money Market)
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Total investment operations		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.01	%		0.02	%		0.01	%		0.04	%		0.02	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	21,185		$	18,529		$	19,325		$	22,305		$	25,460
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.78	%		0.77	%		0.71	%		0.72	%
Including waiver and/or reimbursement and recapture (D)		0.43	%(C)		0.26	%		0.21	%		0.21	%		0.26	%
Net investment income (loss) to average net assets		0.01	%(C)		0.01	%		0.02	%		0.04	%		0.02	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to the Financial Statements for more information.

For a share outstanding during the years indicated:	Transamerica Government Money Market (formerly, Transamerica Money Market)
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Total investment operations		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)		0.00	(B)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)		(0.00	)(B)
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.01	%		0.02	%		0.01	%		0.04	%		0.03	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	11,954		$	35,245		$	31,522		$	130,531		$	652,465
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.48	%		0.54	%		0.53	%		0.49	%		0.50	%
Including waiver and/or reimbursement and recapture (D)		0.43	%(C)		0.26	%		0.21	%		0.21	%		0.25	%
Net investment income (loss) to average net assets		0.01	%(C)		0.01	%		0.02	%		0.03	%		0.03	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Transamerica Asset Management, Inc. or any of its affiliates waive fees or reimburse expenses in order to avoid a negative yield. See the Fees and Other Affiliated Transactions section of the Notes to the Financial Statements for more information.

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

Transamerica Funds Annual Report 2016

Page    346

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Growth
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	15.06		$	16.18		$	15.89		$	13.42		$	12.94
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		(0.01	)		(0.01	)		0.03			0.01
Net realized and unrealized gain (loss)		(0.15	)		1.69			2.50			3.90			0.97
Total investment operations		(0.15	)		1.68			2.49			3.93			0.98
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(C)		(0.04	)		(0.01	)
Net realized gains		(1.89	)		(2.80	)		(2.20	)		(1.42	)		(0.49	)
Total dividends and/or distributions to shareholders		(1.89	)		(2.80	)		(2.20	)		(1.46	)		(0.50	)
Net asset value, end of year	$	13.02		$	15.06		$	16.18		$	15.89		$	13.42
Total return		(1.13	)%		12.30	%		17.17	%		32.38	%		8.19	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	369,391		$	516,868		$	529,426		$	573,545		$	550,207
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.84	%		0.84	%		0.83	%
Including waiver and/or reimbursement and recapture		0.84	%(B)		0.84	%		0.84	%		0.84	%		0.83	%
Net investment income (loss) to average net assets		0.01	%(B)		(0.07	)%		(0.06	)%		0.20	%		0.06	%
Portfolio turnover rate		36	%		33	%		31	%		41	%		43	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

For a share outstanding during the period and year indicated:	Transamerica Growth
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	15.06		$	14.59
Investment operations:
Net investment income (loss) (C)		(0.00	)(B)(D)		(0.02	)
Net realized and unrealized gain (loss)		(0.15	)		0.49
Total investment operations		(0.15	)		0.47
Dividends and/or distributions to shareholders:
Net realized gains		(1.89	)		—
Net asset value, end of period/year	$	13.02		$	15.06
Total return		(1.13	)%		3.22	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,287		$	52
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.84	%(F)
Including waiver and/or reimbursement and recapture		0.83	%(D)		0.84	%(F)
Net investment income (loss) to average net assets		(0.03	)%(D)		(0.31	)%(F)
Portfolio turnover rate		36	%		33	%

^(A)  Commenced operations on May 29, 2015.

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

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

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    347

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	8.97		$	9.68		$	9.75		$	9.59		$	8.95
Investment operations:
Net investment income (loss) (A)		0.49	(B)		0.48			0.50			0.54			0.59
Net realized and unrealized gain (loss)		0.10			(0.58	)		0.05			0.17			0.67
Total investment operations		0.59			(0.10	)		0.55			0.71			1.26
Dividends and/or distributions to shareholders:
Net investment income		(0.50	)		(0.49	)		(0.49	)		(0.55	)		(0.62	)
Net realized gains		—			(0.12	)		(0.13	)		—			—
Total dividends and/or distributions to shareholders		(0.50	)		(0.61	)		(0.62	)		(0.55	)		(0.62	)
Net asset value, end of year	$	9.06		$	8.97		$	9.68		$	9.75		$	9.59
Total return (C)		6.95	%		(1.11	)%		5.85	%		7.58	%		14.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	114,761		$	127,509		$	135,250		$	404,077		$	256,099
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		1.00	%		0.97	%		1.04	%		1.06	%
Including waiver and/or reimbursement and recapture		1.01	%(B)		1.00	%		0.97	%		1.04	%		1.06	%
Net investment income (loss) to average net assets		5.64	%(B)		5.14	%		5.10	%		5.49	%		6.44	%
Portfolio turnover rate		49	%		61	%		48	%		64	%		78	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum sales charge.

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	8.97		$	9.69		$	9.76		$	9.60		$	8.95
Investment operations:
Net investment income (loss) (A)		0.42	(B)		0.40			0.42			0.46			0.52
Net realized and unrealized gain (loss)		0.10			(0.59	)		0.05			0.17			0.67
Total investment operations		0.52			(0.19	)		0.47			0.63			1.19
Dividends and/or distributions to shareholders:
Net investment income		(0.42	)		(0.41	)		(0.41	)		(0.47	)		(0.54	)
Net realized gains		—			(0.12	)		(0.13	)		—			—
Total dividends and/or distributions to shareholders		(0.42	)		(0.53	)		(0.54	)		(0.47	)		(0.54	)
Net asset value, end of year	$	9.07		$	8.97		$	9.69		$	9.76		$	9.60
Total return (C)		6.18	%		(2.03	)%		4.99	%		6.69	%		13.77	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	2,723		$	3,977		$	6,435		$	8,234		$	9,236
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%		1.80	%		1.80	%		1.83	%		1.83	%
Including waiver and/or reimbursement and recapture		1.82	%(B)		1.80	%		1.80	%		1.83	%		1.84	%
Net investment income (loss) to average net assets		4.86	%(B)		4.32	%		4.28	%		4.72	%		5.69	%
Portfolio turnover rate		49	%		61	%		48	%		64	%		78	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    348

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	8.92		$	9.64		$	9.72		$	9.56		$	8.92
Investment operations:
Net investment income (loss) (A)		0.43	(B)		0.41			0.42			0.47			0.53
Net realized and unrealized gain (loss)		0.10			(0.59	)		0.05			0.17			0.66
Total investment operations		0.53			(0.18	)		0.47			0.64			1.19
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.42	)		(0.42	)		(0.48	)		(0.55	)
Net realized gains		—			(0.12	)		(0.13	)		—			—
Total dividends and/or distributions to shareholders		(0.43	)		(0.54	)		(0.55	)		(0.48	)		(0.55	)
Net asset value, end of year	$	9.02		$	8.92		$	9.64		$	9.72		$	9.56
Total return (C)		6.34	%		(1.95	)%		4.98	%		6.80	%		13.81	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	51,787		$	58,147		$	69,198		$	75,630		$	76,995
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.74	%		1.74	%		1.74	%		1.77	%		1.77	%
Including waiver and/or reimbursement and recapture		1.73	%(B)		1.74	%		1.74	%		1.77	%		1.77	%
Net investment income (loss) to average net assets		4.93	%(B)		4.41	%		4.33	%		4.78	%		5.73	%
Portfolio turnover rate		49	%		61	%		48	%		64	%		78	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.03		$	9.74		$	9.82		$	9.66		$	9.00
Investment operations:
Net investment income (loss) (A)		0.52	(B)		0.51			0.52			0.57			0.62
Net realized and unrealized gain (loss)		0.10			(0.59	)		0.05			0.17			0.68
Total investment operations		0.62			(0.08	)		0.57			0.74			1.30
Dividends and/or distributions to shareholders:
Net investment income		(0.52	)		(0.51	)		(0.52	)		(0.58	)		(0.64	)
Net realized gains		—			(0.12	)		(0.13	)		—			—
Total dividends and/or distributions to shareholders		(0.52	)		(0.63	)		(0.65	)		(0.58	)		(0.64	)
Net asset value, end of year	$	9.13		$	9.03		$	9.74		$	9.82		$	9.66
Total return		7.33	%		(0.85	)%		5.95	%		7.80	%		15.05	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	155,777		$	127,675		$	305,992		$	82,840		$	103,181
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.74	%		0.75	%		0.79	%		0.78	%
Including waiver and/or reimbursement and recapture		0.72	%(B)		0.74	%		0.75	%		0.79	%		0.78	%
Net investment income (loss) to average net assets		5.86	%(B)		5.32	%		5.32	%		5.78	%		6.64	%
Portfolio turnover rate		49	%		61	%		48	%		64	%		78	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    349

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica High Yield Bond
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.05		$	9.77		$	9.84		$	9.67		$	9.02
Investment operations:
Net investment income (loss) (A)		0.53	(B)		0.52			0.53			0.57			0.64
Net realized and unrealized gain (loss)		0.10			(0.60	)		0.06			0.19			0.66
Total investment operations		0.63			(0.08	)		0.59			0.76			1.30
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.52	)		(0.53	)		(0.59	)		(0.65	)
Net realized gains		—			(0.12	)		(0.13	)		—			—
Total dividends and/or distributions to shareholders		(0.53	)		(0.64	)		(0.66	)		(0.59	)		(0.65	)
Net asset value, end of year	$	9.15		$	9.05		$	9.77		$	9.84		$	9.67
Total return		7.43	%		(0.84	)%		6.16	%		8.03	%		15.01	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	958,137		$	788,225		$	806,431		$	566,100		$	250,912
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.64	%		0.65	%		0.67	%		0.67	%
Including waiver and/or reimbursement and recapture		0.62	%(B)		0.64	%		0.65	%		0.67	%		0.67	%
Net investment income (loss) to average net assets		6.01	%(B)		5.51	%		5.43	%		5.83	%		6.88	%
Portfolio turnover rate		49	%		61	%		48	%		64	%		78	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and year indicated:	Transamerica High Yield Bond
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.05		$	9.56
Investment operations:
Net investment income (loss) (B)		0.52	(C)		0.22
Net realized and unrealized gain (loss)		0.11			(0.51	)
Total investment operations		0.63			(0.29	)
Dividends and/or distributions to shareholders:
Net investment income		(0.53	)		(0.22	)
Net asset value, end of period/year	$	9.15		$	9.05
Total return		7.43	%		(3.04	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,086		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.63	%		0.63	%(E)
Including waiver and/or reimbursement and recapture		0.61	%(C)		0.63	%(E)
Net investment income (loss) to average net assets		5.81	%(C)		5.64	%(E)
Portfolio turnover rate		49	%		61	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    350

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.47		$	11.46		$	10.21		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.31	(D)		0.33			0.34			0.09
Net realized and unrealized gain (loss)		0.47			0.36			1.31			0.21
Total investment operations		0.78			0.69			1.65			0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.32	)		(0.38	)		(0.09	)
Net realized gains		(0.07	)		(0.36	)		(0.02	)		—
Total dividends and/or distributions to shareholders		(0.37	)		(0.68	)		(0.40	)		(0.09	)
Net asset value, end of period/year	$	11.88		$	11.47		$	11.46		$	10.21
Total return (E)		6.72	%		6.24	%		16.49	%		2.96	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	58,848		$	24,700		$	4,492		$	262
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.98	%		1.29	%		2.27	%		43.10	%(H)
Including waiver and/or reimbursement and recapture		0.91	%(D)		0.91	%		0.91	%		0.91	%(H)
Net investment income (loss) to average net assets (C)		2.59	%(D)		2.88	%		3.11	%		3.50	%(H)
Portfolio turnover rate (I)		61	%		78	%		266	%		52	%(F)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Total return has been calculated without deduction of the maximum sales charge.

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.48		$	11.47		$	10.21		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.24	(D)		0.26			0.34			0.07
Net realized and unrealized gain (loss)		0.46			0.37			1.26			0.21
Total investment operations		0.70			0.63			1.60			0.28
Dividends and/or distributions to shareholders:
Net investment income		(0.23	)		(0.26	)		(0.32	)		(0.07	)
Net realized gains		(0.07	)		(0.36	)		(0.02	)		—
Total dividends and/or distributions to shareholders		(0.30	)		(0.62	)		(0.34	)		(0.07	)
Net asset value, end of period/year	$	11.88		$	11.48		$	11.47		$	10.21
Total return (E)		6.12	%		5.62	%		15.94	%		2.83	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	13,670		$	3,708		$	1,398		$	496
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.73	%		2.04	%		2.98	%		43.79	%(H)
Including waiver and/or reimbursement and recapture		1.51	%(D)		1.51	%		1.51	%		1.51	%(H)
Net investment income (loss) to average net assets (C)		2.02	%(D)		2.31	%		3.08	%		2.88	%(H)
Portfolio turnover rate (I)		61	%		78	%		266	%		52	%(F)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    351

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica High Yield Muni
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	11.48		$	11.47		$	10.21		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.33	(D)		0.34			0.43			0.09
Net realized and unrealized gain (loss)		0.46			0.37			1.25			0.21
Total investment operations		0.79			0.71			1.68			0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.34	)		(0.40	)		(0.09	)
Net realized gains		(0.07	)		(0.36	)		(0.02	)		—
Total dividends and/or distributions to shareholders		(0.38	)		(0.70	)		(0.42	)		(0.09	)
Net asset value, end of period/year	$	11.89		$	11.48		$	11.47		$	10.21
Total return		6.96	%		6.38	%		16.76	%		3.00	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	55,795		$	19,085		$	5,042		$	258
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.77	%		1.07	%		2.04	%		42.89	%(G)
Including waiver and/or reimbursement and recapture		0.76	%(D)		0.76	%		0.76	%		0.76	%(G)
Net investment income (loss) to average net assets (C)		2.76	%(D)		3.04	%		3.91	%		3.64	%(G)
Portfolio turnover rate (H)		61	%		78	%		266	%		52	%(E)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period indicated:	Transamerica High Yield Muni
	Class I2
	October 31, 2016 (A)
Net asset value, beginning of period	$	12.10
Investment operations:
Net investment income (loss) (B) (C)		0.03
Net realized and unrealized gain (loss)		(0.21	)(D)
Total investment operations		(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)
Net asset value, end of period	$	11.89
Total return		(1.47	)%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10
Expenses to average net assets (F)		0.66	%(G)
Net investment income (loss) to average net assets (C)		3.16	%(G)
Portfolio turnover rate (H)		61	%

^(A)  Commenced operations on September 30, 2016.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    352

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Income & Growth
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	9.59		$	10.85		$	11.04		$	10.00
Investment operations:
Net investment income (loss) (B)		0.33	(C)		0.40			0.65			0.40
Net realized and unrealized gain (loss)		(0.06	)		(1.26	)		(0.30	)		1.03
Total investment operations		0.27			(0.86	)		0.35			1.43
Dividends and/or distributions to shareholders:
Net investment income		(0.41	)		(0.33	)		(0.43	)		(0.30	)
Return of capital		—			(0.07	)		(0.11	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.41	)		(0.40	)		(0.54	)		(0.39	)
Net asset value, end of year	$	9.45		$	9.59		$	10.85		$	11.04
Total return (D)		2.89	%		(8.04	)%		3.29	%		14.55	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	30,720		$	50,236		$	70,223		$	43,345
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.17	%		1.10	%		1.10	%		1.19	%
Including waiver and/or reimbursement and recapture		1.15	%(C)		1.10	%		1.10	%		1.19	%
Net investment income (loss) to average net assets		3.51	%(C)		3.85	%		5.29	%		3.73	%
Portfolio turnover rate		70	%		43	%		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

For a share outstanding during the years indicated:	Transamerica Income & Growth
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	9.55		$	10.80		$	11.00		$	10.00
Investment operations:
Net investment income (loss) (B)		0.26	(C)		0.32			0.56			0.32
Net realized and unrealized gain (loss)		(0.07	)		(1.24	)		(0.29	)		1.02
Total investment operations		0.19			(0.92	)		0.27			1.34
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.27	)		(0.38	)		(0.26	)
Return of capital		—			(0.06	)		(0.09	)		(0.08	)
Total dividends and/or distributions to shareholders		(0.33	)		(0.33	)		(0.47	)		(0.34	)
Net asset value, end of year	$	9.41		$	9.55		$	10.80		$	11.00
Total return (D)		2.10	%		(8.66	)%		2.55	%		13.67	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	58,505		$	90,638		$	93,062		$	40,924
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.92	%		1.84	%		1.84	%		1.88	%
Including waiver and/or reimbursement and recapture		1.90	%(C)		1.84	%		1.84	%		1.88	%
Net investment income (loss) to average net assets		2.76	%(C)		3.06	%		5.16	%		3.05	%
Portfolio turnover rate		70	%		43	%		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    353

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Income & Growth
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	9.61		$	10.87		$	11.06		$	10.00
Investment operations:
Net investment income (loss) (B)		0.36	(C)		0.43			0.65			0.48
Net realized and unrealized gain (loss)		(0.07	)		(1.26	)		(0.27	)		0.98
Total investment operations		0.29			(0.83	)		0.38			1.46
Dividends and/or distributions to shareholders:
Net investment income		(0.43	)		(0.35	)		(0.46	)		(0.31	)
Return of capital		—			(0.08	)		(0.11	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.43	)		(0.43	)		(0.57	)		(0.40	)
Net asset value, end of year	$	9.47		$	9.61		$	10.87		$	11.06
Total return		3.28	%		(7.88	)%		3.54	%		14.86	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	24,540		$	49,136		$	72,556		$	27,139
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.85	%		0.85	%		0.90	%
Including waiver and/or reimbursement and recapture		0.89	%(C)		0.85	%		0.85	%		0.90	%
Net investment income (loss) to average net assets		3.81	%(C)		4.12	%		5.94	%		4.55	%
Portfolio turnover rate		70	%		43	%		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Income & Growth
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	9.61		$	10.87		$	11.06		$	10.00
Investment operations:
Net investment income (loss) (B)		0.43	(C)		0.44			0.65			0.51
Net realized and unrealized gain (loss)		(0.14	)		(1.26	)		(0.26	)		0.95
Total investment operations		0.29			(0.82	)		0.39			1.46
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.36	)		(0.47	)		(0.31	)
Return of capital		—			(0.08	)		(0.11	)		(0.09	)
Total dividends and/or distributions to shareholders		(0.33	)		(0.44	)		(0.58	)		(0.40	)
Net asset value, end of year	$	9.57		$	9.61		$	10.87		$	11.06
Total return		3.15	%		(7.69	)%		3.63	%		14.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	10		$	361,856		$	657,773		$	359,440
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.75	%		0.75	%		0.79	%
Including waiver and/or reimbursement and recapture		0.79	%(C)		0.75	%		0.75	%		0.79	%
Net investment income (loss) to average net assets		4.67	%(C)		4.16	%		5.95	%		4.81	%
Portfolio turnover rate		70	%		43	%		23	%		24	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    354

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.57		$	9.95		$	10.00
Investment operations:
Net investment income (loss) (B)		0.08	(C)		0.00	(D)		0.16
Net realized and unrealized gain (loss)		0.34			(0.34	)		(0.06	)
Total investment operations		0.42			(0.34	)		0.10
Dividends and/or distributions to shareholders:
Net investment income		—			(0.02	)		(0.15	)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.01	)		—
Total dividends and/or distributions to shareholders		—			(0.04	)		(0.15	)
Net asset value, end of period/year	$	9.99		$	9.57		$	9.95
Total return (E)		4.39	%		(3.48	)%		1.01	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	645		$	516		$	299
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.00	%		0.99	%		1.01	%(G)
Including waiver and/or reimbursement and recapture		0.99	%(C)		1.00	%		1.00	%(G)
Net investment income (loss) to average net assets		0.81	%(C)		0.01	%		2.30	%(G)
Portfolio turnover rate		39	%		35	%		57	%(F)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E)  Total return has been calculated without deduction of the maximum sales charge.

^(F)  Not annualized.

^(G)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.50		$	9.94		$	10.00
Investment operations:
Net investment income (loss) (B)		0.01	(C)		(0.08	)		0.09
Net realized and unrealized gain (loss)		0.33			(0.34	)		(0.04	)
Total investment operations		0.34			(0.42	)		0.05
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.11	)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.00	)(D)		—
Total dividends and/or distributions to shareholders		—			(0.02	)		(0.11	)
Net asset value, end of period/year	$	9.84		$	9.50		$	9.94
Total return (E)		3.58	%		(4.22	)%		0.52	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	517		$	371		$	380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.77	%		1.77	%		1.77	%(G)
Including waiver and/or reimbursement and recapture		1.74	%(C)		1.75	%		1.75	%(G)
Net investment income (loss) to average net assets		0.12	%(C)		(0.85	)%		1.39	%(G)
Portfolio turnover rate		39	%		35	%		57	%(F)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Not annualized.

^(G)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    355

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.59		$	9.95		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10	(C)		0.01			0.18
Net realized and unrealized gain (loss)		0.34			(0.33	)		(0.06	)
Total investment operations		0.44			(0.32	)		0.12
Dividends and/or distributions to shareholders:
Net investment income		—			(0.02	)		(0.17	)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.01	)		—
Total dividends and/or distributions to shareholders		—			(0.04	)		(0.17	)
Net asset value, end of period/year	$	10.03		$	9.59		$	9.95
Total return		4.59	%		(3.22	)%		1.16	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,336		$	259		$	277
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.78	%		0.84	%(E)
Including waiver and/or reimbursement and recapture		0.74	%(C)		0.75	%		0.75	%(E)
Net investment income (loss) to average net assets		0.98	%(C)		0.05	%		2.67	%(E)
Portfolio turnover rate		39	%		35	%		57	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Inflation Opportunities
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.60		$	9.96		$	10.00
Investment operations:
Net investment income (loss) (B)		0.10	(C)		0.02			0.14
Net realized and unrealized gain (loss)		0.35			(0.34	)		(0.01	)
Total investment operations		0.45			(0.32	)		0.13
Dividends and/or distributions to shareholders:
Net investment income		—			(0.02	)		(0.17	)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.01	)		—
Total dividends and/or distributions to shareholders		—			(0.04	)		(0.17	)
Net asset value, end of period/year	$	10.05		$	9.60		$	9.96
Total return		4.69	%		(3.19	)%		1.26	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	178,853		$	234,802		$	245,715
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.68	%		0.66	%		0.72	%(E)
Including waiver and/or reimbursement and recapture		0.67	%(C)		0.66	%		0.72	%(E)
Net investment income (loss) to average net assets		0.99	%(C)		0.21	%		2.11	%(E)
Portfolio turnover rate		39	%		35	%		57	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    356

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Inflation Opportunities
	Class R6
	October 31, 2016 (A)
Net asset value, beginning of period	$	9.92
Investment operations:
Net investment income (loss)		0.03	(B)
Net realized and unrealized gain (loss)		0.10
Total investment operations		0.13
Net asset value, end of period	$	10.05
Total return		1.31	%(C)
Ratio and supplemental data:
Net assets end of period (000’s)	$	51
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.66	%(D)
Including waiver and/or reimbursement and recapture		0.64	%(B)(D)
Net investment income (loss) to average net assets		1.15	%(B)(D)
Portfolio turnover rate		39	%

^(A)  Commenced operations on July 25, 2016.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Not annualized.

^(D)  Annualized.

For a share outstanding during the years indicated:	Transamerica Intermediate Muni (formerly, Transamerica Enhanced Muni)
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	11.31		$	11.16		$	10.37		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.21	(D)		0.19			0.25			0.22
Net realized and unrealized gain (loss)		0.30			0.29			0.78			0.38	(E)
Total investment operations		0.51			0.48			1.03			0.60
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.18	)		(0.24	)		(0.23	)
Net realized gains		(0.05	)		(0.15	)		—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.33	)		(0.24	)		(0.23	)
Net asset value, end of year	$	11.57		$	11.31		$	11.16		$	10.37
Total return (F)		4.58	%		4.37	%		10.05	%		6.05	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	426,748		$	117,387		$	35,974		$	6,241
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.78	%		0.89	%		1.12	%		2.36	%
Including waiver and/or reimbursement and recapture		0.68	%(D)		0.86	%		0.86	%		0.86	%
Net investment income (loss) to average net assets (C)		1.79	%(D)		1.69	%		2.27	%		2.12	%
Portfolio turnover rate (H)		34	%		55	%		107	%		111	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Total return has been calculated without deduction of the maximum sales charge.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    357

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Intermediate Muni (formerly, Transamerica Enhanced Muni)
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	11.28		$	11.14		$	10.36		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.14	(D)		0.12			0.18			0.15
Net realized and unrealized gain (loss)		0.31			0.29			0.78			0.39	(E)
Total investment operations		0.45			0.41			0.96			0.54
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.12	)		(0.18	)		(0.18	)
Net realized gains		(0.05	)		(0.15	)		—			—
Total dividends and/or distributions to shareholders		(0.19	)		(0.27	)		(0.18	)		(0.18	)
Net asset value, end of year	$	11.54		$	11.28		$	11.14		$	10.36
Total return (F)		4.00	%		3.70	%		9.35	%		5.42	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	199,784		$	47,543		$	9,960		$	1,778
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.53	%		1.65	%		1.87	%		3.08	%
Including waiver and/or reimbursement and recapture		1.29	%(D)		1.46	%		1.46	%		1.46	%
Net investment income (loss) to average net assets (C)		1.18	%(D)		1.09	%		1.69	%		1.47	%
Portfolio turnover rate (H)		34	%		55	%		107	%		111	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Intermediate Muni (formerly, Transamerica Enhanced Muni)
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of year	$	11.36		$	11.20		$	10.41		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.22	(D)		0.20			0.26			0.23
Net realized and unrealized gain (loss)		0.30			0.31			0.78			0.38	(E)
Total investment operations		0.52			0.51			1.04			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.20	)		(0.25	)		(0.20	)
Net realized gains		(0.05	)		(0.15	)		—			—
Total dividends and/or distributions to shareholders		(0.26	)		(0.35	)		(0.25	)		(0.20	)
Net asset value, end of year	$	11.62		$	11.36		$	11.20		$	10.41
Total return		4.62	%		4.59	%		10.16	%		6.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	833,151		$	215,560		$	22,007		$	6,632
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.59	%		0.70	%		0.92	%		2.12	%
Including waiver and/or reimbursement and recapture		0.61	%(D)		0.71	%		0.71	%		0.71	%
Net investment income (loss) to average net assets (C)		1.86	%(D)		1.82	%		2.44	%		2.21	%
Portfolio turnover rate (G)		34	%		55	%		107	%		111	%

^(A)  Commenced operations on October 31, 2012.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    358

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Intermediate Muni (formerly, Transamerica Enhanced Muni)
	Class I2
	October 31, 2016 (A)
Net asset value, beginning of period	$	11.78
Investment operations:
Net investment income (loss) (B) (C)		0.02
Net realized and unrealized gain (loss)		(0.16	)(D)
Total investment operations		(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)
Net asset value, end of period	$	11.62
Total return		(1.18	)%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	10
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		0.48	%(G)
Including waiver and/or reimbursement and recapture		0.48	%(G)
Net investment income (loss) to average net assets (C)		2.02	%(G)
Portfolio turnover rate (H)		34	%

^(A)  Commenced operations on September 30, 2016.

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica International Equity
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.37		$	17.61		$	18.44		$	14.57		$	13.47
Investment operations:
Net investment income (loss) (A)		0.29	(B)		0.33			0.48			0.30			0.24
Net realized and unrealized gain (loss)		(0.78	)		(0.00	)(C)		(0.58	)		3.81			1.19
Total investment operations		(0.49	)		0.33			(0.10	)		4.11			1.43
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.29	)		(0.34	)		(0.24	)		(0.33	)
Net realized gains		(0.09	)		(0.28	)		(0.39	)		—			—
Total dividends and/or distributions to shareholders		(0.39	)		(0.57	)		(0.73	)		(0.24	)		(0.33	)
Net asset value, end of year	$	16.49		$	17.37		$	17.61		$	18.44		$	14.57
Total return (D)		(2.83	)%		1.94	%		(0.51	)%		28.61	%		11.10	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	313,394		$	249,773		$	61,566		$	21,102		$	2,999
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.24	%		1.42	%		1.29	%		1.42	%		1.51	%
Including waiver and/or reimbursement and recapture		1.30	%(B)		1.32	%		1.29	%		1.42	%		1.46	%
Net investment income (loss) to average net assets		1.78	%(B)		1.87	%		2.62	%		1.82	%		1.76	%
Portfolio turnover rate		19	%		21	%		19	%		34	%		33	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum sales charge.

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

Transamerica Funds Annual Report 2016

Page    359

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.11		$	17.34		$	18.21		$	14.45		$	13.40
Investment operations:
Net investment income (loss) (A)		0.17	(B)		0.20			0.33			0.22			0.11
Net realized and unrealized gain (loss)		(0.76	)		(0.00	)(C)		(0.54	)		3.76			1.24
Total investment operations		(0.59	)		0.20			(0.21	)		3.98			1.35
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.15	)		(0.27	)		(0.22	)		(0.30	)
Net realized gains		(0.09	)		(0.28	)		(0.39	)		—			—
Total dividends and/or distributions to shareholders		(0.30	)		(0.43	)		(0.66	)		(0.22	)		(0.30	)
Net asset value, end of year	$	16.22		$	17.11		$	17.34		$	18.21		$	14.45
Total return (D)		(3.47	)%		1.21	%		(1.19	)%		27.87	%		10.49	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	60,630		$	62,013		$	36,867		$	17,537		$	4,886
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.96	%		1.96	%		1.98	%		2.06	%		2.04	%
Including waiver and/or reimbursement and recapture		1.96	%(B)		1.96	%		1.98	%		2.06	%		2.04	%
Net investment income (loss) to average net assets		1.07	%(B)		1.13	%		1.82	%		1.35	%		0.82	%
Portfolio turnover rate		19	%		21	%		19	%		34	%		33	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.60		$	17.80		$	18.60		$	14.65		$	13.50
Investment operations:
Net investment income (loss) (A)		0.36	(B)		0.39			0.48			0.40			0.33
Net realized and unrealized gain (loss)		(0.79	)		(0.00	)(C)		(0.52	)		3.81			1.17
Total investment operations		(0.43	)		0.39			(0.04	)		4.21			1.50
Dividends and/or distributions to shareholders:
Net investment income		(0.35	)		(0.31	)		(0.37	)		(0.26	)		(0.35	)
Net realized gains		(0.09	)		(0.28	)		(0.39	)		—			—
Total dividends and/or distributions to shareholders		(0.44	)		(0.59	)		(0.76	)		(0.26	)		(0.35	)
Net asset value, end of year	$	16.73		$	17.60		$	17.80		$	18.60		$	14.65
Total return		(2.46	)%		2.29	%		(0.20	)%		29.14	%		11.58	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,552,632		$	1,043,345		$	567,267		$	168,782		$	90,012
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.93	%		0.95	%		1.02	%		1.05	%
Including waiver and/or reimbursement and recapture		0.90	%(B)		0.93	%		0.95	%		1.02	%		1.05	%
Net investment income (loss) to average net assets		2.20	%(B)		2.20	%		2.63	%		2.40	%		2.39	%
Portfolio turnover rate		19	%		21	%		19	%		34	%		33	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

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

Transamerica Funds Annual Report 2016

Page    360

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Equity
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.62		$	17.81		$	18.60		$	14.65		$	13.51
Investment operations:
Net investment income (loss) (A)		0.37	(B)		0.41			0.52			0.43			0.36
Net realized and unrealized gain (loss)		(0.79	)		(0.00	)(C)		(0.54	)		3.79			1.14
Total investment operations		(0.42	)		0.41			(0.02	)		4.22			1.50
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.32	)		(0.38	)		(0.27	)		(0.36	)
Net realized gains		(0.09	)		(0.28	)		(0.39	)		—			—
Total dividends and/or distributions to shareholders		(0.45	)		(0.60	)		(0.77	)		(0.27	)		(0.36	)
Net asset value, end of year	$	16.75		$	17.62		$	17.81		$	18.60		$	14.65
Total return		(2.38	)%		2.40	%		(0.07	)%		29.26	%		11.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,704,610		$	573,806		$	595,742		$	279,652		$	166,085
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.83	%		0.85	%		0.91	%		0.95	%
Including waiver and/or reimbursement and recapture		0.80	%(B)		0.83	%		0.85	%		0.91	%		0.95	%
Net investment income (loss) to average net assets		2.27	%(B)		2.28	%		2.83	%		2.63	%		2.62	%
Portfolio turnover rate		19	%		21	%		19	%		34	%		33	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

For a share outstanding during the period and year indicated:	Transamerica International Equity
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	17.62		$	18.65
Investment operations:
Net investment income (loss) (B)		0.42	(C)		0.10
Net realized and unrealized gain (loss)		(0.84	)		(1.13	)
Total investment operations		(0.42	)		(1.03	)
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		—
Net realized gains		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.30	)		—
Net asset value, end of period/year	$	16.90		$	17.62
Total return		(2.37	)%		(5.52	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	56,917		$	47
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.83	%(E)
Including waiver and/or reimbursement and recapture		0.80	%(C)		0.83	%(E)
Net investment income (loss) to average net assets		2.53	%(C)		1.35	%(E)
Portfolio turnover rate		19	%		21	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    361

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica International Small Cap Value
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	12.40		$	11.81		$	12.24		$	10.00
Investment operations:
Net investment income (loss) (B)		0.25	(C)		0.22			0.25			0.20
Net realized and unrealized gain (loss)		(0.55	)		0.64			(0.44	)		2.04
Total investment operations		(0.30	)		0.86			(0.19	)		2.24
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.18	)		(0.15	)		—
Net realized gains		(0.42	)		(0.09	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.71	)		(0.27	)		(0.24	)		—
Net asset value, end of period/year	$	11.39		$	12.40		$	11.81		$	12.24
Total return		(2.48	)%		7.52	%		(1.67	)%		22.40	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	273,540		$	367,502		$	214,170		$	4,186
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.12	%		1.12	%		1.15	%		1.23	%(E)
Including waiver and/or reimbursement and recapture		1.11	%(C)		1.12	%		1.15	%		1.22	%(E)
Net investment income (loss) to average net assets		2.18	%(C)		1.78	%		2.03	%		2.16	%(E)
Portfolio turnover rate		20	%		26	%		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica International Small Cap Value
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	12.43		$	11.82		$	12.25		$	10.00
Investment operations:
Net investment income (loss) (B)		0.27	(C)		0.22			0.24			0.24
Net realized and unrealized gain (loss)		(0.56	)		0.66			(0.43	)		2.01
Total investment operations		(0.29	)		0.88			(0.19	)		2.25
Dividends and/or distributions to shareholders:
Net investment income		(0.30	)		(0.18	)		(0.15	)		—
Net realized gains		(0.42	)		(0.09	)		(0.09	)		—
Total dividends and/or distributions to shareholders		(0.72	)		(0.27	)		(0.24	)		—
Net asset value, end of period/year	$	11.42		$	12.43		$	11.82		$	12.25
Total return		(2.38	)%		7.73	%		(1.66	)%		22.50	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	440,438		$	598,764		$	533,058		$	207,569
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.02	%		1.02	%		1.05	%		1.12	%(E)
Including waiver and/or reimbursement and recapture		1.01	%(C)		1.02	%		1.05	%		1.12	%(E)
Net investment income (loss) to average net assets		2.36	%(C)		1.84	%		1.91	%		2.63	%(E)
Portfolio turnover rate		20	%		26	%		21	%		23	%(D)

^(A)  Commenced operations on January 4, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    362

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.71		$	13.30		$	14.24		$	11.77		$	10.30
Investment operations:
Net investment income (loss) (A)		0.14	(B)		0.16			0.15			0.17			0.16
Net realized and unrealized gain (loss)		0.98			0.54			1.40			3.13			1.51
Total investment operations		1.12			0.70			1.55			3.30			1.67
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.15	)		(0.17	)		(0.19	)		(0.20	)
Net realized gains		(1.32	)		(1.14	)		(2.32	)		(0.64	)		—
Total dividends and/or distributions to shareholders		(1.47	)		(1.29	)		(2.49	)		(0.83	)		(0.20	)
Net asset value, end of year	$	12.36		$	12.71		$	13.30		$	14.24		$	11.77
Total return (C)		9.83	%		5.44	%		12.09	%		29.74	%		16.40	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	71,700		$	31,566		$	31,677		$	8,605		$	1,949
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.05	%		1.05	%		1.07	%		1.13	%		1.26	%
Including waiver and/or reimbursement and recapture		1.04	%(B)		1.05	%		1.07	%		1.13	%		1.26	%
Net investment income (loss) to average net assets		1.16	%(B)		1.23	%		1.13	%		1.32	%		1.45	%
Portfolio turnover rate		127	%		129	%		87	%		121	%		117	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum sales charge.

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.67		$	13.26		$	14.20		$	11.76		$	10.29
Investment operations:
Net investment income (loss) (A)		0.05	(B)		0.06			0.06			0.09			0.10
Net realized and unrealized gain (loss)		0.98			0.55			1.39			3.12			1.50
Total investment operations		1.03			0.61			1.45			3.21			1.60
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.06	)		(0.07	)		(0.13	)		(0.13	)
Net realized gains		(1.32	)		(1.14	)		(2.32	)		(0.64	)		—
Total dividends and/or distributions to shareholders		(1.39	)		(1.20	)		(2.39	)		(0.77	)		(0.13	)
Net asset value, end of year	$	12.31		$	12.67		$	13.26		$	14.20		$	11.76
Total return (C)		9.00	%		4.68	%		11.30	%		28.86	%		15.64	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	22,482		$	11,128		$	9,402		$	7,783		$	1,716
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.80	%		1.81	%		1.79	%		1.79	%		1.87	%
Including waiver and/or reimbursement and recapture		1.80	%(B)		1.81	%		1.79	%		1.79	%		1.87	%
Net investment income (loss) to average net assets		0.43	%(B)		0.45	%		0.49	%		0.68	%		0.90	%
Portfolio turnover rate		127	%		129	%		87	%		121	%		117	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    363

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.77		$	13.35		$	14.28		$	11.81		$	10.31
Investment operations:
Net investment income (loss) (A)		0.17	(B)		0.19			0.20			0.22			0.22
Net realized and unrealized gain (loss)		0.99			0.56			1.39			3.13			1.51
Total investment operations		1.16			0.75			1.59			3.35			1.73
Dividends and/or distributions to shareholders:
Net investment income		(0.18	)		(0.19	)		(0.20	)		(0.24	)		(0.23	)
Net realized gains		(1.32	)		(1.14	)		(2.32	)		(0.64	)		—
Total dividends and/or distributions to shareholders		(1.50	)		(1.33	)		(2.52	)		(0.88	)		(0.23	)
Net asset value, end of year	$	12.43		$	12.77		$	13.35		$	14.28		$	11.81
Total return		10.14	%		5.78	%		12.40	%		30.11	%		17.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	56,161		$	15,090		$	13,348		$	16,805		$	3,550
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%		0.78	%		0.79	%		0.79	%		0.83	%
Including waiver and/or reimbursement and recapture		0.78	%(B)		0.78	%		0.79	%		0.79	%		0.83	%
Net investment income (loss) to average net assets		1.37	%(B)		1.49	%		1.55	%		1.64	%		2.01	%
Portfolio turnover rate		127	%		129	%		87	%		121	%		117	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Large Cap Value
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	12.76		$	13.34		$	14.27		$	11.80		$	10.32
Investment operations:
Net investment income (loss) (A)		0.19	(B)		0.20			0.21			0.24			0.23
Net realized and unrealized gain (loss)		0.98			0.56			1.39			3.12			1.49
Total investment operations		1.17			0.76			1.60			3.36			1.72
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.20	)		(0.21	)		(0.25	)		(0.24	)
Net realized gains		(1.32	)		(1.14	)		(2.32	)		(0.64	)		—
Total dividends and/or distributions to shareholders		(1.51	)		(1.34	)		(2.53	)		(0.89	)		(0.24	)
Net asset value, end of year	$	12.42		$	12.76		$	13.34		$	14.27		$	11.80
Total return		10.25	%		5.90	%		12.53	%		30.25	%		16.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,898,665		$	1,818,476		$	1,739,472		$	1,505,170		$	1,320,011
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.68	%		0.69	%		0.69	%		0.73	%
Including waiver and/or reimbursement and recapture		0.68	%(B)		0.68	%		0.69	%		0.69	%		0.73	%
Net investment income (loss) to average net assets		1.60	%(B)		1.58	%		1.59	%		1.89	%		2.04	%
Portfolio turnover rate		127	%		129	%		87	%		121	%		117	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    364

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Large Cap Value
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	12.76		$	13.07
Investment operations:
Net investment income (loss) (B)		0.15	(C)		0.08
Net realized and unrealized gain (loss)		1.02			(0.28	)(D)
Total investment operations		1.17			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.19	)		(0.11	)
Net realized gains		(1.32	)		—
Total dividends and/or distributions to shareholders		(1.51	)		(0.11	)
Net asset value, end of period/year	$	12.42		$	12.76
Total return		10.25	%		(1.53	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	3,391		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.69	%		0.69	%(F)
Including waiver and/or reimbursement and recapture		0.68	%(C)		0.69	%(F)
Net investment income (loss) to average net assets		1.25	%(C)		1.48	%(F)
Portfolio turnover rate		127	%		129	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the years indicated:	Transamerica Mid Cap Growth
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	11.36		$	10.96		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.04	)(C)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		0.11			0.48	(D)		1.02
Total investment operations		0.07			0.45			0.96
Dividends and/or distributions to shareholders:
Net investment income		—			(0.03	)		—
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.01	)		—
Total dividends and/or distributions to shareholders		—			(0.05	)		—
Net asset value, end of year	$	11.43		$	11.36		$	10.96
Total return (E)		0.62	%		4.23	%		9.60	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	5,154		$	2,734		$	492
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.23	%		1.22	%		1.33	%
Including waiver and/or reimbursement and recapture		1.23	%(C)		1.22	%(F)		1.31	%
Net investment income (loss) to average net assets		(0.36	)%(C)		(0.28	)%		(0.55	)%
Portfolio turnover rate		115	%		70	%		67	%

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D) The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E) Total return has been calculated without deduction the maximum sales charge.

^(F) Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2016

Page    365

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Growth
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	11.23		$	10.88		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.12	)(C)		(0.11	)		(0.14	)
Net realized and unrealized gain (loss)		0.10			0.47	(D)		1.02
Total investment operations		(0.02	)		0.36			0.88
Dividends and/or distributions to shareholders:
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.00	)(E)		—
Total dividends and/or distributions to shareholders		—			(0.01	)		—
Net asset value, end of year	$	11.21		$	11.23		$	10.88
Total return (F)		(0.18	)%		3.32	%		8.80	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	720		$	995		$	330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.01	%		1.94	%		2.05	%
Including waiver and/or reimbursement and recapture		2.00	%(C)		1.94	%		2.05	%
Net investment income (loss) to average net assets		(1.15	)%(C)		(0.93	)%		(1.28	)%
Portfolio turnover rate		115	%		70	%		67	%

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D) The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

^(F) Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Mid Cap Growth
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	11.40		$	10.98		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.01	)(C)		0.03			(0.03	)
Net realized and unrealized gain (loss)		0.11			0.46	(D)		1.01
Total investment operations		0.10			0.49			0.98
Dividends and/or distributions to shareholders:
Net investment income		—			(0.05	)		(0.00	)(E)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.01	)		—
Total dividends and/or distributions to shareholders		—			(0.07	)		(0.00	)(E)
Net asset value, end of year	$	11.50		$	11.40		$	10.98
Total return		0.88	%		4.49	%		9.81	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	400		$	475		$	339
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.94	%		0.92	%		1.10	%
Including waiver and/or reimbursement and recapture		0.94	%(C)		0.96	%		1.05	%
Net investment income (loss) to average net assets		(0.09	)%(C)		0.23	%		(0.29	)%
Portfolio turnover rate		115	%		70	%		67	%

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D) The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

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

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

Transamerica Funds Annual Report 2016

Page    366

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Growth
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	11.41		$	10.99		$	10.00
Investment operations:
Net investment income (loss) (B)		0.00	(C)(D)		0.02			(0.02	)
Net realized and unrealized gain (loss)		0.12			0.48	(E)		1.01
Total investment operations		0.12			0.50			0.99
Dividends and/or distributions to shareholders:
Net investment income		—			(0.05	)		(0.00	)(D)
Net realized gains		—			(0.01	)		—
Return of capital		—			(0.02	)		—
Total dividends and/or distributions to shareholders		—			(0.08	)		(0.00	)(D)
Net asset value, end of year	$	11.53		$	11.41		$	10.99
Total return		1.05	%		4.58	%		9.91	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	140,214		$	377,215		$	55,086
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.80	%		0.99	%
Including waiver and/or reimbursement and recapture		0.81	%(C)		0.80	%		0.99	%
Net investment income (loss) to average net assets		0.02	%(C)		0.16	%		(0.22	)%
Portfolio turnover rate		115	%		70	%		67	%

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E) The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.37		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		0.06	(C)		0.11			0.07
Net realized and unrealized gain (loss)		0.78			0.68			0.69
Total investment operations		0.84			0.79			0.76
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.03	)		(0.08	)
Net realized gains		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.41	)		(0.10	)		(0.08	)
Net asset value, end of period/year	$	11.80		$	11.37		$	10.68
Total return (D)		7.72	%		7.50	%		7.62	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	75,556		$	18,794		$	703
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.08	%		1.05	%		1.18	%(F)
Including waiver and/or reimbursement and recapture		1.08	%(C)		1.05	%		1.18	%(F)
Net investment income (loss) to average net assets		0.55	%(C)		1.02	%		1.38	%(F)
Portfolio turnover rate		95	%		31	%		23	%(E)

^(A)  Commenced operations on April 30, 2014

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    367

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.31		$	10.68		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.04	)(C)		0.03			0.04
Net realized and unrealized gain (loss)		0.79			0.68			0.69
Total investment operations		0.75			0.71			0.73
Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.01	)		(0.05	)
Net realized gains		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.36	)		(0.08	)		(0.05	)
Net asset value, end of period/year	$	11.70		$	11.31		$	10.68
Total return (D)		6.87	%		6.72	%		7.29	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	7,104		$	1,241		$	278
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.90	%		1.80	%		1.93	%(F)
Including waiver and/or reimbursement and recapture		1.90	%(C)		1.80	%		1.93	%(F)
Net investment income (loss) to average net assets		(0.37	)%(C)		0.30	%		0.71	%(F)
Portfolio turnover rate		95	%		31	%		23	%(E)

^(A)  Commenced operations on April 30, 2014

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.41		$	10.69		$	10.00
Investment operations:
Net investment income (loss) (B)		0.11	(C)		0.13			0.06
Net realized and unrealized gain (loss)		0.75			0.69			0.72
Total investment operations		0.86			0.82			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.03	)		(0.09	)
Net realized gains		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.42	)		(0.10	)		(0.09	)
Net asset value, end of period/year	$	11.85		$	11.41		$	10.69
Total return		8.00	%		7.78	%		7.83	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	298,589		$	147,712		$	5,979
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.86	%		0.84	%		0.96	%(E)
Including waiver and/or reimbursement and recapture		0.86	%(C)		0.84	%		0.95	%(E)
Net investment income (loss) to average net assets		0.97	%(C)		1.19	%		1.13	%(E)
Portfolio turnover rate		95	%		31	%		23	%(D)

^(A)  Commenced operations on April 30, 2014

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    368

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Mid Cap Value Opportunities
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	11.41		$	10.69		$	10.00
Investment operations:
Net investment income (loss) (B)		0.15	(C)		0.16			0.09
Net realized and unrealized gain (loss)		0.74			0.67			0.69
Total investment operations		0.89			0.83			0.78
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.04	)		(0.09	)
Net realized gains		(0.27	)		(0.07	)		—
Total dividends and/or distributions to shareholders		(0.43	)		(0.11	)		(0.09	)
Net asset value, end of period/year	$	11.87		$	11.41		$	10.69
Total return		8.12	%		7.80	%		7.86	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	323,275		$	465,775		$	166,170
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.74	%		0.86	%(E)
Including waiver and/or reimbursement and recapture		0.74	%(C)		0.74	%		0.86	%(E)
Net investment income (loss) to average net assets		1.37	%(C)		1.42	%		1.71	%(E)
Portfolio turnover rate		95	%		31	%		23	%(D)

^(A)  Commenced operations on April 30, 2014

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the period indicated:	Transamerica Mid Cap Value Opportunities
	Class R6
	October 31, 2016 (A)
Net asset value, beginning of period	$	11.87
Investment operations:
Net investment income (loss) (B)		0.01	(C)
Net realized and unrealized gain (loss)		(0.01	)(D)
Net asset value, end of period	$	11.87
Total return		0.00	%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.79	%(F)
Including waiver and/or reimbursement and recapture		0.78	%(C)(F)
Net investment income (loss) to average net assets		0.18	%(C)
Portfolio turnover rate		95	%

^(A)  Commenced operations on July 25, 2016.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F) Annualized.

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

Transamerica Funds Annual Report 2016

Page    369

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	7.94		$	11.62		$	10.28		$	10.00
Investment operations:
Net investment income (loss) (B)		0.24	(C)		0.29			0.26			0.13
Net realized and unrealized gain (loss)		(0.33	)(D)		(3.62	)		1.40			0.20
Total investment operations		(0.09	)		(3.33	)		1.66			0.33
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.09	)		(0.27	)		(0.05	)
Net realized gains		—			(0.07	)		(0.05	)		—
Return of capital		—			(0.19	)		—			—
Total dividends and/or distributions to shareholders		(0.26	)		(0.35	)		(0.32	)		(0.05	)
Net asset value, end of period/year	$	7.59		$	7.94		$	11.62		$	10.28
Total return (E)		(0.87	)%		(29.17	)%		16.36	%		3.35	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	43,221		$	46,624		$	64,300		$	16,419
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.57	%		1.52	%		1.54	%		1.65	%(G)
Including waiver and/or reimbursement and recapture		1.56	%(C)		1.52	%		1.54	%		1.65	%(G)
Net investment income (loss) to average net assets		3.50	%(C)		2.84	%		2.24	%		2.67	%(G)
Portfolio turnover rate		79	%		67	%		46	%		28	%(F)

^(A)  Commenced operations on April 30, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Total return has been calculated without deduction of the maximum sales charge.

^(F)  Not annualized.

^(G)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	7.91		$	11.57		$	10.25		$	10.00
Investment operations:
Net investment income (loss) (B)		0.19	(C)		0.21			0.17			0.09
Net realized and unrealized gain (loss)		(0.35	)(D)		(3.60	)		1.41			0.20
Total investment operations		(0.16	)		(3.39	)		1.58			0.29
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.06	)		(0.21	)		(0.04	)
Net realized gains		—			(0.07	)		(0.05	)		—
Return of capital		—			(0.14	)		—			—
Total dividends and/or distributions to shareholders		(0.20	)		(0.27	)		(0.26	)		(0.04	)
Net asset value, end of period/year	$	7.55		$	7.91		$	11.57		$	10.25
Total return (E)		(1.79	)%		(29.61	)%		15.59	%		2.90	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	31,067		$	37,877		$	53,064		$	5,008
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.36	%		2.27	%		2.26	%		2.39	%(G)
Including waiver and/or reimbursement and recapture		2.35	%(C)		2.27	%		2.26	%		2.35	%(G)
Net investment income (loss) to average net assets		2.73	%(C)		2.11	%		1.47	%		1.71	%(G)
Portfolio turnover rate		79	%		67	%		46	%		28	%(F)

^(A)  Commenced operations on April 30, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Not annualized.

^(G)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    370

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	7.95		$	11.63		$	10.28		$	10.00
Investment operations:
Net investment income (loss) (B)		0.26	(C)		0.31			0.29			0.14
Net realized and unrealized gain (loss)		(0.34	)(D)		(3.61	)		1.41			0.20
Total investment operations		(0.08	)		(3.30	)		1.70			0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.10	)		(0.30	)		(0.06	)
Net realized gains		—			(0.07	)		(0.05	)		—
Return of capital		—			(0.21	)		—			—
Total dividends and/or distributions to shareholders		(0.28	)		(0.38	)		(0.35	)		(0.06	)
Net asset value, end of period/year	$	7.59		$	7.95		$	11.63		$	10.28
Total return		(0.68	)%		(28.92	)%		16.69	%		3.40	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	39,716		$	63,695		$	112,833		$	9,582
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.26	%		1.23	%		1.27	%		1.42	%(F)
Including waiver and/or reimbursement and recapture		1.25	%(C)		1.23	%		1.27	%		1.35	%(F)
Net investment income (loss) to average net assets		3.79	%(C)		3.08	%		2.52	%		2.82	%(F)
Portfolio turnover rate		79	%		67	%		46	%		28	%(E)

^(A)  Commenced operations on April 30, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica MLP & Energy Income
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013 (A)
Net asset value, beginning of period/year	$	7.95		$	11.63		$	10.28		$	10.00
Investment operations:
Net investment income (loss) (B)		0.25	(C)		0.33			0.31			0.12
Net realized and unrealized gain (loss)		(0.31	)(D)		(3.62	)		1.40			0.22
Total investment operations		(0.06	)		(3.29	)		1.71			0.34
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.10	)		(0.31	)		(0.06	)
Net realized gains		—			(0.07	)		(0.05	)		—
Return of capital		—			(0.22	)		—			—
Total dividends and/or distributions to shareholders		(0.29	)		(0.39	)		(0.36	)		(0.06	)
Net asset value, end of period/year	$	7.60		$	7.95		$	11.63		$	10.28
Total return		(0.45	)%		(28.84	)%		16.79	%		3.42	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	268,516		$	346,050		$	463,787		$	206,668
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.16	%		1.14	%		1.17	%		1.29	%(F)
Including waiver and/or reimbursement and recapture		1.15	%(C)		1.14	%		1.17	%		1.29	%(F)
Net investment income (loss) to average net assets		3.69	%(C)		3.26	%		2.73	%		2.29	%(F)
Portfolio turnover rate		79	%		67	%		46	%		28	%(E)

^(A)  Commenced operations on April 30, 2013.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    371

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth (formerly, Transamerica Growth Opportunities)
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	8.99		$	11.29		$	10.73		$	8.15		$	10.93
Investment operations:
Net investment income (loss) (A)		(0.03	)(B)		(0.09	)		(0.04	)		(0.03	)		0.01
Net realized and unrealized gain (loss)		(0.93	)		(0.99	)		1.05			2.71			(0.55	)
Total investment operations		(0.96	)		(1.08	)		1.01			2.68			(0.54	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		—			—			(0.02	)		(0.00	)(C)
Net realized gains		(0.83	)		(1.22	)		(0.45	)		(0.08	)		(2.24	)
Total dividends and/or distributions to shareholders		(0.83	)		(1.22	)		(0.45	)		(0.10	)		(2.24	)
Net asset value, end of year	$	7.20		$	8.99		$	11.29		$	10.73		$	8.15
Total return (D)		(12.04	)%		(10.56	)%		9.57	%		33.31	%		(3.79	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	46,433		$	71,255		$	104,933		$	105,245		$	91,110
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.44	%		1.35	%		1.37	%		1.46	%		1.54	%
Including waiver and/or reimbursement and recapture		1.32	%(B)		1.35	%		1.37	%		1.46	%		1.67	%
Net investment income (loss) to average net assets		(0.38	)%(B)		(0.94	)%		(0.39	)%		(0.27	)%		0.10	%
Portfolio turnover rate		101	%		27	%		53	%		45	%		38	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum sales charge.

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth (formerly, Transamerica Growth Opportunities)
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	7.57		$	9.78		$	9.43		$	7.21		$	10.01
Investment operations:
Net investment income (loss) (A)		(0.08	)(B)		(0.16	)		(0.12	)		(0.09	)		(0.04	)
Net realized and unrealized gain (loss)		(0.76	)		(0.83	)		0.92			2.39			(0.52	)
Total investment operations		(0.84	)		(0.99	)		0.80			2.30			(0.56	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		—			—			—			(0.00	)(C)
Net realized gains		(0.83	)		(1.22	)		(0.45	)		(0.08	)		(2.24	)
Total dividends and/or distributions to shareholders		(0.83	)		(1.22	)		(0.45	)		(0.08	)		(2.24	)
Net asset value, end of year	$	5.90		$	7.57		$	9.78		$	9.43		$	7.21
Total return (D)		(12.78	)%		(11.37	)%		8.63	%		32.23	%		(4.47	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,141		$	2,257		$	4,079		$	5,507		$	5,582
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.52	%		2.30	%		2.23	%		2.27	%		2.31	%
Including waiver and/or reimbursement and recapture		2.14	%(B)		2.30	%		2.23	%		2.27	%		2.32	%
Net investment income (loss) to average net assets		(1.22	)%(B)		(1.90	)%		(1.27	)%		(1.06	)%		(0.56	)%
Portfolio turnover rate		101	%		27	%		53	%		45	%		38	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    372

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth (formerly, Transamerica Growth Opportunities)
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	7.64		$	9.85		$	9.48		$	7.25		$	10.05
Investment operations:
Net investment income (loss) (A)		(0.07	)(B)		(0.15	)		(0.11	)		(0.09	)		(0.04	)
Net realized and unrealized gain (loss)		(0.77	)		(0.84	)		0.93			2.40			(0.52	)
Total investment operations		(0.84	)		(0.99	)		0.82			2.31			(0.56	)
Dividends and/or distributions to shareholders:
Net realized gains		(0.83	)		(1.22	)		(0.45	)		(0.08	)		(2.24	)
Net asset value, end of year	$	5.97		$	7.64		$	9.85		$	9.48		$	7.25
Total return (C)		(12.64	)%		(11.27	)%		8.80	%		32.19	%		(4.46	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	7,695		$	10,378		$	13,296		$	13,099		$	10,943
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.19	%		2.15	%		2.14	%		2.25	%		2.28	%
Including waiver and/or reimbursement and recapture		2.07	%(B)		2.15	%		2.14	%		2.25	%		2.28	%
Net investment income (loss) to average net assets		(1.14	)%(B)		(1.74	)%		(1.16	)%		(1.06	)%		(0.51	)%
Portfolio turnover rate		101	%		27	%		53	%		45	%		38	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth (formerly, Transamerica Growth Opportunities)
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.65		$	11.98		$	11.32		$	8.61		$	11.37
Investment operations:
Net investment income (loss) (A)		(0.00	)(B)(C)		(0.06	)		0.00	(B)		0.02			0.08
Net realized and unrealized gain (loss)		(1.01	)		(1.05	)		1.11			2.85			(0.58	)
Total investment operations		(1.01	)		(1.11	)		1.11			2.87			(0.50	)
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(B)		—			—			(0.08	)		(0.02	)
Net realized gains		(0.83	)		(1.22	)		(0.45	)		(0.08	)		(2.24	)
Total dividends and/or distributions to shareholders		(0.83	)		(1.22	)		(0.45	)		(0.16	)		(2.26	)
Net asset value, end of year	$	7.81		$	9.65		$	11.98		$	11.32		$	8.61
Total return		(11.71	)%		(10.17	)%		9.97	%		33.87	%		(3.16	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	38,914		$	51,011		$	65,747		$	68,609		$	80,359
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.99	%		1.00	%		0.99	%		1.01	%		0.99	%
Including waiver and/or reimbursement and recapture		0.96	%(C)		1.00	%		0.99	%		1.01	%		0.99	%
Net investment income (loss) to average net assets		(0.03	)%(C)		(0.58	)%		(0.02	)%		0.22	%		0.90	%
Portfolio turnover rate		101	%		27	%		53	%		45	%		38	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    373

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Cap Growth (formerly, Transamerica Growth Opportunities)
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.76		$	12.10		$	11.41		$	8.68		$	11.43
Investment operations:
Net investment income (loss) (A)		0.01	(B)		(0.05	)		0.02			0.03			0.09
Net realized and unrealized gain (loss)		(1.02	)		(1.06	)		1.12			2.87			(0.58	)
Total investment operations		(1.01	)		(1.11	)		1.14			2.90			(0.49	)
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		—			(0.09	)		(0.02	)
Net realized gains		(0.83	)		(1.22	)		(0.45	)		(0.08	)		(2.24	)
Total dividends and/or distributions to shareholders		(0.83	)		(1.23	)		(0.45	)		(0.17	)		(2.26	)
Net asset value, end of year	$	7.92		$	9.76		$	12.10		$	11.41		$	8.68
Total return		(11.56	)%		(10.05	)%		10.16	%		34.04	%		(2.97	)%
Ratio and supplemental data:
Net assets end of year (000’s)	$	164,552		$	312,108		$	593,507		$	529,348		$	397,945
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.81	%		0.83	%		0.83	%		0.84	%		0.85	%
Including waiver and/or reimbursement and recapture		0.78	%(B)		0.83	%		0.83	%		0.84	%		0.85	%
Net investment income (loss) to average net assets		0.15	%(B)		(0.43	)%		0.14	%		0.32	%		0.99	%
Portfolio turnover rate		101	%		27	%		53	%		45	%		38	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.03% higher and 0.03% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	24.86		$	25.61		$	24.23		$	22.15		$	23.34
Investment operations:
Net investment income (loss) (A)		0.25	(B)		0.24			0.24	(C)		0.23	(C)		0.26	(C)
Net realized and unrealized gain (loss)		0.61			0.41			2.57			2.88			1.94
Total investment operations		0.86			0.65			2.81			3.11			2.20
Dividends and/or distributions to shareholders:
Net investment income		(0.26	)		(0.25	)		(0.31	)		(0.25	)		(0.31	)
Net realized gains		(0.58	)		(1.15	)		(1.12	)		(0.78	)		(3.08	)
Total dividends and/or distributions to shareholders		(0.84	)		(1.40	)		(1.43	)		(1.03	)		(3.39	)
Net asset value, end of year	$	24.88		$	24.86		$	25.61		$	24.23		$	22.15
Total return (D)		3.57	%		2.58	%		12.11	%		14.61	%		11.27	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	406,606		$	210,457		$	174,817		$	152,382		$	125,266
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.10	%		1.14	%		1.23	%(E)		1.36	%(E)		1.43	%(E)
Including waiver and/or reimbursement and recapture		1.08	%(B)		1.14	%		1.23	%(E)		1.36	%(E)		1.47	%(E)
Net investment income (loss) to average net assets		1.04	%(B)		0.97	%		1.00	%(C)		0.99	%(C)		1.20	%(C)
Portfolio turnover rate		35	%		39	%		102	%(F)		126	%(F)		153	%(F)

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    374

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	24.70		$	25.45		$	24.09		$	22.01		$	23.23
Investment operations:
Net investment income (loss) (A)		0.01	(B)		0.01			0.02	(C)		0.03	(C)		0.08	(C)
Net realized and unrealized gain (loss)		0.59			0.40			2.55			2.87			1.92
Total investment operations		0.60			0.41			2.57			2.90			2.00
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(D)		(0.01	)		(0.09	)		(0.04	)		(0.14	)
Net realized gains		(0.58	)		(1.15	)		(1.12	)		(0.78	)		(3.08	)
Total dividends and/or distributions to shareholders		(0.58	)		(1.16	)		(1.21	)		(0.82	)		(3.22	)
Net asset value, end of year	$	24.72		$	24.70		$	25.45		$	24.09		$	22.01
Total return (E)		2.52	%		1.62	%		11.07	%		13.66	%		10.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	3,470		$	5,344		$	6,579		$	8,186		$	9,074
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.12	%		2.08	%		2.15	%(F)		2.24	%(F)		2.29	%(F)
Including waiver and/or reimbursement and recapture		2.11	%(B)		2.08	%		2.15	%(F)		2.24	%(F)		2.33	%(F)
Net investment income (loss) to average net assets		0.06	%(B)		0.05	%		0.10	%(C)		0.13	%(C)		0.36	%(C)
Portfolio turnover rate		35	%		39	%		102	%(G)		126	%(G)		153	%(G)

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	24.44		$	25.21		$	23.88		$	21.85		$	23.09
Investment operations:
Net investment income (loss) (A)		0.08	(B)		0.07			0.08	(C)		0.08	(C)		0.13	(C)
Net realized and unrealized gain (loss)		0.59			0.40			2.53			2.85			1.92
Total investment operations		0.67			0.47			2.61			2.93			2.05
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.09	)		(0.16	)		(0.12	)		(0.21	)
Net realized gains		(0.58	)		(1.15	)		(1.12	)		(0.78	)		(3.08	)
Total dividends and/or distributions to shareholders		(0.66	)		(1.24	)		(1.28	)		(0.90	)		(3.29	)
Net asset value, end of year	$	24.45		$	24.44		$	25.21		$	23.88		$	21.85
Total return (D)		2.84	%		1.87	%		11.38	%		13.90	%		10.63	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	208,410		$	184,907		$	132,473		$	95,601		$	62,789
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.83	%		1.84	%		1.90	%(E)		1.98	%(E)		2.01	%(E)
Including waiver and/or reimbursement and recapture		1.82	%(B)		1.84	%		1.90	%(E)		1.98	%(E)		2.04	%(E)
Net investment income (loss) to average net assets		0.33	%(B)		0.27	%		0.32	%(C)		0.36	%(C)		0.61	%(C)
Portfolio turnover rate		35	%		39	%		102	%(F)		126	%(F)		153	%(F)

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    375

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Multi-Managed Balanced
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	24.96		$	25.70		$	24.31		$	22.22		$	23.40
Investment operations:
Net investment income (loss) (A)		0.32	(B)		0.31			0.33	(C)		0.32	(C)		0.36	(C)
Net realized and unrealized gain (loss)		0.60			0.42			2.57			2.89			1.94
Total investment operations		0.92			0.73			2.90			3.21			2.30
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.32	)		(0.39	)		(0.34	)		(0.40	)
Net realized gains		(0.58	)		(1.15	)		(1.12	)		(0.78	)		(3.08	)
Total dividends and/or distributions to shareholders		(0.89	)		(1.47	)		1.51			(1.12	)		(3.48	)
Net asset value, end of year	$	24.99		$	24.96		$	25.70		$	24.31		$	22.22
Total return		3.83	%		2.90	%		12.46	%		15.07	%		11.76	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	208,512		$	199,378		$	176,667		$	174,902		$	176,788
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.86	%		0.92	%(D)		0.98	%(D)		0.96	%(D)
Including waiver and/or reimbursement and recapture		0.84	%(B)		0.86	%		0.92	%(D)		0.98	%(D)		0.99	%(D)
Net investment income (loss) to average net assets		1.32	%(B)		1.26	%		1.32	%(C)		1.39	%(C)		1.63	%(C)
Portfolio turnover rate		35	%		39	%		102	%(E)		126	%(E)		153	%(E)

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(E)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Multi-Managed Balanced
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	24.95		$	25.40
Investment operations:
Net investment income (loss) (B)		0.25	(C)		0.13
Net realized and unrealized gain (loss)		0.71			(0.40	)(D)
Total investment operations		0.96			(0.27	)
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.18	)
Net realized gains		(0.58	)		—
Total dividends and/or distributions to shareholders		(0.92	)		(0.18	)
Net asset value, end of period/year	$	24.99		$	24.95
Total return		3.99	%		(1.07	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	6,316		$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.73	%		0.75	%(F)
Including waiver and/or reimbursement and recapture		0.73	%(C)		0.75	%(F)
Net investment income (loss) to average net assets		1.02	%(C)		1.19	%(F)
Portfolio turnover rate		35	%		39	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    376

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.19		$	10.37		$	10.45		$	10.51		$	10.33
Investment operations:
Net investment income (loss) (A)		0.20	(B)		0.20			0.21			0.25			0.33
Net realized and unrealized gain (loss)		0.06			(0.15	)		0.00	(C)		0.01			0.27
Total investment operations		0.26			0.05			0.21			0.26			0.60
Dividends and/or distributions to shareholders:
Net investment income		(0.20	)		(0.21	)		(0.23	)		(0.27	)		(0.35	)
Net realized gains		—			(0.02	)		(0.06	)		(0.05	)		(0.07	)
Return of capital		(0.02	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.22	)		(0.23	)		(0.29	)		(0.32	)		(0.42	)
Net asset value, end of year	$	10.23		$	10.19		$	10.37		$	10.45		$	10.51
Total return (D)		2.60	%		0.53	%		1.97	%		2.46	%		5.95	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	934,615		$	976,715		$	1,012,764		$	953,044		$	793,493
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.85	%		0.84	%		0.86	%		0.88	%		0.89	%
Including waiver and/or reimbursement and recapture		0.84	%(B)		0.84	%		0.84	%		0.83	%		0.83	%
Net investment income (loss) to average net assets		1.95	%(B)		1.94	%		2.05	%		2.38	%		3.22	%
Portfolio turnover rate		45	%		66	%		52	%		73	%		61	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum sales charge.

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.17		$	10.35		$	10.43		$	10.49		$	10.31
Investment operations:
Net investment income (loss) (A)		0.12	(B)		0.12			0.14			0.17			0.25
Net realized and unrealized gain (loss)		0.06			(0.14	)		(0.01	)		0.01			0.27
Total investment operations		0.18			(0.02	)		0.13			0.18			0.52
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.14	)		(0.15	)		(0.19	)		(0.27	)
Net realized gains		—			(0.02	)		(0.06	)		(0.05	)		(0.07	)
Return of capital		(0.02	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.14	)		(0.16	)		(0.21	)		(0.24	)		(0.34	)
Net asset value, end of year	$	10.21		$	10.17		$	10.35		$	10.43		$	10.49
Total return (C)		1.82	%		(0.23	)%		1.20	%		1.67	%		5.15	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	621,425		$	721,293		$	847,407		$	867,319		$	837,435
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.61	%		1.60	%		1.59	%		1.60	%		1.59	%
Including waiver and/or reimbursement and recapture		1.60	%(B)		1.60	%		1.59	%		1.60	%		1.59	%
Net investment income (loss) to average net assets		1.18	%(B)		1.19	%		1.30	%		1.63	%		2.46	%
Portfolio turnover rate		45	%		66	%		52	%		73	%		61	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    377

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.01		$	10.19		$	10.27		$	10.33		$	10.15
Investment operations:
Net investment income (loss) (A)		0.21	(B)		0.22			0.23			0.26			0.35
Net realized and unrealized gain (loss)		0.07			(0.15	)		(0.01	)		0.01			0.26
Total investment operations		0.28			0.07			0.22			0.27			0.61
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.23	)		(0.24	)		(0.28	)		(0.36	)
Net realized gains		—			(0.02	)		(0.06	)		(0.05	)		(0.07	)
Return of capital		(0.03	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.24	)		(0.25	)		(0.30	)		(0.33	)		(0.43	)
Net asset value, end of year	$	10.05		$	10.01		$	10.19		$	10.27		$	10.33
Total return		2.82	%		0.71	%		2.18	%		2.66	%		6.21	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	979,858		$	822,063		$	804,004		$	485,299		$	368,296
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.64	%		0.63	%		0.63	%		0.63	%		0.63	%
Including waiver and/or reimbursement and recapture		0.63	%(B)		0.63	%		0.63	%		0.63	%		0.63	%
Net investment income (loss) to average net assets		2.15	%(B)		2.15	%		2.25	%		2.58	%		3.40	%
Portfolio turnover rate		45	%		66	%		52	%		73	%		61	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Short-Term Bond
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.01		$	10.18		$	10.27		$	10.32		$	10.14
Investment operations:
Net investment income (loss) (A)		0.22	(B)		0.23			0.24			0.28			0.36
Net realized and unrealized gain (loss)		0.06			(0.14	)		(0.02	)		0.01			0.26
Total investment operations		0.28			0.09			0.22			0.29			0.62
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.24	)		(0.25	)		(0.29	)		(0.37	)
Net realized gains		—			(0.02	)		(0.06	)		(0.05	)		(0.07	)
Return of capital		(0.03	)		—			—			—			—
Total dividends and/or distributions to shareholders		(0.25	)		(0.26	)		(0.31	)		(0.34	)		(0.44	)
Net asset value, end of year	$	10.04		$	10.01		$	10.18		$	10.27		$	10.32
Total return		2.81	%		0.91	%		2.18	%		2.86	%		6.31	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	282,016		$	1,223,002		$	1,400,475		$	1,561,883		$	1,521,804
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.54	%		0.53	%		0.53	%		0.53	%		0.53	%
Including waiver and/or reimbursement and recapture		0.54	%(B)		0.53	%		0.53	%		0.53	%		0.53	%
Net investment income (loss) to average net assets		2.21	%(B)		2.25	%		2.37	%		2.71	%		3.50	%
Portfolio turnover rate		45	%		66	%		52	%		73	%		61	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    378

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Short-Term Bond
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.01		$	10.12
Investment operations:
Net investment income (loss) (B)		0.23	(C)		0.09
Net realized and unrealized gain (loss)		0.05			(0.10	)
Total investment operations		0.28			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.10	)
Return of capital		(0.03	)		—
Total dividends and/or distributions to shareholders		(0.25	)		(0.10	)
Net asset value, end of period/year	$	10.04		$	10.01
Total return		2.82	%		(0.09	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	372		$	50
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.54	%		0.53	%(E)
Including waiver and/or reimbursement and recapture		0.52	%(C)		0.53	%(E)
Net investment income (loss) to average net assets		2.26	%(C)		2.22	%(E)
Portfolio turnover rate		45	%		66	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the years indicated:	Transamerica Small Cap Core
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.81		$	10.80		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02	(C)		0.07			0.06
Net realized and unrealized gain (loss)		0.46			(0.79	)		0.76
Total investment operations		0.48			(0.72	)		0.82
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.04	)		(0.02	)
Net realized gains		—			(0.23	)		—
Total dividends and/or distributions to shareholders		(0.27	)		(0.27	)		(0.02	)
Net asset value, end of year	$	10.02		$	9.81		$	10.80
Total return (D)		5.01	%		(6.86	)%		8.18	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,336		$	605		$	333
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.45	%		1.21	%		1.32	%
Including waiver and/or reimbursement and recapture		1.32	%(C)		1.21	%		1.32	%
Net investment income (loss) to average net assets		0.15	%(C)		0.63	%		0.55	%
Portfolio turnover rate		142	%		149	%		140	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum sales charge.

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

Transamerica Funds Annual Report 2016

Page    379

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Core
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.70		$	10.73		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.05	)(C)		(0.01	)		(0.02	)
Net realized and unrealized gain (loss)		0.45			(0.79	)		0.76
Total investment operations		0.40			(0.80	)		0.74
Dividends and/or distributions to shareholders:
Net investment income		(0.17	)		(0.00	)(D)		(0.01	)
Net realized gains		—			(0.23	)		—
Total dividends and/or distributions to shareholders		(0.17	)		(0.23	)		(0.01	)
Net asset value, end of year	$	9.93		$	9.70		$	10.73
Total return (E)		4.24	%		(7.64	)%		7.36	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	406		$	372		$	380
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.13	%		1.99	%		2.06	%
Including waiver and/or reimbursement and recapture		2.07	%(C)		1.99	%		2.05	%
Net investment income (loss) to average net assets		(0.48	)%(C)		(0.08	)%		(0.20	)%
Portfolio turnover rate		142	%		149	%		140	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Small Cap Core
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.82		$	10.82		$	10.00
Investment operations:
Net investment income (loss) (B)		0.04	(C)		0.09			0.08
Net realized and unrealized gain (loss)		0.48			(0.80	)		0.76
Total investment operations		0.52			(0.71	)		0.84
Dividends and/or distributions to shareholders:
Net investment income		(0.28	)		(0.06	)		(0.02	)
Net realized gains		—			(0.23	)		—
Total dividends and/or distributions to shareholders		(0.28	)		(0.29	)		(0.02	)
Net asset value, end of year	$	10.06		$	9.82		$	10.82
Total return		5.39	%		(6.73	)%		8.44	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,264		$	781		$	685
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.13	%		1.01	%		1.08	%
Including waiver and/or reimbursement and recapture		1.07	%(C)		1.03	%		1.05	%
Net investment income (loss) to average net assets		0.44	%(C)		0.87	%		0.79	%
Portfolio turnover rate		142	%		149	%		140	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

Transamerica Funds Annual Report 2016

Page    380

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small Cap Core
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of year	$	9.84		$	10.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.09	(C)		0.11			0.10
Net realized and unrealized gain (loss)		0.42			(0.80	)		0.75
Total investment operations		0.51			(0.69	)		0.85
Dividends and/or distributions to shareholders:
Net investment income		(0.29	)		(0.07	)		(0.02	)
Net realized gains		—			(0.23	)		—
Total dividends and/or distributions to shareholders		(0.29	)		(0.30	)		(0.02	)
Net asset value, end of year	$	10.06		$	9.84		$	10.83
Total return		5.30	%		(6.56	)%		8.55	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	36,641		$	235,429		$	210,823
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.01	%		0.89	%		0.97	%
Including waiver and/or reimbursement and recapture		1.00	%(C)		0.89	%		0.97	%
Net investment income (loss) to average net assets		0.89	%(C)		1.01	%		0.93	%
Portfolio turnover rate		142	%		149	%		140	%

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.82		$	12.87		$	12.37		$	9.38		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.10	)(C)		(0.03	)		(0.11	)		(0.08	)		(0.02	)
Net realized and unrealized gain (loss)		0.49			1.03			0.61			3.07			(0.60	)
Total investment operations		0.39			1.00			0.50			2.99			(0.62	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.00	)(D)		—
Net realized gains		(1.06	)		(1.05	)		—			—			—
Total dividends and/or distributions to shareholders		(1.06	)		(1.05	)		—			(0.00	)(D)		—
Net asset value, end of period/year	$	12.15		$	12.82		$	12.87		$	12.37		$	9.38
Total return (E)		3.42	%		8.27	%		4.04	%		31.90	%		(6.20	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	8,835		$	2,882		$	862		$	591		$	236
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.36	%		1.30	%		1.35	%		1.29	%		1.52	%(G)
Including waiver and/or reimbursement and recapture		1.35	%(C)		1.30	%		1.35	%		1.29	%		1.45	%(G)
Net investment income (loss) to average net assets		(0.82	)%(C)		(0.26	)%		(0.87	)%		(0.70	)%		(1.17	)%(G)
Portfolio turnover rate		43	%		60	%		73	%		74	%		11	%(F)

^(A)  Commenced operations on August 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E)  Total return has been calculated without deduction of the maximum sales charge.

^(F)  Not annualized.

^(G)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    381

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.55		$	12.70		$	12.28		$	9.37		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.18	)(C)		(0.15	)		(0.19	)		(0.14	)		(0.03	)
Net realized and unrealized gain (loss)		0.46			1.05			0.61			3.05			(0.60	)
Total investment operations		0.28			0.90			0.42			2.91			(0.63	)
Dividends and/or distributions to shareholders:
Net realized gains		(1.06	)		(1.05	)		—			—			—
Net asset value, end of period/year	$	11.77		$	12.55		$	12.70		$	12.28		$	9.37
Total return (D)		2.56	%		7.54	%		3.42	%		31.06	%		(6.30	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,369		$	1,380		$	628		$	404		$	234
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.10	%		2.02	%		1.99	%		1.95	%		2.21	%(F)
Including waiver and/or reimbursement and recapture		2.09	%(C)		2.02	%		1.99	%		1.95	%		2.15	%(F)
Net investment income (loss) to average net assets		(1.54	)%(C)		(1.20	)%		(1.51	)%		(1.32	)%		(1.89	)%(F)
Portfolio turnover rate		43	%		60	%		73	%		74	%		11	%(E)

^(A)  Commenced operations on August 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.94		$	12.94		$	12.39		$	9.39		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.06	)(C)		(0.06	)		(0.07	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		0.48			1.11			0.62			3.05			(0.60	)
Total investment operations		0.42			1.05			0.55			3.01			(0.61	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.01	)		—
Net realized gains		(1.06	)		(1.05	)		—			—			—
Total dividends and/or distributions to shareholders		(1.06	)		(1.05	)		—			(0.01	)		—
Net asset value, end of period/year	$	12.30		$	12.94		$	12.94		$	12.39		$	9.39
Total return		3.64	%		8.63	%		4.44	%		32.08	%		(6.10	)%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,042		$	2,540		$	510		$	490		$	235
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.03	%		1.00	%		1.03	%		1.02	%		1.31	%(E)
Including waiver and/or reimbursement and recapture		1.03	%(C)		1.00	%		1.03	%		1.04	%		1.15	%(E)
Net investment income (loss) to average net assets		(0.48	)%(C)		(0.44	)%		(0.54	)%		(0.41	)%		(0.89	)%(E)
Portfolio turnover rate		43	%		60	%		73	%		74	%		11	%(D)

^(A)  Commenced operations on August 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    382

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Growth
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	12.99		$	12.97		$	12.41		$	9.39		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.04	)(C)		0.01			(0.05	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		0.47			1.06			0.61			3.07			(0.60	)
Total investment operations		0.43			1.07			0.56			3.03			(0.61	)
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(D)		(0.01	)		—
Net realized gains		(1.06	)		(1.05	)		—			—			—
Total dividends and/or distributions to shareholders		(1.06	)		(1.05	)		(0.00	)(D)		(0.01	)		—
Net asset value, end of period/year	$	12.36		$	12.99		$	12.97		$	12.41		$	9.39
Total return		3.71	%		8.78	%		4.51	%		32.32	%		(6.10	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	53,790		$	539,006		$	528,891		$	562,770		$	239,395
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.92	%		0.89	%		0.89	%		0.90	%		1.21	%(F)
Including waiver and/or reimbursement and recapture		0.91	%(C)		0.89	%		0.89	%		0.91	%		1.15	%(F)
Net investment income (loss) to average net assets		(0.32	)%(C)		0.07	%		(0.41	)%		(0.33	)%		(0.87	)%(F)
Portfolio turnover rate		43	%		60	%		73	%		74	%		11	%(E)

^(A)  Commenced operations on August 31, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the period indicated:	Transamerica Small Cap Growth
	Class R6
	October 31, 2016 (A)
Net asset value, beginning of period	$	12.65
Investment operations:
Net investment income (loss) (B)		(0.01	)(C)
Net realized and unrealized gain (loss)		(0.28	)(D)
Total investment operations		(0.29	)
Net asset value, end of period	$	12.36
Total return		(2.29	)%(E)
Ratio and supplemental data:
Net assets end of period (000’s)	$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%(F)
Including waiver and/or reimbursement and recapture		0.95	%(C)(F)
Net investment income (loss) to average net assets		(0.37	)%(C)(F)
Portfolio turnover rate		43	%

^(A)  Commenced operations on July 25, 2016.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    383

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.97		$	12.95		$	13.21		$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.02	(C)		0.11	(D)		0.08	(D)		0.06	(D)		0.04	(D)
Net realized and unrealized gain (loss)		(0.33	)		(0.83	)		0.56			3.39			(0.21	)
Total investment operations		(0.31	)		(0.72	)		0.64			3.45			(0.17	)
Dividends and/or distributions to shareholders:
Net investment income		(0.12	)		(0.09	)		(0.08	)		(0.07	)		—
Net realized gains		(0.85	)		(1.17	)		(0.82	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.97	)		(1.26	)		(0.90	)		(0.07	)		—
Net asset value, end of period/year	$	9.69		$	10.97		$	12.95		$	13.21		$	9.83
Total return (F)		(2.76	)%		(6.35	)%		4.99	%		35.30	%		(1.70	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,852		$	1,124		$	955		$	996		$	268
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.38	%		1.31	%(H)		1.38	%(H)		1.37	%(H)		1.36	%(H)(I)
Including waiver and/or reimbursement and recapture		1.29	%(C)		1.31	%(H)(J)		1.38	%(H)		1.37	%(H)		1.36	%(H)(I)
Net investment income (loss) to average net assets		(0.25	)%(C)		0.96	%(D)		0.61	%(D)		0.50	%(D)		0.91	%(D)(I)
Portfolio turnover rate		87	%		145	%(K)		37	%(K)		49	%(K)		22	%(G)(K)

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(F) Total return has been calculated without deduction of the maximum sales charge.

^(G) Not annualized.

^(H) Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I) Annualized.

^(J) Waiver and/or reimbursement rounds to less than 0.01%.

^(K) Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	10.88		$	12.87		$	13.15		$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B)		(0.03	)(C)		0.03	(D)		(0.01	)(D)		0.00	(D)(E)		0.01	(D)
Net realized and unrealized gain (loss)		(0.34	)		(0.83	)		0.58			3.38			(0.22	)
Total investment operations		(0.37	)		(0.80	)		0.57			3.38			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.02	)		(0.03	)		(0.02	)		—
Net realized gains		(0.85	)		(1.17	)		(0.82	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.88	)		(1.19	)		(0.85	)		(0.02	)		—
Net asset value, end of period/year	$	9.63		$	10.88		$	12.87		$	13.15		$	9.79
Total return (F)		(3.35	)%		(7.06	)%		4.39	%		34.65	%		(2.10	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	725		$	877		$	921		$	635		$	251
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.02	%		2.01	%(H)		1.99	%(H)		1.98	%(H)		2.04	%(H)(I)
Including waiver and/or reimbursement and recapture		2.01	%(C)		2.01	%(H)		1.99	%(H)		1.98	%(H)		2.04	%(H)(I)
Net investment income (loss) to average net assets		(0.31	)%(C)		0.28	%(D)		(0.05	)%(D)		0.00	%(D)(J)		0.24	%(D)(I)
Portfolio turnover rate		87	%		145	%(K)		37	%(K)		49	%(K)		22	%(G)(K)

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(F) Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(G)  Not annualized.

^(H) Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I) Annualized.

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

^(K) Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    384

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	11.02		$	13.02		$	13.26		$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.07	(C)		0.15	(D)		0.12	(D)		0.12	(D)		0.06	(D)
Net realized and unrealized gain (loss)		(0.35	)		(0.85	)		0.57			3.38			(0.22	)
Total investment operations		(0.28	)		(0.70	)		0.69			3.50			(0.16	)
Dividends and/or distributions to shareholders:
Net investment income		(0.14	)		(0.13	)		(0.11	)		(0.08	)		—
Net realized gains		(0.85	)		(1.17	)		(0.82	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.99	)		(1.30	)		(0.93	)		(0.08	)		—
Net asset value, end of period/year	$	9.75		$	11.02		$	13.02		$	13.26		$	9.84
Total return		(2.45	)%		(6.17	)%		5.37	%		35.87	%		(1.60	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	382		$	523		$	655		$	719		$	371
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.04	%		1.05	%(G)		1.04	%(G)		1.03	%(G)		1.12	%(G)(H)
Including waiver and/or reimbursement and recapture		1.03	%(C)		1.05	%(G)		1.04	%(G)		1.03	%(G)		1.12	%(G)(H)
Net investment income (loss) to average net assets		(0.70	)%(C)		1.24	%(D)		0.93	%(D)		1.01	%(D)		1.17	%(D)(H)
Portfolio turnover rate		87	%		145	%(I)		37	%(I)		49	%(I)		22	%(F)(I)

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(F) Not annualized.

^(G) Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H) Annualized.

^(I) Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Small Cap Value
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	11.04		$	13.04		$	13.27		$	9.84		$	10.00
Investment operations:
Net investment income (loss) (B)		0.09	(C)		0.16	(D)		0.14	(D)		0.12	(D)		0.06	(D)
Net realized and unrealized gain (loss)		(0.36	)		(0.84	)		0.58			3.40			(0.22	)
Total investment operations		(0.27	)		(0.68	)		0.72			3.52			(0.16	)
Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.15	)		(0.13	)		(0.09	)		—
Net realized gains		(0.85	)		(1.17	)		(0.82	)		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(1.00	)		(1.32	)		(0.95	)		(0.09	)		—
Net asset value, end of period/year	$	9.77		$	11.04		$	13.04		$	13.27		$	9.84
Total return		(2.28	)%		(6.03	)%		5.54	%		36.06	%		(1.60	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	251,242		$	461,159		$	678,842		$	737,250		$	288,664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%		0.91	%(G)		0.92	%(G)		0.92	%(G)		1.01	%(G)(H)
Including waiver and/or reimbursement and recapture		0.89	%(C)		0.91	%(G)		0.92	%(G)		0.92	%(G)		1.01	%(G)(H)
Net investment income (loss) to average net assets		0.89	%(C)		1.37	%(D)		1.07	%(D)		1.06	%(D)		1.30	%(D)(H)
Portfolio turnover rate		87	%		145	%(I)		37	%(I)		49	%(I)		22	%(F)(I)

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

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

^(C) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

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

^(F) Not annualized.

^(G) Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H) Annualized.

^(I) Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    385

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period indicated:	Transamerica Small Cap Value
	Class R6
	October 31, 2016 (A)
Net asset value, beginning of period	$	9.96
Investment operations:
Net investment income (loss) (B)		0.00	(C)(D)
Net realized and unrealized gain (loss)		(0.19	)
Total investment operations		(0.19	)
Net asset value, end of period	$	9.77
Total return (E)		(1.91	)%(F)
Ratio and supplemental data:
Net assets end of period (000’s)	$	49
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.90	%(G)
Including waiver and/or reimbursement and recapture		0.87	%(D)(G)
Net investment income (loss) to average net assets		0.11	%(D)(G)
Portfolio turnover rate		87	%

^(A) Commenced operations on July 25, 2016.

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

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

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.04% higher and 0.04% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Total return has been calculated without deduction of a sales load on an initial purchase.

^(F)  Not annualized.

^(G)  Annualized.

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	26.18		$	28.88		$	29.05		$	21.86		$	20.65
Investment operations:
Net investment income (loss) (A)		0.24	(B)		0.05			0.07			0.11			0.11
Net realized and unrealized gain (loss)		0.87			0.04			2.18			7.18			2.24
Total investment operations		1.11			0.09			2.25			7.29			2.35
Dividends and/or distributions to shareholders:
Net investment income		(0.03	)		(0.03	)		(0.10	)		(0.10	)		(0.00	)(C)
Net realized gains		(2.17	)		(2.76	)		(2.32	)		—			(1.14	)
Total dividends and/or distributions to shareholders		(2.20	)		(2.79	)		(2.42	)		(0.10	)		(1.14	)
Net asset value, end of year	$	25.09		$	26.18		$	28.88		$	29.05		$	21.86
Total return (D)		4.69	%		0.17	%		8.13	%		33.47	%		12.28	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	338,577		$	400,506		$	473,644		$	519,376		$	332,085
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.34	%		1.31	%		1.30	%		1.38	%		1.41	%
Including waiver and/or reimbursement and recapture		1.33	%(B)		1.31	%		1.30	%		1.38	%		1.41	%
Net investment income (loss) to average net assets		0.99	%(B)		0.20	%		0.24	%		0.44	%		0.50	%
Portfolio turnover rate		74	%		68	%		96	%		97	%		74	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum sales charge.

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

Transamerica Funds Annual Report 2016

Page    386

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	23.98		$	26.83		$	27.23		$	20.55		$	19.60
Investment operations:
Net investment income (loss) (A)		0.03	(B)		(0.12	)		(0.12	)		(0.05	)		(0.03	)
Net realized and unrealized gain (loss)		0.80			0.03			2.04			6.73			2.12
Total investment operations		0.83			(0.09	)		1.92			6.68			2.09
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.00	)(C)
Net realized gains		(2.17	)		(2.76	)		(2.32	)		—			(1.14	)
Total dividends and/or distributions to shareholders		(2.17	)		(2.76	)		(2.32	)		—			(1.14	)
Net asset value, end of year	$	22.64		$	23.98		$	26.83		$	27.23		$	20.55
Total return (D)		3.90	%		(0.56	)%		7.38	%		32.51	%		11.58	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	9,174		$	18,644		$	27,010		$	32,286		$	29,615
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.09	%		2.02	%		2.01	%		2.08	%		2.08	%
Including waiver and/or reimbursement and recapture		2.08	%(B)		2.02	%		2.01	%		2.08	%		2.08	%
Net investment income (loss) to average net assets		0.16	%(B)		(0.49	)%		(0.47	)%		(0.22	)%		(0.16	)%
Portfolio turnover rate		74	%		68	%		96	%		97	%		74	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	23.70		$	26.54		$	26.95		$	20.33		$	19.40
Investment operations:
Net investment income (loss) (A)		0.07	(B)		(0.12	)		(0.12	)		(0.05	)		(0.02	)
Net realized and unrealized gain (loss)		0.77			0.04			2.03			6.67			2.09
Total investment operations		0.84			(0.08	)		1.91			6.62			2.07
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.00	)(C)		—			(0.00	)(C)
Net realized gains		(2.17	)		(2.76	)		(2.32	)		—			(1.14	)
Total dividends and/or distributions to shareholders		(2.17	)		(2.76	)		(2.32	)		—			(1.14	)
Net asset value, end of year	$	22.37		$	23.70		$	26.54		$	26.95		$	20.33
Total return (D)		3.99	%		(0.53	)%		7.42	%		32.56	%		11.60	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	237,404		$	278,388		$	314,999		$	288,038		$	198,356
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.02	%		1.98	%		1.97	%		2.03	%		2.04	%
Including waiver and/or reimbursement and recapture		2.01	%(B)		1.98	%		1.97	%		2.03	%		2.04	%
Net investment income (loss) to average net assets		0.31	%(B)		(0.47	)%		(0.44	)%		(0.20	)%		(0.13	)%
Portfolio turnover rate		74	%		68	%		96	%		97	%		74	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

^(D)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    387

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	26.91		$	29.63		$	29.74		$	22.38		$	21.03
Investment operations:
Net investment income (loss) (A)		0.34	(B)		0.16			0.17			0.22			0.20
Net realized and unrealized gain (loss)		0.89			0.03			2.24			7.34			2.29
Total investment operations		1.23			0.19			2.41			7.56			2.49
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.15	)		(0.20	)		(0.20	)		(0.00	)(C)
Net realized gains		(2.17	)		(2.76	)		(2.32	)		—			(1.14	)
Total dividends and/or distributions to shareholders		(2.30	)		(2.91	)		(2.52	)		(0.20	)		(1.14	)
Net asset value, end of year	$	25.84		$	26.91		$	29.63		$	29.74		$	22.38
Total return		5.06	%		0.51	%		8.51	%		34.02	%		12.75	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	158,538		$	188,583		$	235,418		$	180,096		$	105,664
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.98	%		0.95	%		0.96	%		0.98	%		0.97	%
Including waiver and/or reimbursement and recapture		0.97	%(B)		0.95	%		0.96	%		0.98	%		0.97	%
Net investment income (loss) to average net assets		1.35	%(B)		0.57	%		0.57	%		0.84	%		0.93	%
Portfolio turnover rate		74	%		68	%		96	%		97	%		74	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

For a share outstanding during the years indicated:	Transamerica Small/Mid Cap Value
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	26.95		$	29.68		$	29.78		$	22.41		$	21.03
Investment operations:
Net investment income (loss) (A)		0.36	(B)		0.18			0.20			0.25			0.22
Net realized and unrealized gain (loss)		0.90			0.03			2.25			7.34			2.30
Total investment operations		1.26			0.21			2.45			7.59			2.52
Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.18	)		(0.23	)		(0.22	)		(0.00	)(C)
Net realized gains		(2.17	)		(2.76	)		(2.32	)		—			(1.14	)
Total dividends and/or distributions to shareholders		(2.33	)		(2.94	)		(2.55	)		(0.22	)		(1.14	)
Net asset value, end of year	$	25.88		$	26.95		$	29.68		$	29.78		$	22.41
Total return		5.18	%		0.57	%		8.63	%		34.14	%		12.90	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	18,082		$	19,012		$	22,282		$	21,692		$	15,545
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.86	%		0.85	%		0.87	%		0.87	%
Including waiver and/or reimbursement and recapture		0.87	%(B)		0.86	%		0.85	%		0.87	%		0.87	%
Net investment income (loss) to average net assets		1.46	%(B)		0.66	%		0.68	%		0.96	%		1.03	%
Portfolio turnover rate		74	%		68	%		96	%		97	%		74	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

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

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

Transamerica Funds Annual Report 2016

Page    388

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Small/Mid Cap Value
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	26.95		$	28.36
Investment operations:
Net investment income (loss) (B)		0.44	(C)		0.05
Net realized and unrealized gain (loss)		0.82			(1.46	)(D)
Total investment operations		1.26			(1.41	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(2.17	)		—
Total dividends and/or distributions to shareholders		(2.24	)		—
Net asset value, end of period/year	$	25.97		$	26.95
Total return		5.18	%		(4.97	)%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	941		$	48
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.88	%		0.86	%(F)
Including waiver and/or reimbursement and recapture		0.86	%(C)		0.86	%(F)
Net investment income (loss) to average net assets		1.72	%(C)		0.43	%(F)
Portfolio turnover rate		74	%		68	%

^(A)  Commenced operations on May 29, 2015.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(E)  Not annualized.

^(F)  Annualized.

For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.97		$	10.30		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.35	(D)		0.37			0.24
Net realized and unrealized gain (loss)		0.03			(0.20	)		0.26
Total investment operations		0.38			0.17			0.50
Dividends and/or distributions to shareholders:
Net investment income		(0.34	)		(0.39	)		(0.20	)
Net realized gains		(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.38	)		(0.50	)		(0.20	)
Net asset value, end of period/year	$	9.97		$	9.97		$	10.30
Total return (E)		3.88	%		1.60	%		4.99	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	2,153		$	1,600		$	1,200
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.21	%		1.31	%		1.40	%(H)
Including waiver and/or reimbursement and recapture		1.20	%(D)		1.20	%		1.20	%(H)
Net investment income (loss) to average net assets (C)		3.60	%(D)		3.67	%		3.43	%(H)
Portfolio turnover rate (I)		51	%		77	%		61	%(F)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Total return has been calculated without deduction of the maximum sales charge.

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    389

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.94		$	10.29		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.28	(D)		0.28			0.18
Net realized and unrealized gain (loss)		0.03			(0.20	)		0.26
Total investment operations		0.31			0.08			0.44
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.32	)		(0.15	)
Net realized gains		(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.31	)		(0.43	)		(0.15	)
Net asset value, end of period/year	$	9.94		$	9.94		$	10.29
Total return (E)		3.17	%		0.78	%		4.46	%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	4,173		$	3,024		$	1,073
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.94	%		2.01	%		2.14	%(H)
Including waiver and/or reimbursement and recapture		1.95	%(D)		1.95	%		1.95	%(H)
Net investment income (loss) to average net assets (C)		2.86	%(D)		2.78	%		2.66	%(H)
Portfolio turnover rate (I)		51	%		77	%		61	%(F)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

^(F)  Not annualized.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.97		$	10.31		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.38	(D)		0.40			0.26
Net realized and unrealized gain (loss)		0.02			(0.22	)		0.26
Total investment operations		0.40			0.18			0.52
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.41	)		(0.21	)
Net realized gains		(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.40	)		(0.52	)		(0.21	)
Net asset value, end of period/year	$	9.97		$	9.97		$	10.31
Total return		4.13	%		1.77	%		5.24	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	41,691		$	30,300		$	13,897
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		1.01	%		1.09	%		1.23	%(G)
Including waiver and/or reimbursement and recapture		0.95	%(D)		0.95	%		0.95	%(G)
Net investment income (loss) to average net assets (C)		3.83	%(D)		3.90	%		3.80	%(G)
Portfolio turnover rate (H)		51	%		77	%		61	%(E)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

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

Transamerica Funds Annual Report 2016

Page    390

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Strategic High Income
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	9.89		$	10.30		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.09	(D)		0.42			0.26
Net realized and unrealized gain (loss)		0.04			(0.44	)		0.25
Total investment operations		0.13			(0.02	)		0.51
Dividends and/or distributions to shareholders:
Net investment income		(0.36	)		(0.28	)		(0.21	)
Net realized gains		(0.04	)		(0.11	)		—
Total dividends and/or distributions to shareholders		(0.40	)		(0.39	)		(0.21	)
Net asset value, end of period/year	$	9.62		$	9.89		$	10.30
Total return		1.38	%		(0.28	)%		5.14	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	0	(F)	$	0	(F)	$	22,618
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.00	%(H)		1.00	%		1.13	%(I)
Including waiver and/or reimbursement and recapture		0.00	%(D)(H)		0.95	%		0.95	%(I)
Net investment income (loss) to average net assets (C)		0.96	%(D)		4.02	%		3.82	%(I)
Portfolio turnover rate (J)		51	%		77	%		61	%(E)

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

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

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Not annualized.

^(F)  Rounds to less than $1,000.

^(G)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

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

^(I)  Annualized.

^(J)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the period and year indicated:	Transamerica Unconstrained Bond
	Class I
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.42	(C)		0.27
Net realized and unrealized gain (loss)		0.04			(0.18	)
Total investment operations		0.46			0.09
Dividends and/or distributions to shareholders:
Net investment income		(0.37	)		(0.26	)
Net asset value, end of period/year	$	9.92		$	9.83
Total return		4.86	%		0.95	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	287		$	288
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.95	%		1.05	%(E)
Including waiver and/or reimbursement and recapture		0.95	%(C)(F)		0.95	%(E)
Net investment income (loss) to average net assets		4.33	%(C)		3.03	%(E)
Portfolio turnover rate		141	%		95	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

^(F)  Waiver and/or reimbursement rounds to less than 0.01%.

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

Transamerica Funds Annual Report 2016

Page    391

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Unconstrained Bond
	Class I2
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B)		0.43	(C)		0.27
Net realized and unrealized gain (loss)		0.03			(0.17	)
Total investment operations		0.46			0.10
Dividends and/or distributions to shareholders:
Net investment income		(0.38	)		(0.27	)
Net asset value, end of period/year	$	9.91		$	9.83
Total return		4.87	%		0.99	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	219,009		$	202,883
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.84	%		0.94	%(E)
Including waiver and/or reimbursement and recapture		0.84	%(C)		0.94	%(E)
Net investment income (loss) to average net assets		4.40	%(C)		3.04	%(E)
Portfolio turnover rate		141	%		95	%(D)

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

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class A
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.45		$	19.22		$	16.95		$	13.41		$	14.63
Investment operations:
Net investment income (loss) (A)		0.00	(B)(C)		0.00	(C)		0.02			0.07			0.01
Net realized and unrealized gain (loss)		(0.17	)		1.95			2.38			3.50			0.76	(D)
Total investment operations		(0.17	)		1.95			2.40			3.57			0.77
Dividends and/or distributions to shareholders:
Net investment income		(0.00	)(C)		(0.02	)		(0.13	)		(0.03	)		—
Net realized gains		(0.41	)		(3.70	)		—			—			(1.99	)
Total dividends and/or distributions to shareholders		(0.41	)		(3.72	)		(0.13	)		(0.03	)		(1.99	)
Net asset value, end of year	$	16.87		$	17.45		$	19.22		$	16.95		$	13.41
Total return (E)		(0.95	)%		11.59	%		14.25	%		26.62	%		7.04	%(D)
Ratio and supplemental data:
Net assets end of year (000’s)	$	432,130		$	470,702		$	459,677		$	447,645		$	420,504
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.20	%		1.19	%		1.27	%		1.36	%		1.39	%
Including waiver and/or reimbursement and recapture		1.18	%(B)		1.19	%		1.27	%		1.36	%		1.47	%
Net investment income (loss) to average net assets		0.03	%(B)		0.01	%		0.13	%		0.49	%		0.08	%
Portfolio turnover rate		34	%		38	%		111	%		55	%		80	%

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

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(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 without deduction of the maximum sales charge.

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

Transamerica Funds Annual Report 2016

Page    392

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class B
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	16.89		$	18.85		$	16.64		$	13.25		$	14.57
Investment operations:
Net investment income (loss) (A)		(0.15	)(B)		(0.15	)		(0.13	)		(0.05	)		(0.09	)
Net realized and unrealized gain (loss)		(0.17	)		1.89			2.34			3.44			0.76	(C)
Total investment operations		(0.32	)		1.74			2.21			3.39			0.67
Dividends and/or distributions to shareholders:
Net investment income		—			—			—			—			(0.00	)(D)
Net realized gains		(0.41	)		(3.70	)		—			—			(1.99	)
Total dividends and/or distributions to shareholders		(0.41	)		(3.70	)		—			—			(1.99	)
Net asset value, end of year	$	16.16		$	16.89		$	18.85		$	16.64		$	13.25
Total return (E)		(1.89	)%		10.52	%		13.28	%		25.59	%		6.29	%(C)
Ratio and supplemental data:
Net assets end of year (000’s)	$	7,520		$	11,324		$	16,421		$	19,658		$	20,668
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		2.17	%		2.09	%		2.11	%		2.17	%		2.19	%
Including waiver and/or reimbursement and recapture		2.15	%(B)		2.12	%		2.17	%		2.17	%		2.17	%
Net investment income (loss) to average net assets		(0.94	)%(B)		(0.90	)%		(0.76	)%		(0.31	)%		(0.63	)%
Portfolio turnover rate		34	%		38	%		111	%		55	%		80	%

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

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(C) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

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

^(E)  Total return has been calculated without deduction of the maximum continent deferred sales charge.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class C
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	16.89		$	18.82		$	16.61		$	13.22		$	14.55
Investment operations:
Net investment income (loss) (A)		(0.12	)(B)		(0.13	)		(0.12	)		(0.05	)		(0.08	)
Net realized and unrealized gain (loss)		(0.18	)		1.90			2.34			3.44			0.74	(C)
Total investment operations		(0.30	)		1.77			2.22			3.39			0.66
Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.01	)		—			(0.00	)(D)
Net realized gains		(0.41	)		(3.70	)		—			—			(1.99	)
Total dividends and/or distributions to shareholders		(0.41	)		(3.70	)		(0.01	)		—			(1.99	)
Net asset value, end of year	$	16.18		$	16.89		$	18.82		$	16.61		$	13.22
Total return (E)		(1.77	)%		10.72	%		13.37	%		25.64	%		6.22	%(C)
Ratio and supplemental data:
Net assets end of year (000’s)	$	44,877		$	53,482		$	49,041		$	47,397		$	42,637
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.99	%		1.98	%		2.05	%		2.14	%		2.16	%
Including waiver and/or reimbursement and recapture		1.97	%(B)		1.98	%		2.05	%		2.16	%		2.17	%
Net investment income (loss) to average net assets		(0.76	)%(B)		(0.78	)%		(0.65	)%		(0.32	)%		(0.63	)%
Portfolio turnover rate		34	%		38	%		111	%		55	%		80	%

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

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(C) Includes fair fund settlement. The impacts were $0.01 to Net realized and change in unrealized gain on investments and 0.08% to Total return.

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

^(E) Total return has been calculated without deduction of the maximum continent deferred sales charge.

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

Transamerica Funds Annual Report 2016

Page    393

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica US Growth
	Class I
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.74		$	19.49		$	17.19		$	13.60		$	14.74
Investment operations:
Net investment income (loss) (A)		0.06	(B)		0.06			0.09			0.15			0.09
Net realized and unrealized gain (loss)		(0.18	)		1.98			2.41			3.54			0.76	(C)
Total investment operations		(0.12	)		2.04			2.50			3.69			0.85
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		(0.09	)		(0.20	)		(0.10	)		—
Net realized gains		(0.41	)		(3.70	)		—			—			(1.99	)
Total dividends and/or distributions to shareholders		(0.47	)		(3.79	)		(0.20	)		(0.10	)		(1.99	)
Net asset value, end of year	$	17.15		$	17.74		$	19.49		$	17.19		$	13.60
Total return		(0.67	)%		11.96	%		14.67	%		27.16	%		7.62	%(C)
Ratio and supplemental data:
Net assets end of year (000’s)	$	160,628		$	182,714		$	212,866		$	249,718		$	310,170
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.87	%		0.86	%		0.90	%		0.91	%		0.90	%
Including waiver and/or reimbursement and recapture		0.85	%(B)		0.86	%		0.90	%		0.91	%		0.90	%
Net investment income (loss) to average net assets		0.35	%(B)		0.34	%		0.51	%		0.97	%		0.67	%
Portfolio turnover rate		34	%		38	%		111	%		55	%		80	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(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.

For a share outstanding during the years indicated:	Transamerica US Growth
	Class I2
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	17.72		$	19.48		$	17.17		$	13.59		$	14.73
Investment operations:
Net investment income (loss) (A)		0.08	(B)		0.08			0.12			0.16			0.10
Net realized and unrealized gain (loss)		(0.18	)		1.98			2.42			3.54			0.77	(C)
Total investment operations		(0.10	)		2.06			2.54			3.70			0.87
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.12	)		(0.23	)		(0.12	)		(0.02	)
Net realized gains		(0.41	)		(3.70	)		—			—			(1.99	)
Total dividends and/or distributions to shareholders		(0.49	)		(3.82	)		(0.23	)		(0.12	)		(2.01	)
Net asset value, end of year	$	17.13		$	17.72		$	19.48		$	17.17		$	13.59
Total return		(0.53	)%		12.10	%		14.91	%		27.26	%		7.79	%(C)
Ratio and supplemental data:
Net assets end of year (000’s)	$	258,722		$	361,470		$	370,161		$	555,040		$	577,540
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.74	%		0.73	%		0.77	%		0.79	%		0.78	%
Including waiver and/or reimbursement and recapture		0.72	%(B)		0.73	%		0.77	%		0.79	%		0.78	%
Net investment income (loss) to average net assets		0.48	%(B)		0.47	%		0.66	%		1.08	%		0.75	%
Portfolio turnover rate		34	%		38	%		111	%		55	%		80	%

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

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(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.

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

Transamerica Funds Annual Report 2016

Page    394

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica US Growth
	Class T
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012 (A)
Net asset value, beginning of period/year	$	42.47		$	41.55		$	36.39		$	28.69		$	28.70
Investment operations:
Net investment income (loss) (B)		0.17	(C)		0.16			0.21			0.30			0.14
Net realized and unrealized gain (loss)		(0.43	)		4.54			5.14			7.49			(0.15	)(D)
Total investment operations		(0.26	)		4.70			5.35			7.79			(0.01	)
Dividends and/or distributions to shareholders:
Net investment income		(0.04	)		(0.08	)		(0.19	)		(0.09	)		—
Net realized gains		(0.41	)		(3.70	)		—			—			—
Total dividends and/or distributions to shareholders		(0.45	)		(3.78	)		(0.19	)		(0.09	)		—
Net asset value, end of period/year	$	41.76		$	42.47		$	41.55		$	36.39		$	28.69
Total return (E)		(0.59	)%		12.01	%		14.74	%		27.16	%		(0.04	)%(D)(F)
Ratios and supplemental data:
Net assets end of period/year (000’s)	$	94,877		$	105,379		$	101,029		$	94,866		$	81,976
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.82	%		0.82	%		0.87	%		0.91	%		0.90	%(G)
Including waiver and/or reimbursement and recapture		0.80	%(C)		0.82	%		0.87	%		0.91	%		0.90	%(G)
Net investment income (loss) to average net assets		0.40	%(C)		0.38	%		0.53	%		0.93	%		0.65	%(G)
Portfolio turnover rate		34	%		38	%		111	%		55	%		80	%(F)

^(A)  Commenced operations on February 10, 2012.

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

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was $0.01. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.02% higher and 0.02% lower, respectively, had the custodian not reimbursed the Fund.

^(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 without deduction of a sales load on an initial purchase.

^(F)  Not annualized.

^(G)  Annualized.

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

Transamerica Funds Annual Report 2016

Page    395

NOTES TO FINANCIAL STATEMENTS

At October 31, 2016

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are listed below. Each class has a public offering price that reflects different sales charges, if any, and expense levels. Class B shares will convert to Class A shares eight years after purchase. Effective November 1, 2013, Class B shares are no longer available to existing investors except for exchanges, and dividend and capital gains reinvestment.

Fund	Class
Transamerica Bond (“Bond”)	I2,R6
Transamerica Capital Growth (“Capital Growth”)	A,B,C,I,I2
Transamerica Concentrated Growth (“Concentrated Growth”)	A,C,I,I2
Transamerica Dividend Focused (“Dividend Focused”)	A,C,I,I2,R6
Transamerica Dynamic Allocation (“Dynamic Allocation”)	A,C,I
Transamerica Dynamic Income (“Dynamic Income”)	A,C,I
Transamerica Emerging Markets Debt (“Emerging Markets Debt”)	A,C,I,I2,R6
Transamerica Emerging Markets Equity (“Emerging Markets Equity”)	A,C,I,I2
Transamerica Flexible Income (“Flexible Income”) (A)	A,B,C,I,I2,R6
Transamerica Floating Rate (“Floating Rate”)	A,C,I,I2
Transamerica Global Bond (“Global Bond”)	A,C,I,I2
Transamerica Global Equity (“Global Equity”)	A,B,C,I,R6
Transamerica Global Long/Short Equity (“Global Long/Short Equity”) (B)	A,I,I2
Transamerica Government Money Market (“Government Money Market”) (C)	A,B,C,I,I2
Transamerica Growth (“Growth”)	I2,R6
Transamerica High Yield Bond (“High Yield Bond”) (D)	A,B,C,I,I2,R6
Transamerica High Yield Muni (“High Yield Muni”) (E)	A,C,I,I2
Transamerica Income & Growth (“Income & Growth”)	A,C,I,I2
Transamerica Inflation Opportunities (“Inflation Opportunities”) (D)	A,C,I,I2,R6
Transamerica Intermediate Muni (“Intermediate Muni”) (E) (F)	A,C,I,I2
Transamerica International Equity (“International Equity”)	A,C,I,I2,R6
Transamerica International Small Cap Value (“International Small Cap Value”)	I,I2
Transamerica Large Cap Value (“Large Cap Value”)	A,C,I,I2,R6
Transamerica Mid Cap Growth (“Mid Cap Growth”)	A,C,I,I2
Transamerica Mid Cap Value Opportunities (“Mid Cap Value Opportunities”) (D)	A,C,I,I2,R6
Transamerica MLP & Energy Income (“MLP & Energy Income”)	A,C,I,I2
Transamerica Multi-Cap Growth (“Multi-Cap Growth”) (G)	A,B,C,I,I2
Transamerica Multi-Managed Balanced (“Multi-Managed Balanced”)	A,B,C,I,R6
Transamerica Short-Term Bond (“Short-Term Bond”)	A,C,I,I2,R6
Transamerica Small Cap Core (“Small Cap Core”)	A,C,I,I2
Transamerica Small Cap Growth (“Small Cap Growth”) (D)	A,C,I,I2,R6
Transamerica Small Cap Value (“Small Cap Value”) (D)	A,C,I,I2,R6
Transamerica Small/Mid Cap Value (“Small/Mid Cap Value”)	A,B,C,I,I2,R6
Transamerica Strategic High Income (“Strategic High Income”)	A,C,I,I2
Transamerica Unconstrained Bond (“Unconstrained Bond”)	I,I2
Transamerica US Growth (“US Growth”)	A,B,C,I,I2,T

^(A) Transamerica Income Shares, Inc. merged into Transamerica Flexible Income on December 4, 2015.

^(B)  Fund commenced operations on November 30, 2015.

^(C)  Formerly, Transamerica Money Market. The fund transitioned from a “prime” money market fund to a “government” money market fund on May 1, 2016.

^(D)  Class R6 commenced operations on July 25, 2016.

^(E)  Class I2 commenced operations on September 30, 2016.

^(F)  Formerly, Transamerica Enhanced Muni.

^(G)  Formerly, Transamerica Growth Opportunities.

Emerging Markets Debt, High Yield Muni and MLP & Energy Income are “non-diversified” Funds, as defined under the 1940 Act.

The Funds’ Board of Trustees (the “Board”) approved the reorganization of each series of Transamerica Partners Funds Group, Transamerica Partners Funds Group II and Transamerica Partners Portfolios into new and existing Funds within the Trust.

Transamerica Funds Annual Report 2016

Page    396

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

1. ORGANIZATION (continued)

The proposed reorganizations into existing destination Funds are as follows:

Target Fund	Destination Fund
Transamerica Partners High Yield Bond	High Yield Bond
Transamerica Partners Institutional High Yield Bond
Transamerica Partners High Yield Bond Portfolio
Transamerica Partners Government Money Market	Government Money Market
Transamerica Partners Institutional Government Money Market
Transamerica Partners Government Money Market Portfolio
Transamerica Partners International Equity	International Equity
Transamerica Partners Institutional International Equity
Transamerica Partners International Equity Portfolio
Transamerica Partners Mid Growth	Mid Cap Growth
Transamerica Partners Institutional Mid Growth
Transamerica Partners Mid Growth Portfolio
Transamerica Partners Mid Value	Mid Cap Value Opportunities
Transamerica Partners Institutional Mid Value
Transamerica Partners Mid Value Portfolio
Transamerica Partners Small Core	Small Cap Core
Transamerica Partners Institutional Small Core
Transamerica Partners Small Core Portfolio
Transamerica Partners Small Growth	Small Cap Growth
Transamerica Partners Institutional Small Growth
Transamerica Partners Small Growth Portfolio
Transamerica Partners Small Value	Small Cap Value
Transamerica Partners Institutional Small Value
Transamerica Partners Small Value Portfolio

Each proposed reorganization is subject to target fund shareholder approval and other closing conditions. The target funds would receive newly-issued Class R, Class R4 or Class I3 shares, as applicable, in the reorganization.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks, sales charges, and investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation process; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation,

Transamerica Funds Annual Report 2016

Page    397

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

1. ORGANIZATION (continued)

and review, of materials for meetings of the Board, participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM’s expense.

Effective March 1, 2016, TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of fund investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds. Prior to March 1, 2016, Transamerica Funds Services, Inc. (“TFS”) provided administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

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

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

Transamerica Funds Annual Report 2016

Page    398

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

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

Payables, if any, are reflected as Due to custodian in the Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have 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 or portfolios advised by TAM, or by any other party.

Commissions recaptured are included in Net realized gain (loss) within the Statements of Operations. For the year ended October 31, 2016, commissions recaptured are listed below. Funds not listed in the subsequent table do not have any commissions recaptured during the year ended October 31, 2016.

Fund	Commissions Recaptured
Capital Growth	$	56,955
Concentrated Growth		71,772
Dividend Focused		111,917
Emerging Markets Equity		152,675
Global Equity		30,557
Growth		22,013
Income & Growth		5,416
International Small Cap Value		25,001
Large Cap Value		38,238
Mid Cap Value Opportunities		85,087
MLP & Energy Income		7,280
Multi-Cap Growth		10,764
Multi-Managed Balanced		3,816
Small Cap Growth		13,524
Small/Mid Cap Value		139,932
Strategic High Income		564
US Growth		6,368

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. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the period, or little or no illiquid investments, in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, short sale transactions, or illiquid investments have been determined to be at a level requiring a Statement of Cash Flows. A Statement of Cash Flows has been prepared for Global Long/Short Equity using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

Indemnification: 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.

Transamerica Funds Annual Report 2016

Page    399

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) 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 (“Levels”) of inputs of the fair value hierarchy are defined as follows:

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, practical expedient have not been classified in the fair value levels. The hierarchy classification of inputs used to value the Funds’ investments, at October 31, 2016, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

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

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

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.

Transamerica Funds Annual Report 2016

Page    400

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION (continued)

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 (“ETF”), and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2 or Level 3 if inputs are unobservable.

Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the NAV of the underlying funds. These securities are actively traded and no valuation adjustments are applied. ETFs 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. Investment companies and ETFs are generally categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

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

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

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.

U.S. Government securities: U.S. 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. U.S. Government securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal bonds & notes and variable rate notes: The fair value of municipal bonds & notes and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

Rights and warrants: Rights and warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights or warrants are priced at zero. Rights or warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Transamerica Funds Annual Report 2016

Page    401

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION (continued)

Short-term notes: The Funds, with the exception of Government Money Market, normally value short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Commercial paper is valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Government Money Market values all security positions using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally 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 Board. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. 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. The 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.

4. SECURITIES AND OTHER INVESTMENTS

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.

Each Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Funds that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

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

Unfunded commitments represent the remaining obligation of the Funds to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. These unfunded amounts are marked-to-market and any unrealized gains and losses are recorded in the Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2016

Page    402

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

4. SECURITIES AND OTHER INVESTMENTS (continued)

Transamerica Floating Rate	Commitment		Unrealized Appreciation (Depreciation)
USS Parent Holding Corp, Delayed Draw Term Loan	$	256,218	$	1,246

Open secured loan participations and assignments at October 31, 2016, if any, are included within the Schedule of Investments.

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

PIKs held at October 31, 2016, if any, are identified within the Schedule of Investments.

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Dividend income related to a REIT is recorded at management’s estimate of the income and capital gains included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2016, if any, are identified within the Schedule of Investments.

Restricted and illiquid securities: The Funds may invest in unregulated restricted securities. Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

Restricted and illiquid securities held at October 31, 2016, if any, are identified within the Schedule of Investments.

To be announced (“TBA”) commitments: TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA commitments are valued at the current value of the underlying securities.

TBA commitments held at October 31, 2016, if any, are identified within the Schedule of Investments. Open balances at October 31, 2016, if any, are included in When-issued, delayed-delivery, and forward commitment purchased or sold within the Statements of Assets and Liabilities.

Treasury inflation-protected securities (“TIPS”): Certain Funds may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2016, if any, are included within the Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities.

When-issued, delayed-delivery, and forward commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, and forward commitment basis. When-issued and forward commitment 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 and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward

Transamerica Funds Annual Report 2016

Page    403

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

4. SECURITIES AND OTHER INVESTMENTS (continued)

commitment 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 Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

When-issued, delayed-delivery, and forward commitment transactions held at October 31, 2016, if any, are identified within the Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, and forward commitment securities purchased or sold within the Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as, the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending securities, the Funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately in the Statements of Operations. Net income from securities lending 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 October 31, 2016, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2016.

Transamerica Funds Annual Report 2016

Page    404

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Repurchase agreements at October 31, 2016, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations. The Funds also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations.

Open short sale transactions at October 31, 2016, if any, are included within the Schedule of Investments and are reflected as a liability within the Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2016.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Bond
Securities Lending Transactions
Convertible Bonds	$	148,540	$	—	$	—	$	—	$	148,540
Corporate Debt Securities		7,234,025		—		—		—		7,234,025
Common Stocks		1,162,364		—		—		—		1,162,364
Total Securities Lending Transactions	$	8,544,929	$	—	$	—	$	—	$	8,544,929
Total Borrowings	$	8,544,929	$	—	$	—	$	—	$	8,544,929
Capital Growth
Securities Lending Transactions
Common Stocks	$	27,783,858	$	—	$	—	$	—	$	27,783,858
Total Borrowings	$	27,783,858	$	—	$	—	$	—	$	27,783,858
Dividend Focused
Securities Lending Transactions
Common Stocks	$	14,161,356	$	—	$	—	$	—	$	14,161,356
Total Borrowings	$	14,161,356	$	—	$	—	$	—	$	14,161,356
Dynamic Allocation
Securities Lending Transactions
Exchange-Traded Funds	$	5,442,394	$	—	$	—	$	—	$	5,442,394
Total Borrowings	$	5,442,394	$	—	$	—	$	—	$	5,442,394
Dynamic Income
Securities Lending Transactions
Exchange-Traded Funds	$	82,993,430	$	—	$	—	$	—	$	82,993,430
Total Borrowings	$	82,993,430	$	—	$	—	$	—	$	82,993,430

Transamerica Funds Annual Report 2016

Page    405

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Emerging Markets Debt
Securities Lending Transactions
Corporate Debt Securities	$	22,085,487	$	—	$	—	$	—	$	22,085,487
Foreign Government Obligations		31,255,505		—		—		—		31,255,505
Common Stocks		70,321		—		—		—		70,321
Total Securities Lending Transactions	$	53,411,313	$	—	$	—	$	—	$	53,411,313
Total Borrowings	$	53,411,313	$	—	$	—	$	—	$	53,411,313
Emerging Markets Equity
Securities Lending Transactions
Common Stocks	$	2,234,109	$	—	$	—	$	—	$	2,234,109
Total Borrowings	$	2,234,109	$	—	$	—	$	—	$	2,234,109
Flexible Income
Securities Lending Transactions
Corporate Debt Securities	$	9,381,515	$	—	$	—	$	—	$	9,381,515
Total Borrowings	$	9,381,515	$	—	$	—	$	—	$	9,381,515
Floating Rate
Securities Lending Transactions
Corporate Debt Securities	$	2,484,100	$	—	$	—	$	—	$	2,484,100
Total Borrowings	$	2,484,100	$	—	$	—	$	—	$	2,484,100
Global Bond
Securities Lending Transactions
Corporate Debt Securities	$	1,139,858	$	—	$	—	$	—	$	1,139,858
Total Borrowings	$	1,139,858	$	—	$	—	$	—	$	1,139,858
Global Equity
Securities Lending Transactions
Common Stocks	$	5,053,170	$	—	$	—	$	—	$	5,053,170
Total Borrowings	$	5,053,170	$	—	$	—	$	—	$	5,053,170
High Yield Bond
Securities Lending Transactions
Corporate Debt Securities	$	64,735,489	$	—	$	—	$	—	$	64,735,489
Common Stocks		666,350		—		—		—		666,350
Total Securities Lending Transactions	$	65,401,839	$	—	$	—	$	—	$	65,401,839
Total Borrowings	$	65,401,839	$	—	$	—	$	—	$	65,401,839
Income & Growth
Securities Lending Transactions
Common Stocks	$	7,176,103	$	—	$	—	$	—	$	7,176,103
Total Borrowings	$	7,176,103	$	—	$	—	$	—	$	7,176,103
Inflation Opportunities
Securities Lending Transactions
Corporate Debt Securities	$	498,713	$	—	$	—	$	—	$	498,713
Total Borrowings	$	498,713	$	—	$	—	$	—	$	498,713
International Equity
Securities Lending Transactions
Common Stocks	$	82,321,584	$	—	$	—	$	—	$	82,321,584
Total Borrowings	$	82,321,584	$	—	$	—	$	—	$	82,321,584

Transamerica Funds Annual Report 2016

Page    406

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
International Small Cap Value
Securities Lending Transactions
Common Stocks	$	25,075,887	$	—	$	—	$	—	$	25,075,887
Total Borrowings	$	25,075,887	$	—	$	—	$	—	$	25,075,887
Large Cap Value
Securities Lending Transactions
Common Stocks	$	321,247	$	—	$	—	$	—	$	321,247
Total Borrowings	$	321,247	$	—	$	—	$	—	$	321,247
Mid Cap Growth
Securities Lending Transactions
Common Stocks	$	5,185,567	$	—	$	—	$	—	$	5,185,567
Total Borrowings	$	5,185,567	$	—	$	—	$	—	$	5,185,567
Mid Cap Value Opportunities
Securities Lending Transactions
Common Stocks	$	7,299,208	$	—	$	—	$	—	$	7,299,208
Total Borrowings	$	7,299,208	$	—	$	—	$	—	$	7,299,208
MLP & Energy Income
Securities Lending Transactions
Common Stocks	$	24,102,594	$	—	$	—	$	—	$	24,102,594
Convertible Preferred Stocks		7,577,897		—		—		—		7,577,897
Total Securities Lending Transactions	$	31,680,491	$	—	$	—	$	—	$	31,680,491
Total Borrowings	$	31,680,491	$	—	$	—	$	—	$	31,680,491
Multi-Cap Growth
Securities Lending Transactions
Common Stocks	$	4,484,025	$	—	$	—	$	—	$	4,484,025
Total Borrowings	$	4,484,025	$	—	$	—	$	—	$	4,484,025
Multi-Managed Balanced
Securities Lending Transactions
Common Stocks	$	928,834	$	—	$	—	$	—	$	928,834
Corporate Debt Securities		1,335,918		—		—		—		1,335,918
Foreign Government Obligations		474,961		—		—		—		474,961
U.S. Government Obligations		903,131		—		—		—		903,131
Total Securities Lending Transactions	$	3,642,844	$	—	$	—	$	—	$	3,642,844
Total Borrowings	$	3,642,844	$	—	$	—	$	—	$	3,642,844
Short-Term Bond
Securities Lending Transactions
Corporate Debt Securities	$	35,752,510	$	—	$	—	$	—	$	35,752,510
Total Borrowings	$	35,752,510	$	—	$	—	$	—	$	35,752,510
Small Cap Core
Securities Lending Transactions
Common Stocks	$	1,959,722	$	—	$	—	$	—	$	1,959,722
Total Borrowings	$	1,959,722	$	—	$	—	$	—	$	1,959,722

Transamerica Funds Annual Report 2016

Page    407

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Small Cap Growth
Securities Lending Transactions
Common Stocks	$	4,156,007	$	—	$	—	$	—	$	4,156,007
Total Borrowings	$	4,156,007	$	—	$	—	$	—	$	4,156,007
Small Cap Value
Securities Lending Transactions
Common Stocks	$	21,127,961	$	—	$	—	$	—	$	21,127,961
Total Borrowings	$	21,127,961	$	—	$	—	$	—	$	21,127,961
Transamerica Small/Mid Cap Value
Securities Lending Transactions
Common Stocks	$	36,191,345	$	—	$	—	$	—	$	36,191,345
Total Borrowings	$	36,191,345	$	—	$	—	$	—	$	36,191,345
Strategic High Income
Securities Lending Transactions
Common Stocks	$	681,277	$	—	$	—	$	—	$	681,277
Preferred Stocks		636,668		—		—		—		636,668
Corporate Debt Securities		1,214,370		—		—		—		1,214,370
Total Securities Lending Transactions	$	2,532,315	$	—	$	—	$	—	$	2,532,315
Total Borrowings	$	2,532,315	$	—	$	—	$	—	$	2,532,315
Unconstrained Bond
Securities Lending Transactions
Corporate Debt Securities	$	5,817,535	$	—	$	—	$	—	$	5,817,535
Foreign Government Obligations		2,133,162		—		—		—		2,133,162
Total Securities Lending Transactions	$	7,950,697	$	—	$	—	$	—	$	7,950,697
Total Borrowings	$	7,950,697	$	—	$	—	$	—	$	7,950,697
US Growth
Securities Lending Transactions
Common Stocks	$	5,684,957	$	—	$	—	$	—	$	5,684,957
Total Borrowings	$	5,684,957	$	—	$	—	$	—	$	5,684,957

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Funds’ investment objectives allow the Funds to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risks:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds.

Transamerica Funds Annual Report 2016

Page    408

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and other associated risks are discussed by derivative type as follows:

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of High Yield Bond and Government Money Market, may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on exchange-traded funds and/or securities: The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

Options on indices: The Funds may purchase or write options on indices. Purchasing or writing an option on indices gives the Funds the right, but not the obligation to buy or sell the cash from the underlying index. The exercise of the option will result in a cash transfer and gain or loss depends on the change in the underlying index.

Options on foreign currency: The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Purchased options: Purchasing call options tends to increase exposure to the underlying instrument. Purchasing put options tends to decrease exposure to the underlying instrument. The Funds pay premiums, which are included in the Statements of Assets and Liabilities as an investment and subsequently marked-to-market to reflect the current value of the option. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid from options which expire are treated as realized losses. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying instrument to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability in the Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current market value of the option written. Premiums received from written options which expire unexercised are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

Transamerica Funds Annual Report 2016

Page    409

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

As of October 31, 2016, transactions in written options are as follows:

	Call Options						Put Options
Global Long/Short Equity	Amount of Premiums			Number of Contracts			Amount of Premiums			Number of Contracts
Balance at November 30, 2015 (A)	$	—			—		$	—			—
Options written		5,952			67			2,293			43
Options closed		(3,414	)		(25	)		(482	)		(4	)
Options expired		(906	)		(3	)		(1,389	)		(31	)
Options exercised		(159	)		(1	)		—			—
Balance at October 31, 2016	$	1,473		$	38		$	422			8

^(A)  Fund commenced operations on November 30, 2015

	Call Options
MLP & Energy Income	Amount of Premiums			Number of Contracts
Balance at October 31, 2015	$	—			—
Options written		524,384			5,460
Options closed		(92,211	)		(1,500	)
Options expired		(185,677	)		(1,780	)
Options exercised		(246,496	)		(2,180	)
Balance at October 31, 2016	$	—			—

Open option contracts at October 31, 2016, if any, are included within the Schedule of Investments.

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds, with the exception of Government Money Market, use futures contracts to gain exposure to, or hedge against, changes in the value of equities and commodities, interest rates, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker, either in cash or in securities, an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are paid or received by the Funds, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of equity and commodity prices, interest rates, or exchange rates moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize losses. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Open futures contracts at October 31, 2016, if any, are listed within the Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds, with the exception of Government Money Market, may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Bond utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2016, if any, are listed within the Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2016. Funds not listed in the subsequent tables do not have derivative investments during the year ended October 31, 2016.

Transamerica Funds Annual Report 2016

Page    410

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Capital Growth
Purchased options and swaptions (A) (B)	$	—	$	118		$	—		$	—	$	—	$	118
Total	$	—	$	118		$	—		$	—	$	—	$	118
Dynamic Allocation
Purchased options and swaptions (A) (B)	$	—	$	—		$	211,250		$	—	$	—	$	211,250
Total	$	—	$	—		$	211,250		$	—	$	—	$	211,250
Emerging Markets Debt
Unrealized appreciation on forward foreign currency contracts	$	—	$	315,668		$	—		$	—	$	—	$	315,668
Total	$	—	$	315,668		$	—		$	—	$	—	$	315,668
Global Bond
Unrealized appreciation on forward foreign currency contracts	$	—	$	49,464		$	—		$	—	$	—	$	49,464
Total	$	—	$	49,464		$	—		$	—	$	—	$	49,464
Global Long/Short Equity
Purchased options and swaptions (A) (B)	$	—	$	—		$	4,391		$	—	$	—	$	4,391
Total	$	—	$	—		$	4,391		$	—	$	—	$	4,391
Inflation Opportunities
Unrealized appreciation on forward foreign currency contracts	$	—	$	124,956		$	—		$	—	$	—	$	124,956
Total	$	—	$	124,956		$	—		$	—	$	—	$	124,956
Unconstrained Bond
Net unrealized appreciation on futures contracts (B) (C)	$	613,581	$	—		$	—		$	—	$	—	$	613,581
Total	$	613,581	$	—		$	—		$	—	$	—	$	613,581
Liability Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Emerging Markets Debt
Unrealized depreciation on forward foreign currency contracts	$	—	$	(473,085	)	$	—		$	—	$	—	$	(473,085	)
Total	$	—	$	(473,085	)	$	—		$	—	$	—	$	(473,085	)
Global Bond
Unrealized depreciation on forward foreign currency contracts	$	—	$	(108,161	)	$	—		$	—	$	—	$	(108,161	)
Total	$	—	$	(108,161	)	$	—		$	—	$	—	$	(108,161	)
Global Long/Short Equity
Written options and swaptions, at value (B)	$	—	$	—		$	(1,979	)	$	—	$	—	$	(1,979	)
Total	$	—	$	—		$	(1,979	)	$	—	$	—	$	(1,979	)
Inflation Opportunities
Unrealized depreciation on forward foreign currency contracts	$	—	$	(2,540	)	$	—		$	—	$	—	$	(2,540	)
Total	$	—	$	(2,540	)	$	—		$	—	$	—	$	(2,540	)

Transamerica Funds Annual Report 2016

Page    411

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Liability Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts		Total
Multi-Managed Balanced
Net unrealized depreciation on futures contracts (B) (C)	$	—	$	—	$	(80,366	)	$	—	$	—	$	(80,366	)
Total	$	—	$	—	$	(80,366	)	$	—	$	—	$	(80,366	)

^(A)  Included within Investments, at value on the Statements of Assets and Liabilities.

^(B)  May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(C)  Included within cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations, categorized by primary market risk exposure as of October 31, 2016.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Bond
Futures contracts	$	(694,103	)	$	—		$	—		$	—	$	—	$	(694,103	)
Total	$	(694,103	)	$	—		$	—		$	—	$	—	$	(694,103	)
Capital Growth
Purchased options and swaptions (A)	$	—		$	(1,295,796	)	$	—		$	—	$	—	$	(1,295,796	)
Total	$	—		$	(1,295,796	)	$	—		$	—	$	—	$	(1,295,796	)
Dynamic Allocation
Purchased options and swaptions (A)	$	—		$	—		$	(553,885	)	$	—	$	—	$	(553,885	)
Total	$	—		$	—		$	(553,885	)	$	—	$	—	$	(553,885	)
Emerging Markets Debt
Futures contracts	$	(49,889	)	$	—		$	—		$	—	$	—	$	(49,889	)
Forward foreign currency contracts (B)		—			3,604,795			—			—		—		3,604,795
Total	$	(49,889	)	$	3,604,795		$	—		$	—	$	—	$	3,554,906
Global Bond
Forward foreign currency contracts (B)	$	—		$	2,075,920		$	—		$	—	$	—	$	2,075,920
Total	$	—		$	2,075,920		$	—		$	—	$	—	$	2,075,920
Global Long/Short Equity
Purchased options and swaptions (A)	$	—		$	—		$	(4,787	)	$	—	$	—	$	(4,787	)
Written options and swaptions		—			—			479			—		—		479
Total	$	—		$	—		$	(4,308	)	$	—	$	—	$	(4,308	)
Inflation Opportunities
Futures contracts	$	(289,038	)	$	—		$	—		$	—	$	—	$	(289,038	)
Forward foreign currency contracts (B)		—			785,338			—			—		—		785,338
Total	$	(289,038	)	$	785,338		$	—		$	—	$	—	$	496,300
MLP & Energy Income
Written options and swaptions	$	—		$	—		$	131,953		$	—	$	—	$	131,953
Total	$	—		$	—		$	131,953		$	—	$	—	$	131,953
Multi-Cap Growth
Purchased options and swaptions (A)	$	—		$	429,637		$	—		$	—	$	—	$	429,637
Total	$	—		$	429,637		$	—		$	—	$	—	$	429,637

Transamerica Funds Annual Report 2016

Page    412

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Multi-Managed Balanced
Futures contracts	$	—		$	—		$	746,902		$	—	$	—	$	746,902
Total	$	—		$	—		$	746,902		$	—	$	—	$	746,902
Unconstrained Bond
Futures contracts	$	(704,904	)	$	—		$	—		$	—	$	—	$	(704,904	)
Total	$	(704,904	)	$	—		$	—		$	—	$	—	$	(704,904	)
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts		Commodity Contracts		Total
Bond
Futures contracts	$	164,873		$	—		$	—		$	—	$	—	$	164,873
Total	$	164,873		$	—		$	—		$	—	$	—	$	164,873
Capital Growth
Purchased options and swaptions (C)	$	—		$	(874,225	)	$	—		$	—	$	—	$	(874,225	)
Total	$	—		$	(874,225	)	$	—		$	—	$	—	$	(874,225	)
Dynamic Allocation
Purchased options and swaptions (C)	$	—		$	—		$	169,090		$	—	$	—	$	169,090
Total	$	—		$	—		$	169,090		$	—	$	—	$	169,090
Emerging Markets Debt
Forward foreign currency contracts (D)	$	—		$	(447,565	)	$	—		$	—	$	—	$	(447,565	)
Total	$	—		$	(447,565	)	$	—		$	—	$	—	$	(447,565	)
Global Bond
Forward foreign currency contracts (D)	$	—		$	(86,611	)	$	—		$	—	$	—	$	(86,611	)
Total	$	—		$	(86,611	)	$	—		$	—	$	—	$	(86,611	)
Global Long/Short Equity
Purchased options and swaptions (C)	$	—		$	—		$	(1,042	)	$	—	$	—	$	(1,042	)
Written options and swaptions		—			—			(84	)		—		—		(84	)
Total	$	—		$	—		$	(1,126	)	$	—	$	—	$	(1,126	)
Inflation Opportunities
Futures contracts	$	43,236		$	—		$	—		$	—	$	—	$	43,236
Forward foreign currency contracts (D)		—			(337,550	)		—			—		—		(337,550	)
Total	$	43,236		$	(337,550	)	$	—		$	—	$	—	$	(294,314	)
Multi-Cap Growth
Purchased options and swaptions (C)	$	—		$	(85,499	)	$	—		$	—	$	—	$	(85,499	)
Total	$	—		$	(85,499	)	$	—		$	—	$	—	$	(85,499	)
Multi-Managed Balanced
Futures contracts	$	—		$	—		$	(380,186	)	$	—	$	—	$	(380,186	)
Total	$	—		$	—		$	(380,186	)	$	—	$	—	$	(380,186	)
Unconstrained Bond
Futures contracts	$	547,999		$	—		$	—		$	—	$	—	$	547,999
Total	$	547,999		$	—		$	—		$	—	$	—	$	547,999

^(A)  Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations.

^(B)  Included within Net realized gain (loss) on transactions from Foreign currency transactions on the Statements of Operations.

^(C)  Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations.

^(D)  Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies on Statements of Operations.

Transamerica Funds Annual Report 2016

Page    413

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2016.

	Purchased Options and Swaptions at Value				Written Options and Swaptions at Value						Futures Contracts at Notional Amount					Forward Foreign Currency Contracts at Contract Amount
Fund	Calls		Puts		Calls			Puts			Long		Short			Purchased		Sold		Cross Currency
Bond	$	—	$	—	$	—		$	—			—		(5,315,385	)	$	—	$	—	$	—
Capital Growth		1,072,500		—		—			—			—		—			—		—		—
Dynamic Allocation		—		306,196		—			—			—		—			—		—		—
Emerging Markets Debt		—		—		—			—			—		—			57,268,244		72,403,628		551,963
Global Bond		—		—		—			—			—		—			15,135,930		15,862,510		251,195
Global Long/Short Equity		335		612		(1,561	)		(42	)		—		—			—		—		—
Inflation Opportunities		—		—		—			—			—		(6,776,923	)		316,633		19,680,239		—
MLP & Energy Income		—		—		(59,676	)		—			—		—			—		—		—
Multi-Cap Growth		415,209		—		—			—			—		—			—		—		—
Multi-Managed Balanced		—		—		—			—			4,204		—			—		—		—
Unconstrained Bond		—		—		—			—			—		(28,430,769	)		—		—		—

The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Funds may be required to post collateral on derivatives if the Funds are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Funds fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of October 31, 2016. For financial reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities. See the Repurchase agreement section within these notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions.

	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities							Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty			Financial Instruments		Collateral Received (B)			Net Amount				Financial Instruments		Collateral Pledged (B)		Net Amount
	Assets									Liabilities
Capital Growth
Royal Bank of Scotland PLC	$	118	$	—	$	(118	)	$	—	$	—	$	—	$	—	$	—
Total	$	118	$	—	$	(118	)	$	—	$	—	$	—	$	—	$	—

Transamerica Funds Annual Report 2016

Page    414

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

	Gross Amounts of Assets Presented in Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities							Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)		Net Amount				Financial Instruments			Collateral Pledged (B)		Net Amount
	Assets									Liabilities
Emerging Markets Debt
HSBC Bank USA	$	986	$	(986	)	$	—	$	—	$	5,822	$	(986	)	$	—	$	4,836
Other Derivatives (C)		314,682		—			—		314,682		467,263		—			—		467,263
Total	$	315,668	$	(986	)	$	—	$	314,682	$	473,085	$	(986	)	$	—	$	472,099
Global Bond
HSBC Bank USA	$	7,152	$	(7,152	)	$	—	$	—	$	26,066	$	(7,152	)	$	—	$	18,914
Other Derivatives (C)		42,312		—			—		42,312		82,095		—			—		82,095
Total	$	49,464	$	(7,152	)	$	—	$	42,312	$	108,161	$	(7,152	)	$	—	$	101,009
Inflation Opportunities
Goldman Sachs & Co.	$	26,816	$	(1,623	)	$	—	$	25,193	$	1,623	$	(1,623	)	$	—	$	—
J.P. Morgan Securities LLC		98,140		(917	)		—		97,223		917		(917	)		—		—
Total	$	124,956	$	(2,540	)	$	—	$	122,416	$	2,540	$	(2,540	)	$	—	$	—

^(A)  Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities.

^(B)  In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(C)  Other Derivatives are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented in the Schedule of Investments.

7. RISK FACTORS

Investing in the Funds may involve certain risks, as discussed in the Funds’ prospectuses, including but not limited to the following:

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because these market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

Fixed income risk: The market prices of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of investments may decline because of factors affecting a particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

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

High-yield debt risk: High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.

Inflation-protected security risk: Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real

Transamerica Funds Annual Report 2016

Page    415

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

7. RISK FACTORS (continued)

interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

Master limited partnership (“MLP”) risk: Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner’s right to require unit holders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in these sectors could have an adverse impact on an investment in MLPs. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of investments in such securities may decline if interest rates rise. The value of an investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.

Money market risk: There is no assurance a money market fund will avoid principal losses if its holdings default or are downgraded or if interest rates rise sharply in an unusually short period. In addition, a money market fund’s yield will vary; it is not fixed for a specific period like the yield on a bank certificate of deposit. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of an investment, it is possible to lose money by investing in it.

Mortgage-related and asset-backed security risk: The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities.

Municipal security risk: Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent a fund focuses its investments in a single state or territory, it is subject to greater risk of adverse economic and regulatory changes in that state or territory than a geographically diversified fund. Puerto Rico municipal bonds have been impacted by recent adverse economic and market changes, which may cause the market values of these bonds to decline.

Real estate investment trusts (“REIT”) and real estate risk: Investments in the real estate industry and REITs are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in operating expenses, property taxes or interest rates. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition, REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions than large capitalization companies. Securities of

Transamerica Funds Annual Report 2016

Page    416

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

7. RISK FACTORS (continued)

small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate, and may offer greater potential for losses.

8. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Aegon USA Investment Management LLC (“AUIM”) is both an affiliate and a sub-adviser of Flexible Income, Floating Rate, High Yield Bond, Government Money Market, Multi-Managed Balanced, and Short-Term Bond.

TFS is the Funds’ 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, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Funds.

As of October 31, 2016, the percentage of each Fund’s net assets owned by affiliated investors are as follows:

Bond	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	60,684,396		27.04	%
Transamerica Asset Allocation – Moderate Growth Portfolio		61,864,318		27.57
Transamerica Asset Allocation – Moderate Portfolio		82,653,525		36.83
Transamerica Madison Balanced Allocation VP		2,134,120		0.95
Transamerica Madison Conservative Allocation VP		3,623,469		1.61
Total	$	210,959,828		94.00	%
Capital Growth
Transamerica Asset Allocation – Conservative Portfolio	$	19,266,057		2.97	%
Transamerica Asset Allocation – Growth Portfolio		67,762,229		10.45
Transamerica Asset Allocation – Moderate Growth Portfolio		91,624,646		14.13
Transamerica Asset Allocation – Moderate Portfolio		47,964,699		7.40
Total	$	226,617,631		34.95	%
Concentrated Growth
Transamerica Asset Allocation – Conservative Portfolio	$	17,965,360		7.22	%
Transamerica Asset Allocation – Growth Portfolio		61,980,072		24.93
Transamerica Asset Allocation – Moderate Growth Portfolio		82,378,645		33.13
Transamerica Asset Allocation – Moderate Portfolio		48,223,322		19.39
Total	$	210,547,399		84.67	%
Dividend Focused
Transamerica Asset Allocation – Conservative Portfolio	$	56,014,477		7.20	%
Transamerica Asset Allocation – Growth Portfolio		180,449,404		23.19
Transamerica Asset Allocation – Moderate Growth Portfolio		254,324,475		32.68
Transamerica Asset Allocation – Moderate Portfolio		136,558,289		17.55
Transamerica Madison Balanced Allocation VP		3,405,912		0.44
Transamerica Madison Conservative Allocation VP		1,686,904		0.22
Total	$	632,439,461		81.28	%

Transamerica Funds Annual Report 2016

Page    417

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Emerging Markets Debt	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	29,011,635		3.46	%
Transamerica Asset Allocation – Moderate Growth Portfolio		63,704,717		7.61
Transamerica Asset Allocation – Moderate Portfolio		53,126,346		6.35
Transamerica Multi-Manager Alternative Strategies Portfolio		15,588,881		1.86
Transamerica Multi-Manager Alternative Strategies VP		123,996		0.01
Total	$	161,555,575		19.29	%
Emerging Markets Equity
Transamerica Asset Allocation – Conservative Portfolio	$	6,716,834		4.44	%
Transamerica Asset Allocation – Growth Portfolio		41,177,737		27.24
Transamerica Asset Allocation – Moderate Growth Portfolio		59,365,124		39.28
Transamerica Asset Allocation – Moderate Portfolio		30,706,719		20.32
Total	$	137,966,414		91.28	%
Flexible Income
Transamerica Asset Allocation – Conservative Portfolio	$	22,466,461		4.98	%
Transamerica Asset Allocation – Moderate Growth Portfolio		45,865,158		10.17
Transamerica Asset Allocation – Moderate Portfolio		57,832,282		12.83
Transamerica Multi-Manager Alternative Strategies Portfolio		3,119,693		0.69
Transamerica Multi-Manager Alternative Strategies VP		24,865		0.01
Total	$	129,308,459		28.68	%
Floating Rate
Transamerica Asset Allocation – Conservative Portfolio	$	19,652,885		4.90	%
Transamerica Asset Allocation – Conservative VP		7,468,598		1.86
Transamerica Asset Allocation – Moderate Growth Portfolio		29,943,202		7.47
Transamerica Asset Allocation – Moderate Growth VP		169,042,474		42.16
Transamerica Asset Allocation – Moderate Portfolio		32,605,765		8.13
Transamerica Asset Allocation – Moderate VP		107,243,541		26.74
Total	$	365,956,465		91.26	%
Global Bond
Transamerica Asset Allocation – Moderate Growth VP	$	45,813,002		96.44	%
Total	$	45,813,002		96.44	%
Global Long/Short Equity
Transamerica Multi-Manager Alternative Strategies Portfolio	$	4,263,003		48.09	%
Transamerica Multi-Manager Alternative Strategies VP		33,862		0.38
Total	$	4,296,865		48.47	%
Growth
Transamerica Asset Allocation – Conservative Portfolio	$	29,411,777		7.91	%
Transamerica Asset Allocation – Growth Portfolio		104,406,325		28.09
Transamerica Asset Allocation – Moderate Growth Portfolio		140,094,122		37.70
Transamerica Asset Allocation – Moderate Portfolio		72,341,005		19.46
Total	$	346,253,229		93.16	%
High Yield Bond
Transamerica Asset Allocation – Conservative Portfolio	$	30,140,067		2.34	%
Transamerica Asset Allocation – Conservative VP		103,435,356		8.04
Transamerica Asset Allocation – Moderate Growth Portfolio		53,710,652		4.17
Transamerica Asset Allocation – Moderate Growth VP		245,512,819		19.07
Transamerica Asset Allocation – Moderate Portfolio		42,844,359		3.33
Transamerica Asset Allocation – Moderate VP		357,688,566		27.79
Transamerica International Moderate Growth VP		58,554,023		4.55
Transamerica Multi-Manager Alternative Strategies Portfolio		29,536,766		2.29
Transamerica Multi-Manager Alternative Strategies VP		235,029		0.02
Total	$	921,657,637		71.60	%

Transamerica Funds Annual Report 2016

Page    418

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Inflation Opportunities	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	48,781,116		26.89	%
Transamerica Asset Allocation – Moderate Growth Portfolio		45,161,076		24.90
Transamerica Asset Allocation – Moderate Portfolio		54,876,527		30.25
Total	$	148,818,719		82.04	%
International Equity
Transamerica Asset Allocation – Conservative Portfolio	$	36,706,659		1.00	%
Transamerica Asset Allocation – Conservative VP		82,914,097		2.25
Transamerica Asset Allocation – Growth Portfolio		115,881,068		3.14
Transamerica Asset Allocation – Growth VP		108,494,220		2.94
Transamerica Asset Allocation – Moderate Growth Portfolio		168,930,720		4.58
Transamerica Asset Allocation – Moderate Growth VP		455,622,489		12.35
Transamerica Asset Allocation – Moderate Portfolio		92,258,533		2.50
Transamerica Asset Allocation – Moderate VP		433,274,837		11.75
Transamerica International Moderate Growth VP		183,422,599		4.97
Total	$	1,677,505,222		45.48	%
International Small Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	8,171,768		1.14	%
Transamerica Asset Allocation – Conservative VP		21,053,042		2.95
Transamerica Asset Allocation – Growth Portfolio		33,261,335		4.66
Transamerica Asset Allocation – Growth VP		27,511,500		3.85
Transamerica Asset Allocation – Moderate Growth Portfolio		46,021,934		6.45
Transamerica Asset Allocation – Moderate Growth VP		115,919,284		16.24
Transamerica Asset Allocation – Moderate Portfolio		23,178,270		3.25
Transamerica Asset Allocation – Moderate VP		110,046,671		15.41
Transamerica International Moderate Growth VP		46,675,247		6.54
Transamerica Multi-Manager Alternative Strategies Portfolio		1,291,436		0.18
Transamerica Multi-Manager Alternative Strategies VP		10,316		0.00	(A)
Total	$	433,140,803		60.67	%
Large Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	61,023,536		2.97	%
Transamerica Asset Allocation – Conservative VP		66,159,666		3.22
Transamerica Asset Allocation – Growth Portfolio		203,649,842		9.92
Transamerica Asset Allocation – Growth VP		143,708,059		7.00
Transamerica Asset Allocation – Moderate Growth Portfolio		282,092,523		13.74
Transamerica Asset Allocation – Moderate Growth VP		447,703,757		21.81
Transamerica Asset Allocation – Moderate Portfolio		149,428,332		7.28
Transamerica Asset Allocation – Moderate VP		478,128,373		23.31
Transamerica International Moderate Growth VP		22,894,886		1.12
Total	$	1,854,788,974		90.37	%
Mid Cap Growth
Transamerica Asset Allocation – Growth VP	$	11,509,453		7.86	%
Transamerica Asset Allocation – Moderate Growth VP		67,285,409		45.93
Transamerica Asset Allocation – Moderate VP		61,437,004		41.94
Total	$	140,231,866		95.73	%

Transamerica Funds Annual Report 2016

Page    419

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Mid Cap Value Opportunities	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	5,653,957		0.80	%
Transamerica Asset Allocation – Conservative VP		22,468,591		3.19
Transamerica Asset Allocation – Growth Portfolio		30,992,241		4.40
Transamerica Asset Allocation – Growth VP		15,849,068		2.25
Transamerica Asset Allocation – Moderate Growth Portfolio		49,093,933		6.97
Transamerica Asset Allocation – Moderate Growth VP		71,866,300		10.20
Transamerica Asset Allocation – Moderate Portfolio		24,179,887		3.43
Transamerica Asset Allocation – Moderate VP		91,445,798		12.98
Transamerica Madison Balanced Allocation VP		3,661,680		0.52
Transamerica Madison Conservative Allocation VP		1,144,958		0.16
Total	$	316,356,413		44.90	%
MLP & Energy Income
Transamerica Asset Allocation – Conservative Portfolio	$	17,406,369		4.55	%
Transamerica Asset Allocation – Growth Portfolio		79,233,102		20.71
Transamerica Asset Allocation – Moderate Growth Portfolio		104,575,058		27.34
Transamerica Asset Allocation – Moderate Portfolio		53,233,224		13.92
Total	$	254,447,753		66.52	%
Multi-Cap Growth
Transamerica Asset Allocation – Conservative Portfolio	$	15,202,493		5.88	%
Transamerica Asset Allocation – Growth Portfolio		37,041,315		14.32
Transamerica Asset Allocation – Moderate Growth Portfolio		67,813,874		26.20
Transamerica Asset Allocation – Moderate Portfolio		37,918,913		14.66
Total	$	157,976,595		61.06	%
Short-Term Bond
Transamerica Asset Allocation – Conservative Portfolio	$	68,914,010		2.45	%
Transamerica Asset Allocation – Moderate Growth Portfolio		44,054,761		1.56
Transamerica Asset Allocation – Moderate Portfolio		73,497,941		2.60
Transamerica BlackRock Tactical Allocation VP		49,929,195		1.77
Transamerica Madison Balanced Allocation VP		8,379,356		0.30
Transamerica Madison Conservative Allocation VP		8,968,954		0.32
Total	$	253,744,217		9.00	%
Small Cap Core
Transamerica Asset Allocation – Conservative Portfolio	$	6,124,292		15.45	%
Transamerica Asset Allocation – Growth Portfolio		3,911,340		9.87
Transamerica Asset Allocation – Moderate Growth Portfolio		16,515,312		41.65
Transamerica Asset Allocation – Moderate Portfolio		10,093,294		25.46
Total	$	36,644,238		92.43	%
Small Cap Growth
Transamerica Asset Allocation – Conservative Portfolio	$	3,013,756		4.56	%
Transamerica Asset Allocation – Growth Portfolio		18,526,184		28.04
Transamerica Asset Allocation – Moderate Growth Portfolio		14,330,430		21.68
Transamerica Asset Allocation – Moderate Portfolio		8,981,100		13.59
Total	$	44,851,470		67.87	%
Small Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	5,733,565		2.26	%
Transamerica Asset Allocation – Growth Portfolio		39,946,926		15.71
Transamerica Asset Allocation – Growth VP		17,761,540		6.99
Transamerica Asset Allocation – Moderate Growth Portfolio		30,610,201		12.04
Transamerica Asset Allocation – Moderate Growth VP		70,705,435		27.80
Transamerica Asset Allocation – Moderate Portfolio		18,993,571		7.47
Transamerica Asset Allocation – Moderate VP		59,701,624		23.48
Total	$	243,452,862		95.75	%

Transamerica Funds Annual Report 2016

Page    420

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Unconstrained Bond	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative VP	$	23,117,252		10.54	%
Transamerica Asset Allocation – Moderate Growth VP		72,660,328		33.13
Transamerica Asset Allocation – Moderate VP		92,294,908		42.09
Transamerica International Moderate Growth VP		10,104,586		4.61
Transamerica Multi-Manager Alternative Strategies Portfolio		20,607,329		9.40
Transamerica Multi-Manager Alternative Strategies VP		163,865		0.07
Total	$	218,948,268		99.84	%
US Growth
Transamerica Asset Allocation – Conservative Portfolio	$	20,169,691		2.02	%
Transamerica Asset Allocation – Growth Portfolio		71,172,323		7.13
Transamerica Asset Allocation – Moderate Growth Portfolio		96,539,613		9.67
Transamerica Asset Allocation – Moderate Portfolio		49,274,308		4.93
Total	$	237,155,935		23.75	%

^(A)  Percentage rounds to less than 0.01%.

Investment management fees: Effective March 1, 2016, TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Prior to March 1, 2016, each Fund paid investment advisory fees and administrative service fees pursuant to separate agreements, which are reflected in Investment advisory fees and Administration fees within the Statements of Operations. Investment advisory services were provided to the Funds by TAM and administrative services were provided to the Funds by TFS.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates. Unless otherwise indicated, the current management fee rates were effective March 1, 2016.

Fund	Current Management Fee			Advisory Fee Prior to March 1, 2016
Bond
First $200 million		0.7050	%		0.6750	%
Over $200 million up to $750 million		0.6550			0.6250
Over $750 million		0.6050			0.5750
Capital Growth
First $500 million		0.8300			0.8000
Over $500 million		0.7050			0.6750
Concentrated Growth
First $650 million		0.6800			0.6500
Over $650 million up to $1.15 billion		0.6600			0.6300
Over $1.15 billion		0.6050			0.5750
Dividend Focused
First $200 million		0.7800			0.7500
Over $200 million up to $500 million		0.6800			0.6500
Over $500 million		0.6300			0.6000
Dynamic Allocation
First $250 million		0.5800			0.5500
Over $250 million up to $500 million		0.5700			0.5400
Over $500 million up to $1.5 billion		0.5600			0.5300
Over $1.5 billion up to $2.5 billion		0.5500			0.5200
Over $2.5 billion		0.5400			0.5100

Transamerica Funds Annual Report 2016

Page    421

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Management Fee			Advisory Fee Prior to March 1, 2016
Dynamic Income
First $500 million		0.5000	%		0.4700	%
Over $500 million up to $1 billion		0.4900			0.4700
Over $1 billion up to $1.5 billion		0.4800			0.4500
Over $1.5 billion up to $2 billion		0.4700			0.4500
Over $2 billion up to $2.5 billion		0.4600			0.4300
Over $2.5 billion		0.4500			0.4300
Emerging Markets Debt
First $400 million		0.6300			0.6000
Over $400 million		0.6100			0.5800
Emerging Markets Equity
First $250 million		0.9800			0.9500
Over $250 million up to $500 million		0.9600			0.9300
Over $500 million		0.9300			0.9000
Flexible Income
First $250 million		0.5050			0.4750
Over $250 million up to $350 million		0.4550			0.4250
Over $350 million		0.4300			0.4000
Floating Rate
First $1 billion		0.6400			0.6100
Over $1 billion up to $1.5 billion		0.6200			0.5900
Over $1.5 billion up to $2 billion		0.6000			0.5700
Over $2 billion		0.5900			0.5600
Global Bond
First $750 million		0.5700			0.5400
Over $750 million up to $1.5 billion		0.5500			0.5200
Over $1.5 billion		0.5400			0.5100
Global Equity
First $250 million		0.8400			0.8100
Over $250 million up to $500 million		0.8300			0.8000
Over $500 million up to $1 billion		0.8200			0.7900
Over $1 billion up to $2 billion		0.8100			0.7800
Over $2 billion up to $2.5 billion		0.7950			0.7650
Over $2.5 billion		0.7900			0.7600
Global Long/Short Equity (A)
First $150 million		1.0300			1.0300
Over $150 million up to $300 million		1.0050			1.0050
Over $300 million		0.9800			0.9800
Government Money Market (B)
First $1 billion		0.2800			0.4000
Over $1 billion up to $3 billion		0.2700			0.4000
Over $3 billion		0.2600			0.4000
Growth
First $250 million		0.8300			0.8000
Over $250 million up to $500 million		0.7800			0.7500
Over $500 million up to $1 billion		0.7300			0.7000
Over $1 billion		0.6300			0.6000
High Yield Bond
First $1.25 billion		0.5800			0.5500
Over $1.25 billion up to $2 billion		0.5550			0.5250
Over $2 billion		0.5300			0.5000

Transamerica Funds Annual Report 2016

Page    422

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Management Fee			Advisory Fee Prior to March 1, 2016
High Yield Muni
First $500 million		0.5400	%		0.5100	%
Over $500 million up to $1 billion		0.5300			0.5000
Over $1 billion		0.5000			0.4700
Income & Growth
First $500 million		0.7000			0.6700
Over $500 million up to $1 billion		0.6800			0.6500
Over $1 billion up to $1.5 billion		0.6600			0.6300
Over $1.5 billion		0.6300			0.6000
Inflation Opportunities
First $200 million		0.5800			0.5500
Over $200 million up to $500 million		0.5700			0.5400
Over $500 million		0.5400			0.5100
Intermediate Muni
First $150 million		0.4700			0.4400
Over $150 million up to $350 million		0.4500			0.4200
Over $350 million up to $650 million		0.4400			0.4100
Over $650 million up to $1 billion		0.4200			0.3900
Over $1 billion		0.3900			0.3600
International Equity
First $500 million		0.7700			0.7400
Over $500 million up to $1 billion		0.7500			0.7200
Over $1 billion up to $2 billion		0.7200			0.6900
Over $2 billion		0.6900			0.6600
International Small Cap Value
First $300 million		0.9550			0.9250
Over $300 million up to $750 million		0.9300			0.9000
Over $750 million		0.8800			0.8500
Large Cap Value
First $750 million		0.6800			0.6500
Over $750 million up to $1 billion		0.6500			0.6200
Over $1 billion		0.6300			0.6000
Mid Cap Growth
First $1 billion		0.7500			0.7200
Over $1 billion		0.7300			0.7000
Mid Cap Value Opportunities
First $750 million		0.7000			0.6700
Over $750 million up to $1.5 billion		0.6950			0.6650
Over $1.5 billion up to $2 billion		0.6850			0.6550
Over $2 billion		0.6775			0.6475
MLP & Energy Income
First $250 million		1.1300			1.1000
Over $250 million up to $500 million		1.0800			1.0500
Over $500 million up to $1 billion		1.0100			0.9800
Over $1 billion up to $2 billion		0.9100			0.8800
Over $2 billion		0.8500			0.8200
Multi-Cap Growth
First $250 million		0.7000			0.8000
Over $250 million up to $500 million		0.7000			0.7500
Over $500 million up to $700 million		0.7000			0.7000
Over $700 million up to $1.5 billion		0.6900			0.7000
Over $1.5 billion up to $3 billion		0.6700			0.7000
Over $3 billion		0.6300			0.7000

Transamerica Funds Annual Report 2016

Page    423

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Current Management Fee			Advisory Fee Prior to March 1, 2016
Multi-Managed Balanced (C)
First $1 billion		0.6500	%		0.6500	%
Over $1 billion up to $5 billion		0.5900			0.6000
Over $5 billion		0.5800			0.6000
Short-Term Bond
First $250 million		0.5800			0.5500
Over $250 million up to $500 million		0.5300			0.5000
Over $500 million up to $1 billion		0.5050			0.4750
Over $1 billion		0.4800			0.4500
Small Cap Core
First $300 million		0.8300			0.8000
Over $300 million		0.8000			0.7700
Small Cap Growth
First $300 million		0.8700			0.8400
Over $300 million		0.8300			0.8000
Small Cap Value
First $250 million		0.8500			0.8200
Over $250 million up to $500 million		0.8100			0.7800
Over $500 million up to $750 million		0.7800			0.7500
Over $750 million		0.7550			0.7250
Small/Mid Cap Value
First $500 million		0.8300			0.8000
Over $500 million		0.7800			0.7500
Strategic High Income
First $600 million		0.6900			0.6600
Over $600 million up to $1 billion		0.6600			0.6300
Over $1 billion up to $2 billion		0.6300			0.6000
Over $2 billion		0.6150			0.5850
Unconstrained Bond
First $1 billion		0.6700			0.6400
Over $1 billion up to $2 billion		0.6550			0.6250
Over $2 billion		0.6500			0.6200
US Growth
First $150 million		0.7300			0.7000
Over $150 million up to $650 million		0.7000			0.6700
Over $650 million up to $1.15 billion		0.6800			0.6500
Over $1.15 billion up to $2 billion		0.6550			0.6250
Over $2 billion up to $3 billion		0.6400			0.6100
Over $3 billion up to $4 billion		0.6300			0.6000
Over $4 billion		0.6100			0.5800

^(A)  Global Long/Short Equity commenced operations on November 30, 2015 and has paid TAM at the stated rates since the commencement date.

^(B)  From the period March 1, 2016 through April 30, 2016, Government Money Market paid TAM a 0.43% management fee.

^(C)  From the period March 1, 2016 through July 30, 2016, Multi-Managed Balanced paid TAM a management fee of 0.68% up to $1 billion, and 0.63% over $1 billion.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses based on daily ANAs excluding, as applicable, distribution 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 operating expense limits to the Fund’s daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations. The Growth fund does not have an operating expense limit.

Transamerica Funds Annual Report 2016

Page    424

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Bond		0.71	%	March 1, 2017
Capital Growth		1.20		March 1, 2017
Concentrated Growth		0.95		March 1, 2017
Dividend Focused		0.90		March 1, 2017
Dynamic Allocation		0.85		March 1, 2017
Dynamic Income		0.67		March 1, 2017
Emerging Markets Debt		1.00		March 1, 2017
Emerging Markets Equity		1.50		March 1, 2017
Flexible Income		0.85		March 1, 2017
Floating Rate		0.80		March 1, 2017
Global Bond		0.75		March 1, 2017
Global Equity		1.10		March 1, 2017
Global Long/Short Equity		1.55		March 1, 2017
Government Money Market		0.48		March 1, 2017
High Yield Bond		0.95		March 1, 2017
High Yield Muni		0.76		March 1, 2017
Income & Growth		0.93		March 1, 2017
Inflation Opportunities		0.75		March 1, 2017
Intermediate Muni		0.71		March 1, 2017
International Equity		1.10		March 1, 2017
International Small Cap Value		1.22		March 1, 2017
Large Cap Value		0.95		March 1, 2017
Mid Cap Growth		1.05		March 1, 2017
Mid Cap Value Opportunities		0.95		March 1, 2017
MLP & Energy Income		1.35		March 1, 2017
Multi-Cap Growth
Effective March 1, 2016		1.00		March 1, 2017
Prior to March 1, 2016		1.40
Multi-Managed Balanced
Effective March 1, 2016		1.15		March 1, 2017
Prior to March 1, 2016		1.20
Short-Term Bond
Effective March 1, 2016		0.75		March 1, 2017
Prior to March 1, 2016		0.80
Small Cap Core		1.05		March 1, 2017
Small Cap Growth		1.15		March 1, 2017
Small Cap Value		1.05		March 1, 2017
Small/Mid Cap Value		1.15		March 1, 2017
Strategic High Income		0.95		March 1, 2017
Unconstrained Bond		0.95		March 1, 2017
US Growth		1.17		March 1, 2017

TAM is entitled to recapture expenses paid by the Funds for fees waived and/or reimbursed during any of the previous 36 months if on any day or month the estimated annualized Funds operating expenses are less than the stated annual operating expense limit. Amounts recaptured, if any, by TAM for the year ended October 31, 2016 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

As of October 31, 2016, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture. The Government Money Market fund is discussed in further detail in proceeding notes and tables.

Transamerica Funds Annual Report 2016

Page    425

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available from Fiscal Years
Fund	2014		2015		2016		Total
Bond
Class I2	$	—	$	—	$	79,133	$	79,133
Class R6		—		—		26		26
Capital Growth
Class B		—		—		799		799
Dynamic Allocation
Class A		21,102		38,697		27,381		87,180
Class C		15,540		27,437		21,410		64,387
Class I		7,529		10,422		4,549		22,500
Floating Rate
Class A		242		2,024		2,619		4,885
Class C		2,178		1,907		2,210		6,295
Class I		—		731		4,654		5,385
Global Bond
Class A		—		373		1,909		2,282
Class C		—		330		1,241		1,571
Class I		—		740		1,282		2,022
Class I2		—		83,940		98,551		182,491
Global Equity
Class A		964		14,726		22,402		38,092
Class B		6,972		9,073		5,277		21,322
Class C		—		2,396		26,533		28,929
Global Long/Short Equity
Class A		—		—		35,334		35,334
Class I		—		—		37,366		37,366
Class I2		—		—		123,169		123,169
High Yield Muni
Class A		29,894		29,443		10,570		69,907
Class C		17,078		7,516		1,821		26,415
Class I		49,299		35,101		11,754		96,154
Inflation Opportunities
Class A		—		—		—		—
Class C		—		59		142		201
Class I		107		111		135		353
MLP & Energy Income
Class C		—		—		1,672		1,672
Multi-Cap Growth
Class A		—		—		60,454		60,454
Class B		—		—		5,676		5,676
Class C		—		—		8,705		8,705
Small Cap Core
Class A		—		—		1,230		1,230
Class C		—		—		211		211
Class I		—		—		500		500
Small Cap Value
Class A		—		—		1,090		1,090
Strategic High Income
Class A		—		2,293		1,026		3,319
Class C		—		—		1,434		1,434
Class I		—		38,563		29,532		68,095
Class I2		22,382		9,501		—		31,883
Unconstrained Bond
Class I		—		204		40		244

Transamerica Funds Annual Report 2016

Page    426

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Government Money Market: TAM, on a voluntary basis and in addition to the contractual waivers in effect from time to time, has agreed to waive fees and/or reimburse expenses of Government Money Market, or any classes thereof, to such level(s) as the Trust’s officers have determined or may reasonably determine from time to time in order to prevent a negative yield. Any such waiver or expense reimbursement may be discontinued by TAM at any time. TAM is entitled to recapture any amounts so waived or reimbursed upon Government Money Market attaining such yield as the Trust’s officers reasonably determine.

Once Government Money Market, or any classes thereof, has maintained a daily positive yield for a reasonable amount of time, as determined by TAM, TAM is entitled to reimbursement by Government Money Market, or any classes thereof, of the fees waived and/or expenses reimbursed by TAM or any of its affiliates to Government Money Market, or any classes thereof, during any of the previous thirty-six (36) months. Waived and/or reimbursed expenses related to the maintenance of yield are included in Expenses waived and/or reimbursed within the Statement of Operations.

For the years ended October 31, 2016, October 31, 2015, and October 31, 2014, the amounts waived by TAM due to the maintenance of the yield is as follows:

	Amounts Waived from Fiscal Years
	2014		2015		2016		Total
Class A	$	470,318	$	386,454	$	462,514	$	1,319,286
Class B		61,504		35,185		21,043		117,732
Class C		324,527		269,297		250,500		844,324
Class I		54,188		40,330		15,152		109,670
Class I2		147,338		75,657		20,534		243,529

As of October 31, 2016, the balances available for recapture by TAM due to the maintenance of the yield is as follows:

	Amounts Available from Fiscal Years
	2014		2015		2016		Total
Class A	$	470,318	$	386,454	$	462,514	$	1,319,286
Class B		61,504		35,185		21,043		117,732
Class C		324,527		269,297		250,500		844,324
Class I		54,188		40,330		15,152		109,670
Class I2		147,338		75,657		20,534		243,529

For the years ended October 31, 2016, October 31, 2015, and October 31, 2014, the amounts waived by TAM due to the operating expense limitation is as follows:

	Amounts Waived from Fiscal Years
	2014		2015		2016		Total
Class A	$	311,647	$	288,293	$	214,037	$	813,977
Class B		18,603		10,268		5,827		34,698
Class C		49,568		45,331		30,691		125,590
Class I		58,616		54,982		43,216		156,814
Class I2		26,266		20,178		—		46,444

As of October 31, 2016, the balances available for recapture by TAM due to the operating expense limitation is as follows:

	Amounts Available from Fiscal Years
	2014		2015		2016		Total
Class A	$	311,647	$	288,293	$	214,037	$	813,977
Class B		18,603		10,268		5,827		34,698
Class C		49,568		45,331		30,691		125,590
Class I		58,616		54,982		43,216		156,814
Class I2		25,318		20,178		—		45,496

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor.

Transamerica Funds Annual Report 2016

Page    427

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily ANA of each class up to the following annual rates:

Class (A)	Rate
Class A		0.25	%
Class B		1.00
Class C		1.00

^(A) 12b-1 fees are not applicable for Class I, Class I2, Class R6, and Class T.

TAM has contractually agreed to waive a portion of the 12b-1 fees at the following annual rates. Funds not listed in the subsequent table do not have a 12b-1 waiver.

Fund	Class A Waiver			Class C Waiver			12b-1 Expense Waiver Effective Through
High Yield Muni		0.10	%		0.25	%		March 1, 2017
Intermediate Muni		0.10			0.25			March 1, 2017

Shareholder fees: Class A shares are subject to an initial sales charge, and a contingent deferred sales charge on certain share redemptions. Class B and Class C shares are subject to a contingent deferred sales charge. For the year ended October 31, 2016, underwriter commissions received by TCI from the various sales charges are as follows:

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Capital Growth
Class A	$	607,090	$	52
Class B		—		403
Class C		—		18,084
Concentrated Growth
Class A		2,446		—
Class C		—		19
Dividend Focused
Class A		74,012		389
Class C		—		230
Dynamic Allocation
Class A		28,322		—
Class C		—		474
Dynamic Income
Class A		134,434		5,209
Class C		—		16,701
Emerging Markets Debt
Class A		14,401		18
Class C		—		2,308
Emerging Markets Equity
Class A		2,420		30
Class C		—		139
Flexible Income
Class A		131,350		1,418
Class B		—		70
Class C		—		6,650

Transamerica Funds Annual Report 2016

Page    428

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Floating Rate
Class A	$	28,837	$	—
Class C		—		971
Global Bond
Class A		882		—
Global Equity
Class A		25,532		—
Class B		—		309
Class C		—		823
Global Long/Short Equity
Class A		23		—
Government Money Market
Class A		1,565		2,060
Class B		—		1,805
Class C		—		6,406
High Yield Bond
Class A		170,591		467
Class B		—		2,917
Class C		—		16,146
High Yield Muni
Class A		189,986		—
Class C		—		949
Income & Growth
Class A		67,491		2,524
Class C		—		14,775
Inflation Opportunities
Class A		2,444		—
Intermediate Muni
Class A		1,204,168		16,181
Class C		—		40,218
International Equity
Class A		185,108		99
Class C		—		16,242
Large Cap Value
Class A		255,964		12
Class C		—		623
Mid Cap Growth
Class A		11,646		14
Mid Cap Value Opportunities
Class A		96,510		9
Class C		—		938
Multi-Cap Growth
Class A		44,384		—
Class B		—		713
Class C		—		389
MLP & Energy Income
Class A		170,682		250
Class C		—		9,804
Multi-Managed Balanced
Class A		893,481		173
Class B		—		754
Class C		—		30,107

Transamerica Funds Annual Report 2016

Page    429

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Initial Sales Charge		Contingent Deferred Sales Charge
Short-Term Bond
Class A	$	299,422	$	55,602
Class C		—		69,890
Small Cap Core
Class A		7,639		—
Small Cap Growth
Class A		10,999		21
Class C		—		130
Small Cap Value
Class A		3,238		—
Class C		—		20
Small/Mid Cap Value
Class A		200,802		8
Class B		—		435
Class C		—		11,676
Strategic High Income
Class A		14,335		—
Class C		—		150
US Growth
Class A		185,744		29
Class B		—		2,771
Class C		—		3,338

Administrative service fees: Effective March 1, 2016, each Fund pays a management fee to TAM for investment advisory and administration services and is reflected in Investment management fees within the Statements of Operations. Prior to March 1, 2016, the Funds had a separate administration service fee agreement with TFS pursuant to which the Funds paid TFS at an annual fee of 0.03% on daily ANA, which is reflected in Administration fees within the Statements of Operations.

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2016, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
Bond	$	36,130	$	1,434
Capital Growth		634,258		51,877
Concentrated Growth		63,642		3,717
Dividend Focused		109,300		7,158
Dynamic Allocation		33,173		2,652
Dynamic Income		460,892		35,823
Emerging Markets Debt		694,537		61,841
Emerging Markets Equity		23,180		1,713
Flexible Income		363,793		32,381
Floating Rate		42,196		4,233
Global Bond		5,049		496
Global Equity		250,919		18,860
Global Long/Short Equity		2,789		237
Government Money Market		308,251		25,553
Growth		33,023		2,400
High Yield Bond		419,736		40,947
High Yield Muni		77,477		8,751
Income & Growth		173,204		12,077
Inflation Opportunities		14,929		1,241

Transamerica Funds Annual Report 2016

Page    430

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Fees Paid to TFS		Fees Due to TFS
Intermediate Muni	$	733,965	$	92,430
International Equity		2,076,018		204,643
International Small Cap Value		341,855		26,263
Large Cap Value		228,777		22,960
Mid Cap Growth		41,508		1,677
Mid Cap Value Opportunities		296,870		32,151
MLP & Energy Income		196,500		15,423
Multi-Cap Growth		387,380		31,597
Multi-Managed Balanced		758,041		67,141
Short-Term Bond		2,012,623		170,060
Small Cap Core		10,164		595
Small Cap Growth		38,558		1,608
Small Cap Value		28,680		2,062
Small/Mid Cap Value		1,338,298		109,861
Strategic High Income		37,514		3,791
Unconstrained Bond		12,998		1,417
US Growth		1,431,735		118,394

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2016, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred brokerage commissions on security transactions placed with affiliates of the adviser or sub-adviser.

For the year ended October 31, 2016, brokerage commissions are as follows. Funds not listed in the subsequent table do not have brokerage commissions.

Fund	Commissions
Capital Growth	$	361

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within TAM, or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

For the year ended October 31, 2016, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) listed below. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.

Fund	Purchases		Sales		Net Realized Gains (Losses)
US Growth	$	235,035	$	—	$	—

9. PRINCIPAL OWNERSHIP

As of October 31, 2016, the Funds had individual shareholder(s) and/or omnibus accounts owning more than 10% of total shares outstanding. The Funds have no knowledge if any portion of the unaffiliated shares are owned beneficially. Subscription and redemption

Transamerica Funds Annual Report 2016

Page    431

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. PRINCIPAL OWNERSHIP (continued)

activity by concentrated accounts may have a significant effect on operations, and thus may impact Fund performance. Shareholder accounts with over 10% of total shares outstanding are as follows:

Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Bond
Class I2		3		91.63	%		91.63	%
Class R6		2		100.00	%		10.87	%
Capital Growth
Class A		1		16.82	%		0.00	%
Class C		3		37.95	%		0.00	%
Class I		2		43.73	%		0.00	%
Class I2		3		85.73	%		85.73	%
Concentrated Growth
Class A		3		76.17	%		36.48	%
Class C		3		80.25	%		38.10	%
Class I		3		76.36	%		0.00	%
Class I2		3		86.45	%		86.45	%
Dividend Focused
Class A		1		80.37	%		0.00	%
Class C		3		49.87	%		0.00	%
Class I		5		89.08	%		0.00	%
Class I2		3		84.98	%		84.98	%
Class R6		4		100.00	%		82.01	%
Dynamic Allocation
Class A		2		47.28	%		0.00	%
Class C		4		71.42	%		0.00	%
Class I		4		93.74	%		13.51	%
Dynamic Income
Class A		4		59.41	%		0.00	%
Class C		3		48.67	%		0.00	%
Class I		3		60.47	%		0.00	%
Emerging Markets Debt
Class A		2		45.14	%		0.00	%
Class C		4		61.23	%		0.00	%
Class I		3		60.22	%		0.00	%
Class I2		3		86.24	%		86.24	%
Class R6		2		99.65	%		99.65	%
Emerging Markets Equity
Class A		2		58.55	%		0.00	%
Class C		2		33.01	%		0.00	%
Class I		3		86.09	%		48.65	%
Class I2		3		89.64	%		89.64	%
Flexible Income
Class A		2		38.32	%		0.00	%
Class B		1		17.68	%		0.00	%
Class C		4		60.58	%		0.00	%
Class I		4		51.25	%		0.00	%
Class I2		3		91.96	%		91.96	%
Class R6		3		98.29	%		60.40	%
Floating Rate
Class A		2		60.02	%		0.00	%
Class C		4		72.30	%		0.00	%
Class I		2		74.94	%		0.00	%
Class I2		2		73.68	%		73.68	%

Transamerica Funds Annual Report 2016

Page    432

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. PRINCIPAL OWNERSHIP (continued)

Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Global Bond
Class A		3		65.20	%		34.57	%
Class C		2		65.02	%		51.85	%
Class I		3		86.63	%		54.82	%
Class I2		1		100.00	%		100.00	%
Global Equity
Class A		2		29.15	%		0.00	%
Class B		1		18.83	%		0.00	%
Class C		4		64.12	%		0.00	%
Class I		5		85.88	%		0.00	%
Class R6		2		98.57	%		98.57	%
Global Long/Short Equity
Class A		1		99.97	%		99.97	%
Class I		1		99.97	%		99.97	%
Class I2		1		99.21	%		99.21	%
Government Money Market
Class A		1		62.83	%		0.00	%
Class I		1		17.33	%		0.00	%
Class I2		1		99.66	%		0.00	%
Growth
Class I2		3		85.76	%		85.76	%
Class R6		3		97.79	%		61.53	%
High Yield Bond
Class A		3		42.33	%		0.00	%
Class B		3		50.85	%		0.00	%
Class C		3		43.80	%		0.00	%
Class I		3		62.50	%		0.00	%
Class I2		3		73.76	%		73.76	%
Class R6		3		98.73	%		64.82	%
High Yield Muni
Class A		4		72.15	%		0.00	%
Class C		3		65.20	%		0.00	%
Class I		4		71.13	%		0.00	%
Class I2		1		100.00	%		100.00	%
Income & Growth
Class A		3		48.44	%		0.00	%
Class C		4		58.05	%		0.00	%
Class I		2		55.04	%		0.00	%
Class I2		1		100.00	%		100.00	%
Inflation Opportunities
Class A		4		81.36	%		39.45	%
Class C		3		86.95	%		48.18	%
Class I		2		99.99	%		19.17	%
Class I2		4		93.77	%		83.21	%
Class R6		1		100.00	%		100.00	%
Intermediate Muni
Class A		1		28.15	%		0.00	%
Class C		5		66.92	%		0.00	%
Class I		3		58.47	%		0.00	%
Class I2		1		100.00	%		100.00	%

Transamerica Funds Annual Report 2016

Page    433

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. PRINCIPAL OWNERSHIP (continued)

Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
International Equity
Class A		3		71.82	%		0.00	%
Class C		3		49.63	%		0.00	%
Class I		2		52.02	%		0.00	%
Class I2		3		62.91	%		62.91	%
Class R6		3		99.63	%		81.09	%
International Small Cap Value
Class I		2		88.94	%		0.00	%
Class I2		4		72.32	%		72.32	%
Large Cap Value
Class A		3		61.08	%		0.00	%
Class C		3		59.78	%		0.00	%
Class I		5		87.22	%		0.00	%
Class I2		4		74.35	%		74.35	%
Class R6		3		98.38	%		87.29	%
Mid Cap Growth
Class A		1		80.00	%		0.00	%
Class C		2		57.26	%		39.00	%
Class I		1		72.43	%		72.43	%
Class I2		2		91.79	%		91.79	%
Mid Cap Value Opportunities
Class A		1		82.53	%		0.00	%
Class C		3		66.84	%		0.00	%
Class I		2		68.35	%		0.00	%
Class I2		3		65.70	%		65.70	%
Class R6		1		100.00	%		100.00	%
MLP & Energy Income
Class A		4		56.77	%		0.00	%
Class C		3		58.79	%		0.00	%
Class I		4		76.64	%		0.00	%
Class I2		3		88.22	%		88.22	%
Multi-Cap Growth
Class I		2		41.18	%		0.00	%
Class I2		3		86.74	%		86.74	%
Multi-Managed Balanced
Class A		1		50.03	%		0.00	%
Class B		1		13.60	%		0.00	%
Class C		3		42.01	%		0.00	%
Class I		2		52.28	%		0.00	%
Class R6		1		93.76	%		93.76	%
Short-Term Bond
Class A		2		46.98	%		0.00	%
Class C		2		35.36	%		0.00	%
Class I		4		63.53	%		0.00	%
Class I2		4		83.81	%		66.11	%
Class R6		3		100.00	%		73.51	%
Small Cap Core
Class A		2		85.69	%		19.93	%
Class C		2		88.44	%		63.69	%
Class I		2		97.38	%		21.08	%
Class I2		4		100.00	%		100.00	%

Transamerica Funds Annual Report 2016

Page    434

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. PRINCIPAL OWNERSHIP (continued)

Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Small Cap Growth
Class A		2		80.72	%		0.00	%
Class C		2		47.74	%		25.58	%
Class I		4		78.83	%		17.97	%
Class I2		4		88.21	%		77.79	%
Class R6		1		100.00	%		100.00	%
Small Cap Value
Class A		3		81.25	%		17.25	%
Class C		3		68.77	%		42.59	%
Class I		1		84.48	%		84.48	%
Class I2		4		79.96	%		79.96	%
Class R6		1		100.00	%		100.00	%
Small/Mid Cap Value
Class A		2		42.37	%		0.00	%
Class B		1		40.59	%		0.00	%
Class C		4		58.40	%		0.00	%
Class I		3		63.95	%		0.00	%
Class I2		1		100.00	%		0.00	%
Class R6		3		94.67	%		72.90	%
Strategic High Income
Class A		2		69.49	%		45.02	%
Class C		2		87.69	%		22.76	%
Class I		1		83.96	%		0.00	%
Class I2		1		100.00	%		100.00	%
Unconstrained Bond
Class I		1		92.26	%		92.26	%
Class I2		3		85.90	%		85.90	%
US Growth
Class C		1		10.63	%		0.00	%
Class I		2		59.59	%		0.00	%
Class I2		3		83.85	%		83.85	%

10. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2016, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Bond	$	130,938,787	$	42,181,271	$	641,243,723	$	68,038,533
Capital Growth		309,247,005		—		1,062,125,583		—
Concentrated Growth		413,790,118		—		625,491,738		—
Dividend Focused		596,545,788		—		795,051,726		—
Dynamic Allocation		31,782,410		—		40,033,858		—
Dynamic Income		128,127,225		—		322,152,563		—
Emerging Markets Debt		1,814,384,237		—		1,738,718,457		—
Emerging Markets Equity		120,307,285		—		243,509,593		—
Flexible Income		137,139,019		58,350,780		358,139,827		62,377,545
Floating Rate		218,055,621		—		172,062,361		—
Global Bond		51,603,804		5,477,185		48,450,370		8,029,313
Global Equity		175,199,394		—		355,209,949		—
Global Long/Short Equity (A)		70,937,732		—		64,981,304		—

Transamerica Funds Annual Report 2016

Page    435

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

10. PURCHASES AND SALES OF SECURITIES (continued)

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Growth	$	158,560,004	$	—	$	291,379,284	$	—
High Yield Bond		656,928,310		—		488,363,188		—
High Yield Muni		131,676,865		—		52,278,013		—
Income & Growth		208,495,687		—		635,714,262		—
Inflation Opportunities		45,176,728		26,712,705		89,936,316		43,621,748
Intermediate Muni		1,311,619,914		—		297,674,938		—
International Equity		2,233,925,919		—		490,735,281		—
International Small Cap Value		164,079,660		—		364,095,250		—
Large Cap Value		2,453,000,738		—		2,365,919,792		—
Mid Cap Growth		490,994,682		—		727,760,548		—
Mid Cap Value Opportunities		725,373,055		—		745,853,016		—
MLP & Energy Income		358,908,636		—		453,448,276		—
Multi-Cap Growth		313,967,977		—		460,018,247		—
Multi-Managed Balanced		368,359,930		54,046,449		183,353,397		38,055,939
Short-Term Bond		1,417,509,425		—		2,337,318,168		13,332
Small Cap Core		136,683,498		—		335,379,430		—
Small Cap Growth		148,449,354		—		630,576,363		—
Small Cap Value		281,035,580		—		465,264,050		—
Small/Mid Cap Value		598,500,474		—		759,768,914		—
Strategic High Income		32,308,215		—		20,410,250		—
Unconstrained Bond		202,121,059		30,273,191		199,526,483		21,688,152
US Growth		359,757,408		—		515,597,805		—

^(A)  Fund includes securities sold short.

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, TIPS, convertible bond income, defaulted bond income, income accrual estimates, convertible preferred stock interest accrual, futures contracts, non-REIT return of capital dividends, return of capital adjustments, partnership basis adjustments, dividends payable, distribution redesignation, organizational expenses, and straddle deferral. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to wash sales, net operating losses, distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, capital loss carryforwards, Late Year Ordinary Loss Deferrals, paydown gain/loss, TIPS, defaulted bond sales, convertible bond sales, options contracts, non-deductible excise tax, foreign capital gains tax, non-REIT return of capital dividends, return of capital distributions, partnership basis adjustments, distribution redesignation, distribution in excess of current earnings, organizational expenses, equalization, expiration of capital loss carryforwards, bond premium adjustments, and return of capital distributions from underlying investments. These reclassifications have

Transamerica Funds Annual Report 2016

Page    436

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These reclassifications are as follows:

Fund	Paid-in Capital			Undistributed (Distributions in Excess of) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Bond	$	—		$	(9,798,040	)	$	9,798,040
Capital Growth		41,269,335			5,859,944			(47,129,279	)
Concentrated Growth		22,781,746			(1,103	)		(22,780,643	)
Dividend Focused		—			—			—
Dynamic Allocation		(175	)		1,377			(1,202	)
Dynamic Income		—			2,366			(2,366	)
Emerging Markets Debt		—			(23,826,064	)		23,826,064
Emerging Markets Equity		—			250			(250	)
Flexible Income		(49,448,972	)		(1,454,616	)		50,903,588
Floating Rate		—			72,521			(72,521	)
Global Bond		(500,933	)		(731,648	)		1,232,581
Global Equity		(3,631,025	)		(259,053	)		3,890,078
Global Long/Short Equity		(21,396	)		56,993			(35,597	)
Government Money Market		—			—			—
Growth		(477,772	)		478,968			(1,196	)
High Yield Bond		—			2,558			(2,558	)
High Yield Muni		—			8,709			(8,709	)
Income & Growth		(48,561	)		(755,070	)		803,631
Inflation Opportunities		(1,642,925	)		(634,872	)		2,277,797
Intermediate Muni		—			88,935			(88,935	)
International Equity		—			(1,236,061	)		1,236,061
International Small Cap Value		—			1,799,244			(1,799,244	)
Large Cap Value		—			2,595,984			(2,595,984	)
Mid Cap Growth		(135,463	)		135,463			—
Mid Cap Value Opportunities		—			30,387			(30,387	)
MLP & Energy Income		(1,480,494	)		(9,226,897	)		10,707,391
Multi-Cap Growth		(2,530,709	)		2,966,485			(435,776	)
Multi-Managed Balanced		—			919,548			(919,548	)
Short-Term Bond		—			(281,414	)		281,414
Small Cap Core		—			(58,168	)		58,168
Small Cap Growth		68,445,422			1,178,050			(69,623,472	)
Small Cap Value		1			270,523			(270,524	)
Small/Mid Cap Value		—			344,832			(344,832	)
Strategic High Income		—			19,055			(19,055	)
Unconstrained Bond		—			(164,831	)		164,831
US Growth		(1,867,263	)		29,956			1,837,307

As of October 31, 2016, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Expires on October 31,						Unlimited
Fund	2017		2018		2019		Short-Term		Long-Term
Dynamic Allocation	$	—	$	—	$	—	$	507,547	$	1,260,822
Dynamic Income		—		—		—		27,430,129		5,824,683
Emerging Markets Debt		—		—		—		26,373,734		28,646,888
Emerging Markets Equity		—		—		—		58,967,926		20,864,428
Flexible Income		—		20,522,686		—		—		—
Floating Rate		—		—		—		—		885,623
Global Bond		—		—		—		1,734,179		1,543,664
Global Equity		51,740,251		4,934,774		—		12,510,391		—

Transamerica Funds Annual Report 2016

Page    437

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

	Expires on October 31,						Unlimited
Fund	2017		2018		2019		Short-Term		Long-Term
Global Long/Short Equity	$	—	$	—	$	—	$	1,051,715	$	2,614
Government Money Market		591		—		—		—		—
High Yield Bond		—		—		—		4,430,074		17,656,792
Income & Growth		—		—		—		53,066,841		17,441,053
Inflation Opportunities		—		—		—		35,369		2,163,847
Mid Cap Growth		—		—		—		4,891,958		8,765,981
MLP & Energy Income		—		—		—		59,246,457		115,329,955
Short-Term Bond		—		—		—		5,162,140		19,345,571
Small Cap Core		—		—		—		12,112,308		—
Small Cap Value		—		—		—		21,080,147		4,973,244
Strategic High Income		—		—		—		—		535,507
Unconstrained Bond		—		—		—		3,681,872		2,376,613

During the year ended October 31, 2016, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.

Fund	Capital Loss Carryforwards Utilized/Expired
Concentrated Growth	$	4,189,900
Flexible Income		55,732,638
Global Bond		2,017,885
Global Equity		3,631,025
US Growth		7,127,254

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2016 and 2015 are as follows:

	2016 Distributions Paid From								2015 Distributions Paid From
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
Bond	$	14,067,962	$	—	$	27,523,927	$	—	$	33,176,945	$	—	$	26,054,633	$	—
Capital Growth		—		—		55,537,713		—		—		—		42,032,821		—
Concentrated Growth		1,674,598		—		—		—		1,097,410		—		1,019,707		—
Dividend Focused		25,810,692		—		131,593,436		—		49,338,737		—		23,311,372		—
Dynamic Allocation		613,391		—		674,028		—		321,913		—		1,108,284		—
Dynamic Income (A)		36,686,345		—		—		3,105,448		41,289,897		—		—		—
Emerging Markets Debt		24,289,943		—		—		1,854,850		30,172,785		—		—		—
Emerging Markets Equity		3,161,229		—		—		—		2,972,089		—		—		—
Flexible Income		16,368,619		—		—		—		24,582,221		—		—		—
Floating Rate		15,498,336		—		—		—		11,207,561		—		—		—
Global Bond		443,388		—		—		—		1,081,918		—		—		—
Global Equity		380,234		—		—		—		—		—		—		—
Global Long/Short Equity		—		—		—		—		—		—		—		—
Government Money Market		12,042		—		—		—		24,481		—		—		—
Growth		—		—		62,872,001		—		—		—		90,956,059		—
High Yield Bond		61,372,496		—		—		—		72,265,881		—		9,616,793		—
High Yield Muni		328,865		2,520,007		71,237		—		428,933		678,604		—		—
Income & Growth		12,538,198		—		—		—		24,101,047		—		—		5,441,565
Inflation Opportunities		—		—		—		—		720,745		—		—		351,979
Intermediate Muni		2,053,696		16,806,151		253,882		—		1,016,131		3,063,652		31,045		—

Transamerica Funds Annual Report 2016

Page    438

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

	2016 Distributions Paid From								2015 Distributions Paid From
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
International Equity	$	41,258,741	$	—	$	10,827,946	$	—	$	31,173,281	$	—	$	14,764,452	$	—
International Small Cap Value		22,635,332		—		32,808,500		—		12,197,755		—		6,253,903		—
Large Cap Value		53,962,831		—		167,530,081		—		63,874,839		—		120,784,114		—
Mid Cap Growth		—		—		—		—		736,273		—		1,440		182,220
Mid Cap Value Opportunities		20,921,764		—		2,884,999		—		2,875,774		—		42,808		—
MLP & Energy Income		19,395,424		—		—		—		9,932,391		—		1,221,802		13,629,943
Multi-Cap Growth		—		—		29,590,124		—		3,739,291		—		76,446,896		—
Multi-Managed Balanced		6,561,108		—		14,175,200		—		10,569,055		—		17,372,780		—
Short-Term Bond		61,613,605		—		—		7,640,036		82,817,808		—		5,399,291		—
Small Cap Core		2,532,973		—		—		—		5,861,958		—		33,437		—
Small Cap Growth		—		—		36,396,249		—		—		—		40,629,978		—
Small Cap Value		5,962,662		—		34,869,917		—		10,880,070		—		55,173,217		—
Small/Mid Cap Value		1,314,764		—		75,323,954		—		19,789,063		—		85,021,921		—
Strategic High Income		1,609,951		—		—		—		1,704,104		—		6,934		—
Unconstrained Bond		6,663,800		—		—		—		3,297,137		—		—		—
US Growth		2,237,431		—		25,858,729		—		3,810,527		—		215,399,474		—

^(A)  The tax character of distributions paid for Transamerica Dynamic Income is for the taxable year ended May 31, 2016.

As of October 31, 2016, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Bond	$	—	$	—	$	9,450,688	$	—		$	—		$	(2,211,780	)	$	(5,849,566	)
Capital Growth		—		—		134,075,101		—			(2,446,926	)		—			218,130,747
Concentrated Growth		4,364,010		—		32,155,035		—			—			—			23,054,450
Dividend Focused		4,565,839		—		100,960,809		—			—			—			77,109,833
Dynamic Allocation		124,818		—		—		(1,768,369	)		—			—			(32,724	)
Dynamic Income		—		—		—		(33,254,812	)		—			(8,539,642	)		(21,169,216	)
Emerging Markets Debt		—		—		—		(55,020,622	)		—			(571,419	)		6,094,623
Emerging Markets Equity		2,947,433		—		—		(79,832,354	)		—			—			15,255,963
Flexible Income		581,095		—		—		(20,522,686	)		—			(410,030	)		7,471,933
Floating Rate		220,763		—		—		(885,623	)		—			(169,444	)		(106,468	)
Global Bond		—		—		—		(3,277,843	)		—			—			(1,141,289	)
Global Equity		2,552,644		—		—		(69,185,416	)		—			—			3,912,853
Global Long/Short Equity		—		—		—		(1,054,329	)		(94,363	)		(25,189	)		43,092
Government Money Market		316		—		—		(591	)		—			(317	)		—
Growth		—		—		71,999,115		—			—			—			148,210,480
High Yield Bond		1,864,639		—		—		(22,086,866	)		—			(2,029,974	)		(18,292,602	)
High Yield Muni		1,049,270		—		323,962		—			—			—			1,642,145
Income & Growth		5,303,867		—		—		(70,507,894	)		—			(3,785,729	)		10,100,168
Inflation Opportunities		—		—		—		(2,199,216	)		—			—			(248,588	)
Intermediate Muni		6,511,692		—		1,285,272		—			—			—			6,982,881
International Equity		63,097,909		—		4,626,416		—			—			—			(82,159,345	)
International Small Cap Value		14,424,344		—		4,711,965		—			—			—			(58,289,105	)
Large Cap Value		78,040,660		—		95,870,877		—			—			—			88,731,181
Mid Cap Growth		—		—		—		(13,657,939	)		—			—			6,117,353
Mid Cap Value Opportunities		35,178,436		—		24,134,154		—			—			—			51,474,679

Transamerica Funds Annual Report 2016

Page    439

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

11. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral		Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
MLP & Energy Income	$	1,826,371	$	—	$	—	$	(174,576,412	)	$	—	$	(16,049,911	)	$	17,060,145
Multi-Cap Growth		—		—		47,728,222		—			—		—			(1,583,683	)
Multi-Managed Balanced		1,067,113		—		3,010,824		—			—		(158,001	)		86,486,095
Short-Term Bond		—		—		—		(24,507,711	)		—		(673,147	)		8,714,505
Small Cap Core		39,317		—		—		(12,112,308	)		—		—			1,089,763
Small Cap Growth		2,676,743		—		39,403,492		—			—		—			12,608,350
Small Cap Value		1,898,495		—		—		(26,053,391	)		—		(27,699	)		19,802,483
Small/Mid Cap Value		12,896,304		—		35,039,975		—			—		—			65,472,724
Strategic High Income		116,649		—		—		(535,507	)		—		—			190,009
Unconstrained Bond		661,798		—		—		(6,058,485	)		—		—			1,283,336
US Growth		1,456,800		—		20,318,471		—			—		—			202,209,505

12. NEW ACCOUNTING PRONOUNCEMENT

In October 2016, the SEC adopted new rules and amended existing rules (together the, “Final Rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the Final Rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

13. REORGANIZATION

Dynamic Allocation: Following the close of business on July 1, 2015, Dynamic Allocation acquired all of the net assets of Transamerica Dynamic Allocation II (“Dynamic Allocation II”) pursuant to a Plan of Reorganization. Dynamic Allocation 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 969,199 shares of Dynamic Allocation for 1,121,258 shares of Dynamic Allocation II outstanding on July 1, 2015. Dynamic Allocation II’s net assets at that date was, $10,968,127, including $88,124 unrealized depreciation, and were combined with those of Dynamic Allocation. The aggregate net assets of Dynamic Allocation immediately before the acquisition were $22,135,855; the combined net assets of Dynamic Allocation immediately after the acquisition were $33,103,982.

Shares issued to Dynamic Allocation II shareholders are as follows:

Class	Shares		Amount
Class A		418,396	$	4,758,255
Class C		490,111		5,521,344
Class I		60,692		688,528

The exchange ratio of the reorganization for Dynamic Allocation is as follows:

Class	Exchange Ratio (A)
Class A	0.86
Class C	0.87
Class I	0.86

^(A)  Calculated by dividing the Dynamic Allocation shares issuable by the Dynamic Allocation II shares outstanding on July 1,2015.

Flexible Income: Following the close of business on December 4, 2015, Flexible Income acquired all of the net assets of Transamerica Income Shares, Inc. (“Income Shares, Inc.”) pursuant to a Plan of Reorganization. Flexible Income is the accounting survivor. The purpose of the transaction was to achieve a more cohesive, focused, and streamlined fund complex. The acquisition was accomplished by a tax-free exchange of 15,148,372 shares of Flexible Income for 6,318,771 shares of Income Shares, Inc. outstanding on December 4, 2015. Income Shares, Inc.’s net assets at that date, $138,269,792, including $4,017,054 unrealized appreciation, were combined with those of Flexible Income. The aggregate net assets of Flexible Income immediately before the acquisition were $353,768,376; the combined net assets of Flexible Income immediately after the acquisition were $492,038,168.

Transamerica Funds Annual Report 2016

Page    440

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

13. REORGANIZATION (continued)

Shares issued to Income Shares, Inc. shareholders are as follows:

Class	Shares		Amount
Class I		15,148,372	$	138,269,792

The exchange ratio of the reorganization for Flexible Income is as follows:

Class	Exchange Ratio (A)
Class I	2.40

^(A)  Calculated by dividing the Flexible Income shares issuable by the Income Shares, Inc. shares outstanding on December 4, 2015.

Assuming the reorganization had been completed on November 1, 2015, the beginning of the annual reporting period of Flexible Income, the pro forma results of operations for the year ended October 31, 2016, are as follows:

Net investment income (loss)	$	21,367,609
Net realized and change in unrealized gain (loss)		(2,660,993	)
Net increase (decrease) in net assets resulting from operations		18,706,616

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 Income Shares, Inc. that have been included in Flexible Income’s Statement of Operations since December 4, 2015.

14. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street Bank and Trust Co., the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected in Reimbursement of custody fees within the Statements of Operations. This resulted in a decrease in Net expenses and an overall increase in Net assets.

15. SUBSEQUENT EVENTS

The Board approved the liquidation of Global Bond, which is scheduled to occur following the close of business on or about December 2, 2016.

The Board approved the reorganization of Income & Growth into Strategic High Income, which is scheduled to occur following the close of business on or about December 2, 2016.

The Board approved a new investment sub-advisory agreement with Thompson, Siegel & Walmsley LLC, pursuant to which Thompson, Siegel & Walmsley LLC will serve as co-sub-adviser to Small/Mid Cap Value along with Systematic Financial Management, L.P. The Board also approved the reduction of management fees. These changes will take effect on or about December 5, 2016.

The Board approved the launch of Advisor class shares for various Funds with in the Trust. The additional classes will commence operations on or about December 16, 2016.

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

Transamerica Funds Annual Report 2016

Page    441

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Bond, Transamerica Capital Growth, Transamerica Concentrated Growth, Transamerica Dividend Focused, Transamerica Dynamic Allocation, Transamerica Dynamic Income, Transamerica Emerging Markets Debt, Transamerica Emerging Markets Equity, Transamerica Flexible Income, Transamerica Floating Rate, Transamerica Global Bond, Transamerica Global Equity, Transamerica Global Long/Short Equity, Transamerica Government Money Market, Transamerica Growth, Transamerica High Yield Bond, Transamerica High Yield Muni, Transamerica Income & Growth, Transamerica Inflation Opportunities, Transamerica Intermediate Muni, Transamerica International Equity, Transamerica International Small Cap Value, Transamerica Large Cap Value, Transamerica Mid Cap Growth, Transamerica Mid Cap Value Opportunities, Transamerica MLP & Energy Income, Transamerica Multi-Cap Growth, Transamerica Multi-Managed Balanced, Transamerica Short-Term Bond, Transamerica Small Cap Core, Transamerica Small Cap Growth, Transamerica Small Cap Value, Transamerica Small/Mid Cap Value, Transamerica Strategic High Income, Transamerica Unconstrained Bond and Transamerica US Growth (thirty-six of the funds of the Transamerica Funds collectively known as the “Funds”), as of October 31, 2016, and the related statements of operations, the statements of changes in net assets and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods ended prior to January 1, 2014 of Transamerica Concentrated Growth were audited by another independent registered public accounting firm whose report dated February 24, 2014 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned thirty-six Funds of the Transamerica Funds at October 31, 2016, the results of their operations, the changes in their net assets and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 23, 2016

Transamerica Funds Annual Report 2016

Page    442

SUPPLEMENTAL INFORMATION (unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2016, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Bond	$	220,265
Concentrated Growth		1,674,598
Dividend Focused		25,810,692
Dynamic Allocation		209,003
Emerging Markets Equity		3,161,229
Flexible Income		213,980
Global Equity		380,234
High Yield Bond		808,269
Income & Growth		6,423,291
International Equity		41,258,741
International Small Cap Value		21,722,845
Large Cap Value		44,078,739
Mid Cap Value Opportunities		12,621,726
MLP & Energy Income		12,478,072
Multi-Managed Balanced		6,561,108
Small Cap Core		1,018,066
Small Cap Value		3,212,998
Small/Mid Cap Value		1,314,764
Strategic High Income		356,087
US Growth		2,237,431

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

Fund	Dividend Received Deduction Percentage
Bond		1	%
Concentrated Growth		96
Dividend Focused		94
Dynamic Allocation		30
Flexible Income		1
Global Equity		94
High Yield Bond		1
Income & Growth		8
Large Cap Value		45
Mid Cap Value Opportunities		27
MLP & Energy Income		59
Multi-Managed Balanced		92
Small Cap Core		84
Small Cap Value		84
Small/Mid Cap Value		56
Strategic High Income		20
US Growth		100

For tax purposes, the long-term capital gain designations for the year ended October 31, 2016 are as follows:

Fund	Long-Term Capital Gain Designation
Bond	$	27,523,927
Capital Growth		55,537,713
Dividend Focused		131,593,436
Dynamic Allocation		674,028

Transamerica Funds Annual Report 2016

Page    443

Fund	Long-Term Capital Gain Designation
Growth	$	62,872,001
High Yield Muni		71,237
Intermediate Muni		253,882
International Equity		10,827,946
International Small Cap Value		32,808,500
Large Cap Value		167,530,081
Mid Cap Value Opportunities		2,884,999
Multi-Cap Growth		29,590,124
Multi-Managed Balanced		14,175,200
Small Cap Growth		36,396,249
Small Cap Value		34,869,917
Small/Mid Cap Value		75,323,954
US Growth		25,858,729

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

Fund	Foreign Source Income		Foreign Taxes
Emerging Markets Equity	$	5,726,384	$	701,683
International Equity		63,890,643		4,327,208
International Small Cap Value		27,499,855		1,791,679

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2016. Complete information will be computed and reported in conjunction with your 2016 Form 1099-DIV.

Transamerica Funds Annual Report 2016

Page    444

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 8-9, 2016, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Bond	Transamerica Intermediate Muni
Transamerica Capital Growth	Transamerica International Equity
Transamerica Concentrated Growth	Transamerica International Small Cap Value
Transamerica Dividend Focused	Transamerica Large Cap Value
Transamerica Dynamic Allocation	Transamerica Mid Cap Growth
Transamerica Dynamic Income	Transamerica Mid Cap Value Opportunities
Transamerica Emerging Markets Debt	Transamerica MLP & Energy Income
Transamerica Emerging Markets Equity	Transamerica Multi-Cap Growth
Transamerica Flexible Income	Transamerica Multi-Managed Balanced
Transamerica Floating Rate	Transamerica Short-Term Bond
Transamerica Global Bond	Transamerica Small Cap Core
Transamerica Global Equity	Transamerica Small Cap Growth
Transamerica Government Money Market	Transamerica Small Cap Value
Transamerica Growth	Transamerica Small/Mid Cap Value
Transamerica High Yield Bond	Transamerica Strategic High Income
Transamerica High Yield Muni	Transamerica Unconstrained Bond
Transamerica Income & Growth	Transamerica US Growth
Transamerica Inflation Opportunities

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” and, together with the Management Agreement, the “Agreements”) between TAM and the corresponding sub-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser(s)
Transamerica Bond	Loomis, Sayles & Company, L.P.
Transamerica Capital Growth	Morgan Stanley Investment Management Inc.
Transamerica Concentrated Growth	Torray LLC
Transamerica Dividend Focused	Barrow, Hanley, Mewhinney & Strauss, LLC
Transamerica Dynamic Allocation	QS Investors, LLC /Western Asset Management Company
Transamerica Dynamic Income	QS Investors, LLC
Transamerica Emerging Markets Debt	Logan Circle Partners, LP
Transamerica Emerging Markets Equity	ClariVest Asset Management, LLC
Transamerica Flexible Income	Aegon USA Investment Management, LLC
Transamerica Floating Rate	Aegon USA Investment Management, LLC
Transamerica Global Bond	Logan Circle Partners, LP
Transamerica Global Equity	Rockefeller and Co., Inc.
Transamerica Government Money Market	Aegon USA Investment Management, LLC
Transamerica Growth	Jennison Associates LLC
Transamerica High Yield Bond	Aegon USA Investment Management, LLC
Transamerica High Yield Muni	Belle Haven Investments, L.P.
Transamerica Income & Growth	Ranger International Management, LP
Transamerica Inflation Opportunities	PineBridge Investments LLC
Transamerica Intermediate Muni	Belle Haven Investments, L.P.
Transamerica International Equity	Thompson, Siegel & Walmsley LLC
Transamerica International Small Cap Value	Thompson, Siegel & Walmsley LLC
Transamerica Large Cap Value	Levin Capital Strategies, LP
Transamerica Mid Cap Growth	Quantum Capital Management
Transamerica Mid Cap Value Opportunities	Thompson, Siegel & Walmsley LLC
Transamerica MLP & Energy Income	Kayne Anderson Capital Advisors, L.P.
Transamerica Multi-Managed Balanced	Aegon USA Investment Management, LLC J.P. Morgan Investment Management, Inc.

Transamerica Funds Annual Report 2016

Page    445

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

(unaudited)

Fund	Sub-Adviser(s)
Transamerica Short-Term Bond	Aegon USA Investment Management, LLC
Transamerica Small Cap Core	Systematic Financial Management L.P.
Transamerica Small Cap Growth	Ranger Investment Management, L.P.
Transamerica Small/Mid Cap Value	Systematic Financial Management L.P.
Transamerica Strategic High Income	Thompson, Siegel & Walmsley LLC
Transamerica Unconstrained Bond	PineBridge Investments LLC
Transamerica US Growth	Wellington Management Company, LLP

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2017. Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund. The Trustees considered comparative fee, expense and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees also considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser.

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

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Trustees noted that, at a meeting held on December 9-10, 2015, they had approved the combination of the Funds’ former Investment Advisory Agreement and Administrative Service Agreement into the Management Agreement in connection with the transition of the personnel and operations of Transamerica Fund Services, Inc. that relate to the provision of administrative services into TAM. They noted that this combination of agreements had resulted in each Fund paying a single management fee for investment advisory and administrative services. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2015.

Transamerica Funds Annual Report 2016

Page    446

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

(unaudited)

Transamerica Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods and below the median for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Capital Growth. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on March 22, 2011 pursuant to its current investment strategies.

Transamerica Concentrated Growth. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Dividend Focused. The Board noted that the performance of Class A Shares of the Fund was in line with the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-year period.

Transamerica Dynamic Allocation. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its composite benchmark for the past 1- and 3-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on May 1, 2015 pursuant to its current investment objective and investment strategies. The Board also noted that Transamerica Dynamic Allocation II (formerly Transamerica Tactical Allocation) merged into this Fund in July 2015, which coincided with certain changes to its investment strategy.

Transamerica Dynamic Income. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its composite benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on May 1, 2015 pursuant to its current investment objective and investment strategies.

Transamerica Emerging Markets Debt. The Board noted that the performance of Class A Shares of the Fund was in line with the median for its peer universe for the past 3-year period and below the median for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1- and 3-year periods.

Transamerica Emerging Markets Equity. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund.

Transamerica Flexible Income. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods, in line with the median for the past 1-year period and below the median for the past 10-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 3-, 5- and 10-year periods and below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees also noted recent changes in the Fund’s portfolio management team. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward. The Board also noted that Transamerica Income Shares, Inc. merged into this Fund in the fourth quarter of 2015.

Transamerica Floating Rate. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-year period.

Transamerica Global Bond. The Board noted that the performance of Class A Shares of the Fund was in line with the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-year period.

Transamerica Funds Annual Report 2016

Page    447

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

(unaudited)

Transamerica Global Equity. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-year period and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class A Shares of the Fund was above its primary benchmark for the past 1-year period and below its primary benchmark for the past 3- and 5-year periods.

Transamerica Government Money Market. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods and below the median for the past 10-year period. The Board also noted that the Fund converted from a “prime” to a “government” money market fund as of May 1, 2016.

Transamerica Growth. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods and below its benchmark for the past 10-year period.

Transamerica High Yield Bond. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 5- and 10-year periods, in line with the median for the past 3-year period, and below the median for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica High Yield Muni. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-year period.

Transamerica Income & Growth. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Inflation Opportunities. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund.

Transamerica Intermediate Muni. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1- and 3-year periods.

Transamerica International Equity. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class I Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica International Small Cap Value. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1-year period.

Transamerica Large Cap Value. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on July 31, 2012 pursuant to its current investment objective and investment strategies.

Transamerica Mid Cap Growth. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-year period.

Transamerica Mid Cap Value Opportunities. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-year period.

Transamerica MLP & Energy Income. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its

Transamerica Funds Annual Report 2016

Page    448

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

(unaudited)

composite benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Multi-Cap Growth. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on March 1, 2016 pursuant to its current investment objective and investment strategies and used a different benchmark.

Transamerica Multi-Managed Balanced. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its primary benchmark for the past 1-, 3-, 5- and 10-year periods. The Board noted that the Fund’s equity subadviser, J.P. Morgan Investment Management Inc., had commenced subadvising that portion of the Fund on March 22, 2011 pursuant to its current equity investment objective and investment strategies. The Board also noted that the Fund’s fixed income subadviser, Aegon USA Investment Management, LLC (“AUIM”), had commenced subadvising that portion of the Fund on May 1, 2014 pursuant to its current fixed income investment strategies. The Trustees also noted recent changes in the Fund’s portfolio management team at AUIM. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Short-Term Bond. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 3- and 5-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 3- and 5-year periods and below its benchmark for the past 1-year period.

Transamerica Small Cap Core. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Small Cap Growth. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-year period and in line with the median for the past 3-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3-year period.

Transamerica Small Cap Value. The Board noted that the performance of Class A Shares of the Fund was below the median for its peer universe for the past 1- and 3-year periods. The Board also noted that the performance of Class A Shares of the Fund was below its benchmark for the past 1- and 3-year periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on September 28, 2015 pursuant to its current investment objective and investment strategies.

Transamerica Small/Mid Cap Value. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 10-year period, in line with the median for the past 1- and 5-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-, 3- and 10-year periods and below its benchmark for the past 5-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on March 22, 2011 pursuant to its current investment strategies.

Transamerica Strategic High Income. The Board noted that the performance of Class A Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class A Shares of the Fund was below its primary benchmark for the past 1-year period.

Transamerica Unconstrained Bond. The Board noted that the performance of Class I Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I Shares of the Fund was below its benchmark for the past 1-year period.

Transamerica US Growth. The Board noted that the performance of Class A Shares of the Fund was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5-year period. The Board also noted that the performance of Class A Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year

Transamerica Funds Annual Report 2016

Page    449

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

(unaudited)

periods. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on March 22, 2011 and commenced using its current investment objective and investment strategies on July 1, 2014.

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

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Lipper comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee(s) and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by Strategic Insight and/or Lipper, each an independent provider of information.

Transamerica Bond. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

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

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

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

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

Transamerica Emerging Markets Debt. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

Transamerica Funds Annual Report 2016

Page    450

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

(unaudited)

Transamerica Flexible Income. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

Transamerica Global Bond. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

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

Transamerica Government Money Market. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Growth. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe.

Transamerica High Yield Bond. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica High Yield Muni. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Income & Growth. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Inflation Opportunities. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Intermediate Muni. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Equity. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I

Transamerica Funds Annual Report 2016

Page    451

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Small Cap Value. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Large Cap Value. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Growth. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Value Opportunities. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica MLP & Energy Income. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Cap Growth. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Multi-Managed Balanced. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Short-Term Bond. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Core. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Growth. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were in line with the median for its peer group and below the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Small Cap Value. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2016

Page    452

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Small/Mid Cap Value. The Board noted that the Fund’s contractual management fee was above the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Strategic High Income. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Unconstrained Bond. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I Shares of the Fund were below the median for its peer group and in line with the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica US Growth. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class A Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and Transamerica Funds as a whole, as well as the allocation methodology used for calculating profitability. The Board also considered the assessment prepared by Ernst & Young LLP (“E&Y”), independent registered public accounting firm and auditor to the Funds, to assist the Board’s evaluation of TAM’s profitability analysis. E&Y’s engagement included the review and assessment of the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds, and completion of procedures in respect of the mathematical accuracy of the profitability calculation and its conformity to established allocation methodologies. After considering E&Y’s assessment and information provided by TAM, the Board concluded that, while other allocation methods may also be reasonable, TAM’s profitability methodologies are reasonable in all material respects.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM (with the exception of those fees paid to AUIM, which is affiliated with TAM), and are paid by TAM and not the applicable Fund. As a result, for those Funds not sub-advised by AUIM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund. For each Fund sub-advised by AUIM, the Board noted that information about AUIM’s revenues and expenses was incorporated into TAM’s profitability analysis for the Fund. As a result, the Board focused on profitability information for TAM and AUIM in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through investments in maintaining and developing its capabilities and services. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

Transamerica Funds Annual Report 2016

Page    453

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Benefits to TAM, its Affiliates and the Sub-Advisers from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Funds and that TAM believes that any use of soft dollars by the Sub-Advisers is generally appropriate and in the best interests of the Funds. The Board also noted that certain Sub-Advisers are participating in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and each Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2016

Page    454

Management of the Trust

Board Members and Officers

(unaudited)

The Board Members and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds (“TF”), Transamerica Series Trust (“TST”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 178 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

The Board Members of the Trust, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in Transamerica Mutual Funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of the Trust.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – present); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present);	178	Director, Massachusetts Fidelity Trust Company (2014 – present)

Transamerica Funds Annual Report 2016

Page    455

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS—continued
Marijn P. Smit (continued)			Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – present); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – present).
Alan F. Warrick (67)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	178	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (64)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	178	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (60)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	178	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2016

Page    456

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Leo J. Hill (continued)			Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (69)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	178	N/A
Russell A. Kimball, Jr. (71)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	178	N/A
Patricia L. Sawyer (66)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010);	178	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2016

Page    457

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Patricia L. Sawyer (continued)			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (64)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	178	Operation PAR, Inc. (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2016

Page    458

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See previous table.
Tané T. Tyler (51)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005-2013).
Christopher A. Staples (45)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Thomas R. Wald (55)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present);

Transamerica Funds Annual Report 2016

Page    459

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (continued)			Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (46)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, OppenheimerFunds (2007—2010).
Matthew H. Huckman, Sr. (48)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TIS (2014 – 2015); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007-2012).
Scott M. Lenhart (55)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008-2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999-2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989-1998).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2016

Page    460

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statements of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2016

Page    461

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2016

Page    462

Transamerica Fund Services

PO Box 219945

Kansas City, MO 64121-9945

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

I2 Funds

Annual Report

October 31, 2016

www.transamerica.com

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

Table of Contents

Shareholder Letter	1
Manager Commentary
Transamerica Core Bond	2
Transamerica Developing Markets Equity	4
Transamerica Event Driven	7
Transamerica Global Real Estate Securities	9
Transamerica Intermediate Bond	11
Transamerica International Equity Opportunities	13
Transamerica International Small Cap	15
Transamerica Long/Short Strategy	17
Transamerica Mid Cap Value	19
Transamerica Total Return	21
Understanding Your Funds’ Expenses	23
Schedules of Investments Composition	24
Schedules of Investments
Transamerica Core Bond	26
Transamerica Developing Markets Equity	56
Transamerica Event Driven	60
Transamerica Global Real Estate Securities	66
Transamerica Intermediate Bond	68
Transamerica International Equity Opportunities	77
Transamerica International Small Cap	80
Transamerica Long/Short Strategy	85
Transamerica Mid Cap Value	91
Transamerica Total Return	94
Statements of Assets and Liabilities	111
Statements of Operations	113
Statements of Changes in Net Assets	115
Statements of Cash Flows	119
Financial Highlights	120
Manager Commentary
Transamerica Global Multifactor Macro	125
Transamerica Managed Futures Strategy	127
Understanding Your Funds’ Expenses	129
Consolidated Schedules of Investments Composition	130
Consolidated Schedules of Investments
Transamerica Global Multifactor Macro	131
Transamerica Managed Futures Strategy	144
Consolidated Statements of Assets and Liabilities	152
Consolidated Statements of Operations	153
Consolidated Statements of Changes in Net Assets	154
Financial Highlights	155
Notes to Financial Statements	156
Report of Independent Registered Public Accounting Firm	185
Supplemental Information	186
Approval of Management and Sub-Advisory Agreements	187
Management of the Trust	192
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	198
Notice of Privacy Policy	199

Transamerica Funds Annual Report 2016

Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial adviser in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s). The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides a detailed information about your Fund(s) for the 12-month period ending October, 31, 2016.

We believe it is important to understand market conditions over the last year to provide a context for reading this report. At the beginning of the 1-year period that began on November 1, 2015, investors were trying to determine what rapidly declining oil prices - which had fallen from over $100 per barrel at the cyclical high to less than half that value by year end - would mean for markets. Adding more uncertainty toward year-end 2015 was the Federal Reserve’s (“Fed”) decision to finally raise the Fed funds rate by 0.25% in December, the first increase since 2006.

As the calendar turned to 2016, rapidly falling energy and commodity prices coupled with a weak U.S. gross domestic product report and weakness in overseas markets pressured U.S. equities, as concerns of a pending recession became more prevalent. In the months to follow however energy prices rebounded and economic growth remained positive thereby avoiding recessionary levels. Global markets sold off in late June following Great Britain’s surprise referendum vote in favor of departure from the European Union, (“Brexit”). Following the immediate negative reaction to this news, U.S. stocks recovered, and equity markets soon reached new all-time highs.

U.S. markets stayed range bound for most of the late summer and into the fall, with only a single bout of meaningful volatility in September when commentary from certain Fed Governors suggested that the case for a September rate hike was strengthening. That volatility proved temporary as September passed with no policy change at the central bank, and markets began to focus on the Fed meeting in December as the next possible target for a hike. The rising likelihood of rate increases resulted in the benchmark 10-year Treasury yield moving higher, and by October 31st had increased to 1.84% from a July low of 1.37%.

For the 1-year period ending October 31, 2016, the S&P 500^® returned 4.51% while the MSCI EAFE Index, representing international developed market equities, lost (2.74)%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.37%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial adviser if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds.

Transamerica Core Bond

(unaudited)

MARKET ENVIRONMENT

Markets entered the fourth quarter of 2015 uncertain about the next move by the Federal Reserve (“Fed”) and fearful about the persistent weakness in commodities. However, as the fourth quarter got under way, U.S. labor markets showed strength, inflation appeared to resurface in wages, and financial conditions improved. Thus, doubts began to fade about the probability of a Fed rate hike at its December 16, 2015 Federal Open Market Committee meeting, although a modest increase was approved.

Global markets had a volatile start to 2016 as equity prices plunged before rebounding to end the first quarter in positive territory, oil prices plummeted only to reverse course to end slightly above where they began, and global growth concerns continued to dampen investors’ outlook. Credit spreads within the industrial sector faced renewed pressure, specifically in the oil, gas, and metals and mining sub-sectors, as rating agencies took widespread action in the first two months of the year. The ensuing flight to quality and risk-off sentiment prompted the U.S. dollar to strengthen and U.S. Treasury yields to rally.

Markets started the second quarter with a constructive tone as credit spreads tightened, equity prices rose and U.S. Treasury yields increased. However, equities sold off sharply, credit spreads widened and high-quality global government bond yields declined significantly at the end of the quarter in response to U.K.’s vote to leave the European Union (“Brexit”), as markets had assigned a high probability that voters would select to remain In the European Union. When British voters opted to leave, it came as a shock to markets.

For most of the third quarter, financial markets were relatively stable and uneventful, with risk assets generally performing well and U.S. Treasuries selling off. Although the quarter began amid uncertainty surrounding Brexit, the market impact was fairly muted. U.S. job growth continued on a strong path, while commodities, the U.S. dollar, global growth and China all stabilized.

During the last month of the fiscal period, the November U.S. presidential election continued to dominate headlines as investors navigated the potential market impact of a Hillary Clinton or Donald Trump victory. Within the fixed income markets, U.S. Treasuries sold off as market participants became more convinced that the Fed would raise rates in December, given improved economic data improved and rising inflation over the month.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Core Bond Class I2 returned 4.03%. By comparison, its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.37%.

STRATEGY REVIEW

The U.S. Treasury yield curve continued to flatten throughout the period, as the Fed began to normalize monetary policy. The 2- to 10-year part of the curve flattened 43 basis points (“bps”) during the period, with the spread decreasing from 142 bps to 98 bps. Within Treasuries, the 30-year bond finished as the best-performing bellwether returning 9.65%. The Fund’s underweight in Treasury debt was positive for performance as spread sectors outpaced their risk-free counterparts.

Mortgage-backed securities (“MBS”) outperformed comparable-duration Treasury debt, posting 57 bps of duration-neutral excess returns over Treasuries. The Fund’s mortgage allocation outperformed index pass-throughs during the year.

Corporate bonds finished as the best-performing broad market investment-grade domestic sector. Overall, the Bloomberg Barclays Corporate Index outpaced comparable-duration Treasuries by 317 bps, with industrial names being the best-performing sub-sector, outperforming Treasuries by 363 bps. The Fund’s underweight to credit detracted from performance, as the sector outpaced other spread sectors on a comparable-duration basis.

Sector allocations did not change dramatically throughout the year. We remained underweight in Treasury debt, overweight in MBS and asset-backed securities, relatively neutral in agency debentures, and modestly underweight in corporate bonds.

The Fund’s duration ended the year at 5.58 years as compared to 5.67 years for the benchmark.

Barbara Miller

Peter Simons, CFA

Richard Figuly

Co-Portfolio Managers

J.P. Morgan Asset Management

Transamerica Funds Annual Report 2016

Page    2

Transamerica Core Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		4.03	%		3.16	%		4.07	%		07/01/2009
Bloomberg Barclays U.S. Aggregate Bond Index (A)		4.37	%		2.90	%		4.32	%

^(A) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in bond funds entails interest rate and credit risk as well as additional risks in that the Fund may invest in high-yield/high-risk bonds and is subject to greater levels of liquidity risk, which are described in more detail in the prospectus. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    3

Transamerica Developing Markets Equity

(unaudited)

MARKET ENVIRONMENT

It was a tale of two periods for emerging markets. After suffering losses in the early part of the reporting period, emerging market equities rallied strongly in 2016, resulting in strong performance for the MSCI Emerging Markets Index for the overall one-year period ended October 31, 2016.

The closing months of 2015 were marked by uncertainty over when, or if the U.S. Federal Reserve (“Fed”) would raise interest rates, which it eventually did in mid-December. In addition, plummeting energy prices, decelerating emerging market growth and sluggish developed market growth created an environment in which investor sentiment swung back and forth like a pendulum. Market volatility picked up significantly in the beginning of 2016. The declines were largely the result of concerns surrounding growth in China and the continued drop in oil prices. Against this backdrop, emerging and developed market equities experienced losses.

Investor sentiment began to shift late in the first quarter of 2016. The bottoming of both oil prices (and much of the commodity complex) and domestic growth conditions across the emerging market landscape were important catalysts. However, the level of U.S. dollar gains — and just as importantly, the geographic distribution of such gains — suggested the principal driver of emerging market equity performance to date in 2016 had been the global hunt for yield, rather than any meaningful improvement in underlying fundamentals. What we witnessed was not a massive cyclical recovery in emerging market economies and corporate earnings, but rather a global carry trade. Emerging market bonds saw high levels of inflows as a result.

The distribution of performance across emerging market equity markets reflected this basal reality. Outperformance was largely centered in “high-yield” countries and/or those with significant commodity exports. Indeed, one could make the philosophical extension that commodity price gains also reflected the relatively weak dollar environment, which was itself a manifestation of low nominal rates.

In decomposing equity returns in some of the best-performing emerging market countries year to date, the currency component was significant. The Brazilian real rallied over 24%. The South African rand, Colombian peso and Russian ruble also made gains.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Developing Markets Equity Class I2 returned 7.83%. By comparison, its benchmark, the MSCI Emerging Markets Index, returned 9.67%.

STRATEGY REVIEW

For the 12-month period, the Fund lagged its benchmark primarily due to holdings in the consumer staples sector. An underweight in energy and an overweight position in health care also detracted. Additionally, the cash position weighed on performance during the 2016 rally. Relative contributors included stock selection in consumer discretionary, industrials and materials and an underweight in telecommunication services.

On a country basis, detractors included stock selection and an overweight position in India and stock selection in Brazil. The largest outperformer was stock selection in China. Stock selection and an underweight in South Korea also benefited the Fund’s relative performance.

Individual detractors included JD.com, Inc. (no longer held at period end) (consumer discretionary, China), Tingyi Cayman Islands Holding Corp. (consumer staples, China) and Embraer SA (industrials, Brazil).

JD.com, Inc., the second largest e-commerce operator in China, was weak on concerns about slowing growth and its ability to compete effectively against Alibaba Group Holding, Ltd. After doing extensive work, we came to believe that JD.com, Inc. would not be able to significantly disrupt Alibaba Group Holding, Ltd.’s dominance. The formidable competitive advantages that Alibaba Group Holding, Ltd. enjoys in its marketplace — logistics, payments, big data — will make it extremely challenging for JD.com, Inc. to find an economic model of reasonable profitability, in our view. Therefore, we exited our position.

Tingyi Cayman Islands Holding Corp., along with its subsidiaries, is the largest instant noodle producer in China. The company reported a decline in profit for 2015, and sales declined following price hikes that weren’t replicated by the competition, resulting in a loss of market share. Additionally, its products in the beverage segment were not properly positioned. The stock subsequently recovered off its lows, as management took steps to address the problems.

Embraer SA, the Brazilian aircraft manufacturer, struggled primarily on the back of weaker demand in both its commercial and corporate jet businesses. On the commercial side, we believe that lower oil prices led airlines to defer orders for more fuel efficient aircrafts. On the corporate side, there were cyclical pressures weighing on sales and earnings.

Transamerica Funds Annual Report 2016

Page    4

Transamerica Developing Markets Equity

(unaudited)

STRATEGY REVIEW (continued)

Top-performing holdings included Tencent Holdings, Ltd. (information technology, China), Taiwan Semiconductor Manufacturing Co., Ltd. (“TSMC,” information technology, Taiwan), and Lojas Americanas SA (consumer discretionary, Brazil).

Tencent Holdings, Ltd., one of China’s leading internet companies, benefited from better-than-expected results. The online gaming and social networking company continued to show improvements in monetization through online advertising, which has been an increasing focus. TSMC, the largest semiconductor foundry with 50% share of global revenues, rallied on optimism surrounding stronger than expected inventory restocking and the potential to take 100% share of the iPhone business. Lojas Americanas SA, a Brazilian retailer, performed well alongside a broader recovery in Brazilian equities and the prospect of an improving macroeconomic environment.

Justin Leverenz, CFA

John Paul Lech

Co-Portfolio Managers

OppenheimerFunds, Inc.

Transamerica Funds Annual Report 2016

Page    5

Transamerica Developing Markets Equity

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		7.83	%		1.73	%		5.41	%		12/06/2005
MSCI Emerging Markets Index (A)		9.67	%		0.90	%		3.82	%

^(A) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in emerging and developing markets involves special considerations. These may include risks related to market and currency volatility, adverse social and political developments, and the relatively small size and lesser liquidity of these markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    6

Transamerica Event Driven

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year, credit and equity markets were subject to ongoing bouts of financial asset volatility due to dramatic geopolitical events. The decline in global equity prices that began in late 2015, accelerated in early 2016 due to a confluence of poor macro data. The U.S. economy decelerated due to weakness stemming from lower global demand, while growing concerns over the financial stability of the Chinese economy emerged. This macro backdrop coincided with turmoil in the high-yield market caused by the massive expected defaults in the energy sector. Due to the economic uncertainty, the U.S. Federal Reserve provided a very dovish forecast for further rate increases. Market sentiment shifted into “risk-on” mode in the first quarter on expectations of better economic data and a stable Chinese economy, accommodative central bank policies and increasing energy prices.

As the year progressed, indicators in the U.S. such as employment, housing prices and wage data, continued to maintain strength which reinforced investors’ confidence that the U.S. economy was not at risk of near-term negative growth. Meanwhile, European and Asian equities declined during the second quarter on poorer growth prospects despite further quantitative easing programs by the European Central Bank and Bank of Japan, which sent yields plunging to negative levels.

The unanticipated outcome of Great Britain’s exit from the European Union (“Brexit”) at the end of June led to an immediate fall in global equity prices followed by a sharp rebound that continued into the third quarter. Through the summer, global equity markets steadily increased on dovish central banks. U.S. equity markets were buoyed by historically low 10-year Treasury yields. The global search for yield drove investors into investment grade and high-yield bonds, resulting in noticeably compressed spreads and strong returns from higher yielding, riskier bonds. As we moved into October, the market paused due to the upcoming U.S. presidential election.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Event Driven Class I2 returned 1.87%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index, returned 0.61%.

STRATEGY REVIEW

We invest in companies involved in corporate events or special situations and will look to exploit mispricings due to fundamental factors, security volatility and price dislocations. We will express long or short exposures, utilizing a variety of securities within a company’s capital structure.

Market dislocations during the fiscal year created compelling event opportunities. The Fund benefited from long volatility positions and short energy trades in early 2016. In early March, we shifted the Fund into idiosyncratic long energy exposures, capturing the rally. We also identified and capitalized on several corporate refinancing events and mispriced credit opportunities. Detractors from performance included our capital structure positions as well as some of our fundamental events.

Although diversified, the Fund is primarily invested in North America, followed by Europe and Asia, reflecting our view that most of the high alpha events will be in North America. At period end, the Fund’s largest sector concentrations were in technology, energy and financials.

During the period, the Fund used derivatives. These positions detracted from performance.

Tracy V. Maitland

Odell Lambroza

Co-Portfolio Managers

Advent Capital Management, LLC

Transamerica Funds Annual Report 2016

Page    7

Transamerica Event Driven

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		1.87	%		(0.94	)%		03/31/2015
BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index (A)		0.61	%		0.49	%

^(A) The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    8

Transamerica Global Real Estate Securities

(unaudited)

MARKET ENVIRONMENT

Global real estate shares generated a positive return during the fiscal year as positive performance in Asia Pacific and the Americas was tempered by negative returns in the Europe, which was impacted by the negative performance of the U.K. markets following the country’s vote to leave the European Union (“Brexit”). From a fundamental standpoint, real estate stocks benefited from a favorable environment of limited new supply, improving demand for real estate space, which led to higher occupancies, rents, property values and access to attractively-priced capital. Low levels of new construction globally were also a positive in a slowing world economy, suggesting that owners of existing properties could continue to enjoy some degree of improved pricing power.

While global economic forecasts were revised down late in the period, there were offsetting positive indicators, particularly in the U.S., which showed firming employment and a recovering housing market. The moderate pace of economic activity, combined with subdued development starts, a low inflation/low interest rate environment, and a wide spread between initial yields on real estate and high-quality bonds may support investor demand for real estate. We believe central bank policy will generally remain accommodative. While global risks became more elevated in the aftermath of the Brexit vote, we continued to look for opportunities to buy high-quality real estate companies with visible earnings at discounted prices. The spread between cap rates and 10-year sovereign bond yields remained at historically wide levels, suggesting that there was a plenty of “cushion” should bond yields ultimately increase.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Global Real Estate Securities Class I2 returned (0.65)%. By comparison, its benchmark, the S&P Developed Property Index, returned 4.13%.

STRATEGY REVIEW

The Fund offers a global strategy for real estate securities, owning between 80 and 110 real estate stocks with the goal of outperforming the S&P Developed Property Index. We seek to invest in attractively-priced companies that own property in markets with favorable underlying real estate fundamentals. The global universe of public real estate companies is approximately three times the size of the U.S. public company universe, thus offering additional choices and diversification opportunities.

The Fund underperformed its benchmark due primarily to stock selection in the U.S. Positioning in the U.K. following the Brexit vote also detracted from relative performance.

U.S. stock selection was challenged by an investment environment favoring dividend yield over any other valuation metrics. Our portfolio positioning in the U.S. favored higher-growth companies, many of which tended to have lower dividend yields. As a result, portfolio holdings in the apartment and office sectors underperformed and overshadowed positive stock selection in the net lease and storage sectors.

The negative impact from the Brexit vote was a notable detractor. We began the year with a modest underweight in the U.K. and shifted to an overweight in May, because the stocks looked exceptionally cheap relative to private market values and we did not believe the “Leave” vote would prevail. This move was additive to relative performance until the unexpected Brexit vote, after which time our U.K. holdings underperformed.

Positioning in the Asia-Pacific region was a modest drag on relative performance due to positioning in Tokyo-focused developers, which underperformed despite evidence of improving property fundamentals. This offset the benefit of positive stock selection in Hong Kong and Australia.

Steven D. Burton, CFA

T. Ritson Ferguson, CFA

Joseph P. Smith, CFA

Co-Portfolio Managers

CBRE Clarion Securities LLC

Transamerica Funds Annual Report 2016

Page    9

Transamerica Global Real Estate Securities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		(0.65	)%		7.31	%		2.50	%		11/15/2005
S&P Developed Property Index (A)		4.13	%		9.75	%		3.27	%

^(A) The S&P Developed Property Index defines and measures the investable universe of publicly traded property companies domiciled in developed markets.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in real estate securities and real estate investment trusts (“REITs”) involve special risks, such as the possible decline in value of real estate, extended vacancies, and uninsured damages from natural disasters. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    10

Transamerica Intermediate Bond

(unaudited)

MARKET ENVIRONMENT

The fiscal year ended October 31, 2016 was not completely unlike any other 12-month period in the post-crisis era. Interest rates and growth remained low, global central banks stayed unprecedentedly accommodative, and geopolitical events punctuated the grinding, but still positive, economic improvements.

In December, the U.S. Federal Reserve (“Fed”) raised the Fed funds rate target for the first time since 2006, taking its first substantive step toward normalizing the stance of monetary policy since ceasing the quantitative easing program in 2014. The European Central Bank (“ECB”) and the Bank of Japan (“BoJ”), meanwhile, continued to provide monetary stimulus during the period. The ECB launched a new corporate bond purchase program in the summer, meant to ease lending conditions in the real economy and boost credit market activity. Late in the summer, the BoJ shifted gears and adopted a new policy target — the 10-year Japanese government bond yield. In both cases, these major central banks continued to innovate their policy toolkits. Much of this innovation was attributed to a crisis of confidence that spread across global markets in the first quarter of 2016, when global developed sovereign yields turned increasingly negative.

Domestically, the economic environment steadily improved. Year over year, real gross domestic product accelerated from a 2.0% seasonally-adjusted annual rate to 2.9% in the third quarter. The labor market added approximately 2.3 million jobs at an average pace of 196,000 per month while the unemployment rate hovered around the 5% level. Goods and services prices crept higher in aggregate as the Consumer Price Index went from no growth in September 2015 to registering 1.46% in September 2016. Crude oil prices remained volatile, swinging from as low as $26/barrel to $51/barrel.

In the U.S. financial markets, interest rates finished the fiscal year lower, while equities and the dollar were stronger. Corporate credit had a good year as total returns improved and spreads tightened markedly. Investors were the most challenged, perhaps, by bouts of volatility as the CBOE VIX Index was elevated around calendar year-end and slowly settled down only to surge again mid-year on the U.K.‘s vote to leave the European Union (“Brexit”).

Geopolitics were a notable headwind for investors, but also a source for opportunity. The conflict in Syria raged on as terror attacks continued in the West — from the Bataclan nightclub in Paris last November to the Brussels airport in March. A July coup attempt in Turkey unsettled markets as well. Amid this chaos, the U.S. was embroiled in a caustic and exhausting election campaign season that culminated in a vote for a new president on November 8, 2016.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Intermediate Bond Class I2 returned 4.41%. By comparison, its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.37%.

STRATEGY REVIEW

Strategically, we continued to prefer defensive interest rate positioning into periods of potential volatility. The emphasis remained on minimizing interest rate volatility risks by focusing on spread products, rather than U.S. Treasuries, for example, and using credit selection expertise rather than taking on above-benchmark duration risk.

During the period, spread tightening and paydown effects were the primary positive contributors to performance.

Interest rates generally moved lower and the Fund experienced a drag from yield-curve positioning, mainly due to being underweight duration relative to its benchmark at the long end of the curve. However, our strategic short duration bias in the front-end paid off, with the one-year and two-year points contributing the most positively on an active basis.

At the asset class level, top contributors to excess performance were U.S. Treasuries, agency residential mortgage backed securities (“RMBS”) and investment grade corporates. Non-agency RMBS, asset backed securities and emerging markets debt were the biggest detractors.

Fund performance was driven by lower-rated credits. A-rated holdings were the largest component of excess return by rating. BBB-rated securities were the largest detractors, though the overweight to lower quality securities generally added to overall performance along with excess carry.

Brian W. Westhoff, CFA

Doug Weih, CFA

Matthew Q. Buchanan

Bradley D. Doyle

Tyler A. Knight

Co-Portfolio Managers

Aegon USA Investment Management, LLC

Transamerica Funds Annual Report 2016

Page    11

Transamerica Intermediate Bond

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		4.41	%		3.20	%		03/01/2014
Bloomberg Barclays U.S. Aggregate Bond Index (A)		4.37	%		3.51	%

^(A) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Fixed income investing is subject to credit risk, inflation risk, and interest rate risk. Investing in high-yield (junk bonds) may be subject to greater volatility and risks as the income derived from these securities is not guaranteed and may be unpredictable and the value of these securities tends to decline when interest rates increases. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    12

Transamerica International Equity Opportunities

(unaudited)

MARKET ENVIRONMENT

Sluggish global growth weighed on both developed and emerging market economies during the reporting period. The U.S. Federal Reserve (“Fed”) began its long-anticipated monetary tightening cycle in the middle of the period, but the tightening cycle proved to be more gradual than initially anticipated. Globally, central bank policy remained highly accommodative, which forced many government, and even some corporate, bond yields into negative territory. During the second half of the period, the United Kingdom voted to leave the European Union (“EU”), beginning a multi-year process of negotiation in order to achieve “Brexit”. While markets initially reacted to the vote with alarm, the spillover to European and emerging markets was relatively short-lived, although risks of further hits to EU cohesiveness could re-emerge.

Slow global trade continued to mirror slow global growth, particularly for many emerging markets. That said, these countries began to show signs of a modest upturn in activity along with adjustment in their external accounts.

PERFORMANCE

For the year ended October 31, 2016, Transamerica International Equity Opportunities Class I2 returned (3.75)%. By comparison, its benchmark, the MSCI EAFE Index, returned (2.74)%.

STRATEGY REVIEW

Weak stock selection in the materials sector detracted from performance relative to the MSCI EAFE Index. Within this sector, an overweight position in industrial and medical gas supplier Air Liquide SA (France) hurt relative returns.

Security selection in both the retailing and autos and housing sectors also detracted. Within retailing, the Fund’s overweight in global sourcing and supply chain management company Li & Fung, Ltd. (Hong Kong) and retailer Hennes & Mauritz AB (Sweden), and holdings of apparel manufacturer Global Brands Group Holding, Ltd. (Hong Kong) detracted.

Elsewhere, the Fund’s overweight positions in pharmaceutical company Bayer AG (Germany), entertainment company Sky PLC (United Kingdom), investment management and banking firm UBS Group AG (Switzerland) and pharmaceutical and diagnostic company Roche Holding AG (Switzerland) hurt relative performance. Additionally, the Fund’s position in pharmaceutical company Valeant Pharmaceuticals International, Inc. (no longer held at period end) (Canada) and an underweight position in banking and financial services company HSBC Holdings PLC (no longer held at period end) (United Kingdom) also held back relative results.

Relative contributors were led by stock selection in the technology and special products/services sectors. Within technology, contract semiconductor manufacturer Taiwan Semiconductor Manufacturing Co., Ltd., online and mobile commerce company Alibaba Group Holding, Ltd. (China), and an overweight position in enterprise applications company SAP SE (Germany) helped relative results. Within special products/services, an overweight position in food catering company Compass Group PLC (United Kingdom) also boosted relative results.

Other contributors included fast-food restaurant company Yum! Brands, Inc. and overweight positions in medical products and equipment manufacturer Terumo Corp. (Japan), electrical distribution equipment manufacturer Schneider Electric SE (France) and insurance company AIA Group, Ltd. (Hong Kong). Additionally, not owning poor-performing pharmaceutical company Novo Nordisk (Denmark) and financial services provider Lloyds Banking Group (United Kingdom) also aided relative returns.

Daniel Ling, CFA

Marcus L. Smith

Felipe M.G. Benzinho

Co-Portfolio Managers

MFS^® Investment Management

Transamerica Funds Annual Report 2016

Page    13

Transamerica International Equity Opportunities

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		(3.75	)%		5.32	%		2.04	%		06/10/2008
MSCI EAFE Index (A)		(2.74	)%		5.48	%		0.57	%

^(A) The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investments in developing markets involve greater risks than investments in developed markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    14

Transamerica International Small Cap

(unaudited)

MARKET ENVIRONMENT

International small company equities made limited progress over the fiscal year ended October 31, 2016, with the S&P EuroPacific SmallCap Index yielding a dollar return of 2.28%. Overall returns may have been modest for the year, but small caps again outperformed their larger peers, which fell (1.86)% as measured by the S&P EuroPacific Large/Midcap Index. The small cap “effect” was most marked in continental Europe, where smaller company outperformance in the financial and health care sectors were particularly influential, and in Japan, where the more domestic focus of smaller companies benefited them relative to large caps during a period of strength in the yen.

Among the worst returns were in the United Kingdom, where the vote to leave the European Union on June 23, 2016, hit domestically-focused smaller companies particularly hard. The rout was led by key small-cap sectors such as house builders, real estate, retailing and consumer services, reflecting acute investor concerns over the outlook for revenues, the impact on input costs from a dramatically weaker pound sterling, and the potential for restrictive immigration policies.

The period closed with perhaps more than the usual litany of uncertainties, including political developments in Europe, continued fragilities in a number of emerging markets, and signs that the efficacy of monetary policy tools was fading. Constraints of high levels of debt and poor demographics (and not just in developed economies) suggested that overall global growth could continue on the muted path seen over the last seven years. Long-term investors will have to work harder to identify areas of superior growth, and in that context we remain confident of selective exposure to smaller companies as an important strategic exposure. We will continue to work hard to identify companies offering sustainable growth and superior returns.

PERFORMANCE

For the year ended October 31, 2016, Transamerica International Small Cap Class I2 returned (0.58)%. By comparison, its benchmark, the S&P EuroPacific SmallCap Index, returned 2.28%.

STRATEGY REVIEW

Stock selection in Japan was the main headwind, and was not helped by our underweight in the strongest performer among major markets. We struggled to find attractive value among domestic defensive companies and the high-yielding real estate sector, but given a strong currency and a hunt for yield amid the negative interest rate policy pursued by the Bank of Japan, these areas outperformed strongly. Meanwhile, stock selection in consumer discretionary (auto part companies such as Unipres Corp. and Eagle Industry Co., Ltd.), information technology (OBIC Business Consultants Co., Ltd. and Kakaku.com, Inc.) and materials (Kumiai Chemical Industry Co., Ltd.) lagged. The impact was only partly offset by strong showings among some of our domestically-oriented industrial holdings such as AICA Kogyo Co., Ltd., Trusco Nakayama Corp. and Fukushima Industries Corp.

Our European holdings also fell short of the benchmark, almost entirely due to financial holdings in Italy, most notably Anima Holding SpA, BPER (Banca Popolare dell’Emilia Romagna SC) (no longer held at period end) and Banca Sistema SpA. This more than counteracted good selection among information technology stocks, most notably Logitech International S.A., Lectra and Comet Holding AG. In the United Kingdom, the main detractors were in the consumer discretionary sector (Lookers PLC, Redrow PLC and Pets at Home Group PLC).

Stock selection in Asian markets outside Japan (across both developed and emerging exposures) was generally strong. A number of consumer companies in Hong Kong/China were notably strong, including New Oriental Education & Technology Group, Inc. and Best Pacific International Holdings, Ltd., along with Korean auto part stocks Mando Corp. and Hanon Systems.

Matthew Dobbs

Portfolio Manager

Schroder Investment Management North America Inc.

Transamerica Funds Annual Report 2016

Page    15

Transamerica International Small Cap

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		(0.58	)%		7.78	%		3.61	%		03/01/2008
S&P EuroPacific SmallCap Index (A)		2.28	%		9.05	%		3.74	%

^(A) The S&P EuroPacific SmallCap Index measures the performance of the smallest companies from select European and Pacific countries.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fluctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets. Investing in small size companies involves greater risk than is customarily associated with more established companies. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    16

Transamerica Long/Short Strategy

(unaudited)

MARKET ENVIRONMENT

At the beginning of the fiscal year, in November 2015, U.S. equity markets experienced the same volatility faced earlier in in 2015 as global growth concerns re-emerged on news of weak industrial activity in China. The strong U.S. dollar, boosted by rising expectations that the U.S. Federal Reserve (“Fed”) would raise interest rates, also contributed to volatility. The major nemeses of equity markets for 2015, falling oil prices and continued strength in the U.S. dollar, did not go away.

During the first six weeks of 2016, investor concerns about a potential U.S. recession and continued volatility in commodity prices drove equity markets lower. Additionally, headwinds surrounding global growth and anticipation of continued oil oversupply caused oil to reach new multiyear lows. These trends began to reverse, as markets cheered the continued weakness in the dollar and interpreted hawkish Fed signals to indicate that the U.S. economy was strong enough to endure the normalization of monetary policy. However, market optimism soon evaporated in mid-June 2016. Growing support for the leave campaign in the U.K.’s referendum vote to exit European Union (“EU”) began to surface and led to broadly sharper volatility, with markets selling off widely in the two days following the vote.

Investors quickly cast aside fears related to U.K.’s decision to leave EU during the last four months of the fiscal year as the S&P 500^® reached an all-time high in August. Despite some pullback in September, the index enjoyed a gain of approximately four percent during the third quarter of 2016. Notably, market leadership began to reverse, as returns were most robust for the technology, financials and media sectors while utilities and telecommunication services were among the biggest laggards. Federal funds futures rates exhibited relatively pronounced volatility during the quarter, as heightened anticipation for a September rate hike quickly evaporated while the likelihood of a December increase firmed.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Long/Short Strategy Class I2 returned (0.73)%. By comparison, its primary and secondary benchmarks, the BofA Merrill Lynch 3-Month Treasury Bill Index and the S&P 500^® Index, returned 0.31% and 4.51%, respectively.

STRATEGY REVIEW

The Fund underperformed its benchmark with the pharmaceutical/medical technology, consumer cyclical and real estate investment trust sectors detracting from relative performance. Meanwhile, the media, energy and semiconductors sectors added value.

On an individual basis in the semiconductors sector, the strategy’s short position in Micron Technology, Inc. (“Micron”) detracted from performance. During the third quarter of 2016, the company reported better-than-expected earnings due to top- and bottom-line growth. Memory markets also showed broad near-term improvements. We remained confident in our short position due to Micron’s limited free cash flow generation amid unstable capital expenditure levels. Additionally, a short position in NVIDIA Corp. detracted as the company increased forward guidance due to growth in its auto and data-center segments. We continued to find NVIDIA Corp.’s valuation unattractive and believed its new revenue sources were overstated.

On the positive side in semiconductors, a long position in Broadcom, Ltd. was a top contributor, as the merger between the company and Avago Technologies was finalized in the first half of the Fund’s fiscal year. We continued to have conviction in this position due to the company’s diversified end-markets, strong operating expense controls and access to key growth markets. In media, a long position in Facebook, Inc. helped performance in the fourth quarter of 2015; the company reported strong quarters with accelerating growth in advertising revenue and better-than-expected margins. Facebook, Inc. continued to benefit from the secular shift of advertising spending from traditional media to digital and mobile platforms.

Steven G. Lee

Raffaele Zingone, CFA

Co-Portfolio Managers

J.P. Morgan Investment Management, Inc.

Transamerica Funds Annual Report 2016

Page    17

Transamerica Long/Short Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		(0.73	)%		3.25	%		(0.08	)%		01/03/2007
BofA Merrill Lynch 3-Month Treasury Bill Index (A)		0.31	%		0.11	%		0.80	%
S&P 500® Index (B)		4.51	%		13.57	%		6.46	%

^(A) The BofA Merrill Lynch 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month, which is subsequently sold at the end of the month and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

^(B) The S&P 500^® is market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. The Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    18

Transamerica Mid Cap Value

(unaudited)

MARKET ENVIRONMENT

While investors enjoyed strong positive absolute returns in U.S. equity markets over the fiscal year, it has been an unusual market environment for sector leadership. Given many uncertainties (interest rates, volatile commodity prices and the impending U.K. referendum to leave the European Union (“Brexit”)) in the marketplace in the first quarter in 2016, investors sought defensive areas of the market, causing utilities and telecommunication services to lead the market. During the second quarter, while utilities and telecommunication services continued their ascent, the energy sector was actually the best-performing sector due to a rebound in oil prices. Following Brexit, there was a rotation from defensives to cyclicals in the third quarter as the highest-yielding sectors gave back some of their lofty gains, although at a very modest rate. Interestingly, information technology was the top-performing sector in the third quarter due to merger-and-acquisition activity.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Mid Cap Value Class I2 returned 5.24%. By comparison, its benchmark, the Russell Midcap^® Value Index, returned 7.84%.

STRATEGY REVIEW

Active management in the mid-cap space has been challenging in 2016 with an overwhelming majority of managers underperforming the benchmark on a year-to-date basis through October 31. Several of the top-performing stocks in the Russell Midcap^® Value Index were commodity-related names, such as Newmont Mining Corp. and Freeport-McMoRan, Inc. These names have been sparsely owned in the mid-cap market, causing most managers to underperform. Additionally, sector leadership rotated dramatically, as detailed above. While these undercurrents posed a short-term challenge for the Fund’s style, we continued to abide by our approach of investing in high-quality, mid-cap companies with durable franchises, consistent patterns of earnings and strong management teams focused on generating shareholder returns.

During the year, an overweight allocation to the consumer discretionary sector was the single biggest detractor from overall performance amid the accumulation of negative retail data points. Although partially offset by positive stock selection in the sector, the Fund’s long-standing structural overweight reflects the breadth of attractive opportunities we see to invest in companies with strong brands, consistent earnings patterns, and management teams with a proven track record of capital allocation. While a few months are certainly not evidence of a turnaround, we are pleased to see a rebound in many of our retailers on the heels of better-than-feared earnings results in the most recent quarter. Valuations are attractive and we believe that our retailers are positioned to adapt well to a changing retail landscape by developing effective omni-channel strategies.

On the positive side, the Fund benefited from merger-and-acquisition activity, most notably in the utilities sector, where we’ve enjoyed strongly positive stock selection in part due to positions which have been acquired at sizable premiums. While we do not explicitly set out to identify companies that are potential takeout candidates, often the same qualities that appeal to us can make these stocks attractive acquisition targets.

Gloria Fu, CFA

Lawrence Playford, CFA

Jonathan K.L. Simon

Co-Portfolio Managers

J.P. Morgan Investment Management Inc.

Transamerica Funds Annual Report 2016

Page    19

Transamerica Mid Cap Value

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		5.24	%		14.39	%		8.14	%		11/15/2005
Russell Midcap® Value Index (A)		7.84	%		14.07	%		7.19	%

^(A) The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe, and is comprised of Russell Midcap^® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Growth stocks can be volatile and experience sharp price declines and certain types of stocks, especially technology, can be extremely volatile and subject to greater price swings than the broader market. Value approach carries the risk that the market will not recognize a security’s intrinsic value for a long time or that an undervalued stock is actually appropriately priced. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2016

Page    20

Transamerica Total Return

(unaudited)

MARKET ENVIRONMENT

The most significant event during the last quarter of 2015 was the U.S. Federal Reserve’s (“Fed”) much awaited decision to raise policy rates by 25 basis points in December 2015, a path not explored in nearly a decade. As a result, markets reacted to the long-awaited liftoff with a sense of relief, releasing tension in the financial markets. U.S. yields, particularly at the front-end, began to rise and the U.S. dollar outperformed most developed market counterparts. Conversely, in Europe, the European Central Bank (“ECB”) continued its quantitative easing, following signals that European economic growth and inflation lagged.

At the onset of the first quarter of 2016, global growth fears gripped markets amidst uncertainty surrounding China, falling commodity prices, and efficacy of central bank policies. Despite elevated volatility in financial markets, the fundamental backdrop remained mostly intact as supportive central banks helped reignite risk appetite in part with calming rhetoric and action. Central banks in Europe, Japan, and China, announced additional easing measures, though the ECB notably shifted efforts toward credit expansion and away from weakening the currency. In the meantime, concerns about global influences and financial conditions prevented the Fed from hiking rates for the second time, with the statement suggesting a dovish tilt with a tolerance for overshooting the inflation target. Due to the Fed’s “dovish pause” in policy normalization and the rally of global commodity prices, the U.S. dollar weakened against most developed market counterparts.

For most of the second quarter, markets were relatively subdued as oil prices moved higher and China’s growth stabilized, despite central banks taking a pause from quantitative easing. However, the outcome of U.K.’s referendum vote to leave the European Union (“Brexit”) stirred market sentiment near the end of the quarter and led to a decline in sovereign yields and a sell-off of risk assets. Still, the fundamental backdrop remained mostly unchanged and expectations for further central bank easing helped anchor risk appetite. During this time, the U.S. dollar was mixed against developed market and emerging market (“EM”) currencies due to the Fed’s dovish stance, and the pound sterling weakened considerably in the wake of the surprise outcome in the U.K.’s historic referendum.

In the third quarter of 2016, markets generally shook off the unexpected Brexit referendum results and were relatively calm as equities hit new highs and volatility remained low. Over the course of the quarter, headlines were marked by concerns over monetary policy, particularly the Bank of Japan’s “comprehensive review,” the ECB’s inaction, and the Fed’s path towards a potential rate hike in December, prompting sovereign interest rates to increase across much of the developed world. Meanwhile, a stronger dollar and heightened election uncertainty, mixed with increasing rates, weighed on risk sentiment toward the end of October.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Total Return Class I2 returned 4.70%. By comparison, its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, returned 4.37%.

STRATEGY REVIEW

During the one-year period, an underweight to U.S. duration for the majority of the period detracted from performance as yields fell. Allocations to European duration, specifically Germany and Italy, added to returns as yields declined as a product of the ECB’s accommodative measures. Short tactical exposure to U.K. sovereign debt detracted from performance as rates rallied throughout the period. Meanwhile, a long U.S. dollar currency positioning against a basket of EM currencies added to returns as these currencies depreciated versus the U.S. dollar. However, a long U.S. dollar currency positioning against the Japanese yen more than offset currency gains as the currency appreciated relative to the U.S. dollar.

Continued exposure to non-Agency mortgages contributed to returns over the year as these securities benefited from limited supply and an ongoing housing recovery. Holdings of Treasury Inflation-Protected Securities contributed to returns, as inflation expectations increased via breakeven levels. Exposure to external EM debt, particularly quasi-sovereign corporates, were additive to performance as spreads narrowed. An allocation to high yield corporates contributed to returns as spreads narrowed, while an overweight and security and sector selection within investment grade financials contributed to returns. Additionally, an overweight to municipal securities added to performance as spreads narrowed for revenue bonds.

During the period, the Fund used derivatives. These positions detracted from performance.

Scott A. Mather

Mark R. Kiesel

Mihir P. Worah

Co-Portfolio Managers

Pacific Investment Management Company LLC

Transamerica Funds Annual Report 2016

Page    21

Transamerica Total Return

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		4.70	%		3.20	%		5.26	%		11/15/2005
Bloomberg Barclays U.S. Aggregate Bond Index (A)		4.37	%		2.90	%		4.64	%

^(A) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expenses reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

This Fund will normally invest its assets in a diversified portfolio of fixed-income securities. The Fund may invest in non-U.S. securities and may invest a portion of its assets in high-yield securities. Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    22

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2016, and held for the entire period until October 31, 2016.

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 assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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 management fees, expenses and fees of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Core Bond	$	1,000.00	$	1,014.80	$	2.33	$	1,022.80	$	2.34		0.46	%
Transamerica Developing Markets Equity		1,000.00		1,095.00		6.37		1,019.10		6.14		1.21
Transamerica Event Driven		1,000.00		1,034.70		11.20		1,014.10		11.09		2.19	(D)
Transamerica Global Real Estate Securities		1,000.00		976.10		5.46		1,019.60		5.58		1.10
Transamerica Intermediate Bond		1,000.00		1,017.20		2.08		1,023.10		2.09		0.41
Transamerica International Equity Opportunities		1,000.00		1,006.90		4.84		1,020.30		4.88		0.96
Transamerica International Small Cap		1,000.00		994.60		5.87		1,019.30		5.94		1.17
Transamerica Long/Short Strategy		1,000.00		1,014.90		18.13		1,007.10		18.06		3.58
Transamerica Mid Cap Value		1,000.00		1,025.60		4.43		1,020.80		4.42		0.87
Transamerica Total Return		1,000.00		1,023.70		3.76		1,021.40		3.76		0.74

^(A)  5% return per year before expenses.

^(B)  Expenses are calculated using the Funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

^(C)  Expense ratios are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

^(D)  Expense ratios (as disclosed in the table) do not include the expenses of the investment companies and/or ETFs in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

Transamerica Funds Annual Report 2016

Page    23

Schedules of Investments Composition

At October 31, 2016

(unaudited)

Transamerica Core Bond
Fund Characteristics	Years
Average Maturity §		7.15
Duration †		5.58
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		56.4	%
AAA		7.7
AA		4.9
A		10.9
BBB		14.8
BB		0.2
B		0.0	*
CCC and Below		0.1
NR (Not Rated)		6.0
Net Other Assets (Liabilities)		(1.0	)
Total		100.0	%
Transamerica Developing Markets Equity
Asset Allocation	Percentage of Net Assets
Common Stocks		93.0	%
Repurchase Agreement		4.3
Securities Lending Collateral		4.2
Preferred Stock		2.7
Warrant		0.0	*
Net Other Assets (Liabilities)		(4.2	)
Total		100.0	%
Transamerica Event Driven
Fund Characteristics	Years
Duration †		3.96
Asset Allocation	Percentage of Net Assets
Convertible Bonds		48.8	%
Corporate Debt Securities		41.6
Common Stocks		13.6
Securities Lending Collateral		5.5
Repurchase Agreement		4.4
Exchange-Traded Options Purchased		0.3
Exchange-Traded Fund		0.2
Exchange-Traded Funds Sold Short		(1.8	)
Convertible Bonds Sold Short		(2.5	)
Common Stocks Sold Short		(12.0	)
Net Other Assets (Liabilities)^		1.9
Total		100.0	%
Transamerica Global Real Estate Securities
Asset Allocation	Percentage of Net Assets
Common Stocks		97.9	%
Securities Lending Collateral		1.1
Repurchase Agreement		0.3
Net Other Assets (Liabilities)		0.7
Total		100.0	%

Transamerica Intermediate Bond
Fund Characteristics	Years
Average Maturity §		7.37
Duration †		5.37
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		53.3	%
AAA		12.9
AA		5.7
A		17.2
BBB		22.5
BB		1.3
B		0.7
CCC and Below		0.1
NR (Not Rated)		1.2
Net Other Assets (Liabilities)		(14.9	)
Total		100.0	%
Transamerica International Equity Opportunities
Asset Allocation	Percentage of Net Assets
Common Stocks		98.9	%
Securities Lending Collateral		1.8
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(1.6	)
Total		100.0	%
Transamerica International Small Cap
Asset Allocation	Percentage of Net Assets
Common Stocks		98.5	%
Securities Lending Collateral		14.0
Repurchase Agreement		0.9
Net Other Assets (Liabilities)		(13.4	)
Total		100.0	%
Transamerica Long/Short Strategy
Asset Allocation	Percentage of Net Assets
Common Stocks		104.5	%
Repurchase Agreement		1.3
Common Stocks Sold Short		(76.2	)
Net Other Assets (Liabilities)		70.4
Total		100.0	%
Transamerica Mid Cap Value
Asset Allocation	Percentage of Net Assets
Common Stocks		98.3	%
Repurchase Agreement		2.0
Securities Lending Collateral		1.1
Net Other Assets (Liabilities)		(1.4	)
Total		100.0	%

Transamerica Funds Annual Report 2016

Page    24

Schedules of Investments Composition (continued)

At October 31, 2016

(unaudited)

Transamerica Total Return
Fund Characteristics	Years
Average Maturity §		8.11
Duration †		5.53
Credit Quality ‡	Percentage of Net Assets
U.S. Government and Agency Securities		88.8	%
AAA		12.4
AA		13.1
A		5.9
BBB		18.4
BB		5.7
B		4.5
CCC and Below		7.0
NR (Not Rated)		6.8
Net Other Assets (Liabilities)^		(62.6	)
Total		100.0	%

§ Average Maturity is computed by weighting the maturity of each security in the Fund by the market value of the security, then averaging these weighted figures.

† Duration is a time measure of a bond’s interest rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder.

‡ Credit quality represents a percentage of net assets at the end of the reporting period. Ratings BBB or higher are considered investment grade. Not rated securities do not necessarily indicate low credit quality, and may or may not be equivalent of investment grade. The table reflects Standard and Poor’s (“S&P”) ratings; percentages may include investments not rated by S&P but rated by Moody’s, or if unrated by Moody’s, by Fitch ratings, and then included in the closest equivalent S&P rating. Credit ratings are subject to change. The Fund itself has not been rated by an independent agency.

* Percentage rounds to less than 0.1% or (0.1)%.

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2016

Page    25

Transamerica Core Bond

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 13.4%
ABFC Trust  Series 2005-AQ1, Class A4,  4.86% (A), 06/25/2035		$  359,093		$  366,996
Academic Loan Funding Trust
Series 2012-1A, Class A1,
1.33% (A), 12/27/2022 (B)		225,105		225,222
Series 2013-1A, Class A,
1.33% (A), 12/26/2044 (B)		728,591		717,705
Ally Auto Receivables Trust
Series 2015-SN1, Class A3,
1.21%, 12/20/2017		116,420		116,425
Series 2016-1, Class A3,
1.47%, 04/15/2020		1,602,000		1,608,157
Ally Master Owner Trust
Series 2014-4, Class A2,
1.43%, 06/17/2019		1,000,000		1,001,643
Series 2015-3, Class A,
1.63%, 05/15/2020		1,000,000		1,003,226
American Credit Acceptance Receivables Trust
Series 2014-2, Class B,
2.26%, 03/10/2020 (B)		29,056		29,068
Series 2015-1, Class A,
1.43%, 08/12/2019 (B)		42,770		42,781
Series 2015-2, Class A,
1.57%, 06/12/2019 (B)		137,061		137,183
Series 2016-2, Class C,
6.09%, 05/12/2022 (B)		800,000		843,341
Series 2016-3, Class A,
1.70%, 11/12/2020 (B)		735,705		736,987
Series 2016-3, Class C,
4.26%, 08/12/2022 (B)		722,000		724,285
American Homes 4 Rent Trust
Series 2014-SFR2, Class A,
3.79%, 10/17/2036 (B)		2,135,174		2,290,821
Series 2014-SFR2, Class E,
6.23%, 10/17/2036 (B)		200,000		219,392
Series 2014-SFR3, Class D,
5.04%, 12/17/2036 (B)		270,000		292,926
Series 2014-SFR3, Class E,
6.42%, 12/17/2036 (B)		725,000		805,069
Series 2015-SFR1, Class A,
3.47%, 04/17/2052 (B)		972,704		1,022,352
Series 2015-SFR1, Class E,
5.64%, 04/17/2052 (B)		825,000		870,680
Series 2015-SFR2, Class E,
6.07%, 10/17/2045 (B)		1,155,000		1,255,402
American Tower Trust I  Series 2013-2A, Class 2A,  3.07%, 03/15/2048 (B)		400,000		415,445
AmeriCredit Automobile Receivables Trust
Series 2014-1, Class A3,
0.90%, 02/08/2019		203,464		203,396
Series 2014-2, Class A3,
0.94%, 02/08/2019		209,031		208,961
Series 2015-1, Class A3,
1.26%, 11/08/2019		1,523,675		1,524,030
Series 2015-2, Class A3,
1.27%, 01/08/2020		595,000		595,275

	Principal		Value
ASSET-BACKED SECURITIES (continued)
AmeriCredit Automobile Receivables Trust (continued)
Series 2015-4, Class A3,
1.70%, 07/08/2020		$  1,500,000		$  1,505,662
Series 2016-1, Class A3,
1.81%, 10/08/2020		402,000		404,151
Series 2016-2, Class A2A,
1.42%, 10/08/2019		1,595,008		1,596,906
Series 2016-2, Class A3,
1.60%, 11/09/2020		342,000		342,754
Series 2016-4, Class B,
1.83%, 12/08/2021		700,000		699,481
Anchor Assets IX LLC  Series 2016-1, Class A,  5.13%, 02/15/2020 (B) (C)		2,000,000		2,000,000
ARLP Securitization Trust  Series 2015-1, Class A1,  3.97% (A), 05/25/2055 (B)		962,478		960,975
AXIS Equipment Finance Receivables III LLC  Series 2015-1A, Class A2,  1.90%, 03/20/2020 (B)		283,405		283,894
B2R Mortgage Trust
Series 2015-1, Class A1,
2.52%, 05/15/2048 (B)		303,649		304,238
Series 2015-2, Class A,
3.34%, 11/15/2048 (B)		1,120,144		1,148,078
Series 2016-1, Class A,
2.57%, 06/15/2049 (B)		1,493,698		1,493,686
Banc of America Funding Corp.  Series 2012-R6, Class 1A1,  3.00%, 10/26/2039 (B) (C)		179,801		177,136
BCC Funding Corp. X  Series 2015-1, Class A2,  2.22%, 10/20/2020 (B)		920,971		917,975
BCC Funding XIII LLC  Series 2016-1, Class A2,  2.20%, 12/20/2021 (B)		921,000		920,317
Blue Elephant Loan Trust  Series 2015-1, Class A,  3.12%, 12/15/2022 (B)		126,703		126,606
BXG Receivables Note Trust  Series 2012-A, Class A,  2.66%, 12/02/2027 (B)		340,714		339,223
Cabela’s Credit Card Master Note Trust  Series 2015-2, Class A1,  2.25%, 07/17/2023		185,000		187,636
California Republic Auto Receivables Trust
Series 2015-1, Class A3,
1.33%, 04/15/2019		694,655		695,443
Series 2015-1, Class A4,
1.82%, 09/15/2020		1,155,000		1,163,466
Series 2015-2, Class A3,
1.31%, 08/15/2019		545,323		545,897
CAM Mortgage LLC  Series 2015-1, Class A,  3.50% (A), 07/15/2064 (B)		91,618		91,614

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    26

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Capital Auto Receivables Asset Trust
Series 2014-2, Class A3,
1.26%, 05/21/2018		$  182,545		$  182,616
Series 2015-4, Class A2,
1.62%, 03/20/2019		530,000		531,377
Series 2016-2, Class A2A,
1.32%, 01/22/2019		547,000		547,381
CarFinance Capital Auto Trust
Series 2014-1A, Class A,
1.46%, 12/17/2018 (B)		7,243		7,243
Series 2015-1A, Class A,
1.75%, 06/15/2021 (B)		165,697		165,971
Carlyle Global Market Strategies Commodities Funding, Ltd.  Series 2014-1A, Class A,  2.72% (A), 10/15/2021 (B) (C) (D) (E) (F)		382,018		309,243
CarMax Auto Owner Trust
Series 2013-4, Class A3,
0.80%, 07/16/2018		32,071		32,062
Series 2016-2, Class A3,
1.52%, 02/16/2021		543,000		545,200
CarNow Auto Receivables Trust  Series 2015-1A, Class A,  1.69%, 01/15/2020 (B)		199,865		199,930
Chase Funding Trust
Series 2003-2, Class 2A2,
1.09% (A), 02/25/2033		419,129		365,156
Series 2003-6, Class 1A5,
5.16% (A), 11/25/2034		347,235		360,133
Chrysler Capital Auto Receivables Trust
Series 2014-BA, Class A3,
1.27%, 05/15/2019 (B)		107,567		107,606
Series 2016-AA, Class A2,
1.47%, 04/15/2019 (B)		800,000		801,312
Series 2016-AA, Class A3,
1.77%, 10/15/2020 (B)		1,530,000		1,536,734
Citi Held For Asset Issuance
Series 2015-PM1, Class A,
1.85%, 12/15/2021 (B)		112,275		112,248
Series 2016-MF1, Class A,
4.48%, 08/15/2022 (B)		806,063		817,873
Series 2016-MF1, Class B,
6.64%, 08/15/2022 (B)		1,500,000		1,567,999
Series 2016-PM1, Class A,
4.65%, 04/15/2025 (B)		755,842		769,099
Citigroup Global Markets Mortgage Securities VII, Inc.  Series 2003-UP1, Class A,  3.95% (A), 04/25/2032 (B)		9,100		9,020
Consumer Credit Origination Loan Trust  Series 2015-1, Class A,  2.82%, 03/15/2021 (B)		43,118		43,173
COOF Securitization Trust, Ltd., Interest Only STRIPS  Series 2014-1, Class A,  3.30% (A), 06/25/2040 (B)		790,870		90,782
CPS Auto Receivables Trust
Series 2012-B, Class A,
2.52%, 09/16/2019 (B)		203,413		204,144

	Principal		Value
ASSET-BACKED SECURITIES (continued)
CPS Auto Receivables Trust (continued)
Series 2013-D, Class A,
1.54%, 07/16/2018 (B)		$  105,921		$  105,938
Series 2014-A, Class A,
1.21%, 08/15/2018 (B)		27,363		27,361
Series 2014-D, Class A,
1.49%, 04/15/2019 (B)		269,347		269,554
Series 2014-D, Class C,
4.35%, 11/16/2020 (B)		125,000		126,402
Series 2015-A, Class A,
1.53%, 07/15/2019 (B)		203,339		203,534
Series 2015-A, Class C,
4.00%, 02/16/2021 (B)		100,000		100,385
Series 2015-B, Class A,
1.65%, 11/15/2019 (B)		626,544		626,376
Series 2015-C, Class D,
4.63%, 08/16/2021 (B)		482,000		487,105
Series 2016-A, Class A,
2.25%, 10/15/2019 (B)		780,702		784,964
Series 2016-A, Class B,
3.34%, 05/15/2020 (B)		1,689,877		1,723,956
Series 2016-B, Class A,
2.07%, 11/15/2019 (B)		468,296		470,442
Series 2016-B, Class B,
3.18%, 09/15/2020 (B)		491,000		500,538
Series 2016-C, Class C,
3.27%, 06/15/2022 (B)		840,000		847,679
CPS Auto Trust  Series 2012-C, Class A,  1.82%, 12/16/2019 (B)		137,862		137,960
Credit Acceptance Auto Loan Trust
Series 2014-1A, Class A,
1.55%, 10/15/2021 (B)		458,108		458,260
Series 2014-2A, Class A,
1.88%, 03/15/2022 (B)		2,143,608		2,147,367
Series 2015-2A, Class A,
2.40%, 02/15/2023 (B)		1,259,000		1,268,844
Drive Auto Receivables Trust
Series 2015-AA, Class D,
4.12%, 07/15/2022 (B)		294,000		301,360
Series 2015-BA, Class B,
2.12%, 06/17/2019 (B)		396,542		397,826
Series 2015-BA, Class D,
3.84%, 07/15/2021 (B)		640,000		648,079
Series 2015-DA, Class D,
4.59%, 01/17/2023 (B)		396,000		408,806
Series 2016-AA, Class B,
3.17%, 05/15/2020 (B)		1,328,000		1,344,644
Series 2016-AA, Class C,
3.91%, 05/17/2021 (B)		1,651,000		1,689,111
Series 2016-BA, Class B,
2.56%, 06/15/2020 (B)		445,000		449,013
DT Auto Owner Trust
Series 2016-1A, Class A,
2.00%, 09/16/2019 (B)		738,454		739,853
Series 2016-1A, Class B,
2.79%, 05/15/2020 (B)		1,610,000		1,623,576
Series 2016-2A, Class A,
1.73%, 08/15/2019 (B)		750,029		751,152

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    27

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES (continued)
DT Auto Owner Trust (continued)
Series 2016-2A, Class C,
3.67%, 01/18/2022 (B)		$  174,000		$  177,396
Series 2016-3A, Class A,
1.75%, 11/15/2019 (B)		1,579,916		1,582,816
Series 2016-3A, Class B,
2.65%, 07/15/2020 (B)		1,100,000		1,109,940
Series 2016-4A, Class B,
2.02%, 08/17/2020 (B)		335,000		334,674
Series 2016-4A, Class D,
3.77%, 10/17/2022 (B)		578,700		576,387
Engs Commercial Finance Trust  Series 2016-1A, Class A2,  2.63%, 02/22/2022 (B) (G)		421,000		420,940
Exeter Automobile Receivables Trust
Series 2014-2A, Class C,
3.26%, 12/16/2019 (B)		120,000		120,969
Series 2015-1A, Class A,
1.60%, 06/17/2019 (B)		228,726		228,747
Series 2015-2A, Class A,
1.54%, 11/15/2019 (B)		248,066		247,808
Series 2015-2A, Class C,
3.90%, 03/15/2021 (B)		225,000		227,583
Series 2016-1A, Class A,
2.35%, 07/15/2020 (B)		558,167		560,761
Series 2016-1A, Class C,
5.52%, 10/15/2021 (B)		890,000		928,401
Series 2016-2A, Class A,
2.21%, 07/15/2020 (B)		1,004,543		1,008,257
Series 2016-2A, Class B,
3.64%, 02/15/2022 (B)		600,000		610,389
Series 2016-3A, Class A,
1.84%, 11/16/2020 (B)		2,200,000		2,199,854
Series 2016-3A, Class B,
2.84%, 08/16/2021 (B)		426,000		426,266
First Investors Auto Owner Trust
Series 2013-3A, Class A3,
1.44%, 10/15/2019 (B)		70,975		70,984
Series 2014-3A, Class A3,
1.67%, 11/16/2020 (B)		277,041		277,378
Series 2015-1A, Class A2,
1.21%, 04/15/2019 (B)		130,535		130,502
Series 2015-2A, Class A1,
1.59%, 12/16/2019 (B)		245,781		245,817
Series 2016-1A, Class A1,
1.92%, 05/15/2020 (B)		872,511		875,350
Series 2016-2A, Class A1,
1.53%, 11/16/2020 (B)		674,596		674,685
FirstKey Lending Trust
Series 2015-SFR1, Class A,
2.55%, 03/09/2047 (B)		1,771,896		1,781,473
Series 2015-SFR1, Class B,
3.42%, 03/09/2047 (B)		385,000		386,843
Flagship Credit Auto Trust
Series 2014-1, Class A,
1.21%, 04/15/2019 (B)		91,688		91,582
Series 2014-1, Class B,
2.55%, 02/18/2020 (B)		95,000		95,246

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Flagship Credit Auto Trust (continued)
Series 2015-1, Class A,
1.63%, 06/15/2020 (B)		$  270,736		$  270,040
Series 2015-3, Class A,
2.38%, 10/15/2020 (B)		907,514		909,498
Series 2015-3, Class B,
3.68%, 03/15/2022 (B)		252,000		258,324
Series 2015-3, Class C,
4.65%, 03/15/2022 (B)		189,000		193,584
Series 2016-1, Class A,
2.77%, 12/15/2020 (B)		674,553		681,553
Series 2016-1, Class C,
6.22%, 06/15/2022 (B)		1,050,000		1,126,139
Series 2016-2, Class A1,
2.28%, 05/15/2020 (B)		527,518		528,429
Series 2016-4, Class C,
2.71%, 11/15/2022 (B)		747,000		746,959
Ford Credit Auto Owner Trust
Series 2015-A, Class A3,
1.28%, 09/15/2019		195,178		195,483
Series 2016-B, Class A3,
1.33%, 10/15/2020		583,000		583,808
GCAT  Series 2015-2, Class A1,  3.75% (A), 07/25/2020 (B)		569,436		570,426
GLC II Trust  Series 2014-A, Class A,  4.00%, 12/18/2020 (B)		100,967		100,058
GLC Trust  Series 2014-A, Class A,  3.00%, 07/15/2021 (B)		156,866		154,356
GLS Auto Receivables Trust
Series 2015-1A, Class A,
2.25%, 12/15/2020 (B)		600,451		600,897
Series 2016-1A, Class A,
2.73%, 10/15/2020 (B)		870,007		870,842
Series 2016-1A, Class B,
4.39%, 01/15/2021 (B)		360,000		361,486
Series 2016-1A, Class C,
6.90%, 10/15/2021 (B)		700,000		743,888
GM Financial Automobile Leasing Trust
Series 2015-1, Class A2,
1.10%, 12/20/2017		67,583		67,582
Series 2015-1, Class A3,
1.53%, 09/20/2018		128,000		128,244
GMAT Trust  Series 2013-1A, Class A,  6.97% (A), 11/25/2043 (B)		120,075		120,303
GO Financial Auto Securitization Trust
Series 2015-1, Class A,
1.81%, 03/15/2018 (B)		54,911		54,879
Series 2015-2, Class A,
3.27%, 11/15/2018 (B)		300,886		301,372
Series 2015-2, Class B,
4.80%, 08/17/2020 (B)		508,000		519,104
Gold Key Resorts LLC  Series 2014-A, Class A,  3.22%, 03/17/2031 (B)		258,192		258,630

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    28

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Green Tree Agency Advance Funding Trust I
Series 2015-T2, Class DT2,
4.67%, 10/15/2048 (B)		$  884,000		$  886,625
Series 2016-T1, Class AT1,
2.38%, 10/15/2048 (B)		428,000		427,093
Series 2016-T1, Class BT1,
3.12%, 10/15/2048 (B)		580,000		578,973
HERO Funding Trust  Series 2016-3A, Class A1,  3.08%, 09/20/2042 (B)		642,335		642,335
Honda Auto Receivables Owner Trust  Series 2016-1, Class A3,  1.22%, 12/18/2019		1,036,000		1,036,460
HSBC Home Equity Loan Trust
Series 2007-1, Class AS,
0.73% (A), 03/20/2036		27,788		27,719
Series 2007-3, Class APT,
1.73% (A), 11/20/2036		26,051		25,997
Hyundai Auto Receivables Trust
Series 2015-B, Class A2A,
0.69%, 04/16/2018		27,047		27,041
Series 2015-B, Class A3,
1.12%, 11/15/2019		233,000		232,966
Series 2016-A, Class A3,
1.56%, 09/15/2020		368,000		370,128
Kabbage Funding Resecuritization Trust  Series 2014-1RT, Class A22,  3.28% (A), 03/08/2018 (B)		650,000		642,014
KGS-Alpha SBA Coof Trust, Interest Only STRIPS
Series 2012-2, Class A,
0.96% (A), 08/25/2038 (B)		4,144,744		110,095
Series 2014-2, Class A,
3.23% (A), 04/25/2040 (B)		653,306		76,377
LendingClub Issuance Trust  Series 2016-NP1, Class A,  3.75%, 06/15/2022 (B)		587,990		590,154
Lendmark Funding Trust  Series 2016-A, Class A,  4.82%, 08/21/2023 (B)		1,370,000		1,392,531
LV Tower 52  Series 2013-1, Class A,  5.50%, 07/15/2019 (B) (C)		783,494		775,189
MarketPlace Loan Trust  Series 2015-OD4, Class A,  3.25%, 12/18/2017 (B)		69,545		69,567
Marlette Funding Trust  Series 2016-1A, Class A,  3.06%, 01/17/2023 (B)		1,151,056		1,153,044
Murray Hill Marketplace Trust  Series 2016-LC1, Class A,  4.19%, 11/25/2022 (B)		2,000,000		2,000,054
Nationstar HECM Loan Trust
Series 2015-2A, Class A,
2.88%, 11/25/2025 (B)		367,625		367,772
Series 2015-2A, Class M1,
4.11%, 11/25/2025 (B)		511,000		509,436
Series 2016-1A, Class M1,
4.36%, 02/25/2026 (B)		1,121,000		1,119,072

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Nationstar HECM Loan Trust (continued)
Series 2016-2A, Class A,
2.24%, 06/25/2026 (B)		$  429,259		$  431,003
Series 2016-3A, Class A,
2.01%, 08/25/2026 (B)		458,986		456,624
Nissan Auto Receivables Owner Trust  Series 2016-B, Class A3,  1.32%, 01/15/2021		476,000		476,778
NRPL Trust
Series 2015-1A, Class A1,
3.88% (A), 11/01/2054 (B)		752,941		747,540
Series 2015-2A, Class A1,
3.75% (A), 10/25/2057 (B)		795,899		778,946
Series 2015-2A, Class A2,
3.75% (A), 10/25/2057 (B)		500,000		475,703
NRZ Advance Receivables Trust
Series 2015-T2, Class DT2,
4.68%, 08/17/2048 (B)		321,000		320,223
Series 2015-T4, Class AT4,
3.20%, 11/15/2047 (B)		1,800,000		1,808,804
Series 2015-T4, Class DT4,
4.67%, 11/15/2047 (B)		600,000		600,998
Series 2016-T1, Class AT1,
2.75%, 06/15/2049 (B)		846,000		844,452
Series 2016-T2, Class AT2,
2.58%, 10/15/2049 (B)		930,000		929,516
Series 2016-T2, Class CT2,
3.51%, 10/15/2049 (B)		625,000		624,697
Oak Hill Advisors Residential Loan Trust  Series 2015-NPL2, Class A1,  3.72% (A), 07/25/2055 (B)		578,498		580,795
Ocwen Master Advance Receivables Trust
Series 2015-T3, Class AT3,
3.21%, 11/15/2047 (B)		1,321,000		1,322,745
Series 2015-T3, Class BT3,
3.70%, 11/15/2047 (B)		295,000		294,245
Series 2015-T3, Class DT3,
4.69%, 11/15/2047 (B)		600,000		600,485
Series 2016-T1, Class AT1,
2.52%, 08/17/2048 (B)		1,355,000		1,355,867
Series 2016-T1, Class DT1,
4.25%, 08/17/2048 (B)		940,599		939,129
OnDeck Asset Securitization Trust II LLC
Series 2016-1A, Class A,
4.21%, 05/17/2020 (B)		837,000		839,573
Series 2016-1A, Class B,
7.63%, 05/17/2020 (B)		273,000		278,034
OneMain Direct Auto Receivables Trust  Series 2016-1A, Class A,  2.04%, 01/15/2021 (B)		1,032,633		1,035,654
OneMain Financial Issuance Trust
Series 2014-1A, Class A,
2.43%, 06/18/2024 (B)		602,789		603,096
Series 2014-1A, Class B,
3.24%, 06/18/2024 (B)		461,000		463,295
Series 2014-2A, Class A,
2.47%, 09/18/2024 (B)		1,322,277		1,324,956
Series 2015-1A, Class A,
3.19%, 03/18/2026 (B)		892,000		900,524

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    29

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES (continued)
OneMain Financial Issuance Trust (continued)
Series 2015-1A, Class B,
3.85%, 03/18/2026 (B)		$  500,000		$  504,219
Series 2015-2A, Class A,
2.57%, 07/18/2025 (B)		1,750,000		1,755,788
Series 2015-2A, Class B,
3.10%, 07/18/2025 (B)		372,000		370,331
Series 2016-1A, Class A,
3.66%, 02/20/2029 (B)		960,000		982,349
Series 2016-2A, Class B,
5.94%, 03/20/2028 (B)		350,000		374,008
Oportun Funding II LLC
Series 2016-A, Class A,
4.70%, 03/08/2021 (B)		1,257,000		1,275,679
Series 2016-A, Class B,
6.41%, 03/08/2021 (B)		405,000		403,593
Oportun Funding III LLC
Series 2016-B, Class A,
3.69%, 07/08/2021 (B)		952,000		956,192
Series 2016-B, Class B,
5.16%, 07/08/2021 (B)		642,000		643,699
Oportun Funding IV LLC  Series 2016-C, Class B,  4.85%, 11/08/2021 (B)		472,769		472,786
PFS Tax Lien Trust  Series 2014-1,  1.44%, 05/15/2029 (B)		68,304		67,925
Prestige Auto Receivables Trust
Series 2014-1A, Class A3,
1.52%, 04/15/2020 (B)		335,007		335,232
Series 2015-1, Class A2,
1.09%, 02/15/2019 (B)		56,963		56,957
Progreso Receivables Funding III LLC  Series 2015-A, Class A,  3.63%, 02/08/2020 (B)		883,000		885,759
Progreso Receivables Funding IV LLC  Series 2015-B, Class A,  3.00%, 07/28/2020 (B)		651,000		649,165
Progress Residential Trust
Series 2015-SFR2, Class A,
2.74%, 06/12/2032 (B)		2,755,857		2,784,809
Series 2015-SFR2, Class B,
3.14%, 06/12/2032 (B)		478,000		482,141
Series 2015-SFR3, Class A,
3.07%, 11/12/2032 (B)		2,497,524		2,554,658
Series 2015-SFR3, Class D,
4.67%, 11/12/2032 (B)		700,000		732,944
Series 2015-SFR3, Class E,
5.66%, 11/12/2032 (B)		275,000		286,825
Series 2016-SFR1, Class E,
4.38% (A), 09/17/2033 (B)		620,000		628,686
Purchasing Power Funding LLC  Series 2015-A, Class A2,  4.75%, 12/15/2019 (B)		1,450,000		1,451,812
RAMP Trust  Series 2006-RZ1, Class A3,  0.83% (A), 03/25/2036		184,585		183,390

	Principal		Value
ASSET-BACKED SECURITIES (continued)
RBSHD Trust  Series 2013-1A, Class A,  7.69% (A), 10/25/2047 (B) (C)		$  257,316		$  257,313
RMAT LLC  Series 2015-NPL1, Class A1,  3.75% (A), 05/25/2055 (B)		235,004		233,233
Santander Drive Auto Receivables Trust
Series 2015-3, Class A3,
1.49%, 06/17/2019		1,000,000		1,000,913
Series 2015-4, Class A3,
1.58%, 09/16/2019		1,000,000		1,001,875
Series 2015-5, Class A3,
1.58%, 09/16/2019		540,000		541,302
Series 2015-S1, Class R1,
1.93%, 09/17/2019 (B)		133,942		133,875
Series 2015-S7, Class R1,
1.97%, 03/16/2021 (B)		66,401		66,368
Series 2016-2, Class A3,
1.56%, 05/15/2020		607,000		607,858
Saxon Asset Securities Trust  Series 2003-1, Class AF6,  4.80% (A), 06/25/2033		72,333		72,966
Selene Non-Performing Loans LLC  Series 2014-1A, Class A,  2.98% (A), 05/25/2054 (B)		62,893		62,767
Sierra Auto Receivables Securitization Trust  Series 2016-1A, Class A,  2.85%, 01/18/2022 (B)		297,647		300,231
Skopos Auto Receivables Trust  Series 2015-2A, Class A,  3.55%, 02/15/2020 (B)		109,187		109,228
SoFi Consumer Loan Program LLC  Series 2016-2A, Class A,  3.09%, 10/27/2025 (B)		783,130		786,426
SpringCastle America Funding LLC  Series 2016-AA, Class A,  3.05%, 04/25/2029 (B)		672,000		677,699
Springleaf Funding Trust
Series 2014-AA, Class A,
2.41%, 12/15/2022 (B)		847,670		848,627
Series 2014-AA, Class B,
3.45%, 12/15/2022 (B)		492,000		493,924
Series 2015-AA, Class A,
3.16%, 11/15/2024 (B)		1,153,000		1,164,385
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes
Series 2015-T2, Class DT2,
4.23%, 01/15/2047 (B)		516,000		516,083
Series 2015-T3, Class CT3,
3.91%, 07/15/2047 (B)		405,000		405,697
Series 2015-T3, Class DT3,
4.43%, 07/15/2047 (B)		463,000		463,525
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2002-AL1, Class A2,
3.45%, 02/25/2032		151,174		150,502
Series 2004-6XS, Class A5A,
6.03% (A), 03/25/2034		268,375		268,540

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    30

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES (continued)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates (continued)
Series 2004-6XS, Class A5B,
6.05% (A), 03/25/2034		$  268,375		$  271,329
Toyota Auto Receivables Owner Trust  Series 2016-B, Class A3,  1.30%, 04/15/2020		435,000		435,780
Trafigura Securitisation Finance PLC  Series 2014-1A, Class A,  1.48% (A), 10/15/2018 (B) (C)		1,063,000		1,057,249
Tricon American Homes Trust
Series 2015-SFR1, Class A,
1.78% (A), 05/17/2032 (B)		437,765		437,765
Series 2016-SFR1, Class A,
2.59%, 11/17/2033 (B)		664,000		662,880
United Auto Credit Securitization Trust  Series 2015-1, Class C,  2.25%, 06/17/2019 (B)		771,192		771,999
US Residential Opportunity Fund III Trust  Series 2016-1III, Class A,  3.47% (A), 07/27/2036 (B)		717,046		717,648
Vericrest Opportunity Loan Trust  Series 2015-NPL3, Class A1,  3.38% (A), 10/25/2058 (B)		406,817		406,264
Verizon Owner Trust  Series 2016-1A, Class A,  1.42%, 01/20/2021 (B)		163,000		163,193
Volkswagen Auto Lease Trust  Series 2015-A, Class A2A,  0.87%, 06/20/2017		47,401		47,392
Volkswagen Auto Loan Enhanced Trust  Series 2013-1, Class A4,  0.78%, 07/22/2019		657,964		657,725
VOLT L LLC  Series 2016-NP10, Class A1,  3.50% (A), 09/25/2046 (B)		1,567,950		1,566,645
VOLT NPL X LLC  Series 2014-NPL8, Class A1,  3.38% (A), 10/26/2054 (B)		124,391		124,587
VOLT XIX LLC  Series 2014-NP11, Class A1,  3.88% (A), 04/25/2055 (B)		121,077		121,700
VOLT XL LLC  Series 2015-NP14, Class A1,  4.38% (A), 11/27/2045 (B)		498,573		502,769
VOLT XLV LLC  Series 2016-NPL5, Class A1,  4.00% (A), 05/25/2046 (B)		297,101		299,451
VOLT XLVI LLC  Series 2016-NPL6, Class A1,  3.84% (A), 06/25/2046 (B)		808,995		813,054
VOLT XLVII LLC  Series 2016-NPL7, Class A1,  3.75% (A), 06/25/2046 (B)		809,515		811,839
VOLT XLVIII LLC  Series 2016-NPL8, Class A1,  3.50% (A), 07/25/2046 (B)		1,345,790		1,345,354

	Principal		Value
ASSET-BACKED SECURITIES (continued)
VOLT XXII LLC  Series 2015-NPL4, Class A1,  3.50% (A), 02/25/2055 (B)		$  234,285		$  234,405
VOLT XXIV LLC  Series 2015-NPL6, Class A1,  3.50% (A), 02/25/2055 (B)		401,346		400,931
VOLT XXV LLC  Series 2015-NPL8, Class A1,  3.50% (A), 06/26/2045 (B)		1,356,725		1,356,357
VOLT XXVI LLC  Series 2014-NPL6, Class A2,  4.25% (A), 09/25/2043 (B)		321,973		314,992
VOLT XXVII LLC  Series 2014-NPL7, Class A1,  3.38% (A), 08/27/2057 (B)		955,820		956,344
VOLT XXX LLC  Series 2015-NPL1, Class A1,  3.63% (A), 10/25/2057 (B)		359,087		359,186
VOLT XXXI LLC  Series 2015-NPL2, Class A1,  3.38% (A), 02/25/2055 (B)		316,426		317,308
VOLT XXXIII LLC  Series 2015-NPL5, Class A1,  3.50% (A), 03/25/2055 (B)		882,636		885,691
VOLT XXXIV LLC  Series 2015-NPL7, Class A1,  3.25% (A), 02/25/2055 (B)		707,770		706,307
VOLT XXXIX LLC  Series 2015-NP13, Class A1,  4.13% (A), 10/25/2045 (B)		417,304		420,538
VOLT XXXV  Series 2016-NPL9, Class A1,  3.50% (A), 09/25/2046 (B)		1,121,025		1,121,056
VOLT XXXV LLC  Series 2015-NPL9, Class A1,  3.50% (A), 06/26/2045 (B)		347,377		347,456
Westlake Automobile Receivables Trust
Series 2015-3A, Class D,
4.40%, 05/17/2021 (B)		500,000		508,046
Series 2016-1A, Class A2A,
1.82%, 01/15/2019 (B)		1,378,383		1,381,860
Series 2016-2A, Class A2,
1.57%, 06/17/2019 (B)		1,038,000		1,039,857
Series 2016-2A, Class D,
4.10%, 06/15/2021 (B)		280,000		283,365
World Omni Auto Receivables Trust
Series 2015-A, Class A2A,
0.79%, 07/16/2018		20,915		20,913
Series 2015-A, Class A3,
1.34%, 05/15/2020		129,000		129,289
Total Asset-Backed Securities (Cost $168,588,996)				169,940,357
CORPORATE DEBT SECURITIES - 24.4%
Aerospace & Defense - 0.3%
BAE Systems Holdings, Inc.
3.80%, 10/07/2024 (B)		230,000		241,163
3.85%, 12/15/2025 (B)		250,000		264,825

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    31

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Aerospace & Defense (continued)
BAE Systems PLC  5.80%, 10/11/2041 (B)		$  239,000		$  288,978
Lockheed Martin Corp.
3.10%, 01/15/2023		89,000		93,000
4.07%, 12/15/2042		120,000		123,921
4.25%, 11/15/2019		150,000		161,822
4.50%, 05/15/2036		550,000		615,899
4.85%, 09/15/2041		190,000		217,930
6.15%, 09/01/2036		179,000		235,154
Northrop Grumman Corp.  3.85%, 04/15/2045		49,000		49,329
Precision Castparts Corp.
3.25%, 06/15/2025		150,000		158,279
4.20%, 06/15/2035		150,000		164,258
United Technologies Corp.
4.15%, 05/15/2045		148,000		156,561
4.50%, 06/01/2042		257,000		281,526
6.70%, 08/01/2028		260,000		352,015
8.88%, 11/15/2019		250,000		301,995
				3,706,655
Air Freight & Logistics - 0.1%
FedEx Corp.
3.25%, 04/01/2026		151,000		156,774
3.90%, 02/01/2035		96,000		95,376
4.10%, 04/15/2043		130,000		128,970
United Parcel Service of America, Inc.
8.38%, 04/01/2020		60,000		73,167
8.38% (H), 04/01/2030		200,000		290,214
United Parcel Service, Inc.  2.45%, 10/01/2022		186,000		191,650
				936,151
Airlines - 0.2%
Air Canada Pass-Through Trust  4.13%, 11/15/2026 (B)		109,215		115,495
American Airlines Pass-Through Trust
3.00%, 04/15/2030		842,000		847,304
3.65%, 12/15/2029		87,000		90,480
5.25%, 07/31/2022		64,633		69,965
Continental Airlines Pass-Through Trust
4.00%, 04/29/2026		216,036		231,699
5.98%, 10/19/2023		226,335		255,192
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		104,707		112,560
4.95%, 11/23/2020		149,286		157,124
5.30%, 10/15/2020		47,862		51,212
United Airlines Pass-Through Trust  3.45%, 01/07/2030		311,000		320,330
				2,251,361
Auto Components - 0.1%
Johnson Controls, Inc.
4.25%, 03/01/2021		150,000		160,534
4.95%, 07/02/2064		200,000		201,212
5.25%, 12/01/2041		300,000		341,581
				703,327

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Automobiles - 0.2%
General Motors Co.
4.88%, 10/02/2023		$  85,000		$  91,522
6.60%, 04/01/2036		406,000		479,914
Hyundai Capital America
2.00%, 07/01/2019 (B)		86,000		86,057
2.40%, 10/30/2018 (B)		143,000		144,613
3.00%, 03/18/2021 (B)		250,000		257,289
KIA Motors Corp.  2.63%, 04/21/2021 (B)		200,000		204,235
Nissan Motor Acceptance Corp.
1.55%, 09/13/2019 (B) (I)		138,000		137,437
2.55%, 03/08/2021 (B)		500,000		508,843
				1,909,910
Banks - 4.4%
ABN AMRO Bank NV
1.80%, 06/04/2018 (B) (I)		279,000		279,661
4.75%, 07/28/2025 (B)		200,000		210,098
4.80%, 04/18/2026 (B)		200,000		211,605
ANZ New Zealand International, Ltd.
1.75%, 03/29/2018 (B)		219,000		219,411
2.85%, 08/06/2020 (B)		250,000		256,467
Australia & New Zealand Banking Group, Ltd.
4.40%, 05/19/2026 (B) (I)		200,000		208,191
4.88%, 01/12/2021, MTN (B)		137,000		152,093
Bank of America Corp.
3.30%, 01/11/2023, MTN		2,600,000		2,674,399
3.50%, 04/19/2026, MTN		398,000		408,516
3.88%, 08/01/2025, MTN		291,000		306,269
3.95%, 04/21/2025, MTN		595,000		610,823
4.20%, 08/26/2024, MTN		140,000		146,297
4.45%, 03/03/2026, MTN		222,000		236,978
5.00%, 05/13/2021, MTN		75,000		83,148
5.63%, 07/01/2020, MTN		2,340,000		2,619,005
5.75%, 12/01/2017		220,000		229,865
5.88%, 02/07/2042, MTN		400,000		505,850
6.40%, 08/28/2017, MTN		1,325,000		1,378,212
6.88%, 04/25/2018, MTN		600,000		645,456
Bank of Montreal
1.40%, 04/10/2018		250,000		250,140
1.50%, 07/18/2019, MTN		261,000		259,991
Bank of Nova Scotia
1.45%, 04/25/2018		455,000		455,524
1.85%, 04/14/2020 (I)		400,000		401,752
1.88%, 09/20/2021 (B)		330,000		329,446
Bank of Tokyo-Mitsubishi UFJ, Ltd.  2.35%, 02/23/2017 (B)		435,000		436,584
Banque Federative du Credit Mutuel SA  2.00%, 04/12/2019 (B) (I)		200,000		200,678
Barclays Bank PLC  2.25%, 05/10/2017 (B)		276,000		277,392
Barclays PLC
3.20%, 08/10/2021		629,000		633,328
3.65%, 03/16/2025		223,000		218,948
4.38%, 01/12/2026		463,000		476,465
5.25%, 08/17/2045		200,000		216,859
BB&T Corp.
2.63%, 06/29/2020, MTN		300,000		307,824
5.25%, 11/01/2019		90,000		98,890
6.85%, 04/30/2019, MTN		250,000		281,624

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    32

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
BNZ International Funding, Ltd.  2.35%, 03/04/2019 (B)		$  250,000		$  253,263
BPCE SA
1.63%, 01/26/2018, MTN		300,000		300,307
4.63%, 07/11/2024 (B)		300,000		304,668
5.70%, 10/22/2023 (B)		300,000		325,040
Canadian Imperial Bank of Commerce
1.60%, 09/06/2019		250,000		249,968
2.25%, 07/21/2020 (B)		234,000		237,558
Citigroup, Inc.
2.05%, 12/07/2018		300,000		301,665
2.15%, 07/30/2018		219,000		220,537
2.35%, 08/02/2021		192,000		192,051
2.40%, 02/18/2020		800,000		807,997
2.70%, 03/30/2021		474,000		482,174
3.40%, 05/01/2026		400,000		406,690
3.70%, 01/12/2026		1,350,000		1,405,633
4.13%, 07/25/2028		365,000		374,070
4.40%, 06/10/2025		118,000		124,619
4.65%, 07/30/2045		139,000		152,088
4.75%, 05/18/2046		400,000		411,892
8.13%, 07/15/2039		56,000		85,401
Citizens Financial Group, Inc.
2.38%, 07/28/2021		78,000		78,080
4.30%, 12/03/2025		77,000		80,303
Comerica, Inc.  2.13%, 05/23/2019		250,000		251,663
Commonwealth Bank of Australia
2.25%, 03/16/2017 (B)		530,000		532,338
4.50%, 12/09/2025 (B) (I)		200,000		210,138
Cooperatieve Rabobank UA
3.38%, 01/19/2017, MTN		205,000		206,046
3.88%, 02/08/2022		300,000		325,376
5.80%, 09/30/2110 (B)		300,000		361,549
Credit Agricole SA  4.38%, 03/17/2025 (B)		400,000		408,253
Danske Bank A/S  2.00%, 09/08/2021 (B)		201,000		200,365
Discover Bank  4.20%, 08/08/2023		550,000		586,293
Fifth Third Bancorp  2.88%, 07/27/2020		208,000		214,841
Fifth Third Bank
2.38%, 04/25/2019		270,000		274,332
3.85%, 03/15/2026		200,000		210,204
HSBC Holdings PLC
2.65%, 01/05/2022		250,000		248,744
3.60%, 05/25/2023		2,007,000		2,073,030
4.00%, 03/30/2022		911,000		965,061
4.25%, 03/14/2024		500,000		512,530
4.30%, 03/08/2026		345,000		366,936
Huntington Bancshares, Inc.
2.30%, 01/14/2022		475,000		470,865
3.15%, 03/14/2021		282,000		290,980
Huntington National Bank  2.00%, 06/30/2018		250,000		251,427
Industrial & Commercial Bank of China, Ltd.  2.45%, 10/20/2021		400,000		400,646

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
ING Bank NV
1.65%, 08/15/2019 (B) (I)		$  260,000		$  259,149
3.75%, 03/07/2017 (B)		400,000		403,378
KeyBank NA
3.18%, 10/15/2027		250,000		255,803
5.70%, 11/01/2017		245,000		254,734
Lloyds Bank PLC
1.75%, 03/16/2018		325,000		326,239
2.05%, 01/22/2019		200,000		201,080
3.50%, 05/14/2025		200,000		212,362
Lloyds Banking Group PLC  3.10%, 07/06/2021 (I)		200,000		205,772
Macquarie Bank, Ltd.
2.60%, 06/24/2019 (B)		100,000		101,855
3.90%, 01/15/2026 (B)		570,000		599,034
Manufacturers & Traders Trust Co.  6.63%, 12/04/2017		250,000		263,466
Mitsubishi UFJ Financial Group, Inc.
2.53%, 09/13/2023		200,000		199,498
2.95%, 03/01/2021 (I)		297,000		304,800
Mizuho Bank, Ltd.  1.80%, 03/26/2018 (B) (I)		200,000		200,280
Mizuho Financial Group, Inc.  2.63%, 04/12/2021 (B)		263,000		265,569
National Australia Bank, Ltd.
2.00%, 06/20/2017 (B)		280,000		281,544
2.50%, 07/12/2026		250,000		242,997
Nordea Bank AB
1.63%, 05/15/2018 (B)		500,000		500,760
4.25%, 09/21/2022 (B)		384,000		412,566
PNC Bank NA
2.60%, 07/21/2020, MTN		500,000		512,165
6.88%, 04/01/2018		600,000		643,513
PNC Financial Services Group, Inc.
4.38%, 08/11/2020		75,000		81,595
5.13%, 02/08/2020		250,000		275,385
5.63%, 02/01/2017		130,000		131,438
6.70%, 06/10/2019		75,000		84,730
Regions Financial Corp.  3.20%, 02/08/2021		321,000		332,799
Royal Bank of Canada
1.20%, 09/19/2017		400,000		400,264
1.88%, 02/05/2020		500,000		503,510
Royal Bank of Scotland Group PLC  4.80%, 04/05/2026		350,000		356,801
Santander Issuances SAU  5.18%, 11/19/2025		250,000		259,005
Santander UK Group Holdings PLC
2.88%, 10/16/2020		360,000		361,464
3.13%, 01/08/2021		115,000		116,482
Santander UK PLC  2.50%, 03/14/2019		350,000		354,852
Societe Generale SA  2.50%, 04/08/2021 (B)		300,000		305,410
Stadshypotek AB  1.88%, 10/02/2019 (B)		530,000		533,773
Standard Chartered PLC  3.05%, 01/15/2021 (B) (I)		1,000,000		1,025,603

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    33

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
Sumitomo Mitsui Financial Group, Inc.
2.44%, 10/19/2021 (I)		$  239,000		$  239,837
2.63%, 07/14/2026 (I)		322,000		311,213
2.93%, 03/09/2021		270,000		276,313
Sumitomo Mitsui Trust Bank, Ltd.  2.05%, 10/18/2019 (B)		600,000		601,738
SunTrust Banks, Inc.  2.90%, 03/03/2021		265,000		273,550
Toronto-Dominion Bank
1.75%, 07/23/2018, MTN		244,000		245,244
1.80%, 07/13/2021		114,000		113,330
2.13%, 04/07/2021, MTN		115,000		115,804
2.25%, 03/15/2021 (B)		300,000		304,640
2.50%, 12/14/2020, MTN		150,000		153,478
3.63% (A), 09/15/2031		223,000		222,756
US Bancorp
2.35%, 01/29/2021, MTN		400,000		408,670
2.38%, 07/22/2026, MTN		100,000		97,296
3.00%, 03/15/2022, MTN		233,000		244,428
4.13%, 05/24/2021, MTN		133,000		146,382
US Bank NA  2.13%, 10/28/2019		400,000		406,743
Wells Fargo & Co.
2.15%, 01/30/2020, MTN		1,300,000		1,309,681
2.50%, 03/04/2021		400,000		404,468
2.55%, 12/07/2020, MTN		132,000		134,304
2.60%, 07/22/2020, MTN		739,000		752,996
3.00%, 02/19/2025, MTN		509,000		509,722
3.30%, 09/09/2024, MTN		1,300,000		1,335,777
3.55%, 09/29/2025, MTN		400,000		415,170
4.30%, 07/22/2027, MTN		367,000		390,044
4.60%, 04/01/2021, MTN		600,000		658,715
4.65%, 11/04/2044, MTN		184,000		190,185
4.90%, 11/17/2045, MTN		202,000		217,144
5.63%, 12/11/2017		150,000		156,894
Westpac Banking Corp.
2.00%, 03/03/2020 (B) (I)		236,000		238,136
2.10%, 02/25/2021 (B)		600,000		605,260
2.60%, 11/23/2020		100,000		102,250
				55,735,253
Beverages - 0.6%
Anheuser-Busch InBev Finance, Inc.
1.90%, 02/01/2019 (I)		118,000		118,917
3.30%, 02/01/2023		1,259,000		1,314,007
4.70%, 02/01/2036		2,939,000		3,257,990
Anheuser-Busch InBev Worldwide, Inc.
2.50%, 07/15/2022		650,000		657,201
8.20%, 01/15/2039		240,000		379,264
Diageo Capital PLC
4.83%, 07/15/2020		90,000		100,005
5.75%, 10/23/2017		230,000		240,566
Heineken NV  1.40%, 10/01/2017 (B)		400,000		400,519
Molson Coors Brewing Co.  3.00%, 07/15/2026		198,000		196,271
PepsiCo, Inc.
3.10%, 07/17/2022		148,000		156,183
3.45%, 10/06/2046		300,000		284,559

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Beverages (continued)
PepsiCo, Inc. (continued)
4.60%, 07/17/2045		$  78,000		$  88,614
4.88%, 11/01/2040		33,000		38,261
7.90%, 11/01/2018		21,000		23,694
SABMiller Holdings, Inc.  3.75%, 01/15/2022 (B)		200,000		215,397
				7,471,448
Biotechnology - 0.5%
AbbVie, Inc.
2.85%, 05/14/2023		378,000		379,743
2.90%, 11/06/2022		200,000		202,452
3.20%, 11/06/2022		431,000		443,382
3.60%, 05/14/2025		130,000		132,565
4.30%, 05/14/2036		225,000		225,372
4.50%, 05/14/2035		961,000		980,270
Amgen, Inc.
2.13%, 05/01/2020		56,000		56,566
3.88%, 11/15/2021		400,000		430,167
4.40%, 05/01/2045		250,000		254,198
4.66%, 06/15/2051 (B)		841,000		860,080
4.95%, 10/01/2041		100,000		107,929
Biogen, Inc.
3.63%, 09/15/2022		147,000		156,666
5.20%, 09/15/2045		80,000		90,212
Celgene Corp.
2.13%, 08/15/2018 (I)		509,000		513,829
3.63%, 05/15/2024		298,000		307,079
3.88%, 08/15/2025		150,000		157,140
5.00%, 08/15/2045		160,000		171,669
Gilead Sciences, Inc.
2.50%, 09/01/2023		232,000		230,585
3.70%, 04/01/2024		300,000		317,286
4.00%, 09/01/2036		72,000		72,124
4.60%, 09/01/2035		583,000		625,887
				6,715,201
Capital Markets - 2.0%
Ameriprise Financial, Inc.  2.88%, 09/15/2026		349,000		346,905
Bank of New York Mellon Corp.
2.20%, 03/04/2019 - 08/16/2023, MTN		400,000		397,283
2.50%, 04/15/2021, MTN		267,000		272,237
2.60%, 08/17/2020, MTN		100,000		102,619
2.80%, 05/04/2026, MTN		76,000		76,667
3.55%, 09/23/2021		509,000		543,084
4.60%, 01/15/2020, MTN		40,000		43,450
5.45%, 05/15/2019		200,000		219,144
BlackRock, Inc.  3.38%, 06/01/2022		174,000		186,232
Charles Schwab Corp.  3.23%, 09/01/2022		100,000		105,315
CME Group, Inc.  3.00%, 09/15/2022 - 03/15/2025		360,000		376,781
Credit Suisse AG
1.75%, 01/29/2018		250,000		250,139
2.30%, 05/28/2019, MTN		500,000		505,132
3.00%, 10/29/2021		250,000		256,478

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    34

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Credit Suisse Group Funding Guernsey, Ltd.
3.13%, 12/10/2020		$  250,000		$  252,504
3.75%, 03/26/2025		250,000		247,972
3.80%, 09/15/2022		250,000		254,128
4.88%, 05/15/2045		250,000		262,574
Deutsche Bank AG
1.88%, 02/13/2018		120,000		118,302
2.95%, 08/20/2020		58,000		56,704
3.38%, 05/12/2021, MTN		392,000		385,686
4.10%, 01/13/2026 (I)		700,000		683,551
6.00%, 09/01/2017		470,000		481,991
Goldman Sachs Group, Inc.
2.35%, 11/15/2021		600,000		596,356
2.60%, 04/23/2020		99,000		100,633
2.75%, 09/15/2020		44,000		44,869
2.88%, 02/25/2021		130,000		132,977
3.50%, 01/23/2025		178,000		182,551
3.63%, 01/22/2023		1,800,000		1,893,847
3.75%, 05/22/2025 - 02/25/2026		285,000		297,377
4.25%, 10/21/2025		100,000		104,627
5.15%, 05/22/2045		48,000		51,860
5.38%, 03/15/2020, MTN		1,021,000		1,127,226
5.95%, 01/18/2018		190,000		199,906
6.75%, 10/01/2037		200,000		252,248
7.50%, 02/15/2019, MTN		2,475,000		2,782,603
Invesco Finance PLC  4.00%, 01/30/2024		160,000		172,673
Legg Mason, Inc.  4.75%, 03/15/2026		394,000		420,548
Macquarie Group, Ltd.
6.00%, 01/14/2020 (B)		450,000		497,022
6.25%, 01/14/2021 (B)		725,000		819,910
Morgan Stanley
1.88%, 01/05/2018		170,000		170,599
2.45%, 02/01/2019, MTN		285,000		289,389
2.50%, 04/21/2021, MTN		213,000		214,685
2.65%, 01/27/2020		315,000		320,524
3.88%, 01/27/2026, MTN		919,000		968,972
4.00%, 07/23/2025, MTN		796,000		848,198
4.10%, 05/22/2023, MTN		150,000		158,044
5.00%, 11/24/2025		497,000		549,735
5.63%, 09/23/2019, MTN		1,000,000		1,100,986
7.30%, 05/13/2019, MTN		1,800,000		2,035,318
Nomura Holdings, Inc.  6.70%, 03/04/2020		257,000		293,758
State Street Corp.
2.65%, 05/19/2026		150,000		149,905
3.70%, 11/20/2023		615,000		665,482
TD Ameritrade Holding Corp.  2.95%, 04/01/2022		138,000		142,657
UBS Group Funding Jersey, Ltd.
2.65%, 02/01/2022 (B)		400,000		397,858
4.13%, 09/24/2025 - 04/15/2026 (B)		521,000		543,546
				24,951,767
Chemicals - 0.4%
Agrium, Inc.
3.38%, 03/15/2025		120,000		121,797
4.13%, 03/15/2035		450,000		440,101
5.25%, 01/15/2045		114,000		125,938

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Chemicals (continued)
Air Liquide Finance SA  2.25%, 09/27/2023 (B)		$  228,000		$  225,920
Dow Chemical Co.
3.00%, 11/15/2022		87,000		89,591
4.13%, 11/15/2021		87,000		94,415
E.I. du Pont de Nemours & Co.  4.90%, 01/15/2041		90,000		98,532
Ecolab, Inc.
2.00%, 01/14/2019		300,000		303,449
5.50%, 12/08/2041		420,000		518,672
Monsanto Co.  4.70%, 07/15/2064		100,000		94,183
Mosaic Co.
4.25%, 11/15/2023 (I)		209,000		214,421
4.88%, 11/15/2041		253,000		240,241
5.45%, 11/15/2033		472,000		475,112
Potash Corp. of Saskatchewan, Inc.
3.00%, 04/01/2025		137,000		134,926
6.50%, 05/15/2019		260,000		288,973
PPG Industries, Inc.  9.00%, 05/01/2021		310,000		392,797
Praxair, Inc.  2.65%, 02/05/2025		82,000		83,376
Union Carbide Corp.
7.50%, 06/01/2025		400,000		492,469
7.75%, 10/01/2096		210,000		270,166
				4,705,079
Commercial Services & Supplies - 0.1%
ERAC USA Finance LLC
4.50%, 08/16/2021 (B)		175,000		192,133
5.25%, 10/01/2020 (B)		65,000		72,324
5.63%, 03/15/2042 (B)		141,000		165,814
6.70%, 06/01/2034 (B)		331,000		426,415
MUFG Americas Holdings Corp.  2.25%, 02/10/2020		54,000		54,308
Pitney Bowes, Inc.  5.60%, 03/15/2018, MTN		100,000		105,002
Republic Services, Inc.  2.90%, 07/01/2026		96,000		95,874
Tyco International Finance SA  5.13%, 09/14/2045		43,000		49,314
Waste Management, Inc.
2.40%, 05/15/2023		119,000		119,356
3.90%, 03/01/2035		38,000		39,919
4.75%, 06/30/2020		319,000		352,050
				1,672,509
Communications Equipment - 0.2%
Cisco Systems, Inc.
1.85%, 09/20/2021		200,000		199,643
2.20%, 02/28/2021		600,000		610,241
2.45%, 06/15/2020		75,000		76,972
2.90%, 03/04/2021		55,000		57,447
2.95%, 02/28/2026		73,000		75,686
3.00%, 06/15/2022		194,000		203,795
3.63%, 03/04/2024		200,000		216,675
4.45%, 01/15/2020		75,000		81,602
5.90%, 02/15/2039		100,000		130,632

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    35

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Communications Equipment (continued)
Harris Corp.
3.83%, 04/27/2025		$  400,000		$  418,027
4.85%, 04/27/2035		130,000		139,306
				2,210,026
Construction & Engineering - 0.1%
ABB Finance USA, Inc.
1.63%, 05/08/2017		210,000		210,533
2.88%, 05/08/2022		352,000		364,486
4.38%, 05/08/2042		128,000		141,350
Fluor Corp.  3.38%, 09/15/2021		547,000		579,428
				1,295,797
Construction Materials - 0.0% (J)
CRH America, Inc.  5.13%, 05/18/2045 (B)		200,000		220,509
Consumer Finance - 1.0%
American Express Co.
3.63%, 12/05/2024		63,000		65,251
7.00%, 03/19/2018		700,000		752,562
American Express Credit Corp.
1.80%, 07/31/2018, MTN		163,000		163,755
2.25%, 05/05/2021, MTN		235,000		237,165
2.38%, 05/26/2020, MTN		212,000		215,594
American Honda Finance Corp.
2.13%, 10/10/2018		200,000		203,212
2.30%, 09/09/2026, MTN		67,000		65,793
7.63%, 10/01/2018 (B)		300,000		334,762
BMW US Capital LLC  2.25%, 09/15/2023 (B)		330,000		325,783
Capital One Financial Corp.
3.50%, 06/15/2023		845,000		871,992
3.75%, 04/24/2024 - 07/28/2026		450,000		455,900
4.20%, 10/29/2025		512,000		531,652
Capital One NA
2.40%, 09/05/2019		350,000		355,198
2.95%, 07/23/2021		250,000		256,254
Daimler Finance North America LLC  2.88%, 03/10/2021 (B)		550,000		568,149
Ford Motor Credit Co. LLC
1.72%, 12/06/2017		363,000		363,052
2.24%, 06/15/2018		200,000		201,170
2.38%, 03/12/2019		600,000		605,147
2.94%, 01/08/2019, MTN		400,000		408,120
4.13%, 08/04/2025		212,000		220,316
4.25%, 09/20/2022		332,000		353,576
4.38%, 08/06/2023		300,000		320,006
4.39%, 01/08/2026, MTN		1,000,000		1,052,939
General Motors Financial Co., Inc.
3.20%, 07/13/2020 - 07/06/2021		612,000		620,670
3.70%, 05/09/2023		376,000		380,918
4.00%, 01/15/2025 - 10/06/2026		554,000		552,989
John Deere Capital Corp.
1.60%, 07/13/2018, MTN		71,000		71,338
2.75%, 03/15/2022, MTN		153,000		158,796
2.80%, 03/04/2021, MTN (I)		300,000		311,076
2.80%, 03/06/2023, MTN		363,000		374,164
5.75%, 09/10/2018, MTN		100,000		107,923

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Consumer Finance (continued)
PACCAR Financial Corp.
1.30%, 05/10/2019, MTN		$  93,000		$  92,891
1.60%, 03/15/2017, MTN		197,000		197,533
2.25%, 02/25/2021, MTN		156,000		158,439
Synchrony Financial  3.70%, 08/04/2026		658,000		648,199
Toyota Motor Credit Corp.
1.90%, 04/08/2021, MTN		194,000		194,730
2.10%, 01/17/2019, MTN		111,000		112,867
2.80%, 07/13/2022, MTN		250,000		260,288
				13,170,169
Containers & Packaging - 0.0% (J)
International Paper Co.
3.00%, 02/15/2027		286,000		282,097
7.30%, 11/15/2039		200,000		262,931
				545,028
Diversified Consumer Services - 0.1%
Nationwide Building Society
2.45%, 07/27/2021 (B)		200,000		202,377
4.00%, 09/14/2026 (B)		250,000		246,617
President and Fellows of Harvard College  3.30%, 07/15/2056		414,000		409,092
				858,086
Diversified Financial Services - 0.5%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust  3.95%, 02/01/2022		154,000		156,960
Berkshire Hathaway, Inc.  2.75%, 03/15/2023		375,000		386,135
Blackstone Holdings Finance Co. LLC  5.88%, 03/15/2021 (B)		500,000		574,426
GE Capital International Funding Co. Unlimited Co.
2.34%, 11/15/2020		2,553,000		2,603,945
3.37%, 11/15/2025		744,000		791,333
4.42%, 11/15/2035		779,000		849,700
Jefferies Group LLC
6.25%, 01/15/2036		260,000		265,461
6.45%, 06/08/2027		180,000		200,828
National Rural Utilities Cooperative Finance Corp.  10.38%, 11/01/2018		250,000		293,452
Protective Life Global Funding  2.00%, 09/14/2021 (B)		400,000		396,248
				6,518,488
Diversified Telecommunication Services - 1.4%
AT&T, Inc.
3.00%, 06/30/2022		556,000		563,778
3.40%, 05/15/2025		42,000		41,863
3.60%, 02/17/2023		2,333,000		2,401,980
3.88%, 08/15/2021		630,000		667,894
4.60%, 02/15/2021		400,000		432,594
4.75%, 05/15/2046		44,000		43,057
5.35%, 09/01/2040		943,000		991,416
6.00%, 08/15/2040		200,000		228,195
6.15%, 09/15/2034		208,000		238,235

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    36

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
AT&T, Inc. (continued)
6.30%, 01/15/2038		$  500,000		$  580,070
6.38%, 03/01/2041		240,000		283,073
6.50%, 09/01/2037		200,000		239,432
BellSouth LLC  6.55%, 06/15/2034		300,000		341,060
British Telecommunications PLC
5.95%, 01/15/2018		200,000		210,653
9.38%, 12/15/2030		180,000		288,803
Centel Capital Corp.  9.00%, 10/15/2019		450,000		517,500
Deutsche Telekom International Finance BV
1.95%, 09/19/2021 (B)		150,000		148,426
8.75%, 06/15/2030		330,000		503,550
GTP Acquisition Partners I LLC
2.35%, 06/15/2045 (B)		77,000		76,698
3.48%, 06/15/2050 (B)		81,000		84,422
Nippon Telegraph & Telephone Corp.  1.40%, 07/18/2017		400,000		400,428
Orange SA  9.00%, 03/01/2031		430,000		675,076
Telefonica Emisiones SAU
5.13%, 04/27/2020		663,000		726,911
5.46%, 02/16/2021		91,000		102,492
Verizon Communications, Inc.
2.63%, 02/21/2020 - 08/15/2026		482,000		466,451
3.50%, 11/01/2021		600,000		633,962
4.15%, 03/15/2024		300,000		325,075
4.27%, 01/15/2036		400,000		401,637
4.40%, 11/01/2034		1,227,000		1,243,216
4.50%, 09/15/2020		476,000		517,436
4.52%, 09/15/2048		129,000		128,282
4.67%, 03/15/2055		473,000		461,109
4.86%, 08/21/2046		189,000		200,184
5.01%, 08/21/2054		25,000		25,778
5.05%, 03/15/2034		539,000		584,898
5.15%, 09/15/2023		1,314,000		1,503,032
5.85%, 09/15/2035		775,000		921,414
				18,200,080
Electric Utilities - 1.7%
AEP Texas Central Co.  6.65%, 02/15/2033		100,000		126,776
Alabama Power Co.
3.75%, 03/01/2045		47,000		47,823
5.60%, 03/15/2033		160,000		192,474
6.00%, 03/01/2039		248,000		319,823
6.13%, 05/15/2038		77,000		99,955
American Electric Power Co., Inc.  1.65%, 12/15/2017		83,000		83,216
Appalachian Power Co.
5.95%, 05/15/2033		50,000		59,768
6.38%, 04/01/2036		200,000		253,045
6.70%, 08/15/2037		200,000		262,572
Arizona Public Service Co.
2.20%, 01/15/2020		50,000		50,898
4.50%, 04/01/2042		121,000		134,886
5.05%, 09/01/2041		303,000		360,673

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Baltimore Gas & Electric Co.  3.50%, 08/15/2046 (I)		$  188,000		$  183,543
Cleveland Electric Illuminating Co.
7.88%, 11/01/2017		180,000		190,443
8.88%, 11/15/2018		337,000		383,487
Comision Federal de Electricidad  4.88%, 05/26/2021 (B) (I)		261,000		276,008
Commonwealth Edison Co.  3.65%, 06/15/2046		162,000		161,636
Duke Energy Carolinas LLC
4.30%, 06/15/2020		156,000		170,300
6.00%, 12/01/2028 - 01/15/2038		633,000		815,577
6.45%, 10/15/2032		100,000		131,775
Duke Energy Corp.  2.65%, 09/01/2026		85,000		82,707
Duke Energy Indiana LLC  3.75%, 07/15/2020 - 05/15/2046		400,000		414,555
Duke Energy Progress LLC
3.00%, 09/15/2021		610,000		641,370
3.70%, 10/15/2046		215,000		214,711
5.30%, 01/15/2019		80,000		86,678
Edison International  2.95%, 03/15/2023		400,000		410,079
Enel Finance International NV  5.13%, 10/07/2019 (B)		450,000		491,022
Entergy Corp.  2.95%, 09/01/2026		78,000		77,147
Entergy Louisiana LLC
2.40%, 10/01/2026		237,000		231,883
3.05%, 06/01/2031		189,000		189,762
3.25%, 04/01/2028		387,000		400,797
Entergy Mississippi, Inc.  2.85%, 06/01/2028		166,000		165,724
Exelon Corp.  3.40%, 04/15/2026		127,000		131,139
Florida Power & Light Co.
3.13%, 12/01/2025		200,000		210,938
4.95%, 06/01/2035		100,000		117,587
5.13%, 06/01/2041		112,000		137,938
Fortis, Inc.  3.06%, 10/04/2026 (B)		1,000,000		984,039
Georgia Power Co.  3.25%, 04/01/2026		196,000		206,047
Great Plains Energy, Inc.  4.85%, 06/01/2021		326,000		355,765
Hydro-Quebec
8.40%, 01/15/2022		420,000		542,340
9.40%, 02/01/2021		100,000		128,234
John Sevier Combined Cycle Generation LLC  4.63%, 01/15/2042		471,772		537,768
Kansas City Power & Light Co.  5.30%, 10/01/2041		500,000		575,175
Massachusetts Electric Co.
4.00%, 08/15/2046 (B)		201,000		203,999
5.90%, 11/15/2039 (B)		55,000		68,764
MidAmerican Energy Co.  5.75%, 11/01/2035, MTN		600,000		755,485

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    37

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Nevada Power Co.
5.38%, 09/15/2040		$  52,000		$  62,175
5.45%, 05/15/2041		400,000		494,767
7.13%, 03/15/2019		100,000		113,103
Niagara Mohawk Power Corp.  4.88%, 08/15/2019 (B)		50,000		54,143
NiSource Finance Corp.
5.80%, 02/01/2042 (I)		600,000		723,479
6.80%, 01/15/2019		200,000		221,579
Northern States Power Co.
5.35%, 11/01/2039		19,000		23,693
6.20%, 07/01/2037		70,000		96,175
6.25%, 06/01/2036		150,000		204,856
Ohio Edison Co.  6.88%, 07/15/2036		150,000		194,138
Pacific Gas & Electric Co.
2.45%, 08/15/2022		181,000		183,738
2.95%, 03/01/2026		311,000		319,266
3.25%, 09/15/2021		159,000		167,523
4.50%, 12/15/2041		200,000		221,599
4.60%, 06/15/2043		100,000		112,653
5.40%, 01/15/2040		42,000		52,413
6.05%, 03/01/2034		60,000		78,761
PacifiCorp
5.50%, 01/15/2019		125,000		135,960
5.65%, 07/15/2018		100,000		107,272
6.25%, 10/15/2037		360,000		485,022
Pennsylvania Electric Co.  6.05%, 09/01/2017		150,000		155,469
PPL Capital Funding, Inc.  4.20%, 06/15/2022		165,000		179,820
PPL Electric Utilities Corp.  2.50%, 09/01/2022		100,000		101,674
Progress Energy, Inc.
4.88%, 12/01/2019		200,000		218,013
6.00%, 12/01/2039		50,000		62,487
7.75%, 03/01/2031		150,000		206,841
Public Service Co. of Colorado
2.25%, 09/15/2022		137,000		138,675
3.20%, 11/15/2020		56,000		58,739
3.55%, 06/15/2046		37,000		36,609
Public Service Co. of New Hampshire  3.50%, 11/01/2023		60,000		63,572
Public Service Co. of Oklahoma  5.15%, 12/01/2019		133,000		145,113
Public Service Electric & Gas Co.
2.25%, 09/15/2026, MTN		140,000		137,134
3.65%, 09/01/2042, MTN		138,000		139,049
5.38%, 11/01/2039, MTN		28,000		34,628
San Diego Gas & Electric Co.  6.13%, 09/15/2037		100,000		134,116
South Carolina Electric & Gas Co.  4.50%, 06/01/2064		58,000		59,600
Southern California Edison Co.
3.90%, 12/01/2041		100,000		105,162
5.50%, 03/15/2040		130,000		165,455
6.65%, 04/01/2029		300,000		389,507

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Electric Utilities (continued)
Southern Power Co.  5.15%, 09/15/2041		$  260,000		$  277,470
Southwestern Electric Power Co.  2.75%, 10/01/2026		500,000		491,536
Southwestern Public Service Co.  4.50%, 08/15/2041		100,000		111,897
Three Gorges Finance I Cayman Islands, Ltd.  3.15%, 06/02/2026 (B)		200,000		200,580
Toledo Edison Co.  6.15%, 05/15/2037		200,000		246,413
Tri-State Generation & Transmission Association, Inc.  4.25%, 06/01/2046		124,000		127,373
Virginia Electric & Power Co.
2.95%, 01/15/2022		157,000		164,455
6.00%, 05/15/2037		140,000		183,485
Wisconsin Electric Power Co.
2.95%, 09/15/2021		26,000		27,267
3.10%, 06/01/2025 (I)		82,000		85,460
3.65%, 12/15/2042		144,000		142,580
Xcel Energy, Inc.
2.40%, 03/15/2021		150,000		153,059
3.30%, 06/01/2025		277,000		288,473
4.70%, 05/15/2020		50,000		54,296
4.80%, 09/15/2041		116,000		131,191
6.50%, 07/01/2036		130,000		172,689
				22,108,533
Electrical Equipment - 0.1%
Eaton Corp.  7.63%, 04/01/2024		500,000		618,965
Electronic Equipment, Instruments & Components - 0.1%
Arrow Electronics, Inc.
3.50%, 04/01/2022		100,000		102,689
6.00%, 04/01/2020		385,000		425,279
6.88%, 06/01/2018		92,000		98,777
7.50%, 01/15/2027		310,000		383,178
				1,009,923
Energy Equipment & Services - 0.3%
ANR Pipeline Co.  9.63%, 11/01/2021		200,000		266,141
Boardwalk Pipelines, LP
4.95%, 12/15/2024		350,000		364,042
5.95%, 06/01/2026		170,000		188,528
Gulf South Pipeline Co., LP  4.00%, 06/15/2022		400,000		411,322
Halliburton Co.
3.50%, 08/01/2023		150,000		153,278
4.85%, 11/15/2035		130,000		140,336
6.15%, 09/15/2019		70,000		78,159
7.60%, 08/15/2096 (B)		160,000		206,258
Nabors Industries, Inc.
4.63%, 09/15/2021		555,000		549,168
5.00%, 09/15/2020		100,000		101,119
Noble Holding International, Ltd.  5.25%, 03/16/2018 (I)		48,000		47,730

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    38

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Energy Equipment & Services (continued)
Schlumberger Holdings Corp.  3.63%, 12/21/2022 (B)		$  165,000		$  176,372
Schlumberger Investment SA
3.30%, 09/14/2021 (B) (I)		344,000		363,242
3.65%, 12/01/2023		164,000		175,423
Texas Eastern Transmission, LP 2.80%, 10/15/2022 (B)		462,000		460,094
				3,681,212
Equity Real Estate Investment Trusts - 0.8%
American Tower Corp.
2.25%, 01/15/2022		300,000		295,992
3.38%, 10/15/2026		281,000		279,640
3.50%, 01/31/2023		201,000		207,740
4.70%, 03/15/2022		139,000		153,334
5.90%, 11/01/2021		150,000		173,440
AvalonBay Communities, Inc.
2.85%, 03/15/2023, MTN		510,000		515,311
3.50%, 11/15/2024, MTN		120,000		125,375
Boston Properties, LP
2.75%, 10/01/2026		162,000		156,518
3.65%, 02/01/2026		408,000		422,278
Brixmor Operating Partnership, LP  3.85%, 02/01/2025		400,000		406,888
Crown Castle International Corp.
2.25%, 09/01/2021		154,000		152,713
4.88%, 04/15/2022		400,000		441,320
5.25%, 01/15/2023		200,000		223,482
DDR Corp.  3.63%, 02/01/2025		140,000		140,446
Duke Realty, LP
3.25%, 06/30/2026		84,000		84,583
4.38%, 06/15/2022 (I)		168,000		182,355
Equity Commonwealth
5.88%, 09/15/2020		485,000		528,261
6.65%, 01/15/2018		215,000		221,600
ERP Operating, LP
2.85%, 11/01/2026		184,000		181,736
4.63%, 12/15/2021		587,000		654,254
GAIF Bond Issuer Pty, Ltd.  3.40%, 09/30/2026 (B)		353,000		351,345
HCP, Inc.
3.40%, 02/01/2025		114,000		111,733
3.88%, 08/15/2024		105,000		107,780
4.20%, 03/01/2024		54,000		56,578
4.25%, 11/15/2023		232,000		244,087
Liberty Property, LP  3.25%, 10/01/2026		107,000		106,240
Prologis, LP  3.75%, 11/01/2025		38,000		40,685
Realty Income Corp.
3.00%, 01/15/2027		199,000		195,550
3.25%, 10/15/2022		250,000		259,524
Scentre Group Trust 1 / Scentre Group Trust 2  3.50%, 02/12/2025 (B)		300,000		307,956
Simon Property Group, LP
3.75%, 02/01/2024		242,000		259,782
4.38%, 03/01/2021		457,000		500,339

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Equity Real Estate Investment Trusts (continued)
UDR, Inc.  2.95%, 09/01/2026, MTN		$  116,000		$  114,325
Ventas Realty, LP
3.13%, 06/15/2023		150,000		152,015
3.50%, 02/01/2025		54,000		55,233
3.75%, 05/01/2024		150,000		156,739
4.13%, 01/15/2026		79,000		84,113
VEREIT Operating Partnership, LP  4.60%, 02/06/2024		530,000		548,550
Welltower, Inc.
3.75%, 03/15/2023		50,000		52,126
4.00%, 06/01/2025		200,000		209,405
4.25%, 04/01/2026		500,000		533,473
				9,994,844
Food & Staples Retailing - 0.4%
CK Hutchison International 16, Ltd.
1.88%, 10/03/2021 (B)		241,000		237,351
2.75%, 10/03/2026 (B)		350,000		341,263
Costco Wholesale Corp.  2.25%, 02/15/2022		129,000		131,576
CVS Health Corp.
2.13%, 06/01/2021		611,000		611,053
2.75%, 12/01/2022		100,000		101,712
2.88%, 06/01/2026		370,000		367,266
CVS Pass-Through Trust  5.93%, 01/10/2034 (B)		585,978		688,574
Kroger Co.
2.20%, 01/15/2017		123,000		123,368
5.40%, 07/15/2040		51,000		59,292
6.15%, 01/15/2020		300,000		338,863
7.50%, 04/01/2031		600,000		835,814
8.00%, 09/15/2029		175,000		247,460
Sysco Corp.  3.75%, 10/01/2025		102,000		107,168
Walgreen Co.  4.40%, 09/15/2042		230,000		233,167
Walgreens Boots Alliance, Inc.
3.10%, 06/01/2023		756,000		764,985
4.50%, 11/18/2034		46,000		47,817
4.80%, 11/18/2044		100,000		107,072
				5,343,801
Food Products - 0.4%
Bunge, Ltd. Finance Corp.
3.25%, 08/15/2026		142,000		142,130
3.50%, 11/24/2020		31,000		32,350
8.50%, 06/15/2019		310,000		361,240
Cargill, Inc.
3.30%, 03/01/2022 (B)		250,000		263,064
7.35%, 03/06/2019 (B)		250,000		282,609
Danone SA  2.59%, 11/02/2023 (B) (G)		550,000		549,691
Kraft Heinz Foods Co.
2.80%, 07/02/2020		400,000		411,537
3.50%, 06/06/2022		180,000		190,070
3.95%, 07/15/2025		269,000		287,592
5.38%, 02/10/2020		138,000		152,337
6.88%, 01/26/2039		328,000		439,410

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    39

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products (continued)
Mead Johnson Nutrition Co.  4.13%, 11/15/2025		$  288,000		$  307,510
Mondelez International, Inc.  4.00%, 02/01/2024		500,000		554,606
Tyson Foods, Inc.  4.88%, 08/15/2034		430,000		463,092
				4,437,238
Gas Utilities - 0.2%
Atmos Energy Corp.  8.50%, 03/15/2019		44,000		50,847
Boston Gas Co.  4.49%, 02/15/2042 (B)		330,000		351,255
CenterPoint Energy Resources Corp.  4.50%, 01/15/2021		352,000		377,328
KeySpan Gas East Corp.  2.74%, 08/15/2026 (B)		172,000		171,353
Korea Gas Corp.  1.88%, 07/18/2021 (B)		200,000		197,978
Southern Co. Gas Capital Corp.
2.45%, 10/01/2023		77,000		76,992
3.25%, 06/15/2026		85,000		87,016
3.50%, 09/15/2021		601,000		634,913
3.95%, 10/01/2046		94,000		93,194
5.25%, 08/15/2019		100,000		108,737
5.88%, 03/15/2041		109,000		132,722
Southwest Gas Corp.  3.80%, 09/29/2046		177,000		173,777
				2,456,112
Health Care Equipment & Supplies - 0.0% (J)
Becton Dickinson and Co.
2.68%, 12/15/2019		38,000		39,161
3.73%, 12/15/2024		49,000		52,230
Medtronic, Inc.
3.15%, 03/15/2022		100,000		105,425
4.38%, 03/15/2035		117,000		128,348
Stryker Corp.  3.50%, 03/15/2026		79,000		82,256
Thermo Fisher Scientific, Inc.  2.95%, 09/19/2026		161,000		158,559
				565,979
Health Care Providers & Services - 0.3%
Aetna, Inc.
2.80%, 06/15/2023		90,000		91,201
4.50%, 05/15/2042		153,000		162,601
6.75%, 12/15/2037		305,000		409,015
Anthem, Inc.
3.13%, 05/15/2022		492,000		508,047
3.30%, 01/15/2023		105,000		108,398
4.65%, 01/15/2043		38,000		40,272
Cardinal Health, Inc.
3.75%, 09/15/2025 (I)		75,000		80,009
4.90%, 09/15/2045		45,000		51,380
Express Scripts Holding Co.
3.00%, 07/15/2023		51,000		50,721
4.50%, 02/25/2026		227,000		243,191
4.80%, 07/15/2046		62,000		61,726

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings  3.20%, 02/01/2022		$  170,000		$  176,828
Mayo Clinic  4.13%, 11/15/2052		198,000		212,991
Providence St Joseph Health Obligated Group  2.75%, 10/01/2026		168,000		166,469
Quest Diagnostics, Inc.  3.45%, 06/01/2026		75,000		77,096
Texas Health Resources  4.33%, 11/15/2055		175,000		186,913
UnitedHealth Group, Inc.
2.13%, 03/15/2021 (I)		300,000		302,778
3.10%, 03/15/2026		281,000		288,915
3.35%, 07/15/2022		84,000		89,365
3.38%, 11/15/2021		412,000		438,495
4.63%, 07/15/2035		234,000		266,907
				4,013,318
Hotels, Restaurants & Leisure - 0.1%
McDonald’s Corp.
4.70%, 12/09/2035, MTN		465,000		510,503
6.30%, 10/15/2037, MTN		81,000		104,039
				614,542
Household Products - 0.0% (J)
Kimberly-Clark Corp.  2.40%, 03/01/2022		68,000		69,656
Independent Power & Renewable Electricity Producers - 0.1%
Exelon Generation Co. LLC
4.00%, 10/01/2020		258,000		274,378
4.25%, 06/15/2022		342,000		364,031
5.75%, 10/01/2041		86,000		88,990
PSEG Power LLC  4.15%, 09/15/2021		242,000		257,393
				984,792
Industrial Conglomerates - 0.1%
General Electric Co.
3.10%, 01/09/2023, MTN		287,000		302,338
4.65%, 10/17/2021, MTN		258,000		291,817
5.50%, 01/08/2020, MTN		510,000		569,914
6.00%, 08/07/2019, MTN		121,000		135,865
6.75%, 03/15/2032, MTN		139,000		191,176
Koninklijke Philips NV  3.75%, 03/15/2022		200,000		215,641
				1,706,751
Insurance - 1.0%
Aflac, Inc.  6.90%, 12/17/2039		200,000		273,650
AIG SunAmerica Global Financing X  6.90%, 03/15/2032 (B)		800,000		1,056,081
American International Group, Inc.  4.13%, 02/15/2024		200,000		214,994
Aon Corp.  6.25%, 09/30/2040		83,000		102,883
Aon PLC  3.88%, 12/15/2025		268,000		284,311

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    40

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Berkshire Hathaway Finance Corp.
4.40%, 05/15/2042		$  268,000		$  296,432
5.75%, 01/15/2040		100,000		130,488
Chubb INA Holdings, Inc.
2.88%, 11/03/2022		130,000		135,441
3.15%, 03/15/2025		275,000		285,361
3.35%, 05/15/2024		250,000		264,050
CNA Financial Corp.
3.95%, 05/15/2024		164,000		170,916
4.50%, 03/01/2026		119,000		127,856
Dai-ichi Life Insurance Co., Ltd.  4.00% (A), 07/24/2026 (B) (K)		421,000		421,526
Jackson National Life Global Funding  3.05%, 04/29/2026 (B)		303,000		302,445
Liberty Mutual Group, Inc.
4.95%, 05/01/2022 (B)		200,000		224,181
6.50%, 03/15/2035 (B)		300,000		367,140
Liberty Mutual Insurance Co.  7.88%, 10/15/2026 (B)		200,000		253,500
Lincoln National Corp.
4.00%, 09/01/2023 (I)		300,000		319,423
4.20%, 03/15/2022		211,000		228,041
6.15%, 04/07/2036		200,000		231,391
Marsh & McLennan Cos., Inc.
2.35%, 03/06/2020		176,000		178,054
3.30%, 03/14/2023		99,000		103,408
3.50%, 06/03/2024		100,000		104,731
4.05%, 10/15/2023		250,000		271,002
Massachusetts Mutual Life Insurance Co.
5.38%, 12/01/2041 (B)		147,000		169,310
8.88%, 06/01/2039 (B)		170,000		262,568
MassMutual Global Funding II  2.00%, 04/05/2017 (B)		170,000		170,562
MetLife, Inc.  3.00%, 03/01/2025		200,000		202,918
Metropolitan Life Global Funding I  3.88%, 04/11/2022 (B)		720,000		778,791
Nationwide Mutual Insurance Co.  9.38%, 08/15/2039 (B)		200,000		305,764
New York Life Global Funding
2.00%, 04/13/2021 (B)		96,000		96,256
2.15%, 06/18/2019 (B)		350,000		356,129
2.35%, 07/14/2026 (B)		226,000		220,189
Pacific Life Global Funding  5.00%, 05/15/2017 (B)		100,000		101,549
Pacific Life Insurance Co.  9.25%, 06/15/2039 (B)		380,000		581,106
Principal Life Global Funding II  2.25%, 10/15/2018 (B)		200,000		202,521
Progressive Corp.  2.45%, 01/15/2027 (I)		320,000		312,565
Prudential Financial, Inc.  5.75%, 07/15/2033, MTN		130,000		152,643
Prudential Insurance Co. of America  8.30%, 07/01/2025 (B)		900,000		1,205,312
Reliance Standard Life Global Funding II
2.50%, 01/15/2020 (B)		130,000		131,025
3.05%, 01/20/2021 (B)		298,000		305,241

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Teachers Insurance & Annuity Association of America  4.90%, 09/15/2044 (B)		$  150,000		$  166,820
Travelers Property Casualty Corp.  7.75%, 04/15/2026		450,000		603,848
				12,672,422
Internet & Direct Marketing Retail - 0.0% (J)
Amazon.com, Inc.
3.80%, 12/05/2024		263,000		287,865
4.80%, 12/05/2034		215,000		245,405
				533,270
Internet Software & Services - 0.1%
eBay, Inc.
2.60%, 07/15/2022		537,000		536,484
4.00%, 07/15/2042		133,000		117,158
				653,642
IT Services - 0.2%
HP Enterprise Services LLC  7.45%, 10/15/2029		500,000		605,626
International Business Machines Corp.
1.80%, 05/17/2019		315,000		318,554
2.25%, 02/19/2021 (I)		277,000		282,809
4.00%, 06/20/2042 (I)		169,000		173,510
7.00%, 10/30/2025		508,000		675,500
Total System Services, Inc.  4.80%, 04/01/2026		165,000		183,244
Xerox Corp.
4.50%, 05/15/2021		80,000		85,475
5.63%, 12/15/2019		228,000		248,516
				2,573,234
Life Sciences Tools & Services - 0.1%
Thermo Fisher Scientific, Inc.
3.00%, 04/15/2023		45,000		45,676
3.15%, 01/15/2023		218,000		222,717
3.60%, 08/15/2021		176,000		186,338
4.15%, 02/01/2024		217,000		233,710
				688,441
Machinery - 0.2%
Caterpillar Financial Services Corp.
1.93%, 10/01/2021 (B)		262,000		259,163
2.40%, 08/09/2026		270,000		263,438
7.15%, 02/15/2019, MTN		100,000		112,461
Caterpillar, Inc.
1.50%, 06/26/2017		115,000		115,356
2.60%, 06/26/2022		123,000		126,057
7.90%, 12/15/2018		250,000		283,077
Deere & Co.
2.60%, 06/08/2022		119,000		122,231
3.90%, 06/09/2042		107,000		111,836
Illinois Tool Works, Inc.  3.90%, 09/01/2042		624,000		661,713
Ingersoll-Rand Luxembourg Finance SA  2.63%, 05/01/2020		200,000		203,607
Pentair Finance SA
2.90%, 09/15/2018		131,000		132,818
4.65%, 09/15/2025		200,000		209,628

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    41

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Machinery (continued)
Roper Technologies, Inc.  3.00%, 12/15/2020		$  52,000		$  53,843
Xylem, Inc.
3.25%, 11/01/2026		74,000		74,041
4.38%, 11/01/2046		80,000		79,646
				2,808,915
Media - 0.9%
21st Century Fox America, Inc.
6.20%, 12/15/2034		250,000		308,144
7.25%, 05/18/2018		155,000		168,385
7.30%, 04/30/2028		130,000		173,125
7.70%, 10/30/2025		300,000		405,154
8.88%, 04/26/2023		200,000		266,350
CBS Corp.
2.90%, 01/15/2027		250,000		243,582
3.70%, 08/15/2024		63,000		66,152
4.00%, 01/15/2026		208,000		220,753
4.85%, 07/01/2042		150,000		157,422
Charter Communications Operating LLC / Charter Communications Operating Capital
4.46%, 07/23/2022 (B)		391,000		416,485
6.38%, 10/23/2035 (B)		114,000		131,411
6.83%, 10/23/2055 (B)		150,000		178,854
Comcast Cable Holdings LLC  10.13%, 04/15/2022		414,000		551,643
Comcast Corp.
6.50%, 11/15/2035		511,000		687,883
7.05%, 03/15/2033		1,300,000		1,807,716
Cox Communications, Inc.
3.35%, 09/15/2026 (B)		134,000		132,142
4.80%, 02/01/2035 (B)		450,000		435,366
Cox Enterprises, Inc.  7.38%, 07/15/2027 (B)		200,000		241,123
Discovery Communications LLC  4.38%, 06/15/2021		344,000		373,972
Historic TW, Inc.  9.15%, 02/01/2023		200,000		264,315
NBCUniversal Media LLC  5.95%, 04/01/2041		210,000		273,484
SES SA  3.60%, 04/04/2023 (B)		100,000		100,359
TCI Communications, Inc.  7.13%, 02/15/2028		100,000		138,062
Thomson Reuters Corp.
3.95%, 09/30/2021		400,000		424,522
4.70%, 10/15/2019		75,000		80,686
Time Warner Cable LLC
6.75%, 07/01/2018		40,000		43,216
7.30%, 07/01/2038		90,000		113,556
Time Warner Cos., Inc.  7.57%, 02/01/2024		45,000		57,156
Time Warner Entertainment Co., LP  8.38%, 07/15/2033		250,000		340,616
Time Warner, Inc.
3.60%, 07/15/2025		155,000		161,075
4.75%, 03/29/2021		140,000		154,122
6.25%, 03/29/2041		37,000		45,234

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Media (continued)
Time Warner, Inc. (continued)
6.50%, 11/15/2036		$  50,000		$  62,203
7.63%, 04/15/2031		300,000		419,219
7.70%, 05/01/2032		480,000		663,107
Viacom, Inc.
3.88%, 04/01/2024		606,000		625,059
6.88%, 04/30/2036		250,000		297,571
Walt Disney Co.  3.00%, 02/13/2026		750,000		771,022
				12,000,246
Metals & Mining - 0.2%
BHP Billiton Finance USA, Ltd.
2.05%, 09/30/2018		82,000		82,978
3.25%, 11/21/2021		670,000		707,694
4.13%, 02/24/2042		300,000		304,345
6.50%, 04/01/2019		270,000		300,916
Freeport-McMoRan, Inc.
3.88%, 03/15/2023 (I)		250,000		225,625
5.40%, 11/14/2034		360,000		310,050
5.45%, 03/15/2043		184,000		152,720
Nucor Corp.
4.00%, 08/01/2023		63,000		67,699
6.40%, 12/01/2037		260,000		318,352
Placer Dome, Inc.  6.45%, 10/15/2035		399,000		444,413
				2,914,792
Multi-Utilities - 0.4%
Berkshire Hathaway Energy Co.
3.75%, 11/15/2023		780,000		842,605
6.13%, 04/01/2036		310,000		405,656
CenterPoint Energy, Inc.  6.50%, 05/01/2018		180,000		191,481
CMS Energy Corp.
3.00%, 05/15/2026		73,000		73,606
3.88%, 03/01/2024		150,000		160,940
Consolidated Edison Co. of New York, Inc.  5.70%, 06/15/2040		154,000		196,442
Consumers Energy Co.
2.85%, 05/15/2022		121,000		126,057
3.25%, 08/15/2046		95,000		90,741
6.70%, 09/15/2019		100,000		114,236
Delmarva Power & Light Co.  4.00%, 06/01/2042		294,000		304,867
Dominion Resources, Inc.
4.90%, 08/01/2041		103,000		113,534
5.25%, 08/01/2033		500,000		556,943
6.40%, 06/15/2018		170,000		182,523
DTE Electric Co.
2.65%, 06/15/2022		68,000		70,232
3.70%, 03/15/2045		114,000		116,872
3.95%, 06/15/2042		101,000		107,379
DTE Energy Co.
3.85%, 12/01/2023 (I)		252,000		271,395
6.38%, 04/15/2033		130,000		165,422
San Diego Gas & Electric Co.  6.00%, 06/01/2026		320,000		408,041

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    42

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Multi-Utilities (continued)
Sempra Energy
6.00%, 10/15/2039		$  150,000		$  187,982
9.80%, 02/15/2019		400,000		471,264
WEC Energy Group, Inc.  3.55%, 06/15/2025		115,000		121,614
				5,279,832
Multiline Retail - 0.1%
Macy’s Retail Holdings, Inc.
4.38%, 09/01/2023		75,000		78,223
5.13%, 01/15/2042		100,000		93,508
6.38%, 03/15/2037		450,000		476,388
6.90%, 04/01/2029		200,000		224,273
7.45%, 07/15/2017		240,000		250,334
Nordstrom, Inc.  4.00%, 10/15/2021 (I)		301,000		321,068
Target Corp.  2.50%, 04/15/2026		300,000		298,862
				1,742,656
Oil, Gas & Consumable Fuels - 2.4%
Anadarko Holding Co.  7.15%, 05/15/2028		552,000		638,400
Anadarko Petroleum Corp.  8.70%, 03/15/2019		150,000		171,928
Apache Corp.
3.25%, 04/15/2022		111,000		113,835
4.75%, 04/15/2043		268,000		279,890
6.90%, 09/15/2018 (I)		180,000		196,968
BG Energy Capital PLC  5.13%, 10/15/2041 (B)		200,000		227,271
BP Capital Markets PLC
1.85%, 05/05/2017		429,000		430,514
3.02%, 01/16/2027 (I)		157,000		157,436
3.06%, 03/17/2022		124,000		129,219
3.12%, 05/04/2026		231,000		233,736
3.25%, 05/06/2022		462,000		482,028
3.81%, 02/10/2024		100,000		106,901
Buckeye Partners, LP
3.95%, 12/01/2026 (G)		63,000		62,923
4.15%, 07/01/2023		68,000		69,689
4.35%, 10/15/2024		80,000		83,392
4.88%, 02/01/2021		200,000		216,599
5.85%, 11/15/2043		150,000		158,620
Burlington Resources Finance Co.  7.40%, 12/01/2031		290,000		383,759
Canadian Natural Resources, Ltd.
5.85%, 02/01/2035		150,000		160,668
6.45%, 06/30/2033		299,000		328,991
Cenovus Energy, Inc.
3.00%, 08/15/2022		91,000		88,447
4.45%, 09/15/2042		162,000		142,001
6.75%, 11/15/2039		61,000		68,094
Chevron Corp.
2.10%, 05/16/2021		400,000		402,840
2.36%, 12/05/2022		80,000		80,536
2.57%, 05/16/2023		600,000		608,433
3.19%, 06/24/2023		47,000		49,682

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
CNOOC Finance Pty, Ltd.  2.63%, 05/05/2020		$  328,000		$  333,120
CNOOC Finance, Ltd.  3.00%, 05/09/2023		254,000		253,721
ConocoPhillips 6.65%, 07/15/2018		350,000		379,572
ConocoPhillips Co.  4.20%, 03/15/2021 (I)		105,000		113,984
ConocoPhillips Holding Co.  6.95%, 04/15/2029		315,000		399,914
Devon Energy Corp.
3.25%, 05/15/2022 (I)		150,000		150,606
4.75%, 05/15/2042		224,000		211,728
7.95%, 04/15/2032		150,000		189,279
Ecopetrol SA
5.38%, 06/26/2026		135,000		136,215
5.88%, 09/18/2023		113,000		121,193
Encana Corp.  6.50%, 05/15/2019		150,000		163,480
Energy Transfer Partners, LP
3.60%, 02/01/2023		234,000		233,316
4.05%, 03/15/2025		136,000		134,334
5.15%, 03/15/2045		45,000		41,900
Eni SpA  5.70%, 10/01/2040 (B)		900,000		925,709
EnLink Midstream Partners, LP  4.15%, 06/01/2025		130,000		126,670
Enterprise Products Operating LLC
3.35%, 03/15/2023		150,000		153,747
3.70%, 02/15/2026		127,000		129,526
3.75%, 02/15/2025		74,000		76,476
3.90%, 02/15/2024 (I)		112,000		117,163
3.95%, 02/15/2027		153,000		158,971
4.05%, 02/15/2022		250,000		269,789
4.85%, 03/15/2044		45,000		45,517
4.95%, 10/15/2054		33,000		31,779
5.10%, 02/15/2045		32,000		33,963
5.95%, 02/01/2041		45,000		51,989
EOG Resources, Inc.
2.63%, 03/15/2023		236,000		235,282
4.10%, 02/01/2021		300,000		321,455
4.15%, 01/15/2026		80,000		86,900
5.10%, 01/15/2036		392,000		443,366
Exxon Mobil Corp.
2.40%, 03/06/2022		166,000		169,136
2.73%, 03/01/2023		605,000		618,582
4.11%, 03/01/2046		294,000		317,253
Kerr-McGee Corp.  7.88%, 09/15/2031		300,000		382,919
Magellan Midstream Partners, LP
3.20%, 03/15/2025		80,000		80,089
4.25%, 09/15/2046		148,000		143,750
Marathon Oil Corp.  2.80%, 11/01/2022		170,000		161,530
Noble Energy, Inc.
4.15%, 12/15/2021		120,000		127,295
5.63%, 05/01/2021		330,000		342,158

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    43

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp.
2.70%, 02/15/2023		$  400,000		$  406,411
3.40%, 04/15/2026 (I)		123,000		128,399
3.50%, 06/15/2025		91,000		95,908
ONEOK Partners, LP
3.20%, 09/15/2018		105,000		107,823
3.38%, 10/01/2022		30,000		30,572
4.90%, 03/15/2025		800,000		871,799
5.00%, 09/15/2023		65,000		70,258
6.65%, 10/01/2036		220,000		252,769
8.63%, 03/01/2019		150,000		170,862
Petro-Canada
5.35%, 07/15/2033		100,000		112,565
6.05%, 05/15/2018		312,000		332,516
7.88%, 06/15/2026		100,000		130,356
Petroleos Mexicanos
4.50%, 01/23/2026		122,000		117,852
4.63%, 09/21/2023 (B)		450,000		448,785
4.88%, 01/18/2024		81,000		81,343
5.63%, 01/23/2046		77,000		66,586
6.38%, 02/04/2021 (B) (I)		285,000		311,790
6.38%, 01/23/2045		228,000		216,714
6.75%, 09/21/2047 (B)		403,000		399,474
6.88%, 08/04/2026 (B)		359,000		401,362
Phillips 66
2.95%, 05/01/2017		161,000		162,643
4.30%, 04/01/2022		130,000		142,792
Phillips 66 Partners, LP
3.55%, 10/01/2026		66,000		65,757
4.90%, 10/01/2046		144,000		142,966
Plains All American Pipeline, LP / PAA Finance Corp.
2.60%, 12/15/2019		97,000		98,154
4.65%, 10/15/2025 (I)		450,000		477,009
4.90%, 02/15/2045		222,000		210,825
Shell International Finance BV
2.88%, 05/10/2026		853,000		854,584
3.75%, 09/12/2046		444,000		422,683
4.00%, 05/10/2046		888,000		880,043
4.13%, 05/11/2035		158,000		164,173
4.30%, 09/22/2019		300,000		322,099
4.38%, 03/25/2020		410,000		444,665
6.38%, 12/15/2038		100,000		131,778
Sinopec Group Overseas Development, Ltd.  3.90%, 05/17/2022 (B)		200,000		213,895
Spectra Energy Capital LLC
3.30%, 03/15/2023		100,000		98,092
7.50%, 09/15/2038		125,000		157,256
Spectra Energy Partners, LP  3.50%, 03/15/2025 (I)		633,000		638,562
Statoil ASA
3.15%, 01/23/2022		313,000		330,014
4.25%, 11/23/2041		236,000		245,729
Suncor Energy, Inc.
5.95%, 12/01/2034		400,000		474,569
6.10%, 06/01/2018		250,000		267,323

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Sunoco Logistics Partners Operations, LP
3.90%, 07/15/2026		$  195,000		$  197,549
5.50%, 02/15/2020		250,000		273,866
5.95%, 12/01/2025		150,000		172,758
6.10%, 02/15/2042		500,000		545,200
Tosco Corp.
7.80%, 01/01/2027		160,000		202,900
8.13%, 02/15/2030		230,000		315,100
Total Capital Canada, Ltd.  2.75%, 07/15/2023		160,000		163,714
Total Capital International SA
2.70%, 01/25/2023		688,000		701,832
3.75%, 04/10/2024 (I)		82,000		88,751
TransCanada PipeLines, Ltd.
2.50%, 08/01/2022		115,000		114,638
3.13%, 01/15/2019		149,000		153,373
3.75%, 10/16/2023		135,000		143,608
4.88%, 01/15/2026		370,000		424,273
6.50%, 08/15/2018		175,000		189,741
Western Gas Partners, LP
4.65%, 07/01/2026		152,000		159,256
5.45%, 04/01/2044		97,000		99,620
				30,132,110
Personal Products - 0.0% (J)
Mead Johnson Nutrition Co.  4.60%, 06/01/2044		130,000		133,393
Pharmaceuticals - 0.5%
Actavis Funding SCS
3.45%, 03/15/2022		211,000		219,060
4.55%, 03/15/2035		885,000		913,770
Actavis, Inc.  3.25%, 10/01/2022		162,000		166,839
Allergan, Inc.  3.38%, 09/15/2020 (I)		125,000		130,621
Baxalta, Inc.
3.60%, 06/23/2022		67,000		69,781
5.25%, 06/23/2045		33,000		37,282
Bayer US Finance LLC  3.38%, 10/08/2024 (B)		200,000		205,722
Johnson & Johnson  3.55%, 03/01/2036		192,000		203,531
Merck & Co., Inc.
2.35%, 02/10/2022		43,000		43,758
3.70%, 02/10/2045		20,000		20,521
Mylan NV
3.95%, 06/15/2026 (B)		185,000		184,523
5.25%, 06/15/2046 (B)		127,000		128,578
Mylan, Inc.
3.13%, 01/15/2023 (B)		460,000		454,698
5.40%, 11/29/2043		100,000		107,016
Novartis Capital Corp.
2.40%, 09/21/2022		160,000		163,605
3.40%, 05/06/2024		395,000		426,236
Shire Acquisitions Investments Ireland DAC  2.88%, 09/23/2023		334,000		328,477
Teva Pharmaceutical Finance Co. LLC  6.15%, 02/01/2036 (I)		670,000		824,832

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    44

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Pharmaceuticals (continued)
Teva Pharmaceutical Finance Co., BV  3.65%, 11/10/2021		$  181,000		$  190,629
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/2021		238,000		235,127
2.80%, 07/21/2023		137,000		134,814
4.10%, 10/01/2046		60,000		55,699
Zoetis, Inc.
3.25%, 02/01/2023		200,000		204,375
3.45%, 11/13/2020		37,000		38,410
4.50%, 11/13/2025		284,000		314,026
				5,801,930
Professional Services - 0.0% (J)
Equifax, Inc.  2.30%, 06/01/2021		127,000		127,502
Road & Rail - 0.3%
Burlington Northern Santa Fe LLC
3.45%, 09/15/2021		251,000		268,444
3.60%, 09/01/2020		125,000		133,509
4.40%, 03/15/2042		130,000		141,169
5.75%, 05/01/2040		300,000		382,811
7.29%, 06/01/2036		90,000		129,323
Canadian National Railway Co.  5.85%, 11/15/2017		180,000		188,449
Canadian Pacific Railway Co.  6.13%, 09/15/2115		264,000		318,736
CSX Corp.
3.95%, 05/01/2050		42,000		40,985
4.25%, 06/01/2021		65,000		71,020
6.00%, 10/01/2036, MTN		340,000		427,773
7.38%, 02/01/2019		350,000		394,137
Norfolk Southern Corp.
3.25%, 12/01/2021		166,000		175,472
3.85%, 01/15/2024 (I)		266,000		287,684
6.00%, 03/15/2105		160,000		185,072
7.05%, 05/01/2037		130,000		177,958
Union Pacific Corp.
2.95%, 01/15/2023		43,000		44,661
4.16%, 07/15/2022		306,000		341,931
4.30%, 06/15/2042		148,000		159,955
				3,869,089
Semiconductors & Semiconductor Equipment - 0.1%
Intel Corp.
3.10%, 07/29/2022		120,000		126,691
3.30%, 10/01/2021		130,000		138,465
3.70%, 07/29/2025		97,000		105,970
4.10%, 05/19/2046		224,000		230,450
4.80%, 10/01/2041		150,000		170,653
National Semiconductor Corp.  6.60%, 06/15/2017		200,000		207,065
				979,294
Software - 0.3%
Intuit, Inc.  5.75%, 03/15/2017		70,000		71,180
Microsoft Corp.
2.38%, 02/12/2022 - 05/01/2023		125,000		127,138
3.50%, 02/12/2035		277,000		277,275

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Software (continued)
Microsoft Corp. (continued)
3.63%, 12/15/2023		$  311,000		$  337,019
4.00%, 02/12/2055		81,000		79,755
4.20%, 11/03/2035		103,000		113,100
4.50%, 10/01/2040		70,000		77,494
4.75%, 11/03/2055		436,000		488,753
Oracle Corp.
2.38%, 01/15/2019		182,000		185,877
2.40%, 09/15/2023		324,000		323,184
2.50%, 10/15/2022		480,000		487,932
2.95%, 05/15/2025		200,000		204,259
3.90%, 05/15/2035		60,000		61,116
4.30%, 07/08/2034		70,000		75,024
5.00%, 07/08/2019		100,000		109,305
5.38%, 07/15/2040		123,000		146,867
6.13%, 07/08/2039		731,000		958,844
6.50%, 04/15/2038		200,000		268,794
				4,392,916
Specialty Retail - 0.1%
Bed Bath & Beyond, Inc.  4.92%, 08/01/2034		130,000		131,609
Home Depot, Inc.
2.13%, 09/15/2026 (I)		103,000		99,413
2.63%, 06/01/2022		177,000		182,700
3.00%, 04/01/2026		212,000		219,985
3.50%, 09/15/2056		71,000		65,966
4.20%, 04/01/2043		145,000		157,429
Lowe’s Cos., Inc.
3.38%, 09/15/2025 (I)		119,000		126,819
5.50%, 10/15/2035		140,000		172,415
7.11%, 05/15/2037, MTN		120,000		166,431
				1,322,767
Technology Hardware, Storage & Peripherals - 0.3%
Apple, Inc.
1.13% (A), 05/03/2018		297,000		297,678
2.15%, 02/09/2022		327,000		328,794
2.40%, 05/03/2023		494,000		496,307
2.45%, 08/04/2026		296,000		290,083
2.85%, 05/06/2021		302,000		315,118
3.20%, 05/13/2025		160,000		167,497
3.25%, 02/23/2026		266,000		277,457
3.45%, 05/06/2024 - 02/09/2045		549,000		568,410
3.85%, 08/04/2046		207,000		201,574
4.50%, 02/23/2036		340,000		378,987
4.65%, 02/23/2046		119,000		131,155
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
4.42%, 06/15/2021 (B)		252,000		263,518
5.45%, 06/15/2023 (B)		291,000		311,620
6.02%, 06/15/2026 (B)		257,000		280,144
				4,308,342
Trading Companies & Distributors - 0.1%
Air Lease Corp.
2.13%, 01/15/2020		445,000		444,373
3.00%, 09/15/2023		258,000		255,647
3.88%, 04/01/2021		220,000		232,764

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    45

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Trading Companies & Distributors (continued)
WW Grainger, Inc.
3.75%, 05/15/2046		$  125,000		$  125,562
4.60%, 06/15/2045		68,000		77,402
				1,135,748
Transportation Infrastructure - 0.1%
Penske Truck Leasing Co., LP / PTL Finance Corp.
3.38%, 02/01/2022 (B)		233,000		240,826
4.88%, 07/11/2022 (B)		500,000		553,478
Ryder System, Inc.
2.50%, 03/01/2017 - 05/11/2020, MTN		598,000		602,673
3.45%, 11/15/2021, MTN		42,000		44,185
				1,441,162
Water Utilities - 0.0% (J)
American Water Capital Corp.  3.85%, 03/01/2024		300,000		327,458
Wireless Telecommunication Services - 0.2%
America Movil SAB de CV  3.13%, 07/16/2022		236,000		241,992
Crown Castle Towers LLC  3.22%, 05/15/2042 (B)		200,000		206,630
Rogers Communications, Inc.
4.10%, 10/01/2023		213,000		233,036
5.45%, 10/01/2043		95,000		112,633
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC  3.36%, 03/20/2023 (B)		809,000		811,023
Vodafone Group PLC
1.50%, 02/19/2018		238,000		237,669
1.63%, 03/20/2017		232,000		232,320
2.95%, 02/19/2023		75,000		75,773
				2,151,076
Total Corporate Debt Securities (Cost $296,568,542)				309,372,747
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%
Canada - 0.0% (J)
Province of Quebec  6.35%, 01/30/2026, MTN		285,000		370,258
Colombia - 0.0% (J)
Colombia Government International Bond  5.00%, 06/15/2045		200,000		203,000
Israel - 0.2%
Israel Government AID Bond
Series 2010-Z,
Zero Coupon, 02/15/2025		2,250,000		1,841,103
Series 2011-Z,
Zero Coupon, 11/15/2026		1,400,000		1,076,522
				2,917,625
Mexico - 0.3%
Mexico Government International Bond
4.13%, 01/21/2026		865,000		914,305
4.35%, 01/15/2047		183,000		173,118
5.55%, 01/21/2045		190,000		212,800
5.75%, 10/12/2110		550,000		562,375

	Principal		Value
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Mexico (continued)
Mexico Government International Bond (continued)
3.50%, 01/21/2021, MTN (I)		$  731,000		$  769,743
4.75%, 03/08/2044, MTN		688,000		686,280
				3,318,621
Peru - 0.0% (J)
Peru Government International Bond  5.63%, 11/18/2050		45,000		57,150
Poland - 0.1%
Republic of Poland Government International Bond
3.25%, 04/06/2026		115,000		119,349
4.00%, 01/22/2024		333,000		363,370
				482,719
Supranational - 0.1%
African Development Bank  8.80%, 09/01/2019		500,000		599,850
Turkey - 0.0% (J)
Turkey Government International Bond  5.75%, 03/22/2024		365,000		387,970
Total Foreign Government Obligations (Cost $7,979,565)				8,337,193
MORTGAGE-BACKED SECURITIES - 4.1%
A10 Securitization LLC  Series 2015-1, Class A1,  2.10%, 04/15/2034 (B)		357,639		356,333
A10 Term Asset Financing LLC
Series 2013-2, Class A,
2.62%, 11/15/2027 (B)		355,313		354,868
Series 2013-2, Class B,
4.38%, 11/15/2027 (B)		250,000		246,685
Series 2014-1, Class A1,
1.72%, 04/15/2033 (B)		346,976		345,888
Series 2014-1, Class A2,
3.02%, 04/15/2033 (B)		603,000		593,432
Access Point Funding Trust  Series 2016-1, Class A,  6.25%, 02/16/2021 (C)		994,541		993,818
Ajax Mortgage Loan Trust  Series 2015-B, Class A,  3.88% (A), 07/25/2060 (B)		387,243		388,037
American General Mortgage Loan Trust  Series 2006-1, Class A5,  5.75% (A), 12/25/2035 (B)		35,051		36,099
Angel Oak Mortgage Trust LLC  Series 2015-1, Class A,  4.50% (A), 11/25/2045 (B)		342,885		344,948
ASG Resecuritization Trust
Series 2009-1, Class A60,
2.57% (A), 06/26/2037 (B)		15,309		15,209
Series 2009-3, Class A65,
2.43% (A), 03/26/2037 (B)		307,805		306,290
Series 2011-1, Class 3A50,
3.20% (A), 11/28/2035 (B)		199,560		197,000
Banc of America Alternative Loan Trust
Series 2003-11, Class 1A1,
6.00%, 01/25/2034		70,154		71,821

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    46

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Banc of America Alternative Loan Trust (continued)
Series 2003-11, Class 2A1,
6.00%, 01/25/2034		$  83,530		$  85,645
Series 2004-1, Class 1A1,
6.00%, 02/25/2034		244,642		259,582
Series 2004-1, Class 5A1,
5.50%, 02/25/2019		11,902		12,005
Series 2004-8, Class 3A1,
5.50%, 09/25/2019		22,275		21,819
Banc of America Commercial Mortgage Trust  Series 2006-3, Class A4,  5.89% (A), 07/10/2044		8,692		8,679
Banc of America Funding Trust
Series 2004-3, Class 1A1,
5.50%, 10/25/2034		201,276		206,030
Series 2004-C, Class 1A1,
3.08% (A), 12/20/2034		58,545		57,357
Series 2005-E, Class 4A1,
3.03% (A), 03/20/2035		821,321		824,171
Series 2010-R11A, Class 1A6,
5.00% (A), 08/26/2035 (B)		105,923		106,026
Banc of America Merrill Lynch Commercial Mortgage, Inc.  Series 2005-3, Class AM,  4.73%, 07/10/2043		116,882		116,902
Banc of America Mortgage Trust
Series 2003-C, Class 3A1,
3.18% (A), 04/25/2033		58,013		58,516
Series 2003-E, Class 2A2,
3.28% (A), 06/25/2033		188,554		187,891
Series 2004-3, Class 3A1,
5.00%, 04/25/2019		13,565		13,674
Series 2004-5, Class 4A1,
4.75%, 06/25/2019		8,423		8,413
Series 2004-C, Class 2A2,
3.20% (A), 04/25/2034		297,936		296,148
BCAP LLC Trust
Series 2009-RR13, Class 17A2,
5.50% (A), 04/26/2037 (B)		39,376		39,365
Series 2009-RR14, Class 3A2,
2.90% (A), 08/26/2035 (B)		175,547		175,744
Series 2009-RR5, Class 8A1,
5.50%, 11/26/2034 (B)		115,780		119,463
Series 2010-RR12, Class 2A5,
2.91% (A), 01/26/2036 (B)		138,680		137,686
Series 2010-RR5, Class 2A5,
5.40% (A), 04/26/2037 (B)		55,532		55,684
Series 2010-RR6, Class 22A3,
2.96% (A), 06/26/2036 (B)		17,326		17,285
Series 2010-RR7, Class 1A5,
3.04% (A), 04/26/2035 (B)		37,718		37,467
Series 2010-RR7, Class 2A1,
2.72% (A), 07/26/2045 (B)		543,361		539,278
Series 2010-RR8, Class 3A4,
3.09% (A), 05/26/2035 (B)		352,208		347,359
Series 2011-RR10, Class 2A1,
1.30% (A), 09/26/2037 (B)		857,083		832,868
Series 2011-RR4, Class 6A3,
5.00% (A), 08/26/2037 (B)		319,707		322,034

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BCAP LLC Trust (continued)
Series 2011-RR5, Class 11A3,
0.68% (A), 05/28/2036 (B)		$  77,685		$  77,397
Series 2012-RR3, Class 2A5,
2.42% (A), 05/26/2037 (B)		254,272		253,606
Bear Stearns Alt-A Trust  Series 2005-2, Class 1A1,  1.03% (A), 03/25/2035		147,023		143,745
Bear Stearns ARM Trust
Series 2003-4, Class 3A1,
2.96% (A), 07/25/2033		71,238		71,205
Series 2004-2, Class 14A,
3.37% (A), 05/25/2034		50,389		50,046
Bear Stearns Commercial Mortgage Securities Trust, Interest Only STRIPS  Series 2005-PWR8, Class X1,  0.40% (A), 06/11/2041 (B)		153,708		2
CD Commercial Mortgage Trust, Interest Only STRIPS  Series 2007-CD4, Class XC,  0.39% (A), 12/11/2049 (B)		16,302,550		7,450
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A3,
3.06% (A), 02/25/2037		1,037,166		1,024,040
Series 2007-A1, Class 2A1,
3.09% (A), 02/25/2037		218,790		218,439
Series 2007-A1, Class 7A1,
3.05% (A), 02/25/2037		153,012		152,856
Series 2007-A1, Class 9A1,
3.02% (A), 02/25/2037		95,225		94,235
Series 2007-A2, Class 1A1,
3.10% (A), 07/25/2037		44,791		44,435
Series 2007-A2, Class 2A1,
3.06% (A), 07/25/2037		282,867		280,948
CHL Mortgage Pass-Through Trust
Series 2004-3, Class A26,
5.50%, 04/25/2034		195,694		196,202
Series 2004-3, Class A4,
5.75%, 04/25/2034		293,541		291,906
Series 2004-5, Class 1A4,
5.50%, 06/25/2034		270,764		279,482
Series 2004-8, Class 2A1,
4.50%, 06/25/2019		10,829		11,014
Series 2004-J4, Class 2A1,
5.00%, 05/25/2019		21,365		21,495
Citigroup Global Markets Mortgage Securities VII, Inc.  Series 2003-HYB1, Class A,  3.24% (A), 09/25/2033		161,522		159,971
Citigroup Mortgage Loan Trust
Series 2003-1, Class 3A4,
5.25%, 09/25/2033		128,890		128,180
Series 2005-2, Class 2A11,
5.50%, 05/25/2035		178,281		182,752
Series 2008-AR4, Class 1A1A,
3.00% (A), 11/25/2038 (B)		380,196		378,759
Series 2009-10, Class 1A1,
2.78% (A), 09/25/2033 (B)		351,106		353,128

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    47

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Citigroup Mortgage Loan Trust (continued)
Series 2009-11, Class 3A1,
5.75% (A), 05/25/2037 (B)		$  184,340		$  186,021
Series 2010-7, Class 10A1,
2.76% (A), 02/25/2035 (B)		29,265		29,080
Series 2010-8, Class 5A6,
4.00%, 11/25/2036 (B)		209,777		209,873
Series 2010-8, Class 6A6,
4.50%, 12/25/2036 (B)		336,232		336,797
COBALT CMBS Commercial Mortgage Trust  Series 2006-C1, Class AM,  5.25%, 08/15/2048		468,257		467,696
COBALT CMBS Commercial Mortgage Trust, Interest Only STRIPS  Series 2006-C1,  0.75% (A), 08/15/2048		3,549,830		18,414
COMM Mortgage Trust  Series 2015-CR25, Class A4,  3.76%, 08/10/2048		562,000		606,592
COMM Mortgage Trust, Interest Only STRIPS  Series 2012-CR2, Class XA,  1.73% (A), 08/15/2045		1,943,248		147,929
Credit Suisse First Boston Mortgage Securities Corp.
Series 2003-21, Class 1A4,
5.25%, 09/25/2033		95,941		98,372
Series 2003-27, Class 5A4,
5.25%, 11/25/2033		150,078		151,848
Series 2003-29, Class 5A1,
7.00%, 12/25/2033		149,777		158,615
Series 2003-29, Class 8A1,
6.00%, 11/25/2018		34,074		34,856
Series 2003-AR15, Class 3A1,
3.19% (A), 06/25/2033		187,813		184,734
Series 2004-4, Class 2A4,
5.50%, 09/25/2034		229,286		239,454
Series 2004-5, Class 3A1,
5.25%, 08/25/2019		90,108		91,223
Series 2004-8, Class 1A4,
5.50%, 12/25/2034		237,095		247,081
Credit Suisse Mortgage Capital Certificates  Series 2009-3R, Class 19A3,  6.00%, 01/27/2038 (B)		43,024		43,406
CSMC OA LLC  Series 2014-USA, Class D,  4.37%, 09/15/2037 (B)		500,000		482,350
CSMC Trust
Series 2010-11R, Class A6,
1.53% (A), 06/28/2047 (B)		597,152		591,721
Series 2010-17R, Class 1A1,
2.85% (A), 06/26/2036 (B)		121,814		122,670
Series 2011-16R, Class 7A3,
3.25% (A), 12/27/2036 (B)		95,406		95,500
Series 2011-6R, Class 3A1,
3.24% (A), 07/28/2036 (B)		82,886		83,075
Series 2012-3R, Class 1A1,
2.74% (A), 07/27/2037 (B)		130,485		130,817

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
DBRR Trust, Interest Only STRIPS  Series 2011-C32, Class A3X1,  2.02% (A), 06/17/2049 (B) (D)		$  6,000,000		$  20,940
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust  Series 2005-1, Class 2A1,  5.86% (A), 02/25/2020		73,834		74,580
First Horizon Mortgage Pass-Through Trust  Series 2004-AR2, Class 2A1,  3.07% (A), 05/25/2034		240,335		237,394
GMACM Mortgage Loan Trust
Series 2003-AR1, Class A4,
3.62% (A), 10/19/2033		80,446		79,543
Series 2003-AR2, Class 2A4,
3.44% (A), 12/19/2033		533,654		525,387
Series 2004-J5, Class A7,
6.50%, 01/25/2035		539,825		557,274
Series 2004-J6, Class 1A1,
5.00%, 01/25/2020		33,200		33,818
GS Mortgage Securities Trust, Interest Only STRIPS  Series 2006-GG8, Class X,  0.65% (A), 11/10/2039 (B)		1,877,923		19
GSMPS Mortgage Loan Trust  Series 2005-RP3, Class 1AF,  0.88% (A), 09/25/2035 (B)		937,168		806,638
GSMPS Mortgage Loan Trust, Interest Only STRIPS  Series 2005-RP3, Class 1AS,  4.19% (A), 09/25/2035 (B)		702,876		91,480
GSR Mortgage Loan Trust
Series 2003-7F, Class 1A4,
5.25%, 06/25/2033		475,773		484,415
Series 2004-8F, Class 2A3,
6.00%, 09/25/2034		375,812		384,114
Series 2005-5F, Class 8A3,
1.03% (A), 06/25/2035		23,696		22,474
HILT Mortgage Trust  Series 2014-ORL, Class A,  1.42% (A), 07/15/2029 (B)		1,750,000		1,728,590
Impac CMB Trust  Series 2005-4, Class 2A1,  1.13% (A), 05/25/2035		171,441		164,583
Impac Secured Assets CMN Owner Trust  Series 2003-2, Class A1,  5.50%, 08/25/2033		63,131		65,050
Impac Secured Assets Trust
Series 2006-1, Class 2A1,
0.88% (A), 05/25/2036		471,792		423,803
Series 2006-2, Class 2A1,
0.88% (A), 08/25/2036		218,164		214,163
JPMorgan Chase Commercial Mortgage Securities Trust  Series 2006-LDP9, Class A3SF,  0.69% (A), 05/15/2047		317,763		315,972
JPMorgan Chase Commercial Mortgage Securities Trust, Interest Only STRIPS  Series 2006-CB15, Class X1,  0.26% (A), 06/12/2043		7,859,673		11,665

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    48

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
JPMorgan Mortgage Trust
Series 2004-A3, Class 4A1,
3.21% (A), 07/25/2034		$  75,111		$  77,053
Series 2004-A4, Class 1A1,
3.29% (A), 09/25/2034		55,697		56,855
Series 2004-S1, Class 1A7,
5.00%, 09/25/2034		11,741		12,047
Series 2005-A1, Class 3A4,
3.10% (A), 02/25/2035		185,274		188,659
Series 2006-A2, Class 5A3,
2.97% (A), 11/25/2033		394,948		400,459
Series 2006-A3, Class 6A1,
3.16% (A), 08/25/2034		41,673		41,715
JPMorgan Re-REMIC Trust  Series 2009-6, Class 4A1,  3.08% (A), 09/26/2036 (B)		23,979		23,969
LB-UBS Commercial Mortgage Trust, Interest Only STRIPS  Series 2006-C1, Class XCL,  0.26% (A), 02/15/2041 (B)		3,788,844		465
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1,
3.03% (A), 04/21/2034		433,348		443,531
Series 2004-13, Class 3A7,
3.05% (A), 11/21/2034		275,361		280,770
MASTR Alternative Loan Trust
Series 2003-9, Class 2A1,
6.00%, 12/25/2033		45,873		45,554
Series 2004-5, Class 5A1,
4.75%, 06/25/2019		28,700		28,825
MASTR Asset Securitization Trust
Series 2003-11, Class 9A6,
5.25%, 12/25/2033		423,785		428,001
Series 2003-2, Class 1A1,
5.00%, 03/25/2018		7,103		7,097
Series 2003-3, Class 3A18,
5.50%, 04/25/2033		75,295		74,959
Series 2004-P7, Class A6,
5.50%, 12/27/2033 (B) (C)		128,322		134,791
MASTR Re-REMIC Trust, Principal Only STRIPS  Series 2005, Class 3, 05/28/2035 (B)		32,294		25,554
Merrill Lynch Mortgage Investors Trust
Series 2003-A4, Class 2A,
3.17% (A), 07/25/2033		72,179		70,043
Series 2003-A5, Class 2A6,
2.91% (A), 08/25/2033		69,637		70,024
Series 2004-1, Class 2A1,
2.72% (A), 12/25/2034		266,417		266,510
Series 2004-A4, Class A2,
2.85% (A), 08/25/2034		115,236		117,103
Series 2004-D, Class A2,
1.95% (A), 09/25/2029		180,641		173,094
ML-CFC Commercial Mortgage Trust, Interest Only STRIPS  Series 2006-4, Class XC,  0.67% (A), 12/12/2049 (B)		2,439,748		321

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust
Series 2007-T27, Class A4,
5.64% (A), 06/11/2042		$  190,383		$  193,744
Series 2011-C3, Class A3,
4.05%, 07/15/2049		584,708		613,929
Morgan Stanley Capital I Trust, Interest Only STRIPS
Series 2006-IQ12, Class X1,
0.49% (A), 12/15/2043 (B)		10,359,514		1,389
Series 2006-T21, Class X,
0.09% (A), 10/12/2052 (B)		15,149,712		99,517
Series 2007-HQ11, Class X,
0.18% (A), 02/12/2044 (B)		27,764,742		4,978
Morgan Stanley Mortgage Loan Trust  Series 2004-3, Class 4A,  5.67% (A), 04/25/2034		260,480		272,437
Morgan Stanley Re-REMIC Trust
Series 2012-IO, Class AXA,
1.00%, 03/27/2051 (B)		415,918		413,909
Series 2012-XA, Class A,
2.00%, 07/27/2049 (B)		273,015		271,992
Series 2012-XA, Class B,
0.25%, 07/27/2049 (B)		1,630,000		1,458,850
PFP, Ltd.
Series 2015-2, Class A,
1.98% (A), 07/14/2034 (B)		683,000		681,962
Series 2015-2, Class C,
3.78% (A), 07/14/2034 (B)		141,000		137,780
Series 2015-2, Class D,
4.53% (A), 07/14/2034 (B)		100,000		96,974
Prime Mortgage Trust  Series 2004-CL1, Class 1A1,  6.00%, 02/25/2034		95,568		99,712
Prime Mortgage Trust, Principal Only STRIPS  Series 2004-CL1, Class 1, 02/25/2034		5,146		4,269
Provident Funding Mortgage Loan Trust  Series 2005-1, Class 2A1,  2.87% (A), 05/25/2035		177,267		170,821
RAIT Trust
Series 2014-FL3, Class A,
1.78% (A), 12/15/2031 (B)		102,864		101,887
Series 2015-FL4, Class A,
1.88% (A), 12/15/2031 (B)		188,817		188,748
Series 2015-FL5, Class B,
4.43% (A), 01/15/2031 (B)		395,000		396,122
RALI Trust
Series 2003-QS13, Class A5,
1.18% (A), 07/25/2033		203,211		185,771
Series 2003-QS18, Class A1,
5.00%, 09/25/2018		19,998		20,120
Series 2004-QS7, Class A4,
5.50%, 05/25/2034		256,167		260,037
RAMP Trust  Series 2004-SL2, Class A3,  7.00%, 10/25/2031		154,980		161,042
RBSSP Resecuritization Trust
Series 2009-1, Class 1A1,
6.50%, 02/26/2036 (B)		351,406		372,459

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    49

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
RBSSP Resecuritization Trust (continued)
Series 2010-9, Class 7A5,
4.00% (A), 05/26/2037 (B)		$  67,190		$  67,537
Residential Asset Securitization Trust  Series 2002-A13, Class A4,  5.25%, 12/25/2017		3,041		2,995
Resource Capital Corp., Ltd.
Series 2015-CRE4, Class A,
1.93% (A), 08/15/2032 (B)		323,235		320,031
Series 2015-CRE4, Class B,
3.53% (A), 08/15/2032 (B)		230,000		216,488
RFMSI Trust  Series 2003-S20, Class 2A1,  4.75%, 12/25/2018		13,956		14,037
Sequoia Mortgage Trust
Series 2004-11, Class A1,
1.13% (A), 12/20/2034		390,350		381,302
Series 2004-11, Class A3,
1.13% (A), 12/20/2034		254,619		245,987
Series 2004-12, Class A3,
1.24% (A), 01/20/2035		153,483		141,079
Springleaf Mortgage Loan Trust  Series 2013-3A, Class A,  1.87% (A), 09/25/2057 (B)		401,766		401,618
Structured Asset Mortgage Investments II Trust  Series 2004-AR5, Class 1A1,  1.19% (A), 10/19/2034		362,912		346,056
Structured Asset Securities Corp.
Series 2003-37A, Class 2A,
2.86% (A), 12/25/2033		99,190		98,532
Series 2004-4XS, Class 1A5,
5.62% (A), 02/25/2034		360,295		370,327
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-32, Class 1A1,
5.22% (A), 11/25/2033		50,588		50,572
Series 2003-33H, Class 1A1,
5.50%, 10/25/2033		77,970		79,503
Series 2003-35, Class 3A1,
1.03% (A), 12/25/2033		36,817		36,686
Series 2004-5H, Class A4,
5.54%, 12/25/2033		319,702		328,147
Thornburg Mortgage Securities Trust
Series 2003-4, Class A1,
1.17% (A), 09/25/2043		189,558		182,362
Series 2004-1, Class II2A,
1.87% (A), 03/25/2044		88,062		85,488
UBS-BAMLL Trust  Series 2012-WRM, Class A,  3.66%, 06/10/2030 (B)		1,000,000		1,050,673
UBS-Barclays Commercial Mortgage Trust  Series 2012-C2, Class A4,  3.53%, 05/10/2063		650,000		693,554
UBS-Barclays Commercial Mortgage Trust, Interest Only STRIPS  Series 2012-C2, Class XA,  1.63% (A), 05/10/2063 (B)		5,684,041		295,020

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
VNDO Mortgage Trust  Series 2012-6AVE, Class A,  3.00%, 11/15/2030 (B)		$  1,000,000		$  1,038,266
VOLT LI LLC  Series 2016-NP11, Class A1,  3.50%, 10/25/2046		1,307,000		1,307,000
Wachovia Bank Commercial Mortgage Trust, Interest Only STRIPS  Series 2006-C24, Class XC,  0.09% (A), 03/15/2045 (B)		7,774,652		78
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR6, Class A1,
2.90% (A), 06/25/2033		384,364		382,252
Series 2003-AR7, Class A7,
2.67% (A), 08/25/2033		139,217		139,387
Series 2003-AR8, Class A,
2.69% (A), 08/25/2033		56,255		56,793
Series 2003-AR9, Class 1A6,
2.78% (A), 09/25/2033		253,350		254,958
Series 2003-S3, Class 1A4,
5.50%, 06/25/2033		252,846		260,958
Series 2003-S4, Class 2A10,
15.99% (A), 06/25/2033		11,096		13,602
Series 2003-S9, Class A8,
5.25%, 10/25/2033		152,961		158,980
Series 2004-AR3, Class A1,
2.79% (A), 06/25/2034		33,673		33,900
Series 2004-AR3, Class A2,
2.79% (A), 06/25/2034		346,356		348,684
Series 2004-CB2, Class 7A,
5.50%, 08/25/2019		88,282		89,446
Series 2004-CB3, Class 4A,
6.00%, 10/25/2019		114,010		117,506
Series 2004-S2, Class 2A4,
5.50%, 06/25/2034		272,707		283,819
Washington Mutual MSC Mortgage Pass-Through Certificates Trust
Series 2003-MS2, Class 1A1,
5.75%, 02/25/2033		165,967		175,440
Series 2004-RA2, Class 2A,
7.00%, 07/25/2033		75,177		81,159
Wells Fargo Commercial Mortgage Trust
Series 2014-LC16, Class A2,
2.82%, 08/15/2050		1,077,000		1,108,488
Series 2016-C35, Class A4,
2.93%, 07/15/2048		1,915,000		1,939,829
Wells Fargo Mortgage-Backed Securities Trust
Series 2003-K, Class 1A1,
2.90% (A), 11/25/2033		17,416		17,440
Series 2004-4, Class A9,
5.50%, 05/25/2034		201,414		205,379
Series 2004-EE, Class 2A1,
3.03% (A), 12/25/2034		146,561		147,562
Series 2004-EE, Class 2A2,
3.03% (A), 12/25/2034		36,640		37,307
Series 2004-EE, Class 3A1,
3.18% (A), 12/25/2034		43,422		44,771

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    50

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Wells Fargo Mortgage-Backed Securities Trust (continued)
Series 2004-EE, Class 3A2,
3.18% (A), 12/25/2034		$  65,134		$  67,157
Series 2004-I, Class 1A1,
3.00% (A), 07/25/2034		589,927		597,103
Series 2004-P, Class 2A1,
2.99% (A), 09/25/2034		953,322		981,419
Series 2004-R, Class 2A1,
3.03% (A), 09/25/2034		449,519		459,899
Series 2004-U, Class A1,
3.07% (A), 10/25/2034		800,868		796,002
Series 2004-V, Class 1A1,
3.06% (A), 10/25/2034		79,089		79,495
Series 2004-V, Class 1A2,
3.06% (A), 10/25/2034		35,307		36,127
Series 2004-W, Class A9,
2.99% (A), 11/25/2034		146,515		148,250
Series 2005-AR3, Class 1A1,
3.07% (A), 03/25/2035		676,882		690,443
Series 2005-AR8, Class 2A1,
3.02% (A), 06/25/2035		215,276		219,076
Series 2005-AR9, Class 2A1,
3.07% (A), 10/25/2033		84,257		84,503
WFRBS Commercial Mortgage Trust  Series 2011-C3, Class A4,  4.38%, 03/15/2044 (B)		550,000		602,641
Total Mortgage-Backed Securities (Cost $51,125,303)				52,147,799
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.4%
California - 0.1%
State of California, General Obligation Unlimited  7.30%, 10/01/2039		520,000		767,655
Illinois - 0.0% (J)
State of Illinois, General Obligation Unlimited  5.10%, 06/01/2033		85,000		81,205
New York - 0.1%
New York State Dormitory Authority, Revenue Bonds  5.60%, 03/15/2040		280,000		366,019
Port Authority of New York & New Jersey, Revenue Bonds
4.46%, 10/01/2062		800,000		873,808
5.65%, 11/01/2040		655,000		838,118
				2,077,945
Ohio - 0.2%
American Municipal Power, Inc., Revenue Bonds  Series B,  7.50%, 02/15/2050		640,000		934,688
Ohio State University, Revenue Bonds  Series A,  4.80%, 06/01/2111		1,370,000		1,482,559
				2,417,247
Total Municipal Government Obligations (Cost $4,515,834)				5,344,052

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS - 29.9%
Federal Home Loan Mortgage Corp.
2.43% (A), 04/01/2037		$  44,787		$  47,036
2.51% (A), 05/01/2037		134,437		139,487
2.52% (A), 11/01/2036		114,053		120,300
2.54% (A), 12/01/2036		382,796		403,206
2.61% (A), 11/01/2036		288,509		305,183
2.63% (A), 01/01/2035		519,433		548,676
2.65% (A), 02/01/2037		47,021		49,984
2.72% (A), 10/01/2036 - 06/01/2037		243,500		254,478
2.74% (A), 12/01/2036		324,101		343,068
2.75% (A), 02/01/2036		623,284		663,908
2.79% (A), 07/01/2036		340,205		353,971
2.93% (A), 12/01/2031 - 10/01/2037		664,337		703,437
2.94% (A), 11/01/2036 - 05/01/2037		125,995		134,028
2.96% (A), 04/01/2037 - 05/01/2038		84,658		89,466
3.05% (A), 09/01/2037		48,565		51,336
3.10% (A), 05/01/2037		139,018		148,087
3.13% (A), 03/01/2037		169,001		177,451
3.20% (A), 04/01/2037		84,986		89,639
3.32% (A), 05/01/2037		486,059		518,061
3.44% (A), 05/01/2036		60,213		64,052
3.50%, 06/01/2042 - 07/01/2046		6,566,326		6,936,752
3.53% (A), 03/01/2036		285,781		301,326
4.00%, 04/01/2043 - 01/01/2046		4,437,190		4,822,052
4.50%, 05/01/2041 - 01/01/2046		15,659,615		17,260,358
5.00%, 10/01/2018 - 08/01/2040		560,516		617,833
5.50%, 02/01/2018 - 12/01/2035		1,229,031		1,331,275
6.00%, 05/01/2017 - 06/01/2037		340,950		382,531
6.50%, 05/01/2035 - 03/01/2038		1,566,169		1,824,570
6.51% (A), 10/01/2037		124,674		125,408
7.50%, 02/01/2038 - 09/01/2038		83,552		99,156
10.00%, 03/17/2026 - 10/01/2030		213,971		227,517
11.00%, 02/17/2021		15,437		16,384
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
1.22% (A), 09/25/2022		1,328,154		1,330,229
2.27%, 01/25/2023		2,500,000		2,531,613
2.31%, 10/25/2022		3,000,000		3,043,807
2.33%, 06/25/2021		2,100,000		2,153,581
2.60%, 09/25/2020		218,000		224,351
2.72%, 07/25/2026		1,456,000		1,486,081
2.74%, 09/25/2025		1,000,000		1,024,278
Federal Home Loan Mortgage Corp. REMIC
0.78% (A), 08/15/2023		320,538		322,081
0.83% (A), 06/15/2024 - 03/15/2036		80,469		80,214
0.92% (A), 07/15/2037		1,352,855		1,333,331
0.93% (A), 02/15/2033		327,344		326,905
1.73% (A), 07/15/2039		83,057		84,455
4.00%, 11/15/2041 - 07/15/2042		4,275,601		4,711,440
4.50%, 06/15/2025		2,000,000		2,229,129
5.00%, 07/15/2033 - 07/15/2041		9,692,674		11,346,388
5.30%, 01/15/2033		609,070		676,376
5.50%, 02/15/2022 - 01/15/2039		4,070,559		4,571,783
5.50% (A), 05/15/2041		1,978,303		2,089,289
5.70% (A), 10/15/2038		344,197		391,124
6.00%, 05/15/2034 - 06/15/2038		2,664,121		3,065,987
6.25%, 10/15/2023		282,077		310,033
6.50%, 08/15/2021 - 06/15/2032		1,835,312		2,076,602

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    51

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal Home Loan Mortgage Corp. REMIC (continued)
6.76% (A), 11/15/2021		$  196,404		$  205,432
7.00%, 12/15/2036		843,008		996,251
7.29% (A), 11/15/2046		1,081,538		1,257,964
7.50%, 11/15/2036 - 12/15/2036		993,385		1,199,291
8.00% (A), 06/15/2035		23,107		28,207
8.28% (A), 11/15/2033		139,182		149,635
13.87% (A), 06/15/2033		44,763		61,703
15.72% (A), 02/15/2040		500,000		719,374
16.11% (A), 02/15/2038		22,270		29,879
18.62% (A), 07/15/2035		48,148		68,924
19.54% (A), 08/15/2031		59,163		91,539
19.86% (A), 05/15/2035		68,895		103,045
22.34% (A), 06/15/2035		90,372		155,206
Federal Home Loan Mortgage Corp. REMIC, Interest Only STRIPS
1.94% (A), 01/15/2040		1,375,321		104,353
3.50%, 09/15/2024		227,522		3,992
4.00%, 11/15/2029 - 10/15/2037		2,689,995		117,537
4.50%, 12/15/2024 - 07/15/2037		1,143,115		44,832
5.00%, 04/15/2032 - 08/15/2040		2,592,642		317,487
5.47% (A), 11/15/2037 - 10/15/2040		1,814,345		301,082
5.52% (A), 05/15/2038		298,131		40,475
5.57% (A), 05/15/2039		295,454		30,922
5.72% (A), 12/15/2039		376,398		58,666
5.81% (A), 12/15/2039		783,691		173,955
5.87% (A), 01/15/2037		123,095		15,861
5.92% (A), 11/15/2037		36,576		5,194
6.27% (A), 09/15/2039		368,039		54,091
Federal Home Loan Mortgage Corp. REMIC, Principal Only STRIPS 03/15/2019 - 12/15/2043		7,898,612		7,118,284
Federal Home Loan Mortgage Corp. Structured Pass-Through Securities
3.34% (A), 10/25/2037		573,477		597,496
5.23%, 05/25/2043		1,077,032		1,198,466
6.50%, 02/25/2043		341,832		408,339
6.50% (A), 09/25/2043		152,820		180,526
7.00%, 02/25/2043 - 07/25/2043		397,127		475,396
7.50%, 02/25/2042 - 09/25/2043		515,677		616,111
Federal Home Loan Mortgage Corp., Interest Only STRIPS  7.17% (A), 08/15/2036		637,073		124,272
Federal National Mortgage Association
0.75% (A), 03/25/2045 - 02/25/2046		226,632		224,856
0.93% (A), 05/25/2042		335,647		332,156
1.08% (A), 08/25/2042		1,346,686		1,343,255
1.44% (A), 11/25/2022		2,096,023		2,103,005
2.03%, 08/01/2019		108,732		111,081
2.15%, 01/25/2023		2,500,000		2,530,321
2.29% (A), 07/01/2037		143,695		148,767
2.37%, 04/01/2023		1,720,723		1,764,405
2.38%, 10/01/2026		1,500,000		1,500,988
2.39% (A), 09/01/2036 - 02/01/2037		219,618		227,655
2.42% (A), 02/01/2037		67,612		70,345
2.43%, 08/01/2026		1,995,667		2,004,959
2.49%, 05/01/2026 - 05/25/2026		3,000,000		3,029,097
2.61%, 06/01/2026		1,012,000		1,030,129
2.61% (A), 11/01/2037		131,240		138,629

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
2.62% (A), 10/01/2036		$  137,188		$  145,300
2.63%, 03/01/2026		3,000,000		3,062,679
2.64%, 06/01/2026		2,477,000		2,525,671
2.66% (A), 11/01/2037		105,876		110,835
2.67%, 04/01/2025		1,196,000		1,233,778
2.70%, 07/25/2026 (G)		1,276,000		1,295,140
2.71% (A), 09/01/2037		44,920		47,148
2.72% (A), 12/01/2036		83,351		88,401
2.80%, 01/01/2028		1,261,192		1,298,622
2.81% (A), 12/01/2036		379,188		403,102
2.82% (A), 11/01/2036		196,129		207,824
2.84% (A), 04/01/2037		54,694		57,741
2.86% (A), 04/01/2036 - 09/01/2036		285,768		300,174
2.86%, 06/01/2028		1,100,000		1,136,093
2.92%, 01/01/2025		2,510,000		2,626,002
2.93%, 06/01/2030		1,000,000		1,023,844
2.94% (A), 01/25/2026		3,486,000		3,650,245
2.95% (A), 08/01/2036		16,595		16,950
2.96% (A), 05/01/2036		146,031		154,704
2.98% (A), 07/01/2037		77,654		83,083
2.99%, 01/01/2025		1,000,000		1,051,540
3.02%, 07/01/2024 - 05/01/2030		8,568,670		8,902,711
3.04%, 06/01/2024		1,789,000		1,894,847
3.06% (A), 07/01/2037		98,580		104,083
3.07% (A), 06/01/2036		121,263		129,237
3.08%, 12/01/2024		1,967,663		2,090,772
3.11%, 03/01/2027		2,000,000		2,116,452
3.12%, 01/01/2022		2,000,000		2,121,138
3.15%, 04/01/2031		3,593,666		3,799,901
3.17% (A), 11/01/2036		32,656		34,806
3.17%, 02/01/2030		1,000,000		1,047,327
3.20% (A), 09/01/2036		47,969		50,666
3.24%, 06/01/2026		963,435		1,030,576
3.25% (A), 09/01/2037		3,549		3,630
3.28%, 11/01/2030		2,000,000		2,118,062
3.29%, 08/01/2026		2,000,000		2,146,902
3.32%, 05/01/2024		1,000,000		1,076,742
3.38%, 12/01/2029		810,000		863,016
3.39% (A), 03/01/2036		431,609		455,840
3.48% (A), 03/01/2036		180,172		191,907
3.50%, 04/01/2043 - 01/01/2044		12,229,784		12,916,641
3.52%, 10/01/2029		848,187		914,763
3.59%, 01/01/2031		988,015		1,073,622
3.59% (A), 08/01/2037		134,771		143,651
3.73%, 05/01/2029		883,709		962,453
3.76%, 12/01/2035		1,978,038		2,161,296
3.89%, 07/01/2021		5,979,212		6,500,082
3.90%, 09/01/2021		921,126		1,003,028
3.95%, 07/01/2021		6,976,057		7,602,172
3.97%, 12/01/2025		431,239		482,572
4.00%, 04/01/2020 - 08/01/2043		2,107,932		2,287,168
4.02%, 11/01/2028		670,129		750,171
4.05%, 01/01/2021		6,065,000		6,614,771
4.23%, 02/01/2029		4,162,413		4,688,452
4.25%, 04/01/2021		2,500,000		2,756,330
4.26%, 07/01/2021		2,491,829		2,745,961
4.34%, 06/01/2021		7,000,000		7,751,117
4.45%, 07/01/2026		1,393,847		1,592,952

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    52

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
4.48%, 06/01/2021		$  2,180,000		$  2,424,416
4.50%, 08/01/2021		3,000,000		3,348,902
4.55%, 06/25/2043		144,263		157,000
5.00%, 04/01/2022 - 08/01/2040		1,520,377		1,683,633
5.24%, 05/01/2017		5,644,386		5,661,104
5.50%, 01/01/2018 - 07/01/2037		2,632,871		2,980,003
6.00%, 03/01/2019 - 11/01/2037		5,137,369		5,709,399
6.50%, 06/01/2023 - 07/25/2042		2,911,158		3,323,132
7.00%, 12/25/2033 - 02/25/2044		1,702,767		2,000,016
7.50%, 10/01/2037 - 12/25/2045		1,183,628		1,450,392
8.00%, 10/01/2031		108,408		125,222
Federal National Mortgage Association REMIC
0.73% (A), 10/27/2037		275,580		275,144
0.77% (A), 06/27/2036 - 10/25/2046		715,868		704,038
0.82% (A), 07/25/2036		192,511		191,788
0.93% (A), 06/25/2037		61,046		61,013
1.08% (A), 08/25/2041		655,878		663,762
1.13% (A), 04/25/2040		606,278		610,764
2.95% (A), 12/25/2039		504,534		534,393
3.00%, 01/25/2046		1,163,940		1,221,342
3.50%, 02/25/2043		1,520,486		1,590,345
4.50%, 02/25/2039 - 05/25/2041		1,595,473		1,755,254
5.00%, 01/25/2018 - 09/25/2040		1,256,863		1,268,767
5.50%, 08/25/2025 - 10/25/2040		11,271,561		12,668,929
5.61%, 01/25/2032		109,860		120,189
5.75%, 08/25/2034		1,000,000		1,143,898
5.81% (A), 05/25/2051		385,215		438,171
5.95% (A), 06/25/2040		277,219		317,643
6.00%, 03/25/2029 - 12/25/2049		4,598,390		5,153,256
6.21% (A), 02/25/2040		338,774		391,038
6.24% (A), 12/25/2042		152,351		175,838
6.25%, 09/25/2038		80,323		90,690
6.44% (A), 03/25/2040		364,421		426,278
6.50%, 04/18/2028 - 11/25/2041		1,237,827		1,424,538
6.75%, 04/25/2037		122,722		136,975
7.00%, 03/25/2038 - 11/25/2041		3,361,407		4,003,339
7.50%, 05/17/2024		160,400		183,161
8.00%, 02/25/2023		695,858		771,262
11.59% (A), 03/25/2040		434,941		553,172
15.13% (A), 01/25/2034		32,962		41,423
15.54% (A), 08/25/2035 - 10/25/2035		130,572		175,138
15.89% (A), 04/25/2040		338,195		476,478
16.41% (A), 09/25/2024		177,966		221,261
18.06% (A), 05/25/2034		180,465		268,922
18.66% (A), 05/25/2035		275,555		385,607
20.89% (A), 04/25/2037		127,074		190,525
22.61% (A), 11/25/2035		131,192		199,474
Federal National Mortgage Association REMIC, Interest Only STRIPS
1.73% (A), 01/25/2038		161,421		11,183
1.84% (A), 04/25/2041		1,000,542		75,133
3.00%, 01/25/2021		799,681		33,914
3.91% (A), 11/25/2040		1,695,579		161,572
4.47% (A), 07/25/2040		1,950,080		228,309
5.00%, 07/25/2039		130,765		18,883
5.37% (A), 10/25/2039		104,170		13,423
5.47% (A), 02/25/2038 - 06/25/2039		1,576,820		221,273

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association REMIC, Interest Only STRIPS (continued)
5.50%, 10/25/2039		$  191,997		$  30,127
5.65% (A), 12/25/2039		31,982		4,896
5.72% (A), 01/25/2040		497,996		76,590
5.82% (A), 12/25/2037		962,248		133,208
5.87% (A), 07/25/2037 - 05/25/2040		1,146,167		198,449
5.89% (A), 04/25/2040		234,793		32,180
5.92% (A), 10/25/2037 - 12/25/2037		502,090		96,275
6.09% (A), 07/25/2037		340,304		45,331
6.12% (A), 10/25/2026 - 03/25/2039		1,114,164		154,314
6.17% (A), 03/25/2036		1,715,153		370,283
6.46% (A), 03/25/2038		231,933		46,383
6.57% (A), 02/25/2040		213,126		28,538
Federal National Mortgage Association REMIC, Principal Only STRIPS 10/25/2023 - 12/25/2043		5,343,424		4,910,530
Federal National Mortgage Association, Principal Only STRIPS 09/25/2024 - 08/25/2032		792,999		701,344
FREMF Mortgage Trust  Series 2016-K722, Class B,  3.83% (A), 07/25/2049 (B)		750,000		745,374
Government National Mortgage Association
0.97% (A), 03/20/2060		323,656		323,631
0.99% (A), 05/20/2063		2,057,941		2,047,685
1.04% (A), 10/20/2062		1,649,328		1,644,116
1.05% (A), 10/20/2062		1,356,709		1,351,310
1.11% (A), 05/20/2066		1,989,841		1,988,530
1.12% (A), 11/20/2065		3,398,892		3,393,625
1.17% (A), 05/20/2061 - 01/20/2066		8,049,470		8,060,653
1.22% (A), 05/20/2061 - 03/20/2066		7,565,438		7,588,196
4.50%, 11/20/2034		853,935		947,956
5.50%, 01/16/2033 - 09/20/2039		5,651,728		6,418,737
5.75%, 02/20/2036 - 10/20/2037		1,031,916		1,147,286
5.82% (A), 10/20/2033		355,059		403,672
6.00%, 11/20/2033 - 08/20/2038		1,176,599		1,359,894
6.13%, 06/16/2031		1,584,000		1,841,971
6.50%, 12/20/2031 - 12/15/2035		1,467,483		1,727,212
7.00%, 09/15/2031 - 10/16/2040		1,357,083		1,562,890
7.00% (A), 09/20/2034		20,456		22,838
7.06% (A), 03/17/2033		45,733		48,528
7.50%, 09/16/2035 - 10/15/2037		266,752		303,821
8.47% (A), 04/20/2034		27,971		28,537
13.67% (A), 11/17/2032		33,101		40,672
15.97% (A), 02/20/2034		73,387		102,053
21.44% (A), 04/20/2037		209,223		316,260
Government National Mortgage Association, Interest Only STRIPS
4.00%, 09/16/2037		1,101,926		33,604
5.30% (A), 02/20/2038		106,621		18,482
5.37% (A), 09/20/2038		720,643		102,692
5.42% (A), 02/20/2039 - 06/20/2039		303,505		45,233
5.47% (A), 02/20/2038		1,116,550		197,297
5.51% (A), 02/20/2039		96,981		15,286
5.52% (A), 08/16/2039		470,998		72,920
5.56% (A), 09/20/2039		700,682		107,917
5.57% (A), 11/20/2034 - 07/16/2039		1,009,812		131,751
5.62% (A), 07/20/2038		762,782		136,181

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    53

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Government National Mortgage Association, Interest Only STRIPS (continued)
5.67% (A), 03/20/2037 - 06/20/2038		$  279,537		$  53,960
5.77% (A), 03/20/2039		53,320		4,019
5.87% (A), 12/20/2038 - 11/16/2039		966,050		120,897
5.99% (A), 11/16/2033		121,516		19,357
6.02% (A), 11/20/2037		70,719		12,697
6.07% (A), 05/20/2041		465,125		100,286
6.15% (A), 07/20/2037		453,910		80,269
6.17% (A), 06/20/2037		822,201		164,680
6.50%, 03/20/2039		65,374		14,816
6.77% (A), 12/20/2038		487,587		96,592
7.07% (A), 09/20/2038		56,023		11,064
7.17% (A), 04/16/2038		40,769		9,354
Government National Mortgage Association, Principal Only STRIPS 12/20/2032 - 12/20/2040		1,826,841		1,664,449
Government Trust Certificate  Series 2001-Z, Zero Coupon, 04/01/2020		10,890,000		10,261,473
National Credit Union Administration Guaranteed Notes Trust  2.40%, 12/08/2020		143,641		144,484
Residual Funding Corp., Principal Only STRIPS 10/15/2019 - 01/15/2030		7,790,000		6,933,059
Tennessee Valley Authority
4.25%, 09/15/2065		580,000		654,685
4.63%, 09/15/2060		236,000		287,019
5.25%, 09/15/2039		240,000		321,058
5.88%, 04/01/2036		2,325,000		3,288,457
Tennessee Valley Authority, Principal Only STRIPS 05/01/2019 - 11/01/2025		2,500,000		2,079,593
Vendee Mortgage Trust
6.75%, 06/15/2028		400,861		469,486
7.25%, 02/15/2023		503,025		561,902
Total U.S. Government Agency Obligations (Cost $369,140,501)				378,736,859
U.S. GOVERNMENT OBLIGATIONS - 26.5%
U.S. Treasury - 25.8%
U.S. Treasury Bond
3.50%, 02/15/2039		5,500,000		6,541,991
3.88%, 08/15/2040		5,000,000		6,255,080
4.25%, 05/15/2039		1,100,000		1,450,152
4.38%, 02/15/2038 - 11/15/2039		2,540,000		3,410,375
4.50%, 08/15/2039		200,000		272,469
5.25%, 02/15/2029		200,000		271,578
6.13%, 08/15/2029		156,000		229,162
6.38%, 08/15/2027		50,000		71,922
6.63%, 02/15/2027		150,000		217,242
U.S. Treasury Bond, Principal Only STRIPS
11/15/2017 - 08/15/2041		231,837,000		193,942,649
08/15/2019 (I)		4,050,000		3,932,522

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Note
0.75%, 12/31/2017		$  600,000		$  599,977
1.38%, 02/28/2019 - 05/31/2020		14,000,000		14,127,110
1.50%, 08/31/2018 - 01/31/2022		8,000,000		8,072,537
1.75%, 05/15/2023		1,000,000		1,010,508
1.88%, 08/31/2022		4,000,000		4,085,000
2.00%, 08/31/2021 - 02/15/2023		22,300,000		22,953,732
2.13%, 01/31/2021 - 06/30/2022		2,000,000		2,071,328
2.25%, 03/31/2021 - 07/31/2021		10,450,000		10,886,177
2.38%, 08/15/2024		200,000		209,930
2.50%, 05/15/2024		10,000,000		10,592,190
2.63%, 08/15/2020		1,500,000		1,580,157
2.75%, 02/15/2024		10,000,000		10,761,720
2.88%, 03/31/2018		7,000,000		7,202,069
3.13%, 04/30/2017		5,000,000		5,064,160
3.63%, 02/15/2021		10,000,000		10,986,720
				326,798,457
U.S. Treasury Inflation-Protected Securities - 0.7%
U.S. Treasury Inflation-Indexed Bond  2.50%, 01/15/2029		2,804,450		3,522,224
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2018 - 01/15/2022		3,926,917		3,995,862
1.38%, 01/15/2020		1,350,991		1,432,658
				8,950,744
Total U.S. Government Obligations (Cost $317,485,598)				335,749,201
	Shares		Value
SECURITIES LENDING COLLATERAL - 1.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (L)		14,525,154		14,525,154
Total Securities Lending Collateral (Cost $14,525,154)				14,525,154
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (L), dated 10/31/2016, to be repurchased at $6,138,829 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.88%, due 02/22/2017, and with a value of $6,263,400.		$  6,138,824		6,138,824
Total Repurchase Agreement (Cost $6,138,824)				6,138,824
Total Investments (Cost $1,236,068,317) (M)				1,280,292,186
Net Other Assets (Liabilities) - (1.0)%				(13,014,418	)
Net Assets - 100.0%				$  1,267,277,768

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    54

Transamerica Core Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(N)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs (O)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	169,631,114	$	309,243	$	169,940,357
Corporate Debt Securities		—		309,372,747		—		309,372,747
Foreign Government Obligations		—		8,337,193		—		8,337,193
Mortgage-Backed Securities		—		52,147,799		—		52,147,799
Municipal Government Obligations		—		5,344,052		—		5,344,052
U.S. Government Agency Obligations		—		378,736,859		—		378,736,859
U.S. Government Obligations		—		335,749,201		—		335,749,201
Securities Lending Collateral		14,525,154		—		—		14,525,154
Repurchase Agreement		—		6,138,824		—		6,138,824
Total Investments	$	14,525,154	$	1,265,457,789	$	309,243	$	1,280,292,186

Transfers

Investments	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1		Transfers from Level 2 to Level 3		Transfers from Level 3 to Level 2
Asset-Backed Securities (F)	$	—	$	—	$	309,243	$	—

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(B)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $212,005,415, representing 16.7% of the Fund’s net assets.

^(C)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $5,704,739, representing 0.5% of the Fund’s net assets.

^(D)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $330,183, representing less than 0.1% of the Fund’s net assets.

^(E)  Security is Level 3 of the fair value hierarchy.

^(F)  Transferred from Level 2 to 3 due to utilizing significant unobservable inputs, as of prior reporting period the security utilized significant observable inputs.

^(G)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(H)  Step bond. Coupon rate changes in increments to maturity. The rate disclosed is as of October 31, 2016; the maturity date disclosed is the ultimate maturity date.

^(I)  All or a portion of the securities are on loan. The total value of all securities on loan is $14,225,960. 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.

^(J)  Percentage rounds to less than 0.1% or (0.1)%.

^(K)  Perpetual maturity. The date displayed is the next call date.

^(L)  Rates disclosed reflect the yields at October 31, 2016.

^(M)  Aggregate cost for federal income tax purposes is $1,236,068,329. Aggregate gross unrealized appreciation and depreciation for all securities is $48,602,163 and $4,378,306, respectively. Net unrealized appreciation for tax purposes is $44,223,857.

^(N)  The Fund recognizes transfers between Levels at the end of the reporting year. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(O)  Level 3 securities were not considered significant to the Fund.

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    55

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 93.0%
Argentina - 0.1%
MercadoLibre, Inc.		7,460		$  1,253,355
Brazil - 5.6%
Ambev SA, ADR		1,410,610		8,322,599
BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros (A)		2,760,846		16,260,622
Cielo SA		100,200		1,017,068
Embraer SA, ADR (A)		410,620		8,783,162
Estacio Participacoes SA		1,547,700		8,974,914
Kroton Educacional SA		1,462,291		7,283,968
Sul America SA		912,266		5,507,320
				56,149,653
China - 22.1%
3SBio, Inc. (A) (B)		626,000		625,552
Alibaba Group Holding, Ltd., ADR (A)		504,401		51,292,538
Baidu, Inc., ADR (A)		205,830		36,403,094
China Lodging Group, Ltd., ADR		167,830		7,218,368
China Pacific Insurance Group Co., Ltd., Class H		2,623,200		9,487,497
Ctrip.com International, Ltd., ADR (A) (C)		447,829		19,771,650
New Oriental Education & Technology Group, Inc., ADR (A)		262,570		13,162,634
Sinopharm Group Co., Ltd., Class H		2,775,400		13,509,210
SOHO China, Ltd.		6,922,000		3,579,014
Tencent Holdings, Ltd.		2,082,525		55,261,541
Tingyi Cayman Islands Holding Corp. (C)		5,193,000		5,604,427
Want Want China Holdings, Ltd. (C)		10,997,000		6,706,914
				222,622,439
Colombia - 1.7%
Grupo Aval Acciones y Valores SA, ADR		1,148,900		9,409,491
Grupo de Inversiones Suramericana SA		624,630		8,056,177
				17,465,668
Egypt - 0.7%
Commercial International Bank Egypt SAE		1,273,706		7,358,275
France - 3.0%
Kering		60,127		13,336,195
LVMH Moet Hennessy Louis Vuitton SE		92,860		16,875,685
				30,211,880
Hong Kong - 6.5%
AIA Group, Ltd.		4,008,400		25,299,454
Hang Lung Group, Ltd.		1,406,750		5,396,240
Hong Kong Exchanges & Clearing, Ltd.		282,043		7,469,700
Jardine Strategic Holdings, Ltd.		413,977		14,526,453
Melco Crown Entertainment, Ltd., ADR		769,220		12,876,743
				65,568,590
India - 15.2%
Apollo Hospitals Enterprise, Ltd.		409,113		8,225,896
Asian Paints, Ltd.		164,682		2,653,485
Biocon, Ltd.		39,054		541,202
Dr. Reddy’s Laboratories, Ltd.		237,630		11,780,238
Glenmark Pharmaceuticals, Ltd.		307,694		4,319,710
Housing Development Finance Corp., Ltd.		2,431,937		50,205,961
Infosys, Ltd.		1,515,141		22,722,546
Kotak Mahindra Bank, Ltd.		938,702		11,506,210
Sun Pharmaceutical Industries, Ltd.		355,664		3,989,509
Tata Consultancy Services, Ltd.		296,774		10,623,082
Ultratech Cement, Ltd.		138,635		8,243,603

	Shares		Value
COMMON STOCKS (continued)
India (continued)
Zee Entertainment Enterprises, Ltd.		2,391,206		$  18,553,010
				153,364,452
Indonesia - 2.2%
Astra International Tbk PT		13,233,500		8,341,933
Bank Mandiri Persero Tbk PT		8,123,300		7,143,996
Indocement Tunggal Prakarsa Tbk PT		3,907,000		4,925,671
Semen Indonesia Persero Tbk PT		2,450,000		1,849,517
				22,261,117
Italy - 1.6%
Prada SpA (C)		4,569,500		16,025,994
Japan - 2.3%
Fast Retailing Co., Ltd. (C)		29,200		9,873,481
Murata Manufacturing Co., Ltd. (C)		94,200		13,177,401
				23,050,882
Malaysia - 1.9%
Genting Bhd		7,633,300		14,265,810
Genting Malaysia Bhd, Class B		4,679,000		5,309,187
				19,574,997
Mexico - 4.6%
Fomento Economico Mexicano SAB de CV		1,222,087		11,717,837
Fomento Economico Mexicano SAB de CV, ADR		41,680		3,987,526
Grupo Aeroportuario del Sureste SAB de CV, Class B		348,193		5,543,160
Grupo Financiero Banorte SAB de CV, Class O		2,174,449		12,827,420
Grupo Financiero Inbursa SAB de CV, Class O (C)		5,698,144		9,285,373
Kimberly-Clark de Mexico SAB de CV, A Shares		155,516		335,123
Wal-Mart de Mexico SAB de CV		1,278,569		2,704,470
				46,400,909
Peru - 0.1%
Credicorp, Ltd.		7,350		1,092,798
Philippines - 3.3%
Ayala Land, Inc.		4,662,100		3,487,215
BDO Unibank, Inc.		211,880		493,459
Jollibee Foods Corp.		1,490,170		7,318,277
SM Investments Corp.		924,003		12,808,630
SM Prime Holdings, Inc.		16,065,163		8,920,614
				33,028,195
Poland - 0.8%
Bank Pekao SA		274,841		8,480,087
Republic of Korea - 1.7%
LG Household & Health Care, Ltd.		5,627		4,032,458
NAVER Corp.		16,017		11,996,128
Samsung Biologics Co., Ltd. (D)		8,505		1,010,863
				17,039,449
Russian Federation - 8.7%
Alrosa PAO (A) (E)		7,022,234		9,813,214
Magnit OJSC (A) (E)		203,749		34,161,028
Moscow Exchange MICEX-RTS PJSC (A) (E)		2,791,367		5,138,390
Novatek OJSC, GDR (F)		254,300		27,184,670
Sberbank of Russia PJSC, ADR		1,225,910		11,633,886
				87,931,188

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    56

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Singapore - 0.5%
Global Logistic Properties, Ltd., Class L		3,732,000		$  4,761,402
South Africa - 0.0% (G)
Mediclinic International PLC		21,380		237,223
Switzerland - 0.8%
Glencore PLC (A)		2,638,520		8,073,876
Taiwan - 4.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		7,182,459		42,902,433
Thailand - 0.7%
Airports of Thailand PCL		173,400		1,887,718
CP ALL PCL		2,780,600		4,826,672
				6,714,390
Turkey - 1.0%
Anadolu Efes Biracilik Ve Malt Sanayii AS, Class B		801,414		4,897,708
BIM Birlesik Magazalar AS		339,100		5,523,355
				10,421,063
United Kingdom - 1.1%
Old Mutual PLC		4,455,581		10,924,372
United States - 2.6%
Cognizant Technology Solutions Corp., Class A (A)		172,350		8,850,173
Las Vegas Sands Corp.		186,840		10,814,299
Tiffany & Co. (C)		85,050		6,244,371
				25,908,843
Total Common Stocks (Cost $895,164,029)				938,823,530
PREFERRED STOCK - 2.7%
Brazil - 2.7%
Lojas Americanas SA 0.52% (H)		4,178,170		27,095,275
Total Preferred Stock (Cost $21,891,024)				27,095,275

	Shares		Value
WARRANT - 0.0% (G)
Malaysia - 0.0% (G)
Genting Bhd (A) Exercise Price MYR 7.96 Expiration Date 12/18/2018		572,950		$  174,822
Total Warrant (Cost $269,962)				174,822
SECURITIES LENDING COLLATERAL - 4.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (H)		42,152,751		42,152,751
Total Securities Lending Collateral (Cost $42,152,751)				42,152,751
	Principal		Value
REPURCHASE AGREEMENT - 4.3%
State Street Bank & Trust Co. 0.03% (H), dated 10/31/2016, to be repurchased at $43,699,268 on 11/01/2016. Collateralized by a U.S. Government Obligation, 0.88%, due 11/30/2017, and with a value of $44,576,775.		$  43,699,231		43,699,231
Total Repurchase Agreement (Cost $43,699,231)				43,699,231
Total Investments (Cost $1,003,176,997) (I)				1,051,945,609
Net Other Assets (Liabilities) - (4.2)%				(42,546,150	)
Net Assets - 100.0%				$  1,009,399,459

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Internet Software & Services		14.8	%	$	156,206,656
Banks		7.5			79,230,995
Hotels, Restaurants & Leisure		5.5			57,977,506
Insurance		4.9			51,218,643
Thrifts & Mortgage Finance		4.8			50,205,961
Food & Staples Retailing		4.5			47,215,525
Textiles, Apparel & Luxury Goods		4.4			46,237,874
IT Services		4.1			43,212,869
Semiconductors & Semiconductor Equipment		4.1			42,902,433
Diversified Consumer Services		2.8			29,421,516
Beverages		2.7			28,925,670
Capital Markets		2.7			28,868,712
Industrial Conglomerates		2.6			27,335,083
Oil, Gas & Consumable Fuels		2.6			27,184,670
Multiline Retail		2.6			27,095,275
Real Estate Management & Development		2.5			26,144,485

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    57

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Health Care Providers & Services		2.1	%	$	21,972,329
Pharmaceuticals		1.9			20,089,457
Internet & Direct Marketing Retail		1.9			19,771,650
Media		1.8			18,553,010
Metals & Mining		1.7			17,887,090
Specialty Retail		1.5			16,117,852
Construction Materials		1.4			15,018,791
Electronic Equipment, Instruments & Components		1.3			13,177,401
Food Products		1.2			12,311,341
Aerospace & Defense		0.8			8,783,162
Automobiles		0.8			8,341,933
Diversified Financial Services		0.8			8,056,177
Transportation Infrastructure		0.7			7,430,878
Personal Products		0.4			4,032,458
Chemicals		0.2			2,653,485
Biotechnology		0.2			2,177,617
Household Products		0.0	(G)		335,123
Investments, at Value		91.8			966,093,627
Short-Term Investments		8.2			85,851,982
Total Investments		100.0	%	$	1,051,945,609

SECURITY VALUATION:

Valuation Inputs ^(J)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	300,630,139	$	638,193,391	$	—	$	938,823,530
Preferred Stock		27,095,275		—		—		27,095,275
Warrant		—		174,822		—		174,822
Securities Lending Collateral		42,152,751		—		—		42,152,751
Repurchase Agreement		—		43,699,231		—		43,699,231
Total Investments	$	369,878,165	$	682,067,444	$	—	$	1,051,945,609

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B) Security is registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the security is deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2016, the value of the 144A security is $625,552, representing 0.1% of the Fund’s net assets.

^(C)  All or a portion of the securities are on loan. The total value of all securities on loan is $40,110,650. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(D)  Security on a when-issued, delayed-delivery, or forward commitment basis. Security to be settled and delivered after October 31, 2016.

^(E)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $49,112,632, representing 4.9% of the Fund’s net assets.

^(F)  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At October 31, 2016, the value of the Regulation S security is $27,184,670, representing 2.7% of the Fund’s net assets.

^(G)  Percentage rounds to less than 0.1% or (0.1)%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    58

Transamerica Developing Markets Equity

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(H)  Rates disclosed reflect the yields at October 31, 2016.

^(I)  Aggregate cost for federal income tax purposes is $1,024,100,293. Aggregate gross unrealized appreciation and depreciation for all securities is $59,518,126 and $31,672,810, respectively. Net unrealized appreciation for tax purposes is $27,845,316.

^(J)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

CURRENCY ABBREVIATION:

MYR Malaysian Ringgit

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
GDR	Global Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    59

Transamerica Event Driven

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 13.6%
Banks - 2.0%
Banco Bilbao Vizcaya Argentaria SA, ADR		22,500		$  162,225
Comerica, Inc., Class A		22,500		1,172,025
Sumitomo Mitsui Trust Holdings, Inc.		18,000		609,326
				1,943,576
Biotechnology - 0.2%
BioMarin Pharmaceutical, Inc. (A)		3,000		241,560
Capital Markets - 0.8%
Credit Suisse Group AG, ADR		52,500		729,750
Energy Equipment & Services - 0.5%
Halliburton Co.		7,500		345,000
Weatherford International PLC (A)		37,500		180,750
				525,750
Media - 3.5%
CBS Corp., Class B		52,500		2,972,550
Time Warner, Inc.		5,250		467,197
				3,439,747
Metals & Mining - 0.6%
Newmont Mining Corp.		15,000		555,600
Oil, Gas & Consumable Fuels - 0.9%
CONSOL Energy, Inc.		22,500		381,375
Range Resources Corp.		13,767		465,187
				846,562
Pharmaceuticals - 0.4%
Allergan PLC (A)		1,875		391,763
Semiconductors & Semiconductor Equipment - 1.3%
Marvell Technology Group, Ltd.		22,500		293,175
Micron Technology, Inc. (A)		56,250		965,250
				1,258,425
Software - 2.8%
Red Hat, Inc. (A)		20,974		1,624,436
Verint Systems, Inc. (A)		30,000		1,080,000
				2,704,436
Transportation Infrastructure - 0.6%
Macquarie Infrastructure Corp.		7,500		613,575
Total Common Stocks (Cost $13,297,230)				13,250,744
EXCHANGE-TRADED FUND - 0.2%
International Equity Fund - 0.2%
iShares MSCI Italy Capped ETF		15,000		169,200
Total Exchange-Traded Fund (Cost $170,331)				169,200
	Principal		Value
CONVERTIBLE BONDS - 48.8%
Chemicals - 1.5%
OCI NV 3.88%, 09/25/2018, MTN (B) (C)		EUR  1,500,000		1,499,252
Diversified Financial Services - 1.0%
TCP Capital Corp.
4.63%, 03/01/2022 (D)		$  975,000		971,953

	Principal		Value
CONVERTIBLE BONDS (continued)
Electric Utilities - 2.2%
CEZ MH BV Zero Coupon, 08/04/2017, MTN (B) (C) (E)		EUR  1,900,000		$  2,182,712
Equity Real Estate Investment Trusts - 2.0%
Hansteen Jersey Securities, Ltd.
4.00%, 07/15/2018 (B) (C)		1,500,000		1,978,420
Health Care Equipment & Supplies - 0.9%
Insulet Corp.
1.25%, 09/15/2021 (D)		$  900,000		838,688
Internet & Direct Marketing Retail - 3.2%
Ctrip.com International, Ltd.
1.00%, 07/01/2020 (C) (E)		2,970,000		3,148,200
Internet Software & Services - 26.0%
FireEye, Inc. Series B,
1.63%, 06/01/2035 (C) (E)		6,021,000		5,404,088
Twitter, Inc.
1.00%, 09/15/2021 (C) (E) (F)		7,845,000		7,222,303
WebMD Health Corp.
1.50%, 12/01/2020 (C)		3,361,000		3,842,043
Yahoo!, Inc. Zero Coupon, 12/01/2018 (C) (E)		8,757,000		8,860,990
				25,329,424
Oil, Gas & Consumable Fuels - 3.3%
Chesapeake Energy Corp.
5.50%, 09/15/2026 (C) (D)		1,692,000		1,588,365
Whiting Petroleum Corp.
1.25%, 04/01/2020 (F)		1,875,000		1,572,656
				3,161,021
Pharmaceuticals - 0.7%
Clovis Oncology, Inc.
2.50%, 09/15/2021		750,000		637,031
Real Estate Management & Development - 2.5%
BUWOG AG Zero Coupon, 09/09/2021 (B) (C)		EUR  2,100,000		2,380,197
Semiconductors & Semiconductor Equipment - 3.9%
Advanced Micro Devices, Inc.
2.13%, 09/01/2026		$  1,281,000		1,443,527
Cypress Semiconductor Corp.
4.50%, 01/15/2022 (D) (E)		2,250,000		2,361,094
				3,804,621
Technology Hardware, Storage & Peripherals - 1.6%
Electronics For Imaging, Inc.
0.75%, 09/01/2019		1,500,000		1,586,250
Total Convertible Bonds (Cost $47,784,244)				47,517,769
CORPORATE DEBT SECURITIES - 41.6%
Airlines - 0.9%
Air France-KLM
6.25% (G), 10/01/2020 (B) (C) (H)		EUR  800,000		883,469
Chemicals - 1.1%
NOVA Chemicals Corp.
5.00%, 05/01/2025 (D)		$  1,100,000		1,104,125
Commercial Services & Supplies - 0.5%
Ahern Rentals, Inc.
7.38%, 05/15/2023 (D)		763,000		499,765

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    60

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services - 3.7%
Frontier Communications Corp.
11.00%, 09/15/2025 (C)		$  3,548,000		$  3,632,797
Energy Equipment & Services - 0.8%
Transocean, Inc.
6.00%, 03/15/2018		755,000		757,265
Health Care Providers & Services - 2.5%
Molina Healthcare, Inc.
5.38%, 11/15/2022 (C)		1,905,000		1,982,381
Quorum Health Corp.
11.63%, 04/15/2023 (C) (D)		638,000		462,550
				2,444,931
Hotels, Restaurants & Leisure - 0.8%
LG FinanceCo Corp.
5.88%, 11/01/2024 (D)		750,000		757,031
Household Durables - 0.2%
Beazer Homes USA, Inc.
8.75%, 03/15/2022 (D)		187,000		198,688
Internet & Direct Marketing Retail - 0.9%
Match Group, Inc.
6.38%, 06/01/2024		826,000		892,080
Internet Software & Services - 1.5%
NetFlix, Inc.
4.38%, 11/15/2026 (D)		1,500,000		1,475,625
IT Services - 0.4%
Alliance Data Systems Corp.
5.88%, 11/01/2021 (D) (F)		375,000		377,813
Media - 1.1%
DISH DBS Corp.
5.88%, 11/15/2024		1,081,000		1,088,432
Metals & Mining - 4.1%
AK Steel Corp.
7.63%, 05/15/2020 (C)		3,984,000		4,003,920
Oil, Gas & Consumable Fuels - 11.4%
Chesapeake Energy Corp.
5.38%, 06/15/2021 (E)		1,500,000		1,305,000
6.13%, 02/15/2021 (F)		750,000		686,250
6.63%, 08/15/2020 (C)		1,946,000		1,838,970
Clayton Williams Energy, Inc.
7.75%, 04/01/2019 (C) (F)		1,504,000		1,500,240
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp.
12.00%, 11/01/2021		2,166,000		2,193,075
EP Energy LLC / Everest Acquisition Finance, Inc.
9.38%, 05/01/2020 (C)		2,944,000		2,311,040
SM Energy Co.
6.75%, 09/15/2026 (F)		1,200,000		1,230,000
				11,064,575
Semiconductors & Semiconductor Equipment - 7.2%
Advanced Micro Devices, Inc.
7.00%, 07/01/2024 (E)		2,151,000		2,130,834
Qorvo, Inc.
7.00%, 12/01/2025 (E)		4,445,000		4,867,275
				6,998,109

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Technology Hardware, Storage & Peripherals - 4.5%
Western Digital Corp.
10.50%, 04/01/2024 (C) (D) (E)		$  3,754,000		$  4,335,870
Total Corporate Debt Securities (Cost $39,233,428)				40,514,495
	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED - 0.3%
Call - Advanced Micro Devices, Inc. Exercise Price $7 Expiration Date 11/18/2016		375		19,500
Call - AK Steel Holding Corp. Exercise Price $6 Expiration Date 11/04/2016		600		4,200
Call - Amkor Technology, Inc. Exercise Price $11 Expiration Date 11/18/2016		375		6,562
Call - Banc of California, Inc. Exercise Price $15 Expiration Date 11/18/2016		75		1,500
Call - Bank of America Corp. Exercise Price $17 Expiration Date 11/04/2016		750		3,000
Call - Cemex SAB de CV Exercise Price $10 Expiration Date 11/18/2016		450		1,350
Call - Clovis Oncology, Inc. Exercise Price $35 Expiration Date 11/18/2016		74		5,180
Call - Cypress Semiconductor Corp. Exercise Price $13 Expiration Date 11/18/2016		335		1,675
Call - FireEye, Inc. Exercise Price $14 Expiration Date 11/04/2016		225		4,500
Call - General Motors Co. Exercise Price $33 Expiration Date 11/18/2016		375		6,000
Call - GNC Holdings, Inc. Exercise Price $25 Expiration Date 11/18/2016		150		750
Call - iShares MSCI Italy Capped ETF Exercise Price $12 Expiration Date 11/18/2016		187		935
Call - iShares NASDAQ Biotechnology ETF Exercise Price $275 Expiration Date 11/04/2016		37		370
Call - Micron Technology, Inc. Exercise Price $18 Expiration Date 11/11/2016		112		2,128
Call - Micron Technology, Inc. Exercise Price $18 Expiration Date 11/18/2016		562		15,736
Call - Micron Technology, Inc. Exercise Price $20 Expiration Date 11/18/2016		750		2,250

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    61

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED (continued)
Call - Mylan NV Exercise Price $39 Expiration Date 11/04/2016		90		$  450
Call - NXP Semiconductors NV Exercise Price $105 Expiration Date 01/20/2017		1,307		32,675
Call - Red Hat, Inc. Exercise Price $80 Expiration Date 11/04/2016		150		4,125
Call - Seadrill, Ltd. Exercise Price $3 Expiration Date 11/11/2016		1,258		12,580
Call - Seadrill, Ltd. Exercise Price $3 Expiration Date 11/18/2016		375		750
Call - Seadrill, Ltd. Exercise Price $4 Expiration Date 11/18/2016		262		1,310
Call - Weatherford International PLC Exercise Price $7 Expiration Date 11/18/2016		375		750
Put - Allergan, Inc. Exercise Price $215 Expiration Date 11/11/2016		22		22,000
Put - Banc of California, Inc. Exercise Price $10 Expiration Date 01/20/2017		75		4,125
Put - BioMarin Pharmaceutical, Inc. Exercise Price $75 Expiration Date 11/18/2016		45		5,535
Put - CBS Corp. Exercise Price $54 Expiration Date 11/04/2016		75		1,763
Put - CBS Corp. Exercise Price $54 Expiration Date 11/18/2016		150		7,800
Put - Chesapeake Energy Corp. Exercise Price $6 Expiration Date 11/04/2016		750		18,750
Put - Clovis Oncology, Inc. Exercise Price $25 Expiration Date 11/18/2016		75		6,375
Put - Comerica, Inc. Exercise Price $48 Expiration Date 11/18/2016		150		3,825
Put - CONSOL Energy, Inc. Exercise Price $17 Expiration Date 11/18/2016		150		15,300
Put - Ctrip.com International, Ltd. Exercise Price $45 Expiration Date 11/04/2016		112		10,080
Put - Macquarie Infrastructure Corp. Exercise Price $80 Expiration Date 11/18/2016		75		14,625
Put - Marvell Technology Group, Ltd. Exercise Price $13 Expiration Date 11/04/2016		225		1,125

	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED (continued)
Put - Microchip Technology, Inc. Exercise Price $58 Expiration Date 11/18/2016		75		$  6,375
Put - Newmont Mining Corp. Exercise Price $35 Expiration Date 11/04/2016		150		1,200
Put - Pandora Media, Inc. Exercise Price $12 Expiration Date 11/04/2016		150		6,000
Put - SPDR S&P 500 ETF Trust Exercise Price $208 Expiration Date 11/04/2016		450		11,250
Put - SPDR S&P 500 ETF Trust Exercise Price $212 Expiration Date 11/04/2016		75		6,375
Put - SPDR S&P 500 ETF Trust Exercise Price $212 Expiration Date 11/02/2016		112		6,496
Put - Twitter, Inc. Exercise Price $17 Expiration Date 11/04/2016		300		3,900
Put - Verint Systems, Inc. Exercise Price $35 Expiration Date 11/18/2016		300		15,000
Put - Weatherford International PLC Exercise Price $5 Expiration Date 11/04/2016		375		10,875
Put - WebMD Health Corp. Exercise Price $50 Expiration Date 11/18/2016		56		14,000
Total Exchange-Traded Options Purchased (Cost $547,966)				321,050
	Shares		Value
SECURITIES LENDING COLLATERAL - 5.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (I)		5,408,908		5,408,908
Total Securities Lending Collateral (Cost $5,408,908)				5,408,908
	Principal		Value
REPURCHASE AGREEMENT - 4.4%
State Street Bank & Trust Co. 0.03% (I), dated 10/31/2016, to be repurchased at $4,281,687 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 0.75%, due 08/23/2017, and with a value of $4,370,456.		$  4,281,683		4,281,683
Total Repurchase Agreement (Cost $4,281,683)				4,281,683
Total Investments (Cost $110,723,790) (J)				111,463,849

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    62

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares			Value
SECURITIES SOLD SHORT - (16.3)% (K) (L)
COMMON STOCKS - (12.0)%
Airlines - (0.0)% (M)
Air France-KLM		(7,711	)		$  (47,047	)
Automobiles - (0.2)%
General Motors Co.		(7,500	)		(237,000	)
Banks - (0.3)%
Banc of California, Inc.		(1,500	)		(19,950	)
Bank of America Corp.		(15,000	)		(247,500	)
					(267,450	)
Biotechnology - (0.1)%
Clovis Oncology, Inc.		(2,325	)		(67,611	)
Construction Materials - (0.3)%
Cemex SAB de CV, ADR		(30,000	)		(260,400	)
Equity Real Estate Investment Trusts - (1.3)%
Hansteen Holdings PLC		(944,876	)		(1,238,462	)
Health Care Equipment & Supplies - (0.4)%
Insulet Corp.		(9,975	)		(370,272	)
Health Care Providers & Services - (0.0)% (M)
Quorum Health Corp.		(7,500	)		(30,300	)
Internet & Direct Marketing Retail - (0.9)%
Ctrip.com International, Ltd., ADR		(19,602	)		(865,428	)
Internet Software & Services - (4.0)%
Twitter, Inc.		(22,221	)		(398,867	)
WebMD Health Corp.		(34,746	)		(1,707,071	)
Yahoo!, Inc.		(43,200	)		(1,794,960	)
					(3,900,898	)
Metals & Mining - (0.1)%
AK Steel Holding Corp.		(26,250	)		(136,500	)
Oil, Gas & Consumable Fuels - (1.4)%
Chesapeake Energy Corp.		(99,300	)		(547,143	)
MOL Hungarian Oil & Gas PLC		(10,868	)		(714,378	)
Whiting Petroleum Corp.		(6,525	)		(53,766	)
					(1,315,287	)
Pharmaceuticals - (0.3)%
Mylan NV		(7,500	)		(273,750	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Real Estate Management & Development - (0.5)%
BUWOG AG		(20,100	)		$  (485,756	)
Semiconductors & Semiconductor Equipment - (1.7)%
Advanced Micro Devices, Inc.		(103,933	)		(751,435	)
Amkor Technology, Inc.		(37,500	)		(347,625	)
Cypress Semiconductor Corp.		(57,974	)		(578,001	)
					(1,677,061	)
Software - (0.2)%
FireEye, Inc.		(19,500	)		(226,590	)
Technology Hardware, Storage & Peripherals - (0.3)%
Electronics For Imaging, Inc.		(5,700	)		(242,421	)
Wireless Telecommunication Services - (0.0)% (M)
VimpelCom, Ltd., ADR		(13,500	)		(45,090	)
Total Common Stocks (Proceeds $12,688,348)					(11,687,323	)
EXCHANGE-TRADED FUNDS - (1.8)%
U.S. Equity Funds - (1.8)%
Energy Select Sector SPDR Fund		(8,175	)		(560,969	)
Financial Select Sector SPDR Fund		(59,250	)		(1,169,595	)
Total Exchange-Traded Funds (Proceeds $1,737,821)					(1,730,564	)
	Principal			Value
CONVERTIBLE BOND - (2.5)%
United States - (2.5)%
Red Hat, Inc.
0.25%, 10/01/2019		$  (2,014,000	)		(2,493,584	)
Total Convertible Bond (Proceeds $2,502,909)					(2,493,584	)
Total Securities Sold Short (Proceeds $16,929,078)					(15,911,471	)
Net Other Assets (Liabilities) - 1.9%					1,846,810
Net Assets - 100.0%					$  97,399,188

OVER-THE-COUNTER SWAP AGREEMENTS: ^(N)

Credit Default Swap Agreements on Corporate and Sovereign Issues - Buy Protection (O)
Reference Obligation	Counterparty	Fixed Deal Pay Rate			Expiration Date		Implied Credit Spread at October 31, 2016 (P)			Notional Amount (Q)		Fair Value (R)		Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
Standard Chartered Bank, 5.88%, 09/26/2017	JPM		1.00	%		12/20/2021		2.10	%		EUR  2,240,000	$	143,518	$	162,720	$	(19,202	)

FORWARD FOREIGN CURRENCY CONTRACTS: (N)
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
SSB		11/30/2016		USD	9,283,348		EUR	8,490,000	$	—	$	(47,758	)
SSB		11/30/2016		USD	563,342		JPY	59,000,000		190		—
Total									$	190	$	(47,758	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    63

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(S)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	12,641,418		$	609,326		$	—	$	13,250,744
Exchange-Traded Fund		169,200			—			—		169,200
Convertible Bonds		—			47,517,769			—		47,517,769
Corporate Debt Securities		—			40,514,495			—		40,514,495
Exchange-Traded Options Purchased		321,050			—			—		321,050
Securities Lending Collateral		5,408,908			—			—		5,408,908
Repurchase Agreement		—			4,281,683			—		4,281,683
Total Investments	$	18,540,576		$	92,923,273		$	—	$	111,463,849
Other Financial Instruments
Over-the-Counter Credit Default Swap Agreements	$	—		$	143,518		$	—	$	143,518
Forward Foreign Currency Contracts (T)		—			190			—		190
Total Other Financial Instruments	$	—		$	143,708		$	—	$	143,708
LIABILITIES
Securities Sold Short
Common Stocks	$	(9,201,680	)	$	(2,485,643	)	$	—	$	(11,687,323	)
Exchange-Traded Funds		(1,730,564	)		—			—		(1,730,564	)
Convertible Bond		—			(2,493,584	)		—		(2,493,584	)
Total Securities Sold Short	$	(10,932,244	)	$	(4,979,227	)	$	—	$	(15,911,471	)
Other Financial Instruments
Forward Foreign Currency Contracts (T)	$	—		$	(47,758	)	$	—	$	(47,758	)
Total Other Financial Instruments	$	—		$	(47,758	)	$	—	$	(47,758	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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. At October 31, 2016, the total value of Regulation S securities is $8,924,050, representing 9.2% of the Fund’s net assets.

^(C)  All or a portion of these securities have been segregated by the custodian as collateral for an open line of credit. The total value of all securities segregated as collateral for the open line of credit is $34,872,733.

^(D)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $14,971,567, representing 15.4% of the Fund’s net assets.

^(E)  All or a portion of these securities have been segregated by the custodian as collateral for open options and securities sold short transactions. The total value of all securities segregated as collateral for open options and securities sold short transactions is $11,945,650.

^(F)  All or a portion of the securities are on loan. The total value of all securities on loan is $5,296,281. 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)  Floating or variable rate security. The rate disclosed is as of October 31, 2016.

^(H)  Perpetual maturity. The date displayed is the next call date.

^(I)  Rates disclosed reflect the yields at October 31, 2016.

^(J)  Aggregate cost for federal income tax purposes is $111,434,953. Aggregate gross unrealized appreciation and depreciation for all securities is $1,845,049 and $1,816,153, respectively. Net unrealized appreciation for tax purposes is $28,896.

^(K)  Cash in the amount of $16,193,586 has been segregated by the custodian as collateral for open securities sold short transactions.

^(L)  Cash in the amount of $10,291 has been segregated by the broker as collateral for open securities sold short transactions.

^(M)  Percentage rounds to less than 0.1% or (0.1)%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    64

Transamerica Event Driven

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(N)  Cash in the amount of $321,503 has been segregated by the custodian as collateral for open over-the-counter swap agreements and/or forward foreign currency contracts.

^(O)  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 agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

^(P)  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.

^(Q)  The maximum potential amount the Fund could be required to pay 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)  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 agreement, 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.

^(S)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(T)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

EUR	Euro
JPY	Japanese Yen
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

JPM	JPMorgan Chase Bank, N.A.
SSB	State Street Bank & Trust Co.

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
MTN	Medium Term Note

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    65

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 97.9%
Australia - 6.6%
Dexus Property Group, REIT		17,584		$  119,583
Goodman Group, REIT		74,167		383,084
GPT Group, REIT		101,797		360,856
Mirvac Group, REIT		341,131		542,351
Scentre Group, REIT		215,478		690,078
Vicinity Centres, REIT		86,599		189,064
Westfield Corp., REIT		38,250		258,961
				2,543,977
France - 6.7%
Gecina SA, REIT		3,997		582,688
ICADE, REIT		1,589		114,218
Klepierre, REIT		23,914		978,266
Unibail-Rodamco SE, REIT		3,769		897,820
				2,572,992
Germany - 2.6%
Deutsche Wohnen AG		5,931		193,500
LEG Immobilien AG (A)		9,359		789,442
				982,942
Hong Kong - 6.7%
Cheung Kong Property Holdings, Ltd.		52,990		392,528
Henderson Land Development Co., Ltd.		41,700		247,064
Kerry Properties, Ltd.		23,500		74,389
Link REIT		79,100		564,013
Sino Land Co., Ltd.		144,000		245,089
Sun Hung Kai Properties, Ltd.		70,945		1,059,297
				2,582,380
Japan - 14.7%
Daito Trust Construction Co., Ltd.		4,300		720,630
Daiwa House Industry Co., Ltd.		8,323		229,047
GLP J-REIT		137		171,789
Invincible Investment Corp., REIT (B)		176		85,592
Japan Real Estate Investment Corp., REIT		26		150,491
Japan Retail Fund Investment Corp., Class A, REIT		227		514,955
Kenedix Office Investment Corp., Class A, REIT (B)		67		376,943
Mitsubishi Estate Co., Ltd.		31,436		623,954
Mitsui Fudosan Co., Ltd.		41,446		944,757
Mori Hills REIT Investment Corp.		189		266,370
Nippon Building Fund, Inc., REIT		6		35,644
Nippon Prologis REIT, Inc.		251		567,963
NTT Urban Development Corp.		14,200		130,531
Orix JREIT, Inc., Class A		246		421,533
Sumitomo Realty & Development Co., Ltd.		15,930		419,706
				5,659,905
Netherlands - 0.8%
Eurocommercial Properties NV, CVA		4,564		194,293
NSI NV, REIT		29,302		114,834
				309,127
Singapore - 1.0%
Ascendas Real Estate Investment Trust		173,100		294,876
Mapletree Commercial Trust, REIT		91,936		101,105
				395,981
Spain - 0.2%
Hispania Activos Inmobiliarios SOCIMI SA, REIT		6,172		76,019

	Shares		Value
COMMON STOCKS (continued)
Sweden - 0.7%
Fabege AB		2,378		$  40,177
Hufvudstaden AB, Class A		14,969		231,691
				271,868
United Kingdom - 3.8%
Great Portland Estates PLC, REIT		18,463		134,236
Hammerson PLC, REIT		31,754		214,157
Land Securities Group PLC, REIT		71,111		869,529
Safestore Holdings PLC, REIT		24,571		107,758
Segro PLC, REIT		22,129		118,420
				1,444,100
United States - 54.1%
Alexandria Real Estate Equities, Inc., REIT		3,600		388,116
American Homes 4 Rent, Class A, REIT		7,300		154,103
AvalonBay Communities, Inc., REIT		4,615		789,996
Brixmor Property Group, Inc., REIT		8,700		221,154
CubeSmart, Class A, REIT		10,660		277,906
DCT Industrial Trust, Inc., REIT		8,575		400,881
DDR Corp., REIT		34,900		533,621
Digital Realty Trust, Inc., REIT		9,185		858,155
Duke Realty Corp., REIT		16,600		434,090
Equity Residential, REIT		15,000		926,250
Gaming and Leisure Properties, Inc., REIT		15,500		508,865
General Growth Properties, Inc., REIT		46,203		1,152,765
HCP, Inc., REIT		13,900		476,075
Healthcare Realty Trust, Inc., REIT		10,700		341,223
Healthcare Trust of America, Inc., Class A, REIT		11,109		339,935
Highwoods Properties, Inc., REIT		5,500		272,965
Host Hotels & Resorts, Inc., REIT		28,977		448,564
Kilroy Realty Corp., REIT		7,000		502,810
Kimco Realty Corp., REIT		37,120		987,763
MGM Growth Properties LLC, Class A, REIT		8,976		236,248
Paramount Group, Inc., REIT		13,400		208,370
Pebblebrook Hotel Trust, REIT (B)		6,080		147,622
Prologis, Inc., Class A, REIT		20,303		1,059,004
Public Storage, REIT		3,400		726,648
QTS Realty Trust, Inc., Class A, REIT		8,200		376,872
Regency Centers Corp., REIT		6,900		497,283
Simon Property Group, Inc., REIT		9,570		1,779,637
SL Green Realty Corp., REIT		7,500		736,650
Spirit Realty Capital, Inc., REIT		50,271		598,728
Sun Communities, Inc., REIT		8,000		615,440
Sunstone Hotel Investors, Inc., REIT		18,467		231,946
UDR, Inc., REIT		16,083		562,423
VEREIT, Inc.		80,800		759,520
Vornado Realty Trust, Class A, REIT		11,037		1,024,013
Welltower, Inc., REIT		17,374		1,190,640
				20,766,281
Total Common Stocks (Cost $30,029,808)				37,605,572
SECURITIES LENDING COLLATERAL - 1.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		437,413		437,413
Total Securities Lending Collateral (Cost $437,413)				437,413

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    66

Transamerica Global Real Estate Securities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $102,242 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $105,525.		$  102,242		$  102,242
Total Repurchase Agreement (Cost $102,242)				102,242
Total Investments (Cost $30,569,463) (D)				38,145,227
Net Other Assets (Liabilities) - 0.7%				286,407
Net Assets - 100.0%				$  38,431,634

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Equity Real Estate Investment Trusts		82.0	%		$	31,263,770
Real Estate Management & Development		16.6				6,341,802
Investments, at Value		98.6				37,605,572
Short-Term Investments		1.4				539,655
Total Investments		100.0	%		$	38,145,227

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS Investments
Common Stocks	$	20,766,281	$	16,839,291	$	—	$	37,605,572
Securities Lending Collateral		437,413		—		—		437,413
Repurchase Agreement		—		102,242		—		102,242
Total Investments	$	21,203,694	$	16,941,533	$	—	$	38,145,227

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) Non-income producing security.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $416,817. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $32,446,093. Aggregate gross unrealized appreciation and depreciation for all securities is $6,137,375 and $438,241, respectively. Net unrealized appreciation for tax purposes is $5,699,134.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

CVA	Commanditaire Vennootschap op Aandelen (Dutch Certificate)
REIT	Real Estate Investment Trust

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    67

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 6.2%
321 Henderson Receivables VI LLC Series 2010-1A, Class A, 5.56%, 07/15/2059 (A)		$  1,213,592		$  1,350,686
American Tower Trust I Series 2013-1A, Class 1A, 1.55%, 03/15/2043 (A)		9,440,000		9,437,388
Avis Budget Rental Car Funding AESOP LLC
Series 2013-1A, Class A,
1.92%, 09/20/2019 (A)		1,260,000		1,258,177
Series 2014-1A, Class A,
2.46%, 07/20/2020 (A)		2,725,000		2,744,077
BlueMountain CLO, Ltd. Series 2015-2A, Class A1, 2.31% (B), 07/18/2027 (A)		5,880,000		5,894,682
Diamond Resorts Owner Trust Series 2015-1, Class A, 2.73%, 07/20/2027 (A)		309,383		310,433
Green Tree Agency Advance Funding Trust I Series 2016-T1, Class AT1, 2.38%, 10/15/2048 (A)		6,380,000		6,366,474
Hertz Vehicle Financing LLC Series 2016-3A, Class A, 2.27%, 07/25/2020 (A)		2,855,000		2,851,796
Hilton Grand Vacations Trust Series 2013-A, Class A, 2.28%, 01/25/2026 (A)		712,739		710,101
ICG US CLO, Ltd.
Series 2014-1A, Class A1,
2.03% (B), 04/20/2026 (A)		5,010,000		4,970,065
Series 2016-1A, Class A1,
2.32% (B), 07/29/2028 (A)		3,500,000		3,502,929
JG Wentworth XXI LLC Series 2010-2A, Class A, 4.07%, 01/15/2048 (A)		1,246,967		1,298,997
MVW Owner Trust Series 2016-1A, Class A, 2.25%, 12/20/2033 (A)		5,833,724		5,802,134
NRZ Advance Receivables Trust Series 2015-T4, Class AT4, 3.20%, 11/15/2047 (A)		5,310,000		5,335,973
OCP CLO, Ltd. Series 2015-8A, Class A1, 2.41% (B), 04/17/2027 (A)		5,570,000		5,570,980
Ocwen Master Advance Receivables Trust
Series 2015-T3, Class AT3,
3.21%, 11/15/2047 (A)		4,668,000		4,674,166
Series 2016-T2, Class AT2,
2.72%, 08/16/2049 (A)		2,500,000		2,492,969
Orange Lake Timeshare Trust
Series 2014-AA, Class A,
2.29%, 07/09/2029 (A)		1,309,170		1,303,542
Series 2015-AA, Class A,
2.88%, 09/08/2027 (A)		2,308,654		2,327,593
Palmer Square CLO, Ltd. Series 2015-2A, Class A1A, 2.38% (B), 07/20/2027 (A)		1,870,000		1,870,654

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SBA Tower Trust Series 2014-1A, Class C, 2.90% (B), 10/15/2044 (A)		$  10,669,000		$  10,851,635
Sierra Timeshare Receivables Funding LLC
Series 2013-3A, Class A,
2.20%, 10/20/2030 (A)		876,659		878,206
Series 2014-1A, Class A,
2.07%, 03/20/2030 (A)		911,319		906,433
Series 2014-2A, Class A,
2.05%, 06/20/2031 (A)		374,555		374,611
Series 2014-2A, Class B,
2.40%, 06/20/2031 (A)		864,357		865,921
Series 2015-3A, Class A,
2.58%, 09/20/2032 (A)		2,146,787		2,157,254
Series 2016-2A, Class A,
2.33%, 07/20/2033 (A)		2,316,765		2,309,578
SilverLeaf Finance XVII LLC Series 2013-A, Class A, 2.68%, 03/16/2026 (A)		386,903		383,550
Silverleaf Finance XVIII LLC Series 2014-A, Class A, 2.81%, 01/15/2027 (A)		535,721		530,408
SolarCity LMC Series III LLC Series 2014-2, Class A, 4.02%, 07/20/2044 (A)		764,006		712,907
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (A)		4,580,000		4,618,838
SPS Servicer Advance Receivables Trust Advance Receivables Backed Notes Series 2015-T3, Class AT3, 2.92%, 07/15/2047 (A)		2,000,000		2,003,524
SVO VOI Mortgage LLC Series 2012-AA, Class A, 2.00%, 09/20/2029 (A)		558,776		552,017
Trafigura Securitisation Finance PLC Series 2014-1A, Class A, 1.48% (B), 10/15/2018 (A)		5,537,000		5,507,045
VSE VOI Mortgage LLC Series 2016-A, Class A, 2.54%, 07/20/2033 (A)		8,750,324		8,759,444
Wellfleet CLO, Ltd. Series 2016-2A, Class A1, 2.51% (B), 10/20/2028 (A) (C) (D)		4,890,000		4,890,000
Total Asset-Backed Securities (Cost $116,029,958)				116,375,187
CORPORATE DEBT SECURITIES - 40.7%
Air Freight & Logistics - 0.3%
FedEx Corp.
4.90%, 01/15/2034		2,988,000		3,356,492
5.10%, 01/15/2044		1,688,000		1,927,527
				5,284,019
Airlines - 1.5%
American Airlines Pass-Through Trust
3.70%, 04/01/2028		3,927,606		4,085,103
4.95%, 07/15/2024		4,776,304		5,212,142

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    68

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Airlines (continued)
Continental Airlines Pass-Through Trust 4.00%, 04/29/2026		$  4,921,385		$  5,278,185
Delta Air Lines Pass-Through Trust
4.75%, 11/07/2021		6,073,724		6,529,253
6.82%, 02/10/2024		4,314,148		5,138,150
7.75%, 06/17/2021		170,663		193,276
Southwest Airlines Co. Pass-Through Trust 6.15%, 02/01/2024		368,733		415,747
UAL Pass-Through Trust 10.40%, 05/01/2018		632,245		634,198
				27,486,054
Auto Components - 0.1%
BorgWarner, Inc. 3.38%, 03/15/2025		1,665,000		1,690,193
Automobiles - 0.3%
General Motors Co.
4.88%, 10/02/2023		4,896,000		5,271,694
6.25%, 10/02/2043		575,000		658,373
				5,930,067
Banks - 7.6%
Bank of America Corp.
2.63%, 10/19/2020, MTN		5,605,000		5,698,788
4.10%, 07/24/2023		2,000,000		2,149,740
4.25%, 10/22/2026, MTN		3,596,000		3,778,353
4.45%, 03/03/2026, MTN		2,000,000		2,134,934
Bank One Capital III 8.75%, 09/01/2030		705,000		1,002,494
Bank One Corp. 8.00%, 04/29/2027		470,000		634,000
Barclays Bank PLC 10.18%, 06/12/2021 (A)		10,660,000		13,478,866
Branch Banking & Trust Co. 3.80%, 10/30/2026		2,430,000		2,607,310
Citigroup, Inc.
1.70%, 04/27/2018		3,222,000		3,223,650
2.26% (B), 09/01/2023		4,275,000		4,290,176
3.38%, 03/01/2023		2,715,000		2,799,249
5.95% (B), 01/30/2023 (E)		1,700,000		1,763,750
Commerzbank AG 8.13%, 09/19/2023 (A)		10,230,000		11,760,408
Cooperatieve Rabobank UA 11.00% (B), 06/30/2019 (A) (E)		13,182,000		15,882,992
Discover Bank 3.45%, 07/27/2026		4,687,000		4,690,140
First Horizon National Corp. 3.50%, 12/15/2020		2,440,000		2,484,508
HSBC Holdings PLC 5.25%, 03/14/2044		790,000		867,182
Intesa Sanpaolo SpA 5.02%, 06/26/2024 (A)		1,540,000		1,429,091
JPMorgan Chase & Co.
2.55%, 10/29/2020		8,536,000		8,681,317
3.25%, 09/23/2022		5,940,000		6,175,830
6.40%, 05/15/2038		3,925,000		5,289,982
JPMorgan Chase Bank NA 6.00%, 10/01/2017		1,055,000		1,098,887

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
KeyBank NA 3.40%, 05/20/2026, MTN		$  1,860,000		$  1,886,364
Nordea Bank AB 4.25%, 09/21/2022 (A)		10,052,000		10,799,778
Oversea-Chinese Banking Corp., Ltd. 3.15% (B), 03/11/2023 (A)		1,480,000		1,500,898
PNC Bank NA 2.95%, 02/23/2025		1,210,000		1,234,684
Royal Bank of Scotland Group PLC
6.10%, 06/10/2023		1,414,000		1,465,646
6.40%, 10/21/2019		1,477,000		1,633,420
Svenska Handelsbanken AB 2.45%, 03/30/2021, MTN (F)		4,150,000		4,223,318
Toronto-Dominion Bank 3.63% (B), 09/15/2031		4,180,000		4,175,419
US Bancorp 1.65%, 05/15/2017, MTN		4,118,000		4,127,039
US Bank NA 2.13%, 10/28/2019		2,024,000		2,058,119
Wells Fargo & Co.
4.13%, 08/15/2023		3,015,000		3,215,965
5.38%, 11/02/2043		3,398,000		3,883,044
Wells Fargo Bank NA 5.95%, 08/26/2036		1,767,000		2,169,420
				144,294,761
Beverages - 0.8%
Anheuser-Busch InBev Finance, Inc. 3.65%, 02/01/2026		4,230,000		4,451,068
Molson Coors Brewing Co. 2.10%, 07/15/2021		3,915,000		3,899,446
SABMiller Holdings, Inc. 4.95%, 01/15/2042 (A)		6,497,000		7,372,412
				15,722,926
Biotechnology - 0.7%
Celgene Corp. 5.00%, 08/15/2045		7,317,000		7,850,636
Gilead Sciences, Inc. 4.15%, 03/01/2047		5,061,000		5,023,751
				12,874,387
Building Products - 0.2%
Owens Corning 4.20%, 12/15/2022		4,114,000		4,367,895
Capital Markets - 4.6%
Ameriprise Financial, Inc.
3.70%, 10/15/2024		6,836,000		7,288,126
7.30%, 06/28/2019		4,932,000		5,635,328
Credit Suisse Group Funding Guernsey, Ltd.
3.75%, 03/26/2025		4,559,000		4,522,026
3.80%, 06/09/2023 (A)		5,920,000		5,977,448
Deutsche Bank AG
2.12% (B), 08/20/2020		2,210,000		2,124,488
4.25%, 10/14/2021 (A)		5,510,000		5,546,289
Goldman Sachs Group, Inc.
2.75%, 09/15/2020		3,487,000		3,555,907
5.75%, 01/24/2022		4,815,000		5,566,944
6.75%, 10/01/2037		3,620,000		4,565,685

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    69

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets (continued)
Macquarie Group, Ltd. 6.25%, 01/14/2021 (A)		$  6,245,000		$  7,062,539
Morgan Stanley
5.00%, 11/24/2025		9,529,000		10,540,094
5.75%, 01/25/2021		8,720,000		9,886,248
Oaktree Capital Management, LP 6.75%, 12/02/2019 (A)		2,330,000		2,621,886
UBS AG
1.80%, 03/26/2018, MTN		5,273,000		5,285,007
7.63%, 08/17/2022		6,463,000		7,489,001
				87,667,016
Chemicals - 0.3%
Monsanto Co. 4.40%, 07/15/2044		5,031,000		4,986,868
Commercial Services & Supplies - 0.5%
ERAC USA Finance LLC 2.70%, 11/01/2023 (A)		4,400,000		4,360,426
Hutchison Whampoa International 11, Ltd. 3.50%, 01/13/2017 (A)		235,000		235,957
Hutchison Whampoa International 12 II, Ltd. 2.00%, 11/08/2017 (A)		3,300,000		3,314,853
Hutchison Whampoa International 14, Ltd. 1.63%, 10/31/2017 (A)		1,250,000		1,250,769
				9,162,005
Communications Equipment - 0.3%
Harris Corp. 5.55%, 10/01/2021		5,369,000		6,086,830
Construction Materials - 0.3%
LafargeHolcim Finance US LLC 4.75%, 09/22/2046 (A)		1,575,000		1,589,600
Martin Marietta Materials, Inc. 4.25%, 07/02/2024		4,225,000		4,420,664
				6,010,264
Consumer Finance - 0.9%
Ally Financial, Inc. 3.50%, 01/27/2019		1,890,000		1,894,725
American Express Co. 4.05%, 12/03/2042		1,085,000		1,099,459
BMW US Capital LLC 2.80%, 04/11/2026 (A)		5,807,000		5,857,167
Discover Financial Services 3.85%, 11/21/2022		5,260,000		5,428,015
Ford Motor Credit Co. LLC 4.38%, 08/06/2023		3,090,000		3,296,056
				17,575,422
Containers & Packaging - 0.2%
International Paper Co. 4.75%, 02/15/2022		3,015,000		3,348,561
Diversified Telecommunication Services - 1.9%
AT&T, Inc.
3.00%, 06/30/2022		8,170,000		8,284,298
3.40%, 05/15/2025		6,357,000		6,336,225
4.35%, 06/15/2045		2,024,000		1,856,751
GTP Acquisition Partners I LLC 2.35%, 06/15/2045 (A)		795,000		791,884

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services (continued)
Hughes Satellite Systems Corp. 7.63%, 06/15/2021		$  2,155,000		$  2,362,419
Intelsat Jackson Holdings SA 7.25%, 04/01/2019		1,472,000		1,186,800
Verizon Communications, Inc.
3.85%, 11/01/2042		1,741,000		1,593,348
5.15%, 09/15/2023		8,663,000		9,909,259
6.55%, 09/15/2043		2,686,000		3,519,452
				35,840,436
Electric Utilities - 1.5%
Appalachian Power Co. 3.40%, 06/01/2025		2,585,000		2,708,460
Duke Energy Corp. 3.75%, 04/15/2024 - 09/01/2046		9,079,000		8,966,599
Niagara Mohawk Power Corp. 4.88%, 08/15/2019 (A)		1,540,000		1,667,609
Oncor Electric Delivery Co. LLC 4.10%, 06/01/2022		4,835,000		5,298,048
PacifiCorp 3.60%, 04/01/2024		5,005,000		5,384,894
Public Service Electric & Gas Co. 3.00%, 05/15/2025, MTN		3,335,000		3,476,921
				27,502,531
Energy Equipment & Services - 0.2%
Schlumberger Holdings Corp. 3.00%, 12/21/2020 (A)		4,129,000		4,284,329
Equity Real Estate Investment Trusts - 2.6%
CBL & Associates, LP 5.25%, 12/01/2023		5,582,000		5,651,206
EPR Properties 5.75%, 08/15/2022		3,123,000		3,438,020
HCP, Inc. 3.40%, 02/01/2025		4,320,000		4,234,097
Highwoods Realty, LP 5.85%, 03/15/2017		1,555,000		1,579,432
Hospitality Properties Trust 5.00%, 08/15/2022		6,379,000		6,899,239
Kilroy Realty, LP 4.25%, 08/15/2029		2,565,000		2,659,895
National Retail Properties, Inc. 3.90%, 06/15/2024		3,565,000		3,741,328
Realty Income Corp. 6.75%, 08/15/2019		4,274,000		4,849,178
Simon Property Group, LP 3.38%, 10/01/2024		7,983,000		8,383,723
VEREIT Operating Partnership, LP
3.00%, 02/06/2019		2,582,000		2,611,719
4.13%, 06/01/2021		4,300,000		4,472,000
				48,519,837
Food & Staples Retailing - 1.0%
CVS Health Corp. 2.13%, 06/01/2021		5,634,000		5,634,490
Wal-Mart Stores, Inc. 4.30%, 04/22/2044		5,019,000		5,631,363
Walgreens Boots Alliance, Inc. 3.30%, 11/18/2021		6,877,000		7,200,824
				18,466,677

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    70

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Food Products - 0.6%
Bunge, Ltd. Finance Corp. 3.25%, 08/15/2026		$  1,845,000		$  1,846,692
Kraft Heinz Foods Co.
2.80%, 07/02/2020		3,435,000		3,534,069
4.38%, 06/01/2046		2,926,000		2,967,502
4.88%, 02/15/2025 (A)		2,255,000		2,477,580
				10,825,843
Health Care Providers & Services - 0.8%
Anthem, Inc. 2.30%, 07/15/2018		4,585,000		4,622,244
Express Scripts Holding Co.
3.40%, 03/01/2027		3,415,000		3,352,680
4.80%, 07/15/2046		2,456,000		2,445,157
HCA Holdings, Inc. 6.25%, 02/15/2021		1,150,000		1,240,562
UnitedHealth Group, Inc. 3.38%, 11/15/2021		2,655,000		2,825,735
				14,486,378
Household Durables - 0.2%
Newell Brands, Inc. 4.20%, 04/01/2026		3,710,000		4,008,703
Household Products - 0.2%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.75%, 10/15/2020		2,450,000		2,514,386
6.88%, 02/15/2021		1,235,000		1,278,225
				3,792,611
Industrial Conglomerates - 1.1%
General Electric Co.
5.00% (B), 01/21/2021 (E)		11,633,000		12,324,000
5.50%, 01/08/2020, MTN		3,771,000		4,214,010
6.88%, 01/10/2039, MTN		2,696,000		3,948,408
				20,486,418
Insurance - 1.8%
American Financial Group, Inc. 9.88%, 06/15/2019		635,000		759,880
CNA Financial Corp. 5.88%, 08/15/2020		2,582,000		2,908,393
Fidelity National Financial, Inc.
5.50%, 09/01/2022		370,000		400,698
6.60%, 05/15/2017		1,226,000		1,255,993
Hartford Financial Services Group, Inc. 5.13%, 04/15/2022		4,315,000		4,882,496
Lincoln National Corp. 8.75%, 07/01/2019		1,950,000		2,273,388
Metropolitan Life Global Funding I 1.30%, 04/10/2017 (A)		2,670,000		2,673,655
Nippon Life Insurance Co. 5.00% (B), 10/18/2042 (A)		4,080,000		4,415,662
OneBeacon US Holdings, Inc. 4.60%, 11/09/2022		1,694,000		1,696,922
Pacific Life Insurance Co. 9.25%, 06/15/2039 (A)		2,844,000		4,349,119
Principal Financial Group, Inc. 8.88%, 05/15/2019		2,158,000		2,534,806

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Insurance (continued)
Reinsurance Group of America, Inc. 3.52% (B), 12/15/2065		$  2,791,000		$  2,355,604
Swiss Re America Holding Corp. 7.75%, 06/15/2030		2,903,000		4,024,406
				34,531,022
IT Services - 0.1%
MasterCard, Inc. 3.38%, 04/01/2024		2,025,000		2,155,955
Life Sciences Tools & Services - 0.0% (G)
Thermo Fisher Scientific, Inc. 2.40%, 02/01/2019		790,000		803,195
Machinery - 0.1%
Doosan Heavy Industries & Construction Co., Ltd. 2.13%, 04/27/2020 (A)		1,185,000		1,180,964
Media - 1.1%
CBS Corp. 5.75%, 04/15/2020		2,645,000		2,964,133
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/2022		4,300,000		4,379,550
Comcast Corp. 5.88%, 02/15/2018		3,480,000		3,683,552
NBCUniversal Enterprise, Inc. 5.25%, 03/19/2021 (A) (E)		2,215,000		2,359,640
NBCUniversal Media LLC
4.38%, 04/01/2021		5,222,000		5,745,568
4.45%, 01/15/2043		1,636,000		1,769,049
				20,901,492
Metals & Mining - 0.0% (G)
Rio Tinto Finance USA PLC 3.50%, 03/22/2022		451,000		479,034
Multi-Utilities - 0.3%
DTE Electric Co. 4.30%, 07/01/2044		4,920,000		5,539,713
Oil, Gas & Consumable Fuels - 2.6%
Anadarko Petroleum Corp. 5.55%, 03/15/2026 (F)		6,138,000		6,977,635
BP Capital Markets PLC 3.12%, 05/04/2026		6,429,000		6,505,139
CNOOC Nexen Finance ULC 1.63%, 04/30/2017		850,000		850,096
Continental Resources, Inc. 3.80%, 06/01/2024		1,055,000		970,600
Energy Transfer Partners, LP
4.90%, 02/01/2024		2,755,000		2,887,061
5.15%, 03/15/2045		1,238,000		1,152,712
7.60%, 02/01/2024		3,005,000		3,364,813
EnLink Midstream Partners, LP
2.70%, 04/01/2019		3,615,000		3,612,976
4.85%, 07/15/2026		1,526,000		1,554,423
EOG Resources, Inc. 2.45%, 04/01/2020		1,500,000		1,527,433
Exxon Mobil Corp. 3.04%, 03/01/2026		5,617,000		5,808,090
Kinder Morgan, Inc. 3.05%, 12/01/2019		1,466,000		1,502,106

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    71

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Oil, Gas & Consumable Fuels (continued)
Petrobras Global Finance BV 5.38%, 01/27/2021		$  1,665,000		$  1,648,683
Petroleos Mexicanos 3.50%, 07/18/2018 - 01/30/2023		5,560,000		5,506,850
Shell International Finance BV
2.50%, 09/12/2026		4,551,000		4,424,305
3.75%, 09/12/2046		1,337,000		1,272,809
				49,565,731
Pharmaceuticals - 1.4%
Actavis Funding SCS
3.00%, 03/12/2020		3,394,000		3,494,459
3.45%, 03/15/2022		667,000		692,480
3.80%, 03/15/2025		3,913,000		4,060,966
4.55%, 03/15/2035		4,290,000		4,429,459
Actavis, Inc. 3.25%, 10/01/2022		3,997,000		4,116,403
Merck & Co., Inc. 1.30%, 05/18/2018		1,716,000		1,719,564
Mylan NV 3.15%, 06/15/2021 (A)		1,177,000		1,195,904
Pfizer, Inc. 4.40%, 05/15/2044		641,000		720,701
Teva Pharmaceutical Finance Netherlands III BV
2.20%, 07/21/2021		4,717,000		4,660,061
4.10%, 10/01/2046		1,820,000		1,689,532
				26,779,529
Road & Rail - 0.5%
Aviation Capital Group Corp. 7.13%, 10/15/2020 (A)		5,920,000		6,998,446
Hertz Corp.
5.50%, 10/15/2024 (A) (F)		1,065,000		1,034,009
6.75%, 04/15/2019		728,000		742,713
				8,775,168
Semiconductors & Semiconductor Equipment - 0.5%
Intel Corp. 2.45%, 07/29/2020		6,390,000		6,583,854
KLA-Tencor Corp. 4.13%, 11/01/2021		2,442,000		2,610,781
				9,194,635
Software - 0.3%
Microsoft Corp. 2.70%, 02/12/2025		6,089,000		6,190,157
Technology Hardware, Storage & Peripherals - 0.9%
Apple, Inc. 2.40%, 05/03/2023		6,827,000		6,858,875
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 6.02%, 06/15/2026 (A)		3,535,000		3,853,345
Hewlett Packard Enterprise Co. 3.85%, 10/15/2020 (A)		4,912,000		5,204,112
Seagate HDD Cayman 4.88%, 06/01/2027		2,040,000		1,843,152
				17,759,484

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Tobacco - 0.3%
Reynolds American, Inc. 8.13%, 06/23/2019		$  2,315,000		$  2,691,986
RJ Reynolds Tobacco Co. 8.13%, 06/23/2019		1,745,000		2,029,165
				4,721,151
Trading Companies & Distributors - 0.4%
International Lease Finance Corp. 8.25%, 12/15/2020		5,785,000		6,884,150
Wireless Telecommunication Services - 1.7%
America Movil SAB de CV
3.13%, 07/16/2022		2,285,000		2,343,016
4.38%, 07/16/2042 (F)		2,600,000		2,550,369
Crown Castle Towers LLC
3.22%, 05/15/2042 (A)		12,242,000		12,647,822
4.88%, 08/15/2040 (A)		3,200,000		3,477,917
6.11%, 01/15/2040 (A)		1,161,000		1,280,923
SBA Tower Trust 2.24%, 04/15/2043 (A)		920,000		922,010
Sprint Communications, Inc. 9.00%, 11/15/2018 (A)		8,359,000		9,194,900
				32,416,957
Total Corporate Debt Securities (Cost $763,218,960)				768,579,368
FOREIGN GOVERNMENT OBLIGATIONS - 0.7%
Colombia - 0.1%
Colombia Government International Bond 4.50%, 01/28/2026 (F)		1,850,000		1,979,500
Indonesia - 0.1%
Indonesia Government International Bond 4.75%, 01/08/2026 (A)		1,260,000		1,373,534
Republic of Korea - 0.4%
Export-Import Bank of Korea 4.00%, 01/11/2017		1,700,000		1,708,500
Korea Development Bank
3.00%, 03/17/2019		5,200,000		5,373,394
3.50%, 08/22/2017		900,000		915,037
				7,996,931
Saudi Arabia - 0.1%
Saudi Arabia Government International Bond 2.38%, 10/26/2021 (A)		1,505,000		1,501,237
Total Foreign Government Obligations (Cost $12,682,051)				12,851,202
MORTGAGE-BACKED SECURITIES - 12.2%
Aventura Mall Trust Series 2013-AVM, Class A, 3.74% (B), 12/05/2032 (A)		4,500,000		4,812,796
Banc of America Commercial Mortgage Trust Series 2007-3, Class A1A, 5.55% (B), 06/10/2049		2,372,501		2,401,989
Banc of America Re-REMIC Trust Series 2010-UB3, Class A4B1, 5.72% (B), 06/15/2049 (A)		2,295,000		2,293,640

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    72

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
BB-UBS Trust
Series 2012-TFT, Class A,
2.89%, 06/05/2030 (A)		$  10,155,000		$  10,215,935
Series 2012-TFT, Class C,
3.47% (B), 06/05/2030 (A)		2,980,000		2,923,249
BBCMS Trust Series 2013-TYSN, Class B, 4.04%, 09/05/2032 (A)		2,530,000		2,657,222
BCAP LLC Trust
Series 2009-RR15, Class 1A1,
3.18% (B), 10/26/2035 (A)		44,783		44,679
Series 2009-RR4, Class 9A1,
2.99% (B), 10/26/2035 (A)		47,108		46,883
Series 2009-RR6, Class 2A1,
3.11% (B), 08/26/2035 (A)		966,914		958,186
Series 2011-R11, Class 16A5,
2.58% (B), 08/26/2035 (A)		1,623,592		1,629,576
Series 2011-R11, Class 23A1,
3.02% (B), 06/26/2035 (A)		639,702		643,010
Series 2012-RR12, Class 4A1,
3.03% (B), 04/26/2036 (A)		1,282,077		1,296,562
Bear Stearns Commercial Mortgage Securities Trust
Series 2006-PW14, Class A1A,
5.19%, 12/11/2038		399,767		399,320
Series 2007-PW15, Class A1A,
5.32%, 02/11/2044		4,295,115		4,320,466
Series 2007-PW17, Class A1A,
5.65% (B), 06/11/2050		930,735		953,330
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class B, 3.58% (B), 03/13/2035 (A)		1,440,000		1,502,482
Citigroup Commercial Mortgage Trust
Series 2014-GC19, Class A3,
3.75%, 03/10/2047		485,000		523,786
Series 2014-GC19, Class A4,
4.02%, 03/10/2047		330,000		361,979
Citigroup Mortgage Loan Trust
Series 2014-A, Class A,
4.00% (B), 01/25/2035 (A)		1,602,831		1,663,803
Series 2015-A, Class A1,
3.50% (B), 06/25/2058 (A)		2,711,809		2,753,667
Series 2015-PS1, Class A1,
3.75% (B), 09/25/2042 (A)		3,024,067		3,118,853
COMM Mortgage Trust
Series 2013-GAM, Class A1,
1.71%, 02/10/2028 (A)		255,810		254,186
Series 2013-GAM, Class A2,
3.37%, 02/10/2028 (A)		2,625,000		2,722,581
Series 2013-WWP, Class A2,
3.42%, 03/10/2031 (A)		2,760,000		2,917,616
Series 2014-UBS2, Class A5,
3.96%, 03/10/2047		1,500,000		1,629,313
Series 2016-GCT, Class C,
3.46% (B), 08/10/2029 (A)		2,670,000		2,728,710
Commercial Mortgage Pass-Through Certificates Series 2012-LTRT, Class A2, 3.40%, 10/05/2030 (A)		5,475,000		5,641,657

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Core Industrial Trust Series 2015-CALW, Class B, 3.25%, 02/10/2034 (A)		$  4,625,000		$  4,804,374
Credit Suisse Mortgage Capital Certificates Series 2009-12R, Class 1A1, 3.08% (B), 09/27/2036 (A)		270,877		270,243
CSMC Trust
Series 2009-14R, Class 2A1,
5.00%, 06/26/2037 (A)		352,404		360,972
Series 2014-11R, Class 17A1,
0.67% (B), 12/27/2036 (A)		2,135,435		1,998,964
GS Mortgage Securities Corp. Trust Series 2012-SHOP, Class C, 3.63%, 06/05/2031 (A)		2,825,000		2,876,870
GS Mortgage Securities Trust Series 2013-G1, Class A2, 3.56% (B), 04/10/2031 (A)		4,555,517		4,694,582
HarborView Mortgage Loan Trust Series 2004-4, Class 2A, 1.09% (B), 06/19/2034		572,903		530,835
Hilton USA Trust Series 2013-HLT, Class AFX, 2.66%, 11/05/2030 (A)		2,401,541		2,402,419
Houston Galleria Mall Trust Series 2015-HGLR, Class A1A2, 3.09%, 03/05/2037 (A)		4,498,000		4,585,944
Impac CMB Trust Series 2003-8, Class 1A1, 1.21% (B), 10/25/2033		348,629		338,425
Jefferies Re-REMIC Trust Series 2009-R2, Class 4A, 2.88% (B), 05/26/2037 (A)		931,134		933,414
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2007-LD12, Class A1A,
5.85% (B), 02/15/2051		245,961		251,324
Series 2007-LDPX, Class A1A,
5.44%, 01/15/2049		1,015,168		1,022,098
Series 2012-WLDN, Class A,
3.91%, 05/05/2030 (A)		3,151,448		3,366,045
Series 2014-DSTY, Class B,
3.77%, 06/10/2027 (A)		4,800,000		4,905,885
LB Commercial Mortgage Trust Series 2007-C3, Class A1A, 5.87% (B), 07/15/2044		795,709		809,740
Mill City Mortgage Loan Trust Series 2016-1, Class A1, 2.50% (B), 04/25/2057 (A)		2,324,952		2,342,802
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C6, Class AS,
3.48%, 11/15/2045		1,800,000		1,885,426
Series 2013-C11, Class B,
4.37% (B), 08/15/2046		1,035,000		1,127,135
Morgan Stanley Capital Barclays Bank Trust Series 2016-MART, Class A, 2.20%, 09/13/2031 (A)		7,300,000		7,288,402

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    73

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Morgan Stanley Capital I Trust
Series 2007-IQ13, Class A1A,
5.31%, 03/15/2044		$  711,276		$  715,026
Series 2007-IQ14, Class A1A,
5.67% (B), 04/15/2049		4,382,197		4,438,468
Series 2007-T27, Class A1A,
5.64% (B), 06/11/2042		1,394,867		1,421,911
Morgan Stanley Re-REMIC Trust
Series 2009-R3, Class 1A,
5.50%, 10/26/2035 (A)		181,862		189,636
Series 2010-GG10, Class A4A,
5.79% (B), 08/15/2045 (A)		3,155,811		3,172,080
Series 2010-GG10, Class A4B,
5.79% (B), 08/15/2045 (A)		2,220,000		2,235,134
Series 2012-R3, Class 1A,
2.34% (B), 11/26/2036 (A)		413,622		413,432
Series 2013-R8, Class 9A,
1.25% (B), 09/26/2036 (A)		446,950		433,223
Series 2014-R3, Class 2A,
3.00% (B), 07/26/2048 (A)		1,473,504		1,482,001
Series 2014-R4, Class 4A,
3.29% (B), 11/21/2035 (A)		1,572,581		1,587,980
Motel 6 Trust
Series 2015-MTL6, Class B,
3.30%, 02/05/2030 (A)		8,130,000		8,143,298
Series 2015-MTL6, Class C,
3.64%, 02/05/2030 (A)		5,795,000		5,804,282
Nationstar Mortgage Loan Trust Series 2013-A, Class A, 3.75% (B), 12/25/2052 (A)		790,055		820,734
New Residential Mortgage Loan Trust
Series 2014-2A, Class A3,
3.75% (B), 05/25/2054 (A)		1,281,446		1,326,561
Series 2014-3A, Class AFX3,
3.75% (B), 11/25/2054 (A)		1,315,359		1,356,550
Series 2015-2A, Class A1,
3.75% (B), 08/25/2055 (A)		5,203,642		5,398,881
Series 2016-1A, Class A1,
3.75% (B), 03/25/2056 (A)		3,986,368		4,114,896
Series 2016-2A, Class A1,
3.75% (B), 11/26/2035 (A)		4,465,926		4,620,111
Series 2016-3A, Class A1B,
3.25% (B), 09/25/2056 (A)		6,274,242		6,434,659
Palisades Center Trust Series 2016-PLSD, Class A, 2.71%, 04/13/2033 (A)		6,500,000		6,605,198
Provident Funding Mortgage Loan Trust Series 2005-1, Class 3A1, 1.11% (B), 05/25/2035		827,799		794,979
RBSCF Trust Series 2009-RR2, Class WBB, 5.96% (B), 02/16/2051 (A)		1,215,000		1,218,871
RBSSP Resecuritization Trust
Series 2009-6, Class 2A1,
2.86% (B), 01/26/2036 (A)		1,119,648		1,130,885
Series 2009-7, Class 5A4,
0.93% (B), 06/26/2037 (A)		771,018		736,926
SCG Trust Series 2013-SRP1, Class AJ, 2.48% (B), 11/15/2026 (A)		3,215,000		3,135,064

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Towd Point Mortgage Trust
Series 2015-3, Class A1B,
3.00% (B), 03/25/2054 (A)		$  6,000,905		$  6,101,633
Series 2015-4, Class A1B,
2.75% (B), 04/25/2055 (A)		2,099,529		2,126,368
Series 2015-5, Class A1B,
2.75% (B), 05/25/2055 (A)		5,777,061		5,853,547
Series 2015-6, Class A1B,
2.75% (B), 04/25/2055 (A)		5,550,350		5,629,349
Series 2016-2, Class A1A,
2.75% (B), 08/25/2055 (A)		5,605,465		5,689,155
Series 2016-3, Class A1,
2.25% (B), 08/25/2055 (A)		10,524,520		10,540,301
Series 2016-4, Class A1,
2.25% (B), 07/25/2056 (A)		7,062,021		7,070,151
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 06/10/2030 (A)		3,803,000		3,995,711
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class C, 3.03% (B), 06/15/2029 (A)		3,245,000		3,243,598
Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class B, 3.78%, 02/15/2048		3,000,000		3,135,847
Wells Fargo Mortgage-Backed Securities Trust Series 2003-N, Class 1A2, 2.76% (B), 12/25/2033		796,383		793,990
Total Mortgage-Backed Securities (Cost $230,065,649)				230,121,811
MUNICIPAL GOVERNMENT OBLIGATIONS - 0.6%
California - 0.6%
State of California, General Obligation Unlimited
7.60%, 11/01/2040		2,735,000		4,308,746
7.95%, 03/01/2036		5,350,000		6,375,167
Total Municipal Government Obligations (Cost $10,599,453)				10,683,913
U.S. GOVERNMENT AGENCY OBLIGATIONS - 16.3%
Federal Home Loan Mortgage Corp.
5.00%, 08/01/2035 - 12/01/2035		1,465,728		1,649,311
5.50%, 11/01/2038		340,410		393,775
Federal National Mortgage Association
Zero Coupon, 10/09/2019		6,045,000		5,791,364
2.50%, TBA (C) (H)		17,354,000		17,856,995
3.00%, TBA (C) (H)		92,315,000		95,041,173
3.50%, TBA (C) (H)		102,366,000		107,512,069
4.00%, 06/01/2042		884,374		956,349
4.00%, TBA (C) (H)		32,663,000		34,974,926
5.00%, 04/01/2039 - 11/01/2039		13,850,472		15,614,762
5.00%, TBA (C) (H)		13,129,000		14,539,705
5.50%, 10/01/2036 - 12/01/2041		5,642,911		6,565,830
6.00%, 11/01/2034 - 02/01/2041		4,755,767		5,542,692
6.50%, 06/01/2038		1,056,171		1,271,712
Total U.S. Government Agency Obligations (Cost $308,307,627)				307,710,663

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    74

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 22.6%
U.S. Treasury - 20.3%
U.S. Treasury Bond
2.50%, 02/15/2045 - 05/15/2046		$  32,027,200		$  31,466,246
2.75%, 08/15/2042		12,839,000		13,340,517
2.88%, 08/15/2045		11,479,000		12,164,158
3.00%, 05/15/2042		3,000,000		3,265,782
3.13%, 02/15/2042		18,635,800		20,743,248
3.50%, 02/15/2039		15,876,100		18,883,875
3.63%, 02/15/2044		7,103,700		8,633,496
4.50%, 02/15/2036		14,930,000		20,299,545
4.75%, 02/15/2037		2,210,000		3,097,366
5.25%, 02/15/2029		14,481,100		19,663,755
U.S. Treasury Note
0.50%, 07/31/2017		5,611,300		5,606,037
0.63%, 09/30/2017		11,037,300		11,029,541
0.88%, 04/15/2017 - 04/30/2017		73,656,000		73,776,872
1.00%, 09/15/2017 - 11/30/2019		22,914,300		22,947,959
1.13%, 06/30/2021 - 09/30/2021		2,035,000		2,017,519
1.25%, 11/30/2018		28,337,700		28,540,258
1.50%, 08/15/2026		1,855,000		1,799,639
1.63%, 03/31/2019 - 05/15/2026		31,632,400		31,735,094
1.88%, 11/30/2021		17,350,100		17,775,039
2.00%, 02/15/2025		17,324,900		17,656,516
2.25%, 11/15/2024		5,825,000		6,056,183
2.50%, 05/15/2024		12,787,100		13,544,339
				384,042,984
U.S. Treasury Inflation-Protected Securities - 2.3%
U.S. Treasury Inflation-Indexed Bond
1.75%, 01/15/2028		7,337,117		8,512,406
2.50%, 01/15/2029		11,303,055		14,195,971
U.S. Treasury Inflation-Indexed Note 0.63%, 01/15/2024		19,100,014		19,953,211
				42,661,588
Total U.S. Government Obligations (Cost $421,791,373)				426,704,572
	Shares		Value
PREFERRED STOCK - 0.0% (G)
Banks - 0.0% (G)
CoBank ACB Series F, 6.25% (B)		6,000		639,563
Total Preferred Stock (Cost $612,000)				639,563
	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS - 12.2%
Federal Home Loan Bank Discount Notes
0.06% (I), 11/14/2016		$  24,600,000		24,598,229
0.16% (I), 11/30/2016		14,400,000		14,397,681
0.18% (I), 12/07/2016 - 12/09/2016		65,400,000		65,385,768
0.19% (I), 12/22/2016		15,000,000		14,995,545
0.20% (I), 12/20/2016		10,000,000		9,997,140
0.31% (I), 01/09/2017		8,500,000		8,494,790
0.33% (I), 01/13/2017		26,000,000		25,983,126
0.36% (I), 01/25/2017		63,500,000		63,451,994

	Principal		Value
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association Discount Notes 0.15% (I), 12/01/2016		$  2,300,000		$  2,299,598
Total Short-Term U.S. Government Agency Obligations (Cost $229,577,962)				229,603,871
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 2.2%
U.S. Treasury Bill
0.03% (I), 11/10/2016 (F)		3,000,000		2,999,907
0.04% (I), 11/10/2016 (F)		7,000,000		6,999,783
0.15% (I), 12/08/2016		4,003,000		4,002,303
0.17% (I), 12/08/2016		2,000,000		1,999,652
0.28% (I), 01/19/2017		1,600,000		1,599,000
0.29% (I), 01/12/2017		6,750,000		6,746,443
0.30% (I), 01/19/2017		400,000		399,750
0.32% (I), 01/12/2017		17,300,000		17,290,883
Total Short-Term U.S. Government Obligations (Cost $42,033,357)				42,037,721
	Shares		Value
SECURITIES LENDING COLLATERAL - 0.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (I)		12,755,280		12,755,280
Total Securities Lending Collateral (Cost $12,755,280)				12,755,280
	Principal		Value
REPURCHASE AGREEMENT - 0.5%
State Street Bank & Trust Co. 0.03% (I), dated 10/31/2016, to be repurchased at $9,649,720 on 11/01/2016. Collateralized by a U.S. Government Obligation and a U.S. Government Agency Obligation, 0.88% - 2.50%, due 02/22/2017 - 06/30/2017, and with a total value of $9,846,438.		$  9,649,712		9,649,712
Total Repurchase Agreement (Cost $9,649,712)				9,649,712
Total Investments (Cost $2,157,323,382) (J)				2,167,712,863
Net Other Assets (Liabilities) - (14.9)%				(281,475,854	)
Net Assets - 100.0%				$  1,886,237,009

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    75

Transamerica Intermediate Bond

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(K)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS Investments
Asset-Backed Securities	$	—	$	116,375,187	$	—	$	116,375,187
Corporate Debt Securities		—		768,579,368		—		768,579,368
Foreign Government Obligations		—		12,851,202		—		12,851,202
Mortgage-Backed Securities		—		230,121,811		—		230,121,811
Municipal Government Obligations		—		10,683,913		—		10,683,913
U.S. Government Agency Obligations		—		307,710,663		—		307,710,663
U.S. Government Obligations		—		426,704,572		—		426,704,572
Preferred Stock		639,563		—		—		639,563
Short-Term U.S. Government Agency Obligations		—		229,603,871		—		229,603,871
Short-Term U.S. Government Obligations		—		42,037,721		—		42,037,721
Securities Lending Collateral		12,755,280		—		—		12,755,280
Repurchase Agreement		—		9,649,712		—		9,649,712
Total Investments	$	13,394,843	$	2,154,318,020	$	—	$	2,167,712,863

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $491,567,591, representing 26.1% of the Fund’s net assets.

^(B)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(C)  Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(D)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, value of the security is $4,890,000, representing 0.3% of the Fund’s net assets.

^(E)  Perpetual maturity. The date displayed is the next call date.

^(F)  All or a portion of the securities are on loan. The total value of all securities on loan is $12,495,395. 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)  Percentage rounds to less than 0.1% or (0.1)%.

^(H)  Cash in the amount of $799,000 has been segregated by the custodian as collateral for open TBA commitment transactions.

^(I)  Rates disclosed reflect the yields at October 31, 2016.

^(J)  Aggregate cost for federal income tax purposes is $2,158,229,212. Aggregate gross unrealized appreciation and depreciation for all securities is $18,571,907 and $9,088,256, respectively. Net unrealized appreciation for tax purposes is $9,483,651.

^(K)  The Fund recognizes transfers between Levels at the end of the reporting period. There were no transfers between Levels 1, 2 and 3 during the period ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATIONS:

MTN	Medium Term Note
TBA	To Be Announced

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    76

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 98.9%
Australia - 0.5%
Orica, Ltd. (A)		474,104		$  5,875,002
Belgium - 1.0%
KBC Group NV (B)		190,821		11,627,891
Brazil - 0.8%
Ambev SA, ADR		1,461,225		8,621,228
Canada - 4.7%
Canadian National Railway Co.		367,549		23,107,806
ECN Capital Corp. (B)		110,304		240,953
Element Fleet Management Corp. (A)		787,042		7,669,156
Loblaw Cos., Ltd.		135,777		6,699,263
Suncor Energy, Inc.		574,704		17,245,833
				54,963,011
China - 0.9%
Alibaba Group Holding, Ltd., ADR (B)		99,725		10,141,035
Denmark - 0.6%
Carlsberg A/S, Class B		81,876		7,383,074
France - 15.5%
Air Liquide SA, Class A		244,665		24,892,094
Bureau Veritas SA		311,752		5,889,707
Danone SA		391,281		27,094,678
Dassault Systemes		107,228		8,491,568
Engie SA (A)		914,981		13,193,065
Hermes International		4,417		1,789,678
L’Oreal SA		65,098		11,651,773
Legrand SA		191,461		10,821,981
LVMH Moet Hennessy Louis Vuitton SE		123,091		22,369,642
Pernod Ricard SA (A)		240,300		28,581,580
Schneider Electric SE		375,276		25,187,194
				179,962,960
Germany - 11.1%
Bayer AG		366,574		36,333,302
Beiersdorf AG (A)		246,026		21,660,024
Linde AG		96,646		15,945,804
Merck KGaA		129,224		13,286,203
MTU Aero Engines AG		56,385		5,885,133
ProSiebenSat.1 Media SE (A)		196,931		8,487,268
SAP SE		315,560		27,795,624
				129,393,358
Hong Kong - 3.2%
AIA Group, Ltd.		4,583,800		28,931,154
Global Brands Group Holding, Ltd. (B)		25,304,000		2,871,172
Li & Fung, Ltd.		12,005,000		5,913,069
				37,715,395
Ireland - 0.3%
Experian PLC		185,926		3,579,732
Israel - 1.1%
Check Point Software Technologies, Ltd., Class A (A) (B)		153,910		13,014,630
Italy - 1.4%
Eni SpA, Class B		648,570		9,405,096
Luxottica Group SpA		144,432		7,190,254
				16,595,350
Japan - 13.7%
Daikin Industries, Ltd.		119,600		11,495,833

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Denso Corp. (A)		471,600		$  20,528,788
FANUC Corp.		77,100		14,468,656
Hoya Corp.		784,800		32,815,371
Inpex Corp.		74,400		699,234
Japan Tobacco, Inc.		461,000		17,557,300
Kubota Corp.		685,000		11,068,299
Kyocera Corp. (A)		386,900		18,852,475
Shin-Etsu Chemical Co., Ltd.		111,300		8,459,734
Terumo Corp.		615,800		23,869,810
				159,815,500
Netherlands - 6.0%
Akzo Nobel NV		287,199		18,563,261
Heineken NV		65,393		5,387,478
ING Groep NV		1,728,823		22,764,302
Randstad Holding NV		447,257		23,034,162
				69,749,203
Singapore - 2.2%
DBS Group Holdings, Ltd.		1,825,500		19,681,941
Singapore Telecommunications, Ltd.		2,046,350		5,706,981
				25,388,922
Spain - 1.4%
Amadeus IT Group SA, Class A		331,368		15,641,650
Sweden - 1.2%
Hennes & Mauritz AB, Class B		511,366		14,386,176
Switzerland - 12.9%
Julius Baer Group, Ltd. (A) (B)		176,101		7,138,003
Keuhne & Nagel International AG		38,697		5,247,979
Nestle SA		589,688		42,756,924
Novartis AG		299,311		21,294,017
Roche Holding AG (A)		151,279		34,779,417
Sonova Holding AG		26,722		3,583,457
UBS Group AG		1,759,772		24,896,981
Zurich Insurance Group AG (B)		41,755		10,924,531
				150,621,309
Taiwan - 3.2%
Hon Hai Precision Industry Co., Ltd.		1,139,890		3,081,125
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		1,079,600		33,575,560
				36,656,685
United Kingdom - 15.3%
Barclays PLC		3,691,132		8,597,655
Compass Group PLC		1,845,374		33,451,926
Delphi Automotive PLC, Class A		82,860		5,391,700
Diageo PLC		735,435		19,619,270
Prudential PLC		443,207		7,239,471
Reckitt Benckiser Group PLC, Class A		295,053		26,410,540
Rio Tinto PLC		301,117		10,465,472
Rolls-Royce Holdings PLC (B) (C)		41,304,780		50,557
Rolls-Royce Holdings PLC (B)		895,180		7,960,267
Sky PLC		1,375,062		13,767,569
Smiths Group PLC		455,306		7,902,441
WPP PLC, Class A		1,689,205		36,761,716
				177,618,584

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    77

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
United States - 1.9%
Yum! Brands, Inc.		257,350		$  22,204,158
Total Common Stocks (Cost $1,214,684,888)				1,150,954,853
SECURITIES LENDING COLLATERAL - 1.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (D)		21,759,607		21,759,607
Total Securities Lending Collateral (Cost $21,759,607)				21,759,607

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.03% (D), dated 10/31/2016, to be repurchased at $10,478,656 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $10,693,200.		$  10,478,647		$  10,478,647
Total Repurchase Agreement (Cost $10,478,647)				10,478,647
Total Investments (Cost $1,246,923,142) (E)				1,183,193,107
Net Other Assets (Liabilities) - (1.6)%				(19,177,174	)
Net Assets - 100.0%				$  1,164,015,933

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Pharmaceuticals		8.9	%	$	105,692,939
Chemicals		6.2			73,735,895
Food Products		5.9			69,851,602
Beverages		5.9			69,592,630
Banks		5.3			62,671,789
Health Care Equipment & Supplies		5.1			60,268,638
Media		5.0			59,016,553
Hotels, Restaurants & Leisure		4.7			55,656,084
Software		4.2			49,301,822
Insurance		4.0			47,095,156
Textiles, Apparel & Luxury Goods		3.4			40,133,815
Electrical Equipment		3.0			36,009,175
Semiconductors & Semiconductor Equipment		2.8			33,575,560
Personal Products		2.8			33,311,797
Professional Services		2.7			32,503,601
Capital Markets		2.7			32,034,984
Oil, Gas & Consumable Fuels		2.3			27,350,163
Household Products		2.2			26,410,540
Auto Components		2.2			25,920,488
Machinery		2.2			25,536,955
Road & Rail		1.9			23,107,806
Electronic Equipment, Instruments & Components		1.9			21,933,600
Tobacco		1.5			17,557,300
IT Services		1.3			15,641,650
Specialty Retail		1.2			14,386,176
Aerospace & Defense		1.2			13,895,957
Multi-Utilities		1.1			13,193,065
Building Products		1.0			11,495,833
Metals & Mining		0.9			10,465,472
Internet Software & Services		0.9			10,141,035
Diversified Financial Services		0.7			7,910,109
Industrial Conglomerates		0.7			7,902,441
Food & Staples Retailing		0.6			6,699,263
Diversified Telecommunication Services		0.5			5,706,981
Marine		0.4			5,247,979
Investments, at Value		97.3			1,150,954,853
Short-Term Investments		2.7			32,238,254
Total Investments		100.0	%	$	1,183,193,107

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    78

Transamerica International Equity Opportunities

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	147,911,322	$	1,003,043,531	$	—	$	1,150,954,853
Securities Lending Collateral		21,759,607		—		—		21,759,607
Repurchase Agreement		—		10,478,647		—		10,478,647
Total Investments	$	169,670,929	$	1,013,522,178	$	—	$	1,183,193,107

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $20,708,658. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

^(B)  Non-income producing securities.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, value of the security is $50,557, representing less than 0.1% of the Fund’s net assets.

^(D)  Rates disclosed reflect the yields at October 31, 2016.

^(E)  Aggregate cost for federal income tax purposes is $1,248,328,663. Aggregate gross unrealized appreciation and depreciation for all securities is $35,014,160 and $100,149,716, respectively. Net unrealized depreciation for tax purposes is $65,135,556.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    79

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 98.5%
Australia - 3.2%
Amcor, Ltd.		20,820		$  232,815
Ansell, Ltd.		30,346		500,696
Asaleo Care, Ltd.		212,445		235,946
Computershare, Ltd.		85,053		682,583
Fairfax Media, Ltd.		720,016		451,866
Iluka Resources, Ltd. (A)		145,209		637,357
Link Administration Holdings, Ltd.		24,464		133,990
Mirvac Group, REIT		373,137		593,237
				3,468,490
Austria - 0.7%
Lenzing AG		5,875		765,207
China - 1.9%
ANTA Sports Products, Ltd.		84,000		242,613
Best Pacific International Holdings, Ltd.		438,000		362,009
CSPC Pharmaceutical Group, Ltd.		426,000		441,624
Haitian International Holdings, Ltd., Series B		178,000		367,221
New Oriental Education & Technology Group, Inc., ADR (B)		12,967		650,036
				2,063,503
Denmark - 1.1%
Matas A/S		62,500		1,212,956
OW Bunker A/S (A) (B) (C) (D) (E)		450,000		—	(F)
				1,212,956
Finland - 0.2%
Tikkurila OYJ		13,000		250,452
France - 5.4%
Albioma SA		25,000		413,029
Elis SA		65,000		1,080,296
Lectra		50,000		903,448
Marie Brizard Wine & Spirits SA (A) (B)		60,000		1,020,249
Rubis SCA		3,000		273,603
SPIE SA		62,500		1,182,140
Ubisoft Entertainment SA (B)		30,000		1,020,908
				5,893,673
Germany - 3.3%
Deutsche Beteiligungs AG		6,038		203,851
Duerr AG		5,000		372,686
RIB Software AG (A)		95,000		1,286,371
windeln.de SE (A) (B) (G)		100,000		449,529
XING AG		6,250		1,272,361
				3,584,798
Hong Kong - 2.2%
Convenience Retail Asia, Ltd.		558,000		297,867
Dah Chong Hong Holdings, Ltd.		425,000		178,098
Dah Sing Banking Group, Ltd.		148,444		268,731
Hysan Development Co., Ltd.		75,000		346,204
Johnson Electric Holdings, Ltd.		117,000		283,013
Techtronic Industries Co., Ltd.		230,000		865,960
Yue Yuen Industrial Holdings, Ltd.		57,000		217,180
				2,457,053
Indonesia - 0.7%
Matahari Department Store Tbk PT		357,900		494,417
XL Axiata Tbk PT (B)		1,833,300		309,109
				803,526

	Shares		Value
COMMON STOCKS (continued)
Ireland - 8.3%
Dalata Hotel Group PLC (A) (B)		275,000		$  1,231,676
DCC PLC		4,000		326,319
FBD Holdings PLC (B)		80,000		535,702
Glanbia PLC		35,000		570,172
Grafton Group PLC		78,021		474,910
IFG Group PLC		225,000		444,589
Irish Continental Group PLC		240,000		1,119,178
Irish Residential Properties REIT PLC (A)		750,000		967,392
Kingspan Group PLC		45,000		1,101,592
Origin Enterprises PLC		200,000		1,240,458
Smurfit Kappa Group PLC, Class B		50,000		1,095,555
				9,107,543
Italy - 7.1%
Anima Holding SpA (G)		225,000		1,096,158
Banca Sistema SpA (G)		500,000		1,311,812
Cairo Communication SpA		97,081		415,626
Cerved Information Solutions SpA		112,500		905,850
Credito Emiliano SpA		150,000		844,719
FinecoBank Banca Fineco SpA		85,000		496,403
Maire Tecnimont SpA		350,000		845,268
Prada SpA (A)		110,700		388,243
Technogym SpA (B) (G)		75,000		338,381
Yoox Net-A-Porter Group SpA (A) (B)		40,000		1,150,442
				7,792,902
Japan - 23.3%
Ai Holdings Corp. (A)		41,600		1,024,629
AICA Kogyo Co., Ltd.		37,600		1,075,617
Arcs Co., Ltd.		41,900		1,054,392
Daibiru Corp.		99,600		866,170
Digital Garage, Inc. (A)		58,000		1,098,942
Eagle Industry Co., Ltd.		21,400		305,685
Fukushima Industries Corp.		23,000		786,259
Glory, Ltd.		23,900		791,957
Hitachi Transport System, Ltd.		43,000		888,128
JSP Corp.		47,700		1,142,126
Kakaku.com, Inc.		38,000		639,554
Kissei Pharmaceutical Co., Ltd.		24,200		634,134
Koito Manufacturing Co., Ltd.		15,600		815,181
Kumiai Chemical Industry Co., Ltd. (A)		24,200		137,303
Kureha Corp. (A)		17,500		670,831
Kuroda Electric Co., Ltd.		39,500		770,263
Lintec Corp.		15,800		345,018
Musashi Seimitsu Industry Co., Ltd. (A)		21,700		530,964
Nabtesco Corp.		12,700		380,261
NEC Networks & System Integration Corp.		34,700		618,095
Nihon Parkerizing Co., Ltd.		72,200		998,284
Nippon Densetsu Kogyo Co., Ltd.		59,700		1,090,733
Nippon Shinyaku Co., Ltd.		17,900		909,764
Nitta Corp.		38,100		988,195
Obara Group, Inc.		16,900		730,018
OBIC Business Consultants Co., Ltd. (A)		15,600		732,621
Shinmaywa Industries, Ltd.		69,000		534,919
Sumitomo Real Estate Sales Co., Ltd.		25,000		567,369
Tokai Tokyo Financial Holdings, Inc. (A)		190,300		969,011
TPR Co., Ltd.		26,100		755,349
Trusco Nakayama Corp.		18,900		978,612
Tsuruha Holdings, Inc., Class B		8,400		970,802

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    80

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Japan (continued)
Unipres Corp.		25,800		$  497,204
Yushin Precision Equipment Co., Ltd. (A)		9,900		230,814
				25,529,204
Luxembourg - 1.7%
BRAAS Monier Building Group SA		15,000		431,828
Grand City Properties SA		25,000		439,237
L’Occitane International SA (A)		363,500		753,664
Senvion SA (B)		15,100		265,631
				1,890,360
Malaysia - 0.6%
Bursa Malaysia Bhd		305,100		629,110
Netherlands - 3.5%
Beter Bed Holding NV		30,000		543,386
Kendrion NV		25,000		721,496
SIF Holding NV (B)		80,000		1,388,874
Van Lanschot NV, CVA		60,000		1,231,017
				3,884,773
New Zealand - 0.5%
Fletcher Building, Ltd.		71,275		528,546
Philippines - 0.1%
Pilipinas Shell Petroleum Corp. (B) (C)		112,910		157,791
Republic of Korea - 1.7%
Hanon Systems		37,613		351,723
Mando Corp.		1,787		419,322
Medy-Tox, Inc.		1,649		586,247
S-1 Corp.		7,015		567,086
				1,924,378
Singapore - 0.7%
First Resources, Ltd. (A)		276,800		362,103
UOL Group, Ltd.		96,500		393,283
				755,386
Spain - 1.8%
Applus Services SA		65,000		624,488
Naturhouse Health SAU (E)		245,000		1,310,857
				1,935,345
Sweden - 4.7%
Bravida Holding AB (A) (G)		190,000		1,167,496
Bufab AB		125,000		1,037,959
Coor Service Management Holding AB (G)		125,000		726,571
Loomis AB, Class B		10,000		284,539
Modern Times Group MTG AB, Class B (A)		30,000		807,781
Nordax Group AB (G)		175,000		1,099,545
				5,123,891
Switzerland - 6.1%
Ascom Holding AG (A)		60,000		1,027,740
Comet Holding AG (A) (B)		1,000		866,050
Helvetia Holding AG		2,000		1,040,877
Interroll Holding AG		1,200		1,309,686
Logitech International SA (A)		45,000		1,089,131
OC Oerlikon Corp. AG (A) (B)		100,000		940,832
u-blox Holding AG (A) (B)		2,000		377,950
				6,652,266
Taiwan - 4.4%
Aerospace Industrial Development Corp.		617,000		782,064

	Shares		Value
COMMON STOCKS (continued)
Taiwan (continued)
Chroma ATE, Inc.		455,000		$  1,154,892
CTCI Corp.		396,000		581,624
Eclat Textile Co., Ltd.		20,000		227,521
Gourmet Master Co., Ltd.		67,100		601,737
Merida Industry Co., Ltd.		142,220		655,724
ScinoPharm Taiwan, Ltd.		398,058		507,072
Toung Loong Textile Manufacturing		133,000		364,557
				4,875,191
Thailand - 1.0%
Bumrungrad Hospital PCL		125,400		655,710
LPN Development PCL		1,410,100		459,322
				1,115,032
United Kingdom - 14.0%
Auto Trader Group PLC (G)		170,000		779,676
Berendsen PLC		15,000		177,358
Brewin Dolphin Holdings PLC		34,172		108,749
Crest Nicholson Holdings PLC		100,000		498,046
Dechra Pharmaceuticals PLC		29,000		477,421
Diploma PLC		30,000		344,250
Dunelm Group PLC		60,000		555,574
Elementis PLC		130,000		379,024
Grainger PLC		150,000		405,756
Halma PLC		42,000		538,756
HomeServe PLC		70,000		522,220
IG Group Holdings PLC		55,000		555,727
Keller Group PLC		33,000		274,868
Kennedy Wilson Europe Real Estate PLC		36,000		447,250
Laird PLC		130,000		230,724
Londonmetric Property PLC, REIT		240,000		437,996
Lookers PLC		350,000		442,323
Northgate PLC		80,000		411,999
Pets at Home Group PLC		195,000		509,343
Photo-Me International PLC		330,000		611,939
Redrow PLC (A)		120,000		557,263
Restaurant Group PLC		76,871		353,309
Ricardo PLC		45,000		509,766
Safestore Holdings PLC, REIT		130,000		570,127
SDL PLC		110,000		584,001
Senior PLC		170,000		362,684
SSP Group PLC		160,000		665,269
SuperGroup PLC		35,000		576,627
Telecom Plus PLC (A)		32,000		463,749
Victrex PLC (A)		16,000		342,916
WS Atkins PLC		28,000		518,193
Zeal Network SE (A)		32,500		1,105,270
				15,318,173
United States - 0.3%
Samsonite International SA		116,400		365,460
Total Common Stocks (Cost $101,579,752)				108,085,009
SECURITIES LENDING COLLATERAL - 14.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (H)		15,320,382		15,320,382
Total Securities Lending Collateral (Cost $15,320,382)				15,320,382

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    81

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
REPURCHASE AGREEMENT - 0.9%
State Street Bank & Trust Co. 0.03% (H), dated 10/31/2016, to be repurchased at $1,042,031 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 05/10/2018, and with a value of $1,067,663.		$  1,042,030		$  1,042,030
Total Repurchase Agreement (Cost $1,042,030)				1,042,030
Total Investments (Cost $117,942,164) (I)				124,447,421
Net Other Assets (Liabilities) - (13.4)%				(14,664,330	)
Net Assets - 100.0%				$  109,783,091

INVESTMENTS BY INDUSTRY (unaudited):

Industry	Percentage of Total Investments			Value
Machinery		6.0	%	$	7,432,848
Specialty Retail		4.7			5,904,730
Banks		4.2			5,252,227
Chemicals		4.0			5,031,161
Software		3.6			4,527,349
Commercial Services & Supplies		3.6			4,525,566
Construction & Engineering		3.2			3,974,633
Hotels, Restaurants & Leisure		3.2			3,957,261
Real Estate Management & Development		3.2			3,924,591
Electronic Equipment, Instruments & Components		3.1			3,815,051
Auto Components		3.0			3,675,428
Trading Companies & Distributors		2.9			3,605,994
Capital Markets		2.9			3,562,606
Pharmaceuticals		2.4			2,970,015
Internet Software & Services		2.2			2,691,591
Electrical Equipment		2.1			2,659,014
Equity Real Estate Investment Trusts		2.1			2,568,752
IT Services		2.0			2,533,610
Food & Staples Retailing		1.9			2,323,061
Building Products		1.8			2,177,209
Food Products		1.7			2,172,733
Textiles, Apparel & Luxury Goods		1.7			2,167,583
Household Durables		1.5			1,921,269
Media		1.3			1,675,273
Professional Services		1.3			1,652,447
Leisure Products		1.3			1,606,044
Internet & Direct Marketing Retail		1.3			1,599,971
Insurance		1.3			1,576,579
Diversified Financial Services		1.1			1,350,439
Containers & Packaging		1.1			1,328,370
Road & Rail		1.0			1,300,127
Aerospace & Defense		0.9			1,144,748
Marine		0.9			1,119,178
Technology Hardware, Storage & Peripherals		0.9			1,089,131
Communications Equipment		0.8			1,027,740
Beverages		0.8			1,020,249
Construction Materials		0.8			960,374
Health Care Providers & Services		0.5			655,710

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    82

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

INVESTMENTS BY INDUSTRY (unaudited) (continued):

Industry	Percentage of Total Investments			Value
Diversified Consumer Services		0.5	%	$	650,036
Metals & Mining		0.5			637,357
Biotechnology		0.5			586,247
Health Care Equipment & Supplies		0.4			500,696
Multiline Retail		0.4			494,417
Multi-Utilities		0.4			463,749
Independent Power & Renewable Electricity Producers		0.3			413,029
Semiconductors & Semiconductor Equipment		0.3			377,950
Industrial Conglomerates		0.3			326,319
Wireless Telecommunication Services		0.3			309,109
Gas Utilities		0.2			273,603
Personal Products		0.2			235,946
Distributors		0.1			178,098
Oil, Gas & Consumable Fuels		0.1			157,791
Investments, at Value		86.8			108,085,009
Short-Term Investments		13.2			16,362,412
Total Investments		100.0	%	$	124,447,421

SECURITY VALUATION:

Valuation Inputs ^(J)

	Level 1 - Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs (K)			Value
ASSETS
Investments
Common Stocks	$	650,036	$	107,434,973	$	—	(F)	$	108,085,009
Securities Lending Collateral		15,320,382		—		—			15,320,382
Repurchase Agreement		—		1,042,030		—			1,042,030
Total Investments	$	15,970,418	$	108,477,003	$	—	(F)	$	124,447,421

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $14,547,109. 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 securities.

^(C)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $157,791, representing 0.1% of the Fund’s net assets.

^(D)  Security is Level 3 of the fair value hierarchy.

^(E)  Illiquid securities. At October 31, 2016, total value of illiquid securities is $1,310,857, representing 1.2% of the Fund’s net assets.

^(F)  Security deemed worthless.

^(G)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $6,969,168, representing 6.3% of the Fund’s net assets.

^(H)  Rates disclosed reflect the yields at October 31, 2016.

^(I)  Aggregate cost for federal income tax purposes is $120,860,328. Aggregate gross unrealized appreciation and depreciation for all securities is $23,579,934 and $19,992,841, respectively. Net unrealized appreciation for tax purposes is $3,587,093.

^(J)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(K)  Level 3 securities were not considered significant to the Fund.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    83

Transamerica International Small Cap

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

PORTFOLIO ABBREVIATIONS:

ADR	American Depositary Receipt
CVA	Commanditaire Vennootschap op Aandelen (Dutch Certificate)
REIT	Real Estate Investment Trust

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    84

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 104.5%
Aerospace & Defense - 1.6%
Curtiss-Wright Corp.		1,092		$  97,865
General Dynamics Corp.		216		32,560
Textron, Inc.		1,084		43,447
United Technologies Corp.		491		50,180
				224,052
Airlines - 0.9%
Delta Air Lines, Inc.		1,817		75,896
United Continental Holdings, Inc. (A)		1,014		57,017
				132,913
Auto Components - 0.3%
Delphi Automotive PLC, Class A		588		38,261
Banks - 4.8%
Bank of America Corp.		3,951		65,192
Citigroup, Inc.		1,943		95,498
Citizens Financial Group, Inc.		3,107		81,838
East West Bancorp, Inc.		1,766		69,775
Huntington Bancshares, Inc., Class A		3,019		32,001
KeyCorp		11,606		163,877
SVB Financial Group (A)		852		104,174
Wells Fargo & Co.		470		21,625
Zions Bancorporation		1,846		59,460
				693,440
Beverages - 4.5%
Constellation Brands, Inc., Class A		1,156		193,190
Molson Coors Brewing Co., Class B (B)		2,095		217,482
PepsiCo, Inc. (B)		2,149		230,373
				641,045
Biotechnology - 1.9%
Alexion Pharmaceuticals, Inc. (A)		489		63,814
Biogen, Inc. (A)		301		84,334
BioMarin Pharmaceutical, Inc. (A)		150		12,078
Celgene Corp. (A)		353		36,070
Incyte Corp. (A)		167		14,524
Vertex Pharmaceuticals, Inc. (A)		727		55,150
				265,970
Building Products - 0.6%
Allegion PLC		335		21,387
Lennox International, Inc.		490		71,486
				92,873
Capital Markets - 3.5%
Affiliated Managers Group, Inc. (A)		204		27,063
Bank of New York Mellon Corp.		2,277		98,526
Charles Schwab Corp.		3,529		111,869
Intercontinental Exchange, Inc.		522		141,144
Morgan Stanley		2,876		96,547
State Street Corp.		288		20,220
				495,369
Chemicals - 2.8%
Dow Chemical Co.		500		26,905
E.I. du Pont de Nemours & Co.		1,231		84,680
Eastman Chemical Co.		2,271		163,308
Mosaic Co.		2,080		48,942
Olin Corp.		1,200		26,316
Westlake Chemical Corp.		901		46,663
				396,814

	Shares		Value
COMMON STOCKS (continued)
Construction & Engineering - 0.4%
Fluor Corp.		1,149		$  59,737
Construction Materials - 0.8%
Martin Marietta Materials, Inc.		323		59,878
Vulcan Materials Co.		453		51,279
				111,157
Consumer Finance - 0.3%
Discover Financial Services		659		37,121
Containers & Packaging - 2.2%
Ball Corp.		408		31,444
Crown Holdings, Inc. (A)		3,791		205,662
Sealed Air Corp., Class A		716		32,671
WestRock Co.		898		41,479
				311,256
Diversified Telecommunication Services - 0.2%
SBA Communications Corp., Class A (A)		210		23,789
Electric Utilities - 4.2%
American Electric Power Co., Inc.		354		22,954
Edison International		1,483		108,971
Exelon Corp.		942		32,094
NextEra Energy, Inc. (B)		2,231		285,568
PG&E Corp.		1,369		85,042
Xcel Energy, Inc.		1,604		66,646
				601,275
Electrical Equipment - 1.7%
Eaton Corp. PLC (B)		3,929		250,552
Electronic Equipment, Instruments & Components - 0.6%
TE Connectivity, Ltd.		1,379		86,698
Energy Equipment & Services - 0.3%
Schlumberger, Ltd.		569		44,513
Equity Real Estate Investment Trusts - 2.8%
AvalonBay Communities, Inc.		551		94,320
Equinix, Inc.		107		38,229
HCP, Inc.		553		18,940
Kimco Realty Corp.		4,453		118,494
Regency Centers Corp.		330		23,783
SL Green Realty Corp.		859		84,371
STORE Capital Corp.		709		19,349
				397,486
Food & Staples Retailing - 1.7%
Costco Wholesale Corp.		830		122,732
Kroger Co.		2,259		69,984
Walgreens Boots Alliance, Inc.		541		44,757
				237,473
Food Products - 1.5%
Mondelez International, Inc., Class A		3,554		159,717
Post Holdings, Inc. (A)		708		53,971
				213,688
Health Care Equipment & Supplies - 0.5%
Boston Scientific Corp. (A)		3,138		69,036
Health Care Providers & Services - 3.7%
Aetna, Inc. (B)		2,152		231,017
Humana, Inc., Class A (B)		1,552		266,214
UnitedHealth Group, Inc.		211		29,821
				527,052

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    85

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure - 3.1%
Carnival Corp.		1,818		$  89,264
Royal Caribbean Cruises, Ltd., Class A		2,316		178,031
Starbucks Corp.		3,170		168,232
Yum! Brands, Inc.		164		14,150
				449,677
Household Durables - 1.8%
D.R. Horton, Inc.		5,805		167,358
Harman International Industries, Inc.		275		21,920
MDC Holdings, Inc.		1,460		34,617
PulteGroup, Inc.		2,261		42,055
				265,950
Household Products - 0.5%
Kimberly-Clark Corp.		662		75,739
Industrial Conglomerates - 1.3%
Honeywell International, Inc.		1,738		190,624
Insurance - 6.1%
Arthur J. Gallagher & Co.		2,206		106,396
Chubb, Ltd. (B)		2,208		280,416
Everest RE Group, Ltd.		543		110,511
Hartford Financial Services Group, Inc.		2,359		104,056
Lincoln National Corp.		1,200		58,908
MetLife, Inc.		4,094		192,254
XL Group, Ltd.		749		25,990
				878,531
Internet & Direct Marketing Retail - 2.3%
Amazon.com, Inc. (A) (B)		418		330,145
Internet Software & Services - 5.2%
Alphabet, Inc., Class C (A) (B)		614		481,707
Facebook, Inc., Class A (A) (B)		2,034		266,434
				748,141
IT Services - 3.7%
Accenture PLC, Class A		1,423		165,410
Cognizant Technology Solutions Corp., Class A (A)		269		13,813
Fidelity National Information Services, Inc.		2,324		171,790
First Data Corp., Class A (A)		1,934		27,057
Visa, Inc., Class A		639		52,724
WEX, Inc. (A)		963		105,063
				535,857
Life Sciences Tools & Services - 0.2%
Illumina, Inc. (A)		187		25,458
Machinery - 2.4%
Ingersoll-Rand PLC		520		34,991
PACCAR, Inc.		407		22,352
Pentair PLC		736		40,576
Snap-on, Inc.		417		64,260
Stanley Black & Decker, Inc.		1,546		175,996
				338,175
Media - 4.8%
CBS Corp., Class B		879		49,769
Charter Communications, Inc., Class A (A)		416		103,954
DISH Network Corp., Class A (A)		1,856		108,687
Sirius XM Holdings, Inc. (A)		19,374		80,790
Time Warner, Inc.		1,841		163,831
Twenty-First Century Fox, Inc., Class B		6,886		181,721
				688,752

	Shares		Value
COMMON STOCKS (continued)
Multi-Utilities - 1.1%
Ameren Corp.		927		$  46,304
CMS Energy Corp.		1,900		80,085
Sempra Energy		251		26,882
				153,271
Oil, Gas & Consumable Fuels - 5.8%
Anadarko Petroleum Corp., Class A		468		27,818
Cabot Oil & Gas Corp.		691		14,428
Concho Resources, Inc. (A)		586		74,387
Diamondback Energy, Inc. (A) (B)		2,806		256,160
EOG Resources, Inc.		1,202		108,685
Pioneer Natural Resources Co. (B)		1,482		265,308
Range Resources Corp.		207		6,995
Southwestern Energy Co. (A)		1,383		14,369
TransCanada Corp.		655		29,658
Valero Energy Corp.		601		35,603
				833,411
Personal Products - 0.2%
Estee Lauder Cos., Inc., Class A		395		34,416
Pharmaceuticals - 1.7%
Allergan PLC (A)		431		90,053
Bristol-Myers Squibb Co.		1,219		62,059
Eli Lilly & Co.		769		56,783
Merck & Co., Inc.		94		5,520
Pfizer, Inc.		852		27,017
				241,432
Road & Rail - 4.6%
Canadian National Railway Co.		567		35,647
Canadian Pacific Railway, Ltd. (B)		1,570		224,447
Union Pacific Corp. (B)		4,603		405,893
				665,987
Semiconductors & Semiconductor Equipment - 7.1%
Analog Devices, Inc., Class A		2,313		148,263
Applied Materials, Inc., Class A		560		16,285
Broadcom, Ltd. (B)		2,153		366,613
Lam Research Corp.		1,667		161,466
NXP Semiconductors NV (A) (B)		886		88,600
Texas Instruments, Inc. (B)		3,383		239,685
				1,020,912
Software - 3.5%
Adobe Systems, Inc. (A)		2,069		222,438
Citrix Systems, Inc. (A)		269		22,811
Microsoft Corp.		2,284		136,858
Mobileye NV (A)		1,751		65,102
Workday, Inc., Class A (A)		621		53,828
				501,037
Specialty Retail - 4.8%
Best Buy Co., Inc.		2,153		83,773
Home Depot, Inc.		829		101,146
Lowe’s Cos., Inc. (B)		4,803		320,120
O’Reilly Automotive, Inc. (A)		423		111,858
TJX Cos., Inc.		918		67,703
				684,600
Technology Hardware, Storage & Peripherals - 0.5%
Hewlett Packard Enterprise Co.		675		15,167
HP, Inc.		3,041		44,064

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    86

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares			Value
COMMON STOCKS (continued)
Technology Hardware, Storage & Peripherals (continued)
Western Digital Corp.		242			$  14,143
					73,374
Tobacco - 0.8%
Altria Group, Inc.		498			32,928
Reynolds American, Inc., Class A		1,420			78,213
					111,141
Wireless Telecommunication Services - 1.2%
T-Mobile US, Inc. (A)		3,567			177,387
Total Common Stocks (Cost $12,985,297)					14,975,587
	Principal			Value
REPURCHASE AGREEMENT - 1.3%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $187,184 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 05/10/2018, and with a value of $195,488.		$  187,184			187,184
Total Repurchase Agreement (Cost $187,184)					187,184
Total Investments (Cost $13,172,481) (D)					15,162,771
	Shares			Value
SECURITIES SOLD SHORT - (76.2)% (E)
COMMON STOCKS - (76.2)%
Aerospace & Defense - (3.7)%
Arconic, Inc.		(1,927	)		(55,334	)
Boeing Co.		(2,013	)		(286,712	)
Lockheed Martin Corp.		(619	)		(152,509	)
Raytheon Co.		(230	)		(31,420	)
					(525,975	)
Air Freight & Logistics - (0.2)%
CH Robinson Worldwide, Inc.		(448	)		(30,518	)
Auto Components - (0.8)%
Autoliv, Inc.		(506	)		(48,971	)
BorgWarner, Inc.		(709	)		(25,410	)
Lear Corp.		(282	)		(34,624	)
					(109,005	)
Automobiles - (0.7)%
Ford Motor Co.		(4,168	)		(48,933	)
General Motors Co.		(1,702	)		(53,783	)
					(102,716	)
Banks - (1.3)%
Bank of Hawaii Corp.		(414	)		(31,112	)
Fifth Third Bancorp		(1,602	)		(34,859	)
People’s United Financial, Inc.		(1,294	)		(21,015	)
PNC Financial Services Group, Inc.		(238	)		(22,753	)
US Bancorp		(1,806	)		(80,837	)
					(190,576	)
Beverages - (2.4)%
Brown-Forman Corp., Class B		(2,356	)		(108,777	)
Coca-Cola Co.		(5,518	)		(233,963	)
					(342,740	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Biotechnology - (1.2)%
AbbVie, Inc., Class G		(1,653	)		$  (92,204	)
Amgen, Inc.		(451	)		(63,663	)
Regeneron Pharmaceuticals, Inc., Class A		(34	)		(11,731	)
					(167,598	)
Capital Markets - (2.2)%
CME Group, Inc., Class A		(747	)		(74,775	)
Federated Investors, Inc., Class B		(1,515	)		(40,905	)
Franklin Resources, Inc.		(1,425	)		(47,965	)
Invesco, Ltd.		(574	)		(16,124	)
Northern Trust Corp.		(205	)		(14,846	)
T. Rowe Price Group, Inc.		(1,846	)		(118,162	)
					(312,777	)
Chemicals - (2.5)%
CF Industries Holdings, Inc.		(590	)		(14,166	)
Ecolab, Inc.		(428	)		(48,865	)
LyondellBasell Industries NV, Class A		(1,699	)		(135,155	)
Monsanto Co.		(357	)		(35,975	)
PPG Industries, Inc.		(158	)		(14,715	)
Praxair, Inc.		(542	)		(63,446	)
Sherwin-Williams Co.		(190	)		(46,523	)
					(358,845	)
Communications Equipment - (0.9)%
Cisco Systems, Inc.		(2,962	)		(90,874	)
Juniper Networks, Inc.		(1,771	)		(46,648	)
					(137,522	)
Containers & Packaging - (0.7)%
Avery Dennison Corp.		(557	)		(38,873	)
Packaging Corp. of America		(178	)		(14,685	)
Sonoco Products Co.		(850	)		(42,747	)
					(96,305	)
Diversified Telecommunication Services - (2.7)%
AT&T, Inc.		(1,558	)		(57,319	)
CenturyLink, Inc.		(1,844	)		(49,014	)
Verizon Communications, Inc.		(5,912	)		(284,367	)
					(390,700	)
Electric Utilities - (1.9)%
Duke Energy Corp.		(2,285	)		(182,846	)
PPL Corp.		(443	)		(15,213	)
Southern Co.		(1,371	)		(70,702	)
					(268,761	)
Electrical Equipment - (0.7)%
Emerson Electric Co.		(1,558	)		(78,959	)
Rockwell Automation, Inc., Class B		(133	)		(15,923	)
					(94,882	)
Electronic Equipment, Instruments & Components - (0.2)%
Amphenol Corp., Class A		(457	)		(30,130	)
Energy Equipment & Services - (0.3)%
Baker Hughes, Inc.		(314	)		(17,396	)
Helmerich & Payne, Inc.		(383	)		(24,171	)
					(41,567	)
Equity Real Estate Investment Trusts - (2.7)%
Digital Realty Trust, Inc.		(519	)		(48,490	)
Equity Residential		(369	)		(22,786	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    87

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts (continued)
Essex Property Trust, Inc.		(106	)		$  (22,694	)
Federal Realty Investment Trust		(453	)		(65,789	)
Four Corners Property Trust, Inc.		(251	)		(5,040	)
General Growth Properties, Inc.		(1,555	)		(38,797	)
Healthcare Trust of America, Inc., Class A		(365	)		(11,169	)
Host Hotels & Resorts, Inc.		(2,991	)		(46,301	)
UDR, Inc.		(433	)		(15,142	)
Ventas, Inc.		(1,207	)		(81,774	)
Welltower, Inc.		(345	)		(23,643	)
					(381,625	)
Food & Staples Retailing - (1.8)%
CVS Health Corp.		(993	)		(83,511	)
Sysco Corp.		(1,204	)		(57,937	)
Whole Foods Market, Inc.		(4,208	)		(119,044	)
					(260,492	)
Food Products - (1.3)%
General Mills, Inc.		(1,360	)		(84,293	)
Hershey Co.		(151	)		(15,471	)
Kellogg Co.		(764	)		(57,399	)
Kraft Heinz Co.		(368	)		(32,734	)
					(189,897	)
Gas Utilities - (0.1)%
UGI Corp.		(487	)		(22,543	)
Health Care Equipment & Supplies - (1.2)%
CR Bard, Inc.		(245	)		(53,087	)
Medtronic PLC		(876	)		(71,849	)
Stryker Corp.		(129	)		(14,880	)
Varian Medical Systems, Inc.		(319	)		(28,943	)
					(168,759	)
Health Care Providers & Services - (1.6)%
AmerisourceBergen Corp., Class A		(541	)		(38,043	)
Cardinal Health, Inc.		(871	)		(59,829	)
Community Health Systems, Inc.		(1,672	)		(8,828	)
DaVita, Inc.		(161	)		(9,438	)
Express Scripts Holding Co.		(761	)		(51,291	)
Laboratory Corp. of America Holdings		(253	)		(31,711	)
Quest Diagnostics, Inc.		(193	)		(15,718	)
Tenet Healthcare Corp.		(773	)		(15,236	)
					(230,094	)
Health Care Technology - (0.4)%
athenahealth, Inc.		(64	)		(6,613	)
Cerner Corp.		(933	)		(54,655	)
					(61,268	)
Hotels, Restaurants & Leisure - (2.5)%
Chipotle Mexican Grill, Inc., Class A		(70	)		(25,253	)
Choice Hotels International, Inc.		(368	)		(17,830	)
Darden Restaurants, Inc.		(1,529	)		(99,064	)
Hyatt Hotels Corp., Class A		(702	)		(35,655	)
Marriott International, Inc., Class A		(550	)		(37,785	)
McDonald’s Corp.		(1,255	)		(141,275	)
					(356,862	)
Household Durables - (0.3)%
Garmin, Ltd.		(461	)		(22,294	)
Toll Brothers, Inc.		(1,031	)		(28,291	)
					(50,585	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Household Products - (3.8)%
Church & Dwight Co., Inc.		(2,026	)		$  (97,775	)
Clorox Co.		(1,547	)		(185,671	)
Colgate-Palmolive Co.		(1,972	)		(140,722	)
Procter & Gamble Co.		(1,353	)		(117,440	)
					(541,608	)
Industrial Conglomerates - (2.0)%
3M Co.		(1,378	)		(227,784	)
General Electric Co.		(2,143	)		(62,361	)
					(290,145	)
Insurance - (4.5)%
Aflac, Inc.		(1,209	)		(83,264	)
Allstate Corp.		(513	)		(34,832	)
Arch Capital Group, Ltd.		(640	)		(49,901	)
Axis Capital Holdings, Ltd.		(302	)		(17,205	)
Progressive Corp.		(3,496	)		(110,159	)
RenaissanceRe Holdings, Ltd.		(431	)		(53,569	)
Torchmark Corp.		(592	)		(37,539	)
Travelers Cos., Inc.		(1,223	)		(132,304	)
WR Berkley Corp.		(2,194	)		(125,277	)
					(644,050	)
Internet & Direct Marketing Retail - (1.4)%
Expedia, Inc.		(425	)		(54,923	)
Netflix, Inc.		(1,020	)		(127,367	)
Priceline Group, Inc.		(17	)		(25,062	)
					(207,352	)
Internet Software & Services - (0.6)%
eBay, Inc.		(1,748	)		(49,836	)
GrubHub, Inc.		(240	)		(9,146	)
Twitter, Inc.		(1,219	)		(21,881	)
					(80,863	)
IT Services - (0.9)%
Automatic Data Processing, Inc.		(224	)		(19,502	)
International Business Machines Corp.		(270	)		(41,496	)
Paychex, Inc.		(1,372	)		(75,734	)
					(136,732	)
Leisure Products - (0.8)%
Hasbro, Inc.		(607	)		(50,630	)
Mattel, Inc.		(1,870	)		(58,961	)
					(109,591	)
Machinery - (1.8)%
AGCO Corp.		(1,507	)		(76,977	)
Donaldson Co., Inc.		(2,167	)		(79,139	)
Flowserve Corp.		(891	)		(37,734	)
Illinois Tool Works, Inc., Class A		(544	)		(61,782	)
					(255,632	)
Media - (3.7)%
AMC Networks, Inc., Class A		(267	)		(13,064	)
Cinemark Holdings, Inc.		(1,808	)		(71,958	)
Discovery Communications, Inc., Series A		(1,480	)		(38,643	)
Interpublic Group of Cos., Inc.		(3,416	)		(76,484	)
News Corp., Class A		(5,030	)		(60,964	)
Omnicom Group, Inc.		(1,457	)		(116,298	)
Regal Entertainment Group, Class A		(2,691	)		(57,883	)
Scripps Networks Interactive, Inc., Class A		(1,294	)		(83,282	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    88

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Media (continued)
Viacom, Inc., Class B		(334	)		$  (12,545	)
					(531,121	)
Metals & Mining - (1.0)%
Compass Minerals International, Inc.		(902	)		(64,809	)
Freeport-McMoRan, Inc.		(4,015	)		(44,888	)
Nucor Corp.		(723	)		(35,318	)
					(145,015	)
Multi-Utilities - (3.7)%
Consolidated Edison, Inc.		(2,655	)		(200,585	)
Dominion Resources, Inc.		(4,316	)		(324,563	)
					(525,148	)
Multiline Retail - (1.5)%
Kohl’s Corp.		(1,289	)		(56,394	)
Nordstrom, Inc.		(397	)		(20,644	)
Target Corp.		(1,992	)		(136,910	)
					(213,948	)
Oil, Gas & Consumable Fuels - (3.1)%
Chevron Corp.		(1,247	)		(130,623	)
ConocoPhillips		(537	)		(23,333	)
Exxon Mobil Corp.		(1,831	)		(152,559	)
Hess Corp.		(537	)		(25,760	)
Marathon Oil Corp.		(1,919	)		(25,292	)
Murphy Oil Corp.		(527	)		(13,633	)
Noble Energy, Inc.		(563	)		(19,407	)
Occidental Petroleum Corp.		(507	)		(36,965	)
Phillips 66		(192	)		(15,581	)
					(443,153	)
Paper & Forest Products - (0.3)%
Domtar Corp.		(1,129	)		(40,588	)
Personal Products - (0.1)%
Coty, Inc., Class A		(316	)		(7,265	)
Pharmaceuticals - (0.5)%
Johnson & Johnson		(573	)		(66,462	)
Professional Services - (0.2)%
Nielsen Holdings PLC		(537	)		(24,176	)
Road & Rail - (2.0)%
Heartland Express, Inc.		(7,721	)		(142,066	)
Knight Transportation, Inc.		(2,434	)		(71,195	)
Werner Enterprises, Inc.		(3,212	)		(77,249	)
					(290,510	)
Semiconductors & Semiconductor Equipment - (4.1)%
Intel Corp.		(2,241	)		(78,144	)
Maxim Integrated Products, Inc., Class A		(859	)		(34,042	)
Microchip Technology, Inc.		(2,723	)		(164,878	)
Micron Technology, Inc.		(1,233	)		(21,158	)
NVIDIA Corp.		(172	)		(12,239	)
Qorvo, Inc.		(463	)		(25,766	)
QUALCOMM, Inc.		(918	)		(63,085	)
Taiwan Semiconductor Manufacturing Co., Ltd., ADR		(5,142	)		(159,916	)
Versum Materials, Inc.		(100	)		(2,270	)
Xilinx, Inc.		(607	)		(30,878	)
					(592,376	)

	Shares			Value
SECURITIES SOLD SHORT (continued)
COMMON STOCKS (continued)
Software - (1.2)%
Oracle Corp.		(2,327	)		$  (89,403	)
salesforce.com, Inc.		(776	)		(58,324	)
SAP SE, ADR		(283	)		(24,859	)
					(172,586	)
Specialty Retail - (1.6)%
Abercrombie & Fitch Co., Class A		(2,215	)		(32,361	)
Bed Bath & Beyond, Inc.		(2,641	)		(106,749	)
CarMax, Inc.		(576	)		(28,765	)
DSW, Inc., Class A		(1,241	)		(25,776	)
Gap, Inc.		(1,211	)		(33,412	)
					(227,063	)
Technology Hardware, Storage & Peripherals - (1.2)%
Apple, Inc.		(1,103	)		(125,235	)
Seagate Technology PLC		(1,249	)		(42,853	)
					(168,088	)
Textiles, Apparel & Luxury Goods - (1.1)%
lululemon athletica, Inc.		(941	)		(53,872	)
NIKE, Inc., Class B		(286	)		(14,352	)
Under Armour, Inc., Class A		(1,518	)		(47,210	)
Under Armour, Inc., Class C		(520	)		(13,447	)
VF Corp.		(540	)		(29,273	)
					(158,154	)
Trading Companies & Distributors - (0.8)%
Fastenal Co.		(1,336	)		(52,077	)
WW Grainger, Inc.		(324	)		(67,431	)
					(119,508	)
Total Common Stocks (Proceeds $10,598,758)					(10,913,876	)
Total Securities Sold Short (Proceeds $10,598,758)					(10,913,876	)
Net Other Assets (Liabilities) - 70.4%					10,079,146
Net Assets - 100.0%					$  14,328,041

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    89

Transamerica Long/Short Strategy

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	14,975,587		$	—	$	—	$	14,975,587
Repurchase Agreement		—			187,184		—		187,184
Total Investments	$	14,975,587		$	187,184	$	—	$	15,162,771
LIABILITIES
Securities Sold Short
Common Stocks	$	(10,913,876	)	$	—	$	—	$	(10,913,876	)
Total Securities Sold Short	$	(10,913,876	)	$	—	$	—	$	(10,913,876	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of these securities have been segregated as collateral for open securities sold short transactions. The total value of all securities segregated as collateral for open securities sold short transactions is $3,571,411.

^(C)  Rate disclosed reflects the yield at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $14,024,750. Aggregate gross unrealized appreciation and depreciation for all securities is $1,289,392 and $151,371, respectively. Net unrealized appreciation for tax purposes is $1,138,021.

^(E)  Cash in the amount of $9,980,881 has been segregated by the custodian as collateral for open securities sold short transactions.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

PORTFOLIO ABBREVIATION:

ADR American Depositary Receipt

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    90

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
COMMON STOCKS - 98.3%
Auto Components - 0.8%
BorgWarner, Inc.		57,608		$  2,064,671
Banks - 7.9%
Citizens Financial Group, Inc.		91,062		2,398,573
Fifth Third Bancorp		182,928		3,980,513
First Republic Bank, Class A		30,117		2,241,609
Huntington Bancshares, Inc., Class A		159,017		1,685,580
Investors Bancorp, Inc.		66,335		813,267
M&T Bank Corp.		38,009		4,664,845
SunTrust Banks, Inc.		87,330		3,949,936
Zions Bancorporation		28,215		908,805
				20,643,128
Beverages - 2.1%
Constellation Brands, Inc., Class A		14,735		2,462,513
Dr. Pepper Snapple Group, Inc.		35,247		3,094,334
				5,556,847
Building Products - 0.9%
Fortune Brands Home & Security, Inc.		43,654		2,384,818
Capital Markets - 4.4%
Ameriprise Financial, Inc.		15,748		1,391,966
Invesco, Ltd.		86,854		2,439,729
Legg Mason, Inc.		14,291		410,438
Northern Trust Corp.		34,077		2,467,856
Raymond James Financial, Inc.		37,396		2,248,247
T. Rowe Price Group, Inc.		40,754		2,608,664
				11,566,900
Chemicals - 0.6%
Sherwin-Williams Co.		6,234		1,526,457
Communications Equipment - 0.8%
CommScope Holding Co., Inc. (A)		68,591		2,095,455
Consumer Finance - 0.7%
Ally Financial, Inc.		94,772		1,712,530
Containers & Packaging - 3.6%
Ball Corp.		35,364		2,725,504
Silgan Holdings, Inc.		57,519		2,930,593
WestRock Co.		79,506		3,672,382
				9,328,479
Distributors - 0.9%
Genuine Parts Co.		25,944		2,350,267
Electric Utilities - 3.6%
Edison International		48,887		3,592,217
Westar Energy, Inc., Class A		35,037		2,008,321
Xcel Energy, Inc.		89,703		3,727,159
				9,327,697
Electrical Equipment - 2.7%
AMETEK, Inc., Class A		58,704		2,588,846
Hubbell, Inc., Class B		27,301		2,853,501
Regal Beloit Corp.		26,395		1,559,944
				7,002,291
Electronic Equipment, Instruments & Components - 4.3%
Amphenol Corp., Class A		48,497		3,197,407
Arrow Electronics, Inc. (A)		57,502		3,514,522
CDW Corp.		50,407		2,263,779
Keysight Technologies, Inc. (A)		71,645		2,349,956
				11,325,664

	Shares		Value
COMMON STOCKS (continued)
Equity Real Estate Investment Trusts - 9.5%
American Campus Communities, Inc.		28,148		$  1,466,792
American Homes 4 Rent, Class A		54,050		1,140,996
AvalonBay Communities, Inc.		14,903		2,551,096
Boston Properties, Inc.		19,503		2,349,721
Brixmor Property Group, Inc.		86,884		2,208,591
Essex Property Trust, Inc.		6,300		1,348,767
General Growth Properties, Inc.		35,156		877,142
HCP, Inc.		17,273		591,600
Kimco Realty Corp.		86,486		2,301,393
Outfront Media, Inc.		68,967		1,483,480
Rayonier, Inc.		64,435		1,728,147
Regency Centers Corp.		21,189		1,527,091
Vornado Realty Trust, Class A		29,404		2,728,103
Weyerhaeuser Co.		57,860		1,731,750
WP Carey, Inc.		12,100		734,954
				24,769,623
Food & Staples Retailing - 1.5%
Kroger Co.		104,472		3,236,542
Rite Aid Corp. (A)		99,618		668,437
				3,904,979
Food Products - 0.8%
TreeHouse Foods, Inc. (A) (B)		22,421		1,961,389
Gas Utilities - 1.0%
National Fuel Gas Co.		48,134		2,521,259
Health Care Providers & Services - 4.3%
AmerisourceBergen Corp., Class A		36,088		2,537,708
Cigna Corp.		17,138		2,036,509
Henry Schein, Inc. (A)		13,925		2,077,610
Humana, Inc., Class A		14,953		2,564,888
Universal Health Services, Inc., Class B		17,320		2,090,697
				11,307,412
Hotels, Restaurants & Leisure - 1.6%
Hilton Worldwide Holdings, Inc.		130,200		2,942,520
Marriott International, Inc., Class A		17,142		1,177,655
				4,120,175
Household Durables - 3.2%
Mohawk Industries, Inc. (A)		25,423		4,685,459
Newell Brands, Inc.		76,862		3,690,913
				8,376,372
Household Products - 0.4%
Energizer Holdings, Inc.		23,021		1,070,707
Industrial Conglomerates - 1.2%
Carlisle Cos., Inc.		29,485		3,091,502
Insurance - 8.3%
Alleghany Corp. (A)		2,808		1,449,518
Chubb, Ltd.		10,476		1,330,452
Hartford Financial Services Group, Inc.		74,091		3,268,154
Loews Corp.		112,039		4,821,038
Marsh & McLennan Cos., Inc.		51,912		3,290,702
Progressive Corp.		38,060		1,199,270
Unum Group		63,283		2,240,218
WR Berkley Corp.		17,950		1,024,945
XL Group, Ltd.		83,974		2,913,898
				21,538,195

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    91

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Shares		Value
COMMON STOCKS (continued)
Internet & Direct Marketing Retail - 1.6%
Expedia, Inc.		31,924		$  4,125,539
Internet Software & Services - 0.4%
Match Group, Inc. (A) (B)		54,870		990,952
IT Services - 1.2%
Jack Henry & Associates, Inc.		38,893		3,151,111
Machinery - 2.9%
IDEX Corp.		33,050		2,856,842
Rexnord Corp. (A)		80,809		1,607,291
Snap-on, Inc.		19,660		3,029,606
				7,493,739
Media - 2.5%
CBS Corp., Class B		34,482		1,952,371
DISH Network Corp., Class A (A)		50,505		2,957,573
TEGNA, Inc.		67,641		1,327,116
Time, Inc.		15,898		206,674
				6,443,734
Multi-Utilities - 5.1%
CenterPoint Energy, Inc.		150,172		3,423,922
CMS Energy Corp.		80,014		3,372,590
Sempra Energy		31,102		3,331,024
WEC Energy Group, Inc.		51,057		3,049,124
				13,176,660
Multiline Retail - 2.3%
Kohl’s Corp.		76,333		3,339,569
Nordstrom, Inc.		49,992		2,599,584
				5,939,153
Oil, Gas & Consumable Fuels - 5.2%
Energen Corp.		106,396		5,333,631
EQT Corp.		77,212		5,095,992
PBF Energy, Inc., Class A		90,672		1,976,650
Southwestern Energy Co. (A)		115,243		1,197,375
				13,603,648
Personal Products - 1.9%
Coty, Inc., Class A (A)		118,908		2,733,695
Edgewell Personal Care Co. (A)		30,184		2,275,874
				5,009,569
Real Estate Management & Development - 0.2%
CBRE Group, Inc., Class A (A)		23,500		605,360
Semiconductors & Semiconductor Equipment - 1.4%
Analog Devices, Inc., Class A		26,264		1,683,522
KLA-Tencor Corp.		25,396		1,907,494
				3,591,016
Software - 1.6%
Synopsys, Inc. (A)		71,140		4,219,313
Specialty Retail - 4.6%
AutoZone, Inc. (A)		3,353		2,488,462
Bed Bath & Beyond, Inc.		52,293		2,113,683
Best Buy Co., Inc.		47,546		1,850,015
Gap, Inc., Class A		97,072		2,678,216
Tiffany & Co. (B)		38,668		2,839,005
				11,969,381

	Shares		Value
COMMON STOCKS (continued)
Textiles, Apparel & Luxury Goods - 1.3%
PVH Corp.		25,783		$  2,758,265
Ralph Lauren Corp., Class A		5,448		534,449
				3,292,714
Trading Companies & Distributors - 1.0%
MSC Industrial Direct Co., Inc., Class A		37,357		2,719,590
Total Common Stocks (Cost $188,155,616)				255,878,296
SECURITIES LENDING COLLATERAL - 1.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (C)		3,003,032		3,003,032
Total Securities Lending Collateral (Cost $3,003,032)				3,003,032
	Principal		Value
REPURCHASE AGREEMENT - 2.0%
State Street Bank & Trust Co. 0.03% (C), dated 10/31/2016, to be repurchased at $5,191,262 on 11/01/2016. Collateralized by a U.S. Government Obligation, 0.61%, due 01/31/2018, and with a value of $5,296,613.		$  5,191,257		5,191,257
Total Repurchase Agreement (Cost $5,191,257)				5,191,257
Total Investments (Cost $196,349,905) (D)				264,072,585
Net Other Assets (Liabilities) - (1.4)%				(3,772,901	)
Net Assets - 100.0%				$  260,299,684

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    92

Transamerica Mid Cap Value

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(E)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Common Stocks	$	255,878,296	$	—	$	—	$	255,878,296
Securities Lending Collateral		3,003,032		—		—		3,003,032
Repurchase Agreement		—		5,191,257		—		5,191,257
Total Investments	$	258,881,328	$	5,191,257	$	—	$	264,072,585

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Non-income producing securities.

^(B)  All or a portion of the securities are on loan. The total value of all securities on loan is $2,939,483. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(D)  Aggregate cost for federal income tax purposes is $197,968,204. Aggregate gross unrealized appreciation and depreciation for all securities is $72,263,031 and $6,158,650, respectively. Net unrealized appreciation for tax purposes is $66,104,381.

^(E)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    93

Transamerica Total Return

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES - 11.2%
ABFC Trust
Series 2004-OPT4, Class A1,
1.15% (A), 04/25/2034		$  568,377		$  561,435
Series 2004-OPT5, Class A1,
1.23% (A), 06/25/2034		230,885		218,161
ACE Securities Corp. Home Equity Loan Trust Series 2006-HE1, Class A1A, 0.73% (A), 02/25/2036		1,709,443		1,701,660
Amortizing Residential Collateral Trust Series 2002-BC4, Class A, 1.11% (A), 07/25/2032		3,806		3,599
Ares XXV CLO, Ltd. Series 2012-3A, Class AR, 1.77% (A), 01/17/2024 (B)		1,500,000		1,500,055
Bear Stearns Asset-Backed Securities I Trust
Series 2006-HE1, Class 1M2,
0.96% (A), 12/25/2035		4,500,000		4,190,427
Series 2006-HE10, Class 21A3,
0.77% (A), 12/25/2036		3,013,303		1,477,072
Series 2007-AQ1, Class A1,
0.64% (A), 04/25/2031		308,222		317,660
Bear Stearns Asset-Backed Securities Trust Series 2002-2, Class A1, 1.19% (A), 10/25/2032		6,940		6,797
C-BASS Trust Series 2007-CB1, Class AF1A, 0.60% (A), 01/25/2037		376,684		145,458
Citigroup Mortgage Loan Trust Series 2007-FS1, Class 1A1, 4.61% (A), 10/25/2037 (B)		1,290,778		1,208,349
COA Summit CLO, Ltd. Series 2014-1A, Class A1, 2.23% (A), 04/20/2023 (B)		1,913,347		1,913,627
Countrywide Asset-Backed Certificates
Series 2006-2, Class M1,
0.93% (A), 06/25/2036		400,000		332,866
Series 2006-26, Class 1A,
0.67% (A), 06/25/2037		1,624,204		1,340,250
Series 2006-26, Class 2A3,
0.70% (A), 06/25/2037		2,536,117		2,445,883
CWABS Asset-Backed Certificates Trust
Series 2005-17, Class MV1,
0.99% (A), 05/25/2036		1,500,000		1,293,210
Series 2006-14, Class 1A,
0.67% (A), 02/25/2037		1,119,561		954,521
Dryden XXV Senior Loan Fund Series 2012-25A, Class AR, 2.05% (A), 01/15/2025 (B) (C)		1,700,000		1,699,991
Highlander Euro CDO III BV Series 2007-3A, Class A, 0.00% (A) (D), 05/01/2023 (B)		EUR  1,047,685		1,132,433
Home Equity Asset Trust Series 2002-1, Class A4, 1.13% (A), 11/25/2032		$  1,026		891

	Principal		Value
ASSET-BACKED SECURITIES (continued)
JPMorgan Mortgage Acquisition Trust Series 2007-CH3, Class A5, 0.79% (A), 03/25/2037		$  3,500,000		$  2,937,244
Lockwood Grove CLO, Ltd. Series 2014-1A, Class A1R, 2.33% (A), 04/25/2025 (B) (C)		1,700,000		1,699,150
Malin CLO BV Series 2007-1A, Class VFNE, 0.00% (A) (D), 05/07/2023 (B)		EUR  767,689		838,066
Merrill Lynch Mortgage Investors Trust Series 2006-FM1, Class A2C, 0.69% (A), 04/25/2037		$  1,993,232		1,115,045
Morgan Stanley Mortgage Loan Trust
Series 2007-10XS, Class A1,
6.00% (A), 07/25/2047		188,630		142,204
Series 2007-8XS, Class A1,
5.75% (A), 04/25/2037		238,599		156,829
National Collegiate Student Loan Trust Series 2005-1, Class A4, 0.77% (A), 11/27/2028		351,004		348,214
Navient Private Education Loan Trust Series 2015-CA, Class A, 2.03% (A), 01/16/2035 (B)		2,040,012		2,060,277
Neuberger Berman CLO XII, Ltd. Series 2012-12A, Class A2RR, 2.18% (A), 07/25/2023 (B)		1,328,708		1,324,690
New Century Home Equity Loan Trust Series 2006-1, Class A2B, 0.71% (A), 05/25/2036		94,544		78,040
Option One Mortgage Loan Trust Series 2007-4, Class 2A4, 0.84% (A), 04/25/2037		5,063,889		3,183,453
Palmer Square CLO, Ltd. Series 2013-2A, Class A1A, 2.28% (A), 10/17/2025 (B)		1,500,000		1,500,085
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW2, Class M2, 1.06% (A), 07/25/2035		500,000		460,322
Popular ABS Mortgage Pass-Through Trust Series 2006-A, Class M1, 0.92% (A), 02/25/2036		500,000		431,705
Race Point V CLO, Ltd. Series 2011-5AR, Class AR, 1.64% (A), 12/15/2022 (B)		2,554,938		2,554,859
Securitized Asset-Backed Receivables LLC Trust Series 2007-HE1, Class A2A, 0.59% (A), 12/25/2036		68,843		22,740
Sofi Consumer Loan Program LLC Series 2016-3, Class A, 3.05%, 12/26/2025 (B) (C)		1,700,000		1,701,013
Specialty Underwriting & Residential Finance Trust Series 2004-BC2, Class M1, 1.36% (A), 05/25/2035		3,422,009		3,229,581

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    94

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
ASSET-BACKED SECURITIES (continued)
SpringCastle America Funding LLC Series 2016-AA, Class A, 3.05%, 04/25/2029 (B)		$  1,400,000		$  1,411,872
Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC1, Class A6, 0.80% (A), 03/25/2036		1,000,000		759,955
TICC CLO LLC Series 2012-1A, Class A, 1.75% (A), 08/25/2023 (B)		2,068,182		2,068,507
U.S. Small Business Administration
Series 2003-20I, Class 1,
5.13%, 09/01/2023		9,108		9,851
Series 2004-20C, Class 1,
4.34%, 03/01/2024		79,078		83,051
Venture VIII CDO, Ltd. Series 2007-8A, Class A2A, 1.10% (A), 07/22/2021 (B)		2,679,664		2,647,053
Venture X CLO, Ltd. Series 2012-10A, Class AR, 2.08% (A), 07/20/2022 (B) (C)		1,700,000		1,699,150
VOLT XXIX LLC Series 2014-NP10, Class A1, 3.38% (A), 10/25/2054 (B)		879,045		879,613
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2005-4, Class M2, 1.01% (A), 12/25/2035		6,500,000		5,808,524
Wood Street CLO 1 BV Series I-A, Class A, 0.11% (A), 11/22/2021 (B) (E) (F)		EUR  455,057		481,431
Total Asset-Backed Securities (Cost $58,769,558)				62,076,869
CORPORATE DEBT SECURITIES - 38.0%
Airlines - 0.3%
Latam Airlines Pass-Through Trust 4.20%, 08/15/2029		$  1,450,918		1,436,409
Banks - 16.9%
Banco Santander Chile 1.78% (A), 04/11/2017 (B)		3,500,000		3,491,250
Bank of America Corp.
5.65%, 05/01/2018, MTN		1,900,000		2,009,704
6.00%, 09/01/2017		1,000,000		1,037,692
6.40%, 08/28/2017, MTN		500,000		520,080
6.88%, 04/25/2018, MTN		3,300,000		3,550,008
7.63%, 06/01/2019, MTN		4,000,000		4,566,776
Barclays Bank PLC
1.74% (A), 11/06/2017		2,000,000		2,000,000
7.63%, 11/21/2022		3,900,000		4,353,375
10.18%, 06/12/2021 (B)		1,840,000		2,326,559
Barclays PLC 6.50% (A), 09/15/2019 (G)		EUR  800,000		825,508
BYGGERIETS REALKREDITFON 4.00%, 01/01/2018		DKK  11,700,000		1,812,207
Caisse Centrale du Credit Immobilier de France SA 0.25%, 11/25/2018, MTN (H)		EUR  600,000		666,631

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Banks (continued)
CIT Group, Inc.
3.88%, 02/19/2019		$  2,100,000		$  2,132,151
6.63%, 04/01/2018 (B)		3,226,000		3,387,300
Citigroup, Inc.
1.76% (A), 06/07/2019		900,000		904,128
2.05%, 06/07/2019		300,000		301,366
2.22% (A), 03/30/2021		300,000		305,755
2.26% (A), 09/01/2023		500,000		501,775
3.70%, 01/12/2026		3,000,000		3,123,630
Cooperatieve Rabobank UA 6.88%, 03/19/2020, MTN (H)		EUR  3,300,000		4,270,079
Credit Agricole SA 7.88% (A), 01/23/2024 (B) (G)		$  700,000		709,296
Discover Bank 2.60%, 11/13/2018		1,400,000		1,421,872
Intesa Sanpaolo SpA 2.38%, 01/13/2017		2,021,000		2,022,819
JPMorgan Chase & Co.
1.34% (A), 02/15/2017		5,100,000		5,105,227
2.40%, 06/07/2021		1,500,000		1,512,646
7.90% (A), 04/30/2018 (G)		1,000,000		1,030,750
KBC Bank NV 8.00% (A), 01/25/2023 (H)		2,000,000		2,117,560
Lloyds Bank PLC 12.00% (A), 12/16/2024 (B) (G)		4,200,000		5,712,000
Lloyds Banking Group PLC 7.63% (A), 06/27/2023 (G) (H)		GBP  700,000		891,073
Mitsubishi UFJ Trust & Banking Corp. 1.58% (A), 09/19/2017		$  1,300,000		1,300,000
National Australia Bank, Ltd. 2.25%, 03/16/2021 (B)		1,400,000		1,420,034
Natixis SA 1.55% (A), 09/25/2017 - 10/02/2017		1,500,000		1,500,000
Norinchukin Bank 1.59% (A), 10/10/2017		2,800,000		2,800,000
Novo Banco SA 5.00%, 04/04/2019, MTN		EUR  584,000		496,833
Nykredit Realkredit A/S
1.00%, 10/01/2017, MTN		DKK  16,200,000		2,421,302
2.00%, 04/01/2017		57,500,000		8,566,115
Realkredit Danmark A/S 2.00%, 01/01/2018		8,500,000		1,287,269
Royal Bank of Canada 2.30%, 03/22/2021		$  1,400,000		1,420,370
Royal Bank of Scotland Group PLC 6.99% (A), 10/05/2017 (B) (G)		1,300,000		1,452,750
Sumitomo Mitsui Banking Corp. 1.55% (A), 09/15/2017		2,700,000		2,700,000
Sumitomo Mitsui Trust Bank Ltd. 1.58% (A), 09/18/2017		2,600,000		2,600,000
Wells Fargo & Co. 7.98% (A), 03/15/2018 (G)		3,400,000		3,544,500
				94,118,390
Biotechnology - 1.2%
AbbVie, Inc. 1.80%, 05/14/2018		1,100,000		1,103,459
Amgen, Inc. 1.19% (A), 05/22/2017		5,800,000		5,808,062
				6,911,521

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    95

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Capital Markets - 4.2%
Credit Suisse AG 1.65% (A), 09/12/2017		$  1,600,000		$  1,600,000
Credit Suisse Group Funding Guernsey, Ltd.
3.13%, 12/10/2020		1,400,000		1,414,024
3.75%, 03/26/2025		1,600,000		1,587,024
3.80%, 09/15/2022		1,000,000		1,016,514
3.80%, 06/09/2023 (B)		1,700,000		1,716,497
Deutsche Bank AG 4.25%, 10/14/2021 (B)		2,700,000		2,717,782
Goldman Sachs Group, Inc.
1.92% (A), 11/15/2018, MTN		1,300,000		1,310,793
2.05% (A), 09/15/2020		1,600,000		1,611,657
Morgan Stanley
5.95%, 12/28/2017, MTN		4,900,000		5,148,964
6.63%, 04/01/2018, MTN		2,000,000		2,135,384
UBS AG
1.40% (A), 06/01/2017		400,000		400,527
7.63%, 08/17/2022		600,000		695,250
UBS Group Funding Jersey, Ltd. 3.00%, 04/15/2021 (B)		2,200,000		2,247,676
				23,602,092
Construction & Engineering - 0.1%
Odebrecht Offshore Drilling Finance, Ltd. 6.63%, 10/01/2023 (B)		2,264,340		458,529
Consumer Finance - 2.5%
Ally Financial, Inc. 2.75%, 01/30/2017		4,800,000		4,800,000
Ford Motor Credit Co. LLC
1.66% (A), 01/17/2017, MTN		5,400,000		5,405,778
2.60%, 11/04/2019		600,000		607,470
General Motors Financial Co., Inc. 4.38%, 09/25/2021		1,500,000		1,592,756
Springleaf Finance Corp. 8.25%, 12/15/2020		1,200,000		1,302,000
Volkswagen Group of America Finance LLC 1.65%, 05/22/2018 (B)		300,000		299,063
				14,007,067
Diversified Consumer Services - 1.0%
President and Fellows of Harvard College 6.50%, 01/15/2039 (B)		3,800,000		5,725,912
Diversified Financial Services - 2.1%
Bear Stearns Cos. LLC
6.40%, 10/02/2017		900,000		940,688
7.25%, 02/01/2018		2,100,000		2,245,874
BRFkredit A/S 2.00%, 10/01/2017		DKK  7,000,000		1,054,587
LeasePlan Corp. NV 2.88%, 01/22/2019 (B) (C)		$  1,500,000		1,513,395
Preferred Term Securities XVII, Ltd. / Preferred Term Securities XVII, Inc. 1.26% (A), 06/23/2035 (B)		1,516,756		1,118,547
Tayarra, Ltd. 3.63%, 02/15/2022		4,461,495		4,695,635
				11,568,726

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Diversified Telecommunication Services - 2.2%
AT&T, Inc. 2.80%, 02/17/2021		$  2,000,000		$  2,027,384
SFR Group SA 7.38%, 05/01/2026 (B)		1,600,000		1,616,000
Verizon Communications, Inc.
1.23% (A), 06/09/2017		3,800,000		3,806,544
2.61% (A), 09/14/2018		4,500,000		4,620,600
				12,070,528
Electric Utilities - 0.8%
Korea Hydro & Nuclear Power Co., Ltd. 1.59% (A), 05/22/2017 (B) (C)		4,300,000		4,298,061
Energy Equipment & Services - 0.4%
Regency Energy Partners, LP / Regency Energy Finance Corp.
5.00%, 10/01/2022		1,000,000		1,073,044
5.88%, 03/01/2022		1,000,000		1,119,969
				2,193,013
Equity Real Estate Investment Trusts - 0.9%
alstria office REIT-AG 2.13%, 04/12/2023 (H)		EUR  800,000		937,522
AvalonBay Communities, Inc. 3.50%, 11/15/2024, MTN		$  1,595,000		1,666,443
Simon Property Group, LP 2.50%, 09/01/2020		2,500,000		2,562,560
				5,166,525
Health Care Equipment & Supplies - 0.3%
Boston Scientific Corp. 3.38%, 05/15/2022		1,600,000		1,669,720
Household Durables - 0.0% (I)
Urbi Desarrollos Urbanos SAB de CV 9.50%, 01/21/2020 (B) (C) (J)		400,000		4,000
Independent Power & Renewable Electricity Producers - 0.6%
Dynegy, Inc.
6.75%, 11/01/2019		2,300,000		2,327,807
7.38%, 11/01/2022		900,000		867,937
7.63%, 11/01/2024 (K)		400,000		383,000
				3,578,744
Oil, Gas & Consumable Fuels - 1.4%
Kinder Morgan, Inc.
5.63%, 11/15/2023 (B)		1,400,000		1,548,891
6.50%, 09/15/2020		800,000		903,778
Petrobras Global Finance BV 3.74% (A), 03/17/2020		2,100,000		2,065,245
Plains All American Pipeline, LP / PAA Finance Corp. 4.90%, 02/15/2045		1,000,000		949,663
Sabine Pass Liquefaction LLC 5.00%, 03/15/2027 (B)		2,000,000		2,035,000
				7,502,577
Pharmaceuticals - 0.3%
Shire Acquisitions Investments Ireland DAC 1.90%, 09/23/2019		1,500,000		1,497,187

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    96

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
CORPORATE DEBT SECURITIES (continued)
Road & Rail - 0.2%
Hellenic Railways Organization SA
4.03%, 03/17/2017		EUR  700,000		$  751,136
5.01%, 12/27/2017 (H)		100,000		104,972
				856,108
Software - 0.1%
Oracle Corp. 2.40%, 09/15/2023		$  800,000		797,986
Technology Hardware, Storage & Peripherals - 0.9%
Apple, Inc. 2.85%, 05/06/2021		400,000		417,374
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.
4.42%, 06/15/2021 (B)		800,000		836,566
5.45%, 06/15/2023 (B)		1,200,000		1,285,030
Hewlett Packard Enterprise Co. 2.70%, 10/05/2017 (B)		2,500,000		2,531,660
				5,070,630
Trading Companies & Distributors - 0.8%
International Lease Finance Corp. 7.13%, 09/01/2018 (B)		4,200,000		4,572,750
Wireless Telecommunication Services - 0.8%
Sprint Communications, Inc. 9.13%, 03/01/2017		4,300,000		4,386,000
Total Corporate Debt Securities (Cost $208,723,400)				211,492,475
FOREIGN GOVERNMENT OBLIGATIONS - 1.0%
Brazil - 0.9%
Brazil Letras do Tesouro Nacional Zero Coupon, 01/01/2017 - 10/01/2017		BRL  15,900,000		4,573,249
Brazil Notas do Tesouro Nacional Series F, 10.00%, 01/01/2017		1,500,000		467,039
				5,040,288
Cyprus - 0.1%
Cyprus Government International Bond 3.88%, 05/06/2022, MTN (H)		EUR  400,000		457,885
Total Foreign Government Obligations (Cost $5,355,472)				5,498,173
LOAN ASSIGNMENTS - 0.4%
Automobiles - 0.1%
FCA US LLC Term Loan B, 3.50% (A), 05/24/2017		$  734,699		735,250
Health Care Providers & Services - 0.3%
Community Health Systems, Inc. Term Loan F, 4.08% (A), 12/31/2018		1,485,497		1,450,747
Total Loan Assignments (Cost $2,221,504)				2,185,997

	Principal		Value
MORTGAGE-BACKED SECURITIES - 10.2%
Alternative Loan Trust
Series 2005, Class J12-2A1,
0.80% (A), 08/25/2035		$  1,269,738		$  827,756
Series 2005-81, Class A1,
0.81% (A), 02/25/2037		364,043		298,108
Series 2006-30T1, Class 1A3,
6.25%, 11/25/2036		184,184		161,819
Series 2006-J8, Class A2,
6.00%, 02/25/2037		209,487		145,777
Series 2006-OA12, Class A1B,
0.72% (A), 09/20/2046		1,165,110		846,773
Series 2006-OA17, Class 1A1A,
0.72% (A), 12/20/2046		1,414,215		1,025,252
Series 2006-OC7, Class 2A2A,
0.70% (A), 07/25/2046		1,653,480		1,451,055
Series 2006-OC8, Class 2A2B,
0.70% (A), 11/25/2036		1,227,069		1,100,718
Series 2007-2CB, Class 1A13,
5.75% (A), 03/25/2037		312,604		269,780
Series 2007-HY4, Class 1A1,
3.13% (A), 06/25/2037		719,334		638,386
Series 2007-OA6, Class A1B,
0.73% (A), 06/25/2037		1,744,692		1,550,257
American Home Mortgage Assets Trust Series 2006-4, Class 1A12, 0.74% (A), 10/25/2046		1,265,767		839,109
BAMLL Commercial Mortgage Securities Trust Series 2016-ASHF, Class A, 2.42% (A), 12/15/2033 (B)		1,400,000		1,416,993
Banc of America Funding Trust
Series 2005-D, Class A1,
3.01% (A), 05/25/2035		280,493		286,262
Series 2006-J, Class 4A1,
3.02% (A), 01/20/2047		46,427		39,044
BBCMS Trust Series 2015-STP, Class A, 3.32%, 09/10/2028 (B)		3,000,000		3,091,676
Bear Stearns Alt-A Trust Series 2006-6, Class 32A1, 3.08% (A), 11/25/2036		252,389		184,072
Bear Stearns ARM Trust
Series 2003-5, Class 2A1,
3.02% (A), 08/25/2033		290,278		289,134
Series 2003-8, Class 2A1,
2.98% (A), 01/25/2034		6,884		6,965
Series 2003-8, Class 4A1,
3.21% (A), 01/25/2034		74,686		74,537
Series 2005-2, Class A2,
3.13% (A), 03/25/2035		154,942		156,067
Series 2005-5, Class A2,
2.46% (A), 08/25/2035		83,218		82,895
Series 2006-4, Class 1A1,
3.29% (A), 10/25/2036		103,771		87,576
Bear Stearns Structured Products, Inc. Trust Series 2007-R6, Class 1A1, 2.97% (A), 01/26/2036		179,819		142,402

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    97

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Berica 8 Residential MBS Srl Series 2008, Class A, 0.00% (A) (D), 03/31/2048 (H)		EUR  2,817,321		$  3,070,142
Berica ABS Srl Series 2011-1, Class A1, 0.00% (A) (D), 12/31/2055 (H)		1,497,109		1,638,683
CD Mortgage Trust Series 2007-CD5, Class A4, 5.89% (A), 11/15/2044		$  138,525		141,597
Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2004-3A, Class A1, 0.78% (A), 08/25/2035 (B)		104,108		92,831
CHL Mortgage Pass-Through Trust
Series 2002-30, Class M,
2.90% (A), 10/19/2032		8,710		7,141
Series 2004-12, Class 12A1,
3.12% (A), 08/25/2034		129,902		110,862
Citigroup Commercial Mortgage Trust Series 2015-SHP2, Class A, 1.28% (A), 07/15/2027 (B)		1,800,000		1,812,905
Citigroup Mortgage Loan Trust Series 2005-6, Class A2, 2.76% (A), 09/25/2035		97,101		96,960
COMM Mortgage Trust
Series 2010-RR1, Class GEA,
5.54% (A), 12/11/2049 (B)		1,140,869		1,146,512
Series 2015-CR26, Class ASB,
3.37%, 10/10/2048		1,400,000		1,478,880
Credit Suisse First Boston Mortgage Securities Corp.
Series 2002-P1A, Class A,
1.14% (A), 03/25/2032 (B)		264		244
Series 2003-AR15, Class 2A1,
2.57% (A), 06/25/2033		389,123		380,335
Series 2003-AR28, Class 2A1,
2.86% (A), 12/25/2033		2,788,356		2,708,378
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-6, Class 2A3, 5.50%, 12/25/2035		379,383		317,188
First Horizon Alternative Mortgage Securities Trust Series 2007-FA4, Class 1A8, 6.25%, 08/25/2037		195,936		154,463
First Horizon Mortgage Pass-Through Trust Series 2005-AR3, Class 2A1, 2.98% (A), 08/25/2035		28,735		24,784
Fort Cre LLC Series 2016-1A, Class A1, 2.02% (A), 05/21/2036 (B) (E) (F)		2,899,586		2,899,586
GS Mortgage Securities Corp. Trust Series 2016-RENT, Class A, 3.20%, 02/10/2029 (B)		1,400,000		1,450,992
GSR Mortgage Loan Trust Series 2005-AR6, Class 2A1, 2.94% (A), 09/25/2035		45,846		47,209

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
HarborView Mortgage Loan Trust
Series 2005-14, Class 4A1A,
3.07% (A), 12/19/2035		$  280,023		$  218,066
Series 2006-12, Class 2A2A,
0.72% (A), 01/19/2038		611,526		525,155
Series 2006-6, Class 5A1A,
3.47% (A), 08/19/2036		138,331		124,551
Independent National Mortgage Corp. Index Mortgage Loan Trust Series 2005-AR11, Class A3, 2.95% (A), 08/25/2035		1,357,379		1,116,635
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2016-FLRR, Class AFL, 1.98% (A), 01/15/2033 (B)		1,400,000		1,399,999
JPMorgan Chase Commercial Mortgage-Backed Securities Trust Series 2010-RR1, Class JPA, 5.75% (A), 06/18/2049 (B)		1,199,942		1,201,434
LB-UBS Commercial Mortgage Trust Series 2007-C7, Class A3, 5.87% (A), 09/15/2045		1,364,160		1,405,051
Ludgate Funding PLC Series 2007-1, Class A2A, 0.54% (A), 01/01/2061 (H)		GBP  1,847,580		2,100,118
Luminent Mortgage Trust Series 2006-6, Class A1, 0.73% (A), 10/25/2046		$  336,163		286,998
MASTR Alternative Loan Trust Series 2006-2, Class 2A1, 0.93% (A), 03/25/2036		100,719		19,569
Merrill Lynch Mortgage Investors Trust
Series 2005-2, Class 3A,
1.53% (A), 10/25/2035		14,970		14,148
Series 2005-3, Class 4A,
0.78% (A), 11/25/2035		12,932		12,097
Morgan Stanley Capital I Trust
Series 2007-HQ11, Class A4,
5.45% (A), 02/12/2044		409,969		409,502
Series 2014-CPT, Class AM,
3.40% (A), 07/13/2029 (B)		1,400,000		1,471,094
RALI Trust Series 2008-QR1, Class 1A1, 1.93% (A), 08/25/2036		921,280		759,978
RBSSP Resecuritization Trust Series 2009-6, Class 2A1, 2.86% (A), 01/26/2036 (B)		2,544,654		2,570,193
Reperforming Loan REMIC Trust
Series 2004-R1, Class 2A,
6.50%, 11/25/2034 (B)		188,151		187,930
Series 2005-R2, Class 1AF1,
0.87% (A), 06/25/2035 (B)		512,171		452,953
RFMSI Trust Series 2003-S9, Class A1, 6.50%, 03/25/2032		1,045		1,086
RMAC Securities No. 1 PLC Series 2007-NS1X, Class A2B, 1.00% (A), 06/12/2044 (H)		2,365,390		2,220,396

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    98

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
MORTGAGE-BACKED SECURITIES (continued)
Sequoia Mortgage Trust
Series 2004-11, Class A2,
1.57% (A), 12/20/2034		$  1,221,192		$  1,164,815
Series 2007-1, Class 1A1,
2.79% (A), 01/20/2047		324,765		261,911
Series 2010, Class 2A1,
1.29% (A), 10/20/2027		11,314		10,617
Structured Adjustable Rate Mortgage Loan Trust
Series 2004-12, Class 3A1,
3.15% (A), 09/25/2034		367,685		365,087
Series 2004-19, Class 2A1,
1.94% (A), 01/25/2035		138,777		107,968
Structured Asset Mortgage Investments II Trust
Series 2005-AR5, Class A1,
0.78% (A), 07/19/2035		25,171		22,460
Series 2005-AR5, Class A2,
0.78% (A), 07/19/2035		23,897		23,164
Series 2005-AR5, Class A3,
0.78% (A), 07/19/2035		53,799		51,960
Series 2005-AR8, Class A1A,
0.81% (A), 02/25/2036		336,698		275,953
Series 2006-AR3, Class 12A1,
0.75% (A), 05/25/2036		412,088		317,107
Series 2006-AR6, Class 2A1,
0.72% (A), 07/25/2046		1,509,548		1,252,661
Structured Asset Mortgage Investments Trust Series 2002-AR3, Class A1, 1.19% (A), 09/19/2032		7,801		7,573
Structured Asset Securities Corp. Mortgage Pass-Through Certificates Series 2003-22A, Class 2A1, 2.82% (A), 06/25/2033		404,095		393,674
WaMu Mortgage Pass-Through Certificates Trust
Series 2002-AR9, Class 1A,
1.91% (A), 08/25/2042		5,333		5,078
Series 2003-AR9, Class 2A,
2.85% (A), 09/25/2033		447,927		438,093
Series 2006-AR19, Class 1A,
1.26% (A), 01/25/2047		613,548		478,330
Series 2006-AR19, Class 1A1A,
1.25% (A), 01/25/2047		535,489		481,623
Series 2006-AR9, Class 2A,
2.20% (A), 08/25/2046		337,294		310,166
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-CC, Class A1,
2.87% (A), 01/25/2035		77,896		78,409
Series 2005-AR2, Class 1A1,
2.89% (A), 03/25/2035		1,274,614		1,273,046
Series 2006-AR4, Class 2A6,
3.20% (A), 04/25/2036		18,162		1,911
Series 2006-AR8, Class 2A4,
3.08% (A), 04/25/2036		145,677		141,365
Total Mortgage-Backed Securities (Cost $56,712,935)				56,552,029

	Principal		Value
MUNICIPAL GOVERNMENT OBLIGATIONS - 1.5%
California - 0.3%
Bay Area Toll Authority, Revenue Bonds Series S3, 6.91%, 10/01/2050		$  1,000,000		$  1,526,950
Illinois - 0.5%
City of Chicago, General Obligation Unlimited Series B, 7.75%, 01/01/2042		1,000,000		1,056,720
State of Illinois, General Obligation Unlimited 6.63%, 02/01/2035		1,500,000		1,601,115
				2,657,835
New Jersey - 0.0% (I)
New Jersey Turnpike Authority, Revenue Bonds Series F, 7.41%, 01/01/2040		100,000		151,791
New York - 0.6%
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds 4.73%, 11/01/2023		100,000		114,794
Port Authority of New York & New Jersey, Revenue Bonds 4.46%, 10/01/2062		2,850,000		3,112,941
				3,227,735
West Virginia - 0.1%
Tobacco Settlement Finance Authority, Revenue Bonds Series A, 7.47%, 06/01/2047		1,000,000		944,850
Total Municipal Government Obligations (Cost $7,811,221)				8,509,161
U.S. GOVERNMENT AGENCY OBLIGATIONS - 46.6%
Federal Home Loan Mortgage Corp.
2.59% (A), 09/01/2035		24,073		25,242
2.60% (A), 11/01/2033		48,791		52,099
2.64% (A), 01/01/2036		1,625,104		1,721,536
2.87% (A), 03/01/2034		31,358		32,868
2.93% (A), 03/01/2034		65,388		69,598
3.12% (A), 09/01/2035		259,372		278,054
3.50%, TBA (L) (M)		7,000,000		7,338,242
4.00%, TBA (L) (M)		4,000,000		4,274,297
4.50%, 08/01/2025 - 05/01/2037		46,146		50,415
4.50%, TBA (L) (M)		3,000,000		3,276,257
Federal Home Loan Mortgage Corp. REMIC
0.93% (A), 06/15/2041		1,901,420		1,899,297
6.50%, 04/15/2029		1,742		2,001
Federal Home Loan Mortgage Corp. Structured Pass-Through Securities
1.72% (A), 10/25/2044		226,122		231,059
1.92% (A), 07/25/2044		226,196		231,641
6.50%, 07/25/2043		11,428		13,500
Federal National Mortgage Association
0.88% (A), 09/25/2042		204,345		203,240

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    99

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
Federal National Mortgage Association (continued)
1.71% (A), 03/01/2044 - 10/01/2044		$  751,432		$  765,982
2.61% (A), 07/01/2035 - 09/01/2035		416,648		439,183
2.67% (A), 11/01/2033		67,714		71,853
2.69% (A), 01/01/2028		18,436		19,508
2.80% (A), 03/01/2034		121,272		126,677
2.81% (A), 01/01/2026		2,025		2,036
3.00%, TBA (L) (M)		51,000,000		52,342,380
3.50%, 02/01/2027		193,109		204,210
3.50%, TBA (L) (M)		62,000,000		65,074,338
4.00%, TBA (L) (M)		62,000,000		66,322,606
4.50%, 11/01/2018 - 12/01/2024		340,649		361,331
4.50%, TBA (L) (M)		19,000,000		20,751,564
5.00%, 08/01/2020 - 01/01/2030		1,134,452		1,252,239
5.00%, TBA (L) (M)		8,000,000		8,772,916
6.00%, 07/01/2035 - 06/01/2040		1,923,102		2,208,154
Federal National Mortgage Association REMIC
0.63% (A), 01/25/2021		2,550		2,549
6.30%, 10/17/2038		95,735		98,038
Federal National Mortgage Association REMIC, Interest Only STRIPS 6.57% (A), 07/25/2034		604,401		119,905
Federal National Mortgage Association REMICS 0.97% (A), 09/25/2046		1,617,945		1,615,152
Government National Mortgage Association
1.12% (A), 08/20/2065 - 09/20/2065		2,921,228		2,888,078
1.52% (A), 12/20/2065		6,069,852		6,135,773
2.13% (A), 05/20/2024		21,814		22,451
3.00%, TBA (L) (M)		1,000,000		1,040,293
3.50%, TBA (L) (M)		3,000,000		3,178,027
4.00%, TBA (L) (M)		5,000,000		5,354,882
Government National Mortgage Association, Interest Only STRIPS
6.00% (A), 10/16/2033		270,710		53,584
6.03% (A), 04/16/2033		292,232		58,086
6.07% (A), 08/16/2033 - 09/20/2034		1,498,512		331,860
Total U.S. Government Agency Obligations (Cost $258,909,519)				259,313,001
U.S. GOVERNMENT OBLIGATIONS - 42.2%
U.S. Treasury - 25.7%
U.S. Treasury Bond
2.25%, 08/15/2046 (N)		2,500,000		2,325,097
2.50%, 02/15/2045 - 02/15/2046 (N)		2,900,000		2,847,972
2.75%, 08/15/2042		5,800,000		6,026,560
2.75%, 11/15/2042 (N)		13,800,000		14,322,357
2.88%, 05/15/2043		1,900,000		2,016,820
2.88%, 08/15/2045 (N)		17,500,000		18,544,540
3.00%, 05/14/2042 (N)		5,200,000		5,660,689
3.00%, 11/15/2044 - 05/15/2045		2,300,000		2,497,156
3.13%, 02/15/2043		1,000,000		1,112,109
3.13%, 08/15/2044 (L) (N)		20,900,000		23,249,620
3.38%, 05/15/2044 (N)		10,200,000		11,871,443
3.63%, 08/15/2043		900,000		1,094,168
3.75%, 11/15/2043		900,000		1,118,602
4.25%, 05/15/2039		900,000		1,186,488

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (continued)
U.S. Treasury (continued)
U.S. Treasury Bond (continued)
4.38%, 11/15/2039 (N)		$  6,500,000		$  8,713,302
4.38%, 05/15/2040		1,400,000		1,878,680
4.63%, 02/15/2040		700,000		970,375
U.S. Treasury Note
1.75%, 09/30/2022		1,800,000		1,824,820
2.25%, 11/15/2024 (N)		25,100,000		26,096,169
2.38%, 08/15/2024 (N)		4,500,000		4,723,416
2.50%, 05/15/2024		1,900,000		2,012,516
2.75%, 02/15/2024		2,900,000		3,120,899
				143,213,798
U.S. Treasury Inflation-Protected Securities - 16.5%
U.S. Treasury Inflation-Indexed Bond
0.75%, 02/15/2042		106,588		107,253
0.75%, 02/15/2045 (N)		4,704,788		4,726,599
1.00%, 02/15/2046		1,219,764		1,314,045
1.38%, 02/15/2044		413,364		478,803
1.75%, 01/15/2028		8,852,228		10,270,213
2.00%, 01/15/2026 (N)		9,101,025		10,609,811
2.38%, 01/15/2025 - 01/15/2027 (N)		20,298,600		24,215,307
2.50%, 01/15/2029 (N)		15,480,564		19,442,675
U.S. Treasury Inflation-Indexed Note
0.13%, 04/15/2018 - 04/15/2021 (O)		6,252,790		6,354,645
0.13%, 07/15/2022		2,304,126		2,356,630
0.38%, 07/15/2023		8,900,398		9,200,520
0.38%, 07/15/2025 (N)		2,742,147		2,814,855
				91,891,356
Total U.S. Government Obligations (Cost $225,084,498)				235,105,154
COMMERCIAL PAPER - 1.7%
Electric Utilities - 0.5%
NiSource Finance Corp. 0.94% (P), 12/19/2016		3,000,000		2,996,280
Hotels, Restaurants & Leisure - 0.4%
Marriott International, Inc. 0.82% (P), 11/28/2016		2,200,000		2,198,663
Oil, Gas & Consumable Fuels - 0.6%
Energy Transfer Partners 1.78% (P), 12/16/2016		1,100,000		1,097,594
Plains All American Pipeline, LP 1.40% (P), 11/09/2016		2,100,000		2,099,356
				3,196,950
Specialty Retail - 0.2%
AutoNation, Inc. 1.12% (P), 11/21/2016 (C)		1,300,000		1,299,206
Total Commercial Paper (Cost $9,691,099)				9,691,099

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    100

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal		Value
SHORT-TERM FOREIGN GOVERNMENT OBLIGATIONS - 9.5%
Japan - 9.5%
Japan Treasury Discount Bill 0.00% (D) (P), 11/21/2016 - 01/10/2017		JPY  5,520,000,000		$  52,643,910
Total Short-Term Foreign Government Obligations (Cost $54,393,145)				52,643,910
	Number of Contracts		Value
EXCHANGE-TRADED OPTIONS PURCHASED - 0.0% (I)
Put - 05-Year U.S. Treasury Note Futures Exercise Price $108 Expiration Date 12/23/2016		392		1,568
Put - 05-Year U.S. Treasury Note Futures Exercise Price $112 Expiration Date 12/23/2016		282		1,128
Put - 05-Year U.S. Treasury Note Futures Exercise Price $112 Expiration Date 11/25/2016		114		456
Put - 05-Year U.S. Treasury Note Futures Exercise Price $112 Expiration Date 12/23/2016		187		748
Put - 05-Year U.S. Treasury Note Futures Exercise Price $113 Expiration Date 11/25/2016		127		508
Put - 10-Year U.S. Treasury Note Futures Exercise Price $115 Expiration Date 12/23/2016		130		910
Total Exchange-Traded Options Purchased (Cost $10,546)				5,318
	Notional Amount		Value
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED - 0.0% (I) (Q) (R)
Call - Pays Floating Rate Index 3-Month USD-LIBOR (C) Exercise Rate 1.00% Expiration Date 12/13/2016, MSCS		$  6,100,000		1,061
Call - Pays Floating Rate Index 3-Month USD-LIBOR (C) Exercise Rate 1.00% Expiration Date 12/21/2016, CITI		6,200,000		1,611
Call - Pays Floating Rate Index 3-Month USD-LIBOR (C) Exercise Rate 1.00% Expiration Date 12/21/2016, MSCS		9,100,000		2,365

	Notional Amount			Value
OVER-THE-COUNTER INTEREST RATE SWAPTIONS PURCHASED (continued)
Call - Pays Floating Rate Index 3-Month USD-LIBOR (C) Exercise Rate 2.10% Expiration Date 01/30/2018, JPM		$  6,600,000			$  111,732
Put - Receives Floating Rate Index 3-Month USD-LIBOR (C) Exercise Rate 2.91% Expiration Date 08/20/2018, MSCS		2,900,000			91,280
Put - Receives Floating Rate Index 3-Month USD-LIBOR (C) Exercise Rate 2.94% Expiration Date 08/20/2018, GSB		900,000			26,846
Total Over-the-Counter Interest Rate Swaptions Purchased (Cost $650,591)					234,895
	Shares			Value
SECURITIES LENDING COLLATERAL - 0.0% (I)
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (P)		235,480			235,480
Total Securities Lending Collateral (Cost $235,480)					235,480
	Principal			Value
REPURCHASE AGREEMENT - 0.3%
State Street Bank & Trust Co. 0.03% (P), dated 10/31/2016, to be repurchased at $1,418,640 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $1,447,200.		$  1,418,638			1,418,638
Total Repurchase Agreement (Cost $1,418,638)					1,418,638
Total Investments (Cost $889,987,606) (S)					904,962,199
Net Other Assets (Liabilities) - (62.6)%					(348,336,505	)
Net Assets - 100.0%					$  556,625,694
REVERSE REPURCHASE AGREEMENTS - (22.2)%
Credit Agricole 0.58% (P), dated 10/24/2016, to be repurchased at $(16,555,392) on 11/09/2016. Collateralized by U.S. Government Obligations, 2.75% - 4.38%, due 11/15/2039 - 08/15/2045, and with a total value of $(16,664,875).		(16,551,125	)		(16,551,125	)
Credit Agricole 0.60% (P), dated 10/11/2016, to be repurchased at $(10,050,692) on 11/14/2016. Collateralized by U.S. Government Obligations, 2.88% - 3.13%, due 08/15/2044 - 08/15/2045, and with a total value of $(10,102,271).		(10,045,000	)		(10,045,000	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    101

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

	Principal			Value
REVERSE REPURCHASE AGREEMENTS (continued)
Credit Agricole 0.64% (P), dated 10/05/2016, to be repurchased at $(6,129,392) on 11/04/2016. Collateralized by U.S. Government Obligations, 2.75% - 3.13%, due 08/15/2042 - 08/15/2045, and with a total value of $(6,051,897).		$  (6,126,125	)		$  (6,126,125	)
Royal Bank of Scotland PLC 0.59% (P), dated 10/31/2016, to be repurchased at $(4,410,072) on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.25%, due 11/15/2024, and with a value of $(4,411,163).		(4,410,000	)		(4,410,000	)
Societe Generale SA 0.42% (P), dated 10/20/2016, to be repurchased at $(2,378,513) on 11/03/2016. Collateralized by a U.S. Government Obligation, 2.25%, due 08/15/2046, and with a value of $(2,337,120).		(2,378,125	)		(2,378,125	)
Societe Generale SA 0.55% (P), dated 10/25/2016, to be repurchased at $(11,901,545) on 11/08/2016. Collateralized by U.S. Government Obligations, 2.75% - 3.13%, due 05/15/2042 - 08/15/2044, and with a total value of $(11,760,261).		(11,899,000	)		(11,899,000	)
Societe Generale SA 0.56% (P), dated 10/26/2016, to be repurchased at $(1,802,392) on 11/09/2016. Collateralized by a U.S. Government Obligation, 2.38%, due 08/15/2024, and with a value of $(1,793,226).		(1,802,000	)		(1,802,000	)
Standard Chartered PLC 0.78% (P), dated 10/12/2016, to be repurchased at $(11,744,933) on 02/13/2017. Collateralized by U.S. Government Obligations, 2.88% - 4.63% , due 02/15/2040 - 08/15/2045, and with a total value of $(11,611,493).		(11,713,463	)		(11,713,463	)
Standard Chartered PLC 0.79% (P), dated 10/18/2016, to be repurchased at $(3,396,844) on 01/18/2017. Collateralized by U.S. Government Obligations, 3.13% - 4.63%, due 02/15/2040 - 08/15/2044, and with a total value of $(3,395,359).		(3,390,000	)		(3,390,000	)

	Principal			Value
REVERSE REPURCHASE AGREEMENTS (continued)
Standard Chartered PLC 0.79% (P), dated 10/13/2016, to be repurchased at $(10,540,875) on 02/13/2017. Collateralized by U.S. Government Obligations, 2.25% - 4.63%, due 11/15/2024 - 02/15/2040, and with a total value of $(10,619,129).		$  (10,512,500	)		$  (10,512,500	)
Standard Chartered PLC 0.80% (P), dated 10/20/2016, to be repurchased at $(569,287) on 01/20/2017. Collateralized by U.S. Government Obligations, 3.13% - 4.63%, due 02/15/2040 - 08/15/2044, and with a total value of $(565,923).		(568,125	)		(568,125	)
Standard Chartered PLC 0.82% (P), dated 10/21/2016 - 11/04/2016, to be repurchased at $(35,486,790) on 11/04/2016 - 01/23/2017. Collateralized by U.S. Government Obligations, 2.25% - 4.63%, due 11/15/2024 - 05/15/2044, and with a total value of $(35,436,623).		(35,433,713	)		(35,433,713	)
Standard Chartered PLC 0.87% (P), dated 10/27/2016, to be repurchased at $(5,401,913) on 02/23/2017. Collateralized by U.S. Government Obligations, 2.88% - 4.63%, due 02/15/2040 - 08/15/2045, and with a total value of $(5,388,538).		(5,386,423	)		(5,386,423	)
Standard Chartered PLC 0.89% (P), dated 11/01/2016, to be repurchased at $(3,146,390) on 02/01/2017. Collateralized by U.S. Government Obligations, 2.75% - 4.63%, due 02/15/2024 - 02/15/2040, and with a total value of $(3,156,151).		(3,139,250	)		(3,139,250	)
Total Reverse Repurchase Agreements (Cost $123,354,849)					(123,354,849	)

EXCHANGE-TRADED OPTIONS WRITTEN:

Description	Exercise Price		Expiration Date		Number of Contracts		Premiums (Received)			Value
Put - 10-Year U.S. Treasury Note Futures		USD  128.50		11/25/2016		78	$	(21,708	)	$	(19,500	)

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN: ^{(Q) (R)}

Description	Counterparty	Exercise Price			Expiration Date		Notional Amount			Premiums (Received)			Value
Call - AUD vs. USD	UBS		AUD	0.78		11/28/2016		AUD	2,200,000	$	(7,123	)	$	(4,534	)
Call - AUD vs. USD	BNP		AUD	0.78		12/01/2016		AUD	2,100,000		(8,556	)		(4,205	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    102

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

OVER-THE-COUNTER FOREIGN EXCHANGE OPTIONS WRITTEN (continued): ^{(Q) (R)}

Description	Counterparty		Exercise Price			Expiration Date		Notional Amount			Premiums (Received)			Value
Call - USD vs. BRL		HSBC		USD	3.38		12/14/2016		USD	2,500,000	$	(24,000	)	$	(18,307	)
Call - USD vs. BRL		GSB		USD	3.45		01/19/2017		USD	1,700,000		(21,063	)		(19,786	)
Call - USD vs. JPY		BOA		USD	105.25		11/03/2016		USD	4,000,000		(19,400	)		(13,088	)
Call - USD vs. JPY		HSBC		USD	105.75		11/03/2016		USD	900,000		(4,140	)		(1,413	)
Call - USD vs. JPY		CITI		USD	106.00		11/03/2016		USD	1,400,000		(5,558	)		(1,446	)
Call - USD vs. MXN		GSB		USD	19.20		11/22/2016		USD	4,300,000		(43,430	)		(76,480	)
Call - USD vs. MXN		GSB		USD	19.20		11/22/2016		USD	2,000,000		(21,800	)		(35,418	)
Call - USD vs. MXN		UBS		USD	19.50		11/23/2016		USD	1,900,000		(15,295	)		(26,127	)
Call - USD vs. RUB		HSBC		USD	87.00		12/08/2016		USD	1,400,000		(60,165	)		(1	)
Put - AUD vs. USD		BOA		AUD	0.74		11/01/2016		AUD	3,000,000		(6,929	)		(14	)
Put - GBP vs. USD		DUB		GBP	1.24		11/03/2016		GBP	900,000		(4,872	)		(18,298	)
Put - GBP vs. USD		SCB		GBP	1.25		11/01/2016		GBP	1,400,000		(4,877	)		(34,354	)
Put - GBP vs. USD		GSB		GBP	1.25		11/03/2016		GBP	1,400,000		(8,270	)		(41,704	)
Put - USD vs. JPY		BOA		USD	100.70		11/03/2016		USD	4,000,000		(17,240	)		(4	)
Put - USD vs. JPY		HSBC		USD	101.25		11/03/2016		USD	900,000		(4,230	)		(3	)
Put - USD vs. JPY		CITI		USD	102.00		11/03/2016		USD	1,400,000		(6,790	)		(29	)
Put - USD vs. JPY		BOA		USD	103.00		11/17/2016		USD	3,300,000		(13,200	)		(13,454	)
Total											$	(296,938	)	$	(308,665	)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS WRITTEN: (Q) (R)
Description	Counterparty		Floating Rate Index	Floating Rate	Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)			Value
Call - 2-Year		JPM	3-Month USD-LIBOR	Receive		1.10	%		01/30/2018		USD	6,600,000	$	(34,320	)	$	(22,777	)
Call - 2-Year		JPM	3-Month USD-LIBOR	Receive		1.60			01/30/2018		USD	6,600,000		(59,730	)		(59,289	)
Call - 5-Year		MSCS	3-Month USD-LIBOR	Receive		0.77			12/13/2016		USD	12,200,000		(52,003	)		(134	)
Call - 5-Year		CITI	3-Month USD-LIBOR	Receive		0.77			12/21/2016		USD	12,400,000		(51,515	)		(303	)
Call - 5-Year		MSCS	3-Month USD-LIBOR	Receive		0.77			12/21/2016		USD	18,200,000		(80,243	)		(444	)
Put - 5-Year		MSCS	3-Month USD-LIBOR	Pay		2.80			08/20/2018		USD	13,000,000		(290,080	)		(47,390	)
Put - 5-Year		GSB	3-Month USD-LIBOR	Pay		2.80			08/20/2018		USD	4,100,000		(91,318	)		(14,946	)
Total													$	(659,209	)	$	(145,283	)

CENTRALLY CLEARED SWAP AGREEMENTS: ^{(T) (U)}

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (V)
Reference Obligation	Fixed Deal Receive Rate			Expiration Date		Implied Credit Spread at October 31, 2016 (W)			Notional Amount (X)		Fair Value (Y)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
MetLife, Inc., 4.75%, 02/08/2021		1.00	%		12/20/2020		0.78	%		USD    500,000	$	5,031		$	4,786		$	245
MetLife, Inc., 4.75%, 02/08/2021		1.00			12/20/2021		1.04			USD  1,000,000		(1,468	)		(13,505	)		12,037
Total											$	3,563		$	(8,719	)	$	12,282

Interest Rate Swap Agreements - Fixed Rate Payable
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month CAD-CDOR		1.75	%		12/16/2046		CAD	400,000	$	7,009		$	(5,301	)	$	12,310
3-Month USD-LIBOR		1.50			12/21/2021		USD	400,000		(2,716	)		(2,798	)		82
3-Month USD-LIBOR		1.50			12/21/2021		USD	7,100,000		(41,525	)		(101,016	)		59,491
3-Month USD-LIBOR		1.75			12/21/2026		USD	6,100,000		(24,178	)		(146,573	)		122,395

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    103

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CENTRALLY CLEARED SWAP AGREEMENTS (continued): ^{(T) (U)}

Interest Rate Swap Agreements - Fixed Rate Payable (continued)
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		2.00	%		12/16/2019		USD	9,000,000	$	(283,101	)	$	(152,289	)	$	(130,812	)
3-Month USD-LIBOR		2.00			12/16/2019		USD	4,400,000		(138,728	)		(14,134	)		(124,594	)
3-Month USD-LIBOR		2.00			06/15/2021		USD	21,800,000		(830,486	)		(652,731	)		(177,755	)
3-Month USD-LIBOR		2.00			06/15/2021		USD	1,400,000		(52,147	)		(39,768	)		(12,379	)
3-Month USD-LIBOR		2.25			12/16/2022		USD	31,200,000		(1,745,701	)		53,111			(1,798,812	)
3-Month USD-LIBOR		2.25			06/15/2026		USD	11,600,000		(700,349	)		5,476			(705,825	)
3-Month USD-LIBOR		2.35			08/05/2025		USD	700,000		(43,637	)		—			(43,637	)
3-Month USD-LIBOR		2.50			12/16/2025		USD	6,300,000		(521,246	)		4,230			(525,476	)
3-Month USD-LIBOR		2.50			06/15/2046		USD	800,000		(92,715	)		(2,914	)		(89,801	)
3-Month USD-LIBOR		2.50			06/15/2046		USD	2,600,000		(276,798	)		(109,244	)		(167,554	)
3-Month USD-LIBOR		2.75			12/16/2045		USD	53,100,000		(8,742,966	)		2,557,062			(11,300,028	)
6-Month GBP-LIBOR		0.50			03/15/2022		GBP	8,500,000		193,898			167,404			26,494
6-Month GBP-LIBOR		0.75			03/15/2027		GBP	3,500,000		194,063			119,877			74,186
Total									$	(13,101,323	)	$	1,680,392		$	(14,781,715	)

OVER-THE-COUNTER SWAP AGREEMENTS: ^{(Q) (R)}

Credit Default Swap Agreements on Corporate and Sovereign Issues - Sell Protection (V)
Reference Obligation	Counterparty	Fixed Deal Receive Rate			Expiration Date		Implied Credit Spread at October 31, 2016 (W)			Notional Amount (X)			Fair Value (Y)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
Goldman Sachs Group, Inc., 5.95%, 01/18/2018	BCLY		1.00	%		06/20/2021		0.79	%		USD	1,000,000	$	9,029		$	(8,719	)	$	17,748
Goldman Sachs Group, Inc., 5.95%, 01/18/2018	BOA		1.00			12/20/2021		0.86			USD	1,400,000		7,383			(678	)		8,061
Mexico Government International Bond, 5.95%, 03/19/2019	CITI		1.00			12/20/2019		0.90			USD	2,100,000		4,449			7,476			(3,027	)
Mexico Government International Bond, 5.95%, 03/19/2019	CITI		1.00			12/20/2020		1.17			USD	1,400,000		(12,635	)		(47,212	)		34,577
Petrobras International Finance Co. SA, 8.38%, 12/10/2018	GSI		1.00			12/20/2019		3.20			USD	400,000		(23,203	)		(26,074	)		2,871
Royal Bank of Scotland Group PLC, 4.25%, 05/11/2016 (C)	BNP		1.00			12/20/2017		1.52			EUR	1,000,000		(5,933	)		2,529			(8,462	)
Tesco PLC, 6.00%, 12/14/2029	CITI		1.00			12/20/2020		1.59			EUR	1,200,000		(31,375	)		(91,431	)		60,056
Volkswagen International Finance NV, 5.38%, 05/22/2018	CITI		1.00			03/20/2017		0.30			EUR	800,000		3,413			1,978			1,435
Volkswagen International Finance NV, 5.38%, 05/22/2018	BNP		1.00			12/20/2017		0.30			EUR	1,500,000		15,267			(14,862	)		30,129
Total													$	(33,605	)	$	(176,993	)	$	143,388

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    104

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

OVER-THE-COUNTER SWAP AGREEMENTS (continued): ^{(Q) (R)}

Credit Default Swap Agreements on Credit Indices - Sell Protection (V)
Reference Obligation	Counterparty	Fixed Deal Receive Rate			Expiration Date		Notional Amount (X)			Fair Value (Y)			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
North America CMBS Basket Index - Series AAA8	DUB		0.50	%		10/17/2057		USD	3,000,000	$	(59,964	)	$	(202,565	)	$	142,601
North America CMBS Basket Index - Series AAA8	GSI		0.50			10/17/2057		USD	2,900,000		(57,959	)		(148,890	)		90,931
North America CMBS Basket Index - Series AAA9	GSI		0.50			09/17/2058		USD	1,400,000		(42,232	)		(52,094	)		9,862
North America CMBS Basket Index - Series AAA9	MLI		0.50			09/17/2058		USD	3,600,000		(108,596	)		(145,070	)		36,474
Total										$	(268,751	)	$	(548,619	)	$	279,868

FUTURES CONTRACTS: (Z)
Description	Long/Short		Number of Contracts	Expiration Date		Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Short	(401)		03/13/2017	$	—	$	(715,811	)
90-Day Eurodollar		Short	(111)		09/18/2017		54,634		—
90-Day Eurodollar		Short	(149)		12/18/2017		—		(49,167	)
90-Day Eurodollar		Short	(499)		03/19/2018		—		(391,118	)
90-Day Eurodollar		Short	(383)		06/18/2018		—		(79,683	)
90-Day Eurodollar		Short	(103)		09/17/2018		51,490		—
90-Day Eurodollar		Short	(269)		12/17/2018		137,836		—
5-Year U.S. Treasury Note		Long	1,555		12/30/2016		—		(1,074,160	)
10-Year Canada Government Bond		Short	(56)		12/19/2016		83,129		—
10-Year U.S. Treasury Note		Long	218		12/20/2016		—		(221,204	)
U.K. Gilt		Short	(25)		12/28/2016		47,529		—
U.S. Treasury Bond		Long	67		12/20/2016		—		(442,827	)
Total						$	374,618	$	(2,973,970	)

FORWARD FOREIGN CURRENCY CONTRACTS: (Q) (R)
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
BCLY	11/10/2016		USD	777,514		SGD	1,054,000	$	19,870	$	—
BNP	11/02/2016		EUR	14,576,000		USD	15,924,280		77,777		—
BNP	11/02/2016		USD	1,061,469		AUD	1,391,000		3,396		—
BNP	11/03/2016		BRL	11,851,531		USD	3,723,788		—		(14,489	)
BNP	11/03/2016		USD	3,798,568		BRL	11,851,531		89,268		—
BNP	11/14/2016		JPY	266,000,000		USD	2,647,021		—		(109,392	)
BNP	12/02/2016		BRL	11,851,531		USD	3,765,140		—		(89,084	)
BNP	12/02/2016		USD	15,943,520		EUR	14,576,000		—		(78,381	)
BNP	12/05/2016		USD	6,415,553		JPY	660,000,000		114,028		—
BNP	12/07/2016		CNH	695,083		USD	101,709		528		—
BNP	02/13/2017		MXN	2,145,000		USD	113,412		—		(1,229	)
BNP	07/05/2017		USD	3,261,243		BRL	9,500,000		483,979		—
BOA	11/10/2016		USD	793,000		KRW	893,552,900		12,112		—
BOA	11/10/2016		USD	374,000		TWD	11,867,020		—		(2,110	)
BOA	12/19/2016		USD	492,470		JPY	50,000,000		14,687		—
BOA	01/10/2017		USD	495,624		JPY	50,000,000		17,350		—
BOA	02/13/2017		MXN	17,807,000		USD	926,555		4,742		—
BOA	04/03/2017		USD	9,017,260		DKK	59,825,011		121,933		—
CITI	11/10/2016		KRW	1,570,051,600		USD	1,391,614		—		(19,526	)
CITI	11/10/2016		SGD	1,016,000		USD	735,342		—		(5,013	)
CITI	11/10/2016		USD	1,253,000		KRW	1,391,547,000		36,909		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    105

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (Q) (R)
Counterparty	Settlement Date	Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI	11/14/2016		GBP	1,331,000		USD	1,741,050	$	—	$	(111,470	)
CITI	11/28/2016		USD	8,402,051		JPY	850,000,000		289,378		—
CITI	12/12/2016		USD	9,424,238		JPY	960,000,000		254,590		—
CITI	01/03/2017		USD	1,169,359		DKK	7,735,000		24,220		—
CITI	01/10/2017		USD	297,339		JPY	30,000,000		10,375		—
CITI	01/17/2017		USD	908,213		KRW	1,027,642,600		10,338		—
CITI	03/21/2017		USD	1,247,000		TWD	39,392,730		—		(5,977	)
DUB	11/10/2016		USD	391,000		KRW	428,536,000		16,497		—
DUB	11/10/2016		USD	362,000		SGD	495,430		5,872		—
DUB	11/15/2016		USD	461,000		MYR	1,865,667		16,661		—
DUB	11/25/2016		USD	366,000		KRW	413,814,240		4,391		—
DUB	12/05/2016		CNH	2,217,857		USD	325,710		561		—
DUB	01/04/2017		BRL	34,200,000		USD	7,854,846		2,648,925		—
DUB	01/04/2017		USD	7,857,930		BRL	34,200,000		—		(2,645,841	)
GSB	11/02/2016		EUR	894,000		USD	996,832		—		(15,366	)
GSB	11/02/2016		USD	17,820,951		EUR	15,878,000		389,512		—
GSB	11/03/2016		BRL	1,135,260		USD	356,877		—		(1,562	)
GSB	11/03/2016		USD	357,000		BRL	1,135,260		1,686		—
GSB	11/10/2016		SGD	4,893,588		USD	3,575,491		—		(57,847	)
GSB	11/10/2016		USD	200,332		INR	13,418,255		—		(267	)
GSB	11/10/2016		USD	322,000		KRW	359,641,800		7,704		—
GSB	11/14/2016		GBP	1,739,000		USD	2,255,465		—		(126,359	)
GSB	12/07/2016		CNH	10,328,143		USD	1,519,962		—		(825	)
GSB	01/17/2017		INR	13,418,255		USD	198,392		226		—
GSB	02/13/2017		MXN	8,826,000		USD	459,078		2,518		—
HSBC	11/03/2016		BRL	1,690,170		USD	531,316		—		(2,326	)
HSBC	11/03/2016		USD	530,000		BRL	1,690,170		1,010		—
HSBC	11/10/2016		SGD	447,349		USD	320,726		840		—
HSBC	11/10/2016		USD	86,000		KRW	94,359,200		3,538		—
HSBC	11/10/2016		USD	7,161,276		SGD	9,604,918		256,999		—
HSBC	11/10/2016		USD	366,000		TWD	11,627,820		—		(2,529	)
HSBC	11/15/2016		MYR	1,731,709		USD	413,000		—		(565	)
HSBC	12/07/2016		USD	1,659,000		CNH	11,023,226		37,625		—
HSBC	01/03/2017		DKK	5,905,000		USD	888,070		—		(13,856	)
HSBC	01/17/2017		USD	320,801		SGD	447,349		—		(870	)
HSBC	02/13/2017		USD	5,923,105		MXN	113,477,816		—		(11,729	)
HSBC	04/03/2017		DKK	1,175,011		USD	178,423		—		(3,712	)
HSBC	10/02/2017		USD	3,599,081		DKK	23,502,000		72,426		—
JPM	11/02/2016		USD	3,726,360		AUD	4,863,000		27,285		—
JPM	11/03/2016		BRL	1,134,546		USD	357,000		—		(1,909	)
JPM	11/03/2016		USD	356,652		BRL	1,134,546		1,561		—
JPM	11/10/2016		SGD	5,759,120		USD	4,189,978		—		(50,165	)
JPM	11/10/2016		USD	2,695,754		KRW	2,997,085,056		76,562		—
JPM	11/10/2016		USD	1,498,000		SGD	2,027,183		40,805		—
JPM	11/10/2016		USD	1,617,000		TWD	51,212,445		—		(6,114	)
JPM	11/14/2016		JPY	273,600,000		USD	2,673,268		—		(63,135	)
JPM	11/14/2016		USD	7,199,352		GBP	5,546,000		409,229		—
JPM	11/14/2016		USD	308,106		JPY	31,370,126		8,836		—
JPM	11/14/2016		USD	1,132,140		NZD	1,581,000		2,221		—
JPM	11/21/2016		USD	1,402,244		JPY	140,000,000		66,344		—
JPM	11/28/2016		USD	2,198,022		JPY	220,000,000		98,271		—
JPM	12/05/2016		CNH	11,028,266		USD	1,604,695		17,683		—
JPM	12/12/2016		USD	2,370,136		JPY	240,000,000		77,724		—
JPM	01/10/2017		USD	396,314		JPY	40,000,000		13,696		—
JPM	02/13/2017		MXN	85,655,000		USD	4,564,202		—		(84,487	)
JPM	04/04/2017		USD	1,673,517		BRL	5,700,000		—		(34,164	)
JPM	10/02/2017		USD	1,119,609		DKK	7,305,000		23,438		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    106

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (Q) (R)
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
MSCS		11/03/2016		BRL	11,850,644		USD	3,630,100	$	78,922	$	—
MSCS		11/03/2016		USD	3,725,329		BRL	11,850,644		16,307		—
MSCS		12/05/2016		USD	1,991,000		CNH	13,246,123		42,351		—
MSCS		12/15/2016		USD	406,094		RUB	26,458,836		—		(6,134	)
MSCS		01/04/2017		USD	503,242		BRL	1,672,727		—		(10,499	)
NGFP		11/25/2016		USD	956,000		TWD	30,209,600		—		(1,762	)
NGFP		04/04/2017		USD	175,535		BRL	600,000		—		(4,221	)
SCB		11/10/2016		KRW	703,248,400		USD	626,000		—		(11,422	)
SCB		11/10/2016		SGD	1,065,476		USD	784,000		—		(18,107	)
SCB		11/10/2016		USD	377,000		KRW	425,557,600		5,100		—
SCB		11/10/2016		USD	401,000		TWD	12,735,760		—		(2,644	)
SCB		11/15/2016		MYR	4,597,952		USD	1,097,625		—		(2,548	)
SCB		11/15/2016		USD	1,096,077		MYR	4,463,994		32,904		—
SCB		11/21/2016		USD	671,000		KRW	752,023,500		13,836		—
SCB		11/25/2016		USD	429,000		KRW	488,334,990		2,272		—
SCB		01/17/2017		USD	337,000		KRW	383,775,600		1,687		—
SCB		01/17/2017		USD	1,095,742		MYR	4,597,952		3,749		—
SCB		10/03/2017		USD	2,581,662		BRL	9,500,000		—		(137,065	)
UBS		11/02/2016		AUD	6,254,000		USD	4,743,659		13,490		—
UBS		11/02/2016		EUR	408,000		USD	459,021		—		(11,104	)
UBS		11/10/2016		INR	13,418,255		USD	198,194		2,405		—
UBS		11/10/2016		KRW	15,423,627,206		USD	13,611,885		—		(132,972	)
UBS		11/10/2016		TWD	173,885,614		USD	5,490,605		20,479		—
UBS		11/10/2016		USD	9,989,854		KRW	11,106,647,650		283,606		—
UBS		11/10/2016		USD	2,714,965		TWD	86,442,569		—		(24,723	)
UBS		11/14/2016		JPY	1,360,400,000		USD	13,537,237		—		(559,076	)
UBS		11/21/2016		USD	10,216,234		JPY	1,020,000,000		483,251		—
UBS		11/28/2016		USD	6,494,609		JPY	650,000,000		290,801		—
UBS		12/02/2016		USD	4,739,969		AUD	6,254,000		—		(13,453	)
UBS		12/12/2016		USD	2,270,080		JPY	230,000,000		73,185		—
UBS		12/19/2016		USD	3,731,838		JPY	380,000,000		100,683		—
UBS		01/17/2017		USD	13,606,482		KRW	15,423,627,206		130,514		—
UBS		03/21/2017		USD	5,508,928		TWD	173,885,614		—		(21,907	)
Total									$	7,511,668	$	(4,517,936	)

SECURITY VALUATION:

Valuation Inputs ^(AA)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs  (AB)		Value
ASSETS
Investments
Asset-Backed Securities	$	—	$	61,595,438	$	481,431	$	62,076,869
Corporate Debt Securities		—		211,492,475		—		211,492,475
Foreign Government Obligations		—		5,498,173		—		5,498,173
Loan Assignments		—		2,185,997		—		2,185,997
Mortgage-Backed Securities		—		53,652,443		2,899,586		56,552,029
Municipal Government Obligations		—		8,509,161		—		8,509,161
U.S. Government Agency Obligations		—		259,313,001		—		259,313,001
U.S. Government Obligations		—		235,105,154		—		235,105,154
Commercial Paper		—		9,691,099		—		9,691,099
Short-Term Foreign Government Obligations		—		52,643,910		—		52,643,910
Exchange-Traded Options Purchased		5,318		—		—		5,318
Over-the-Counter Interest Rate Swaptions Purchased		—		234,895		—		234,895
Securities Lending Collateral		235,480		—		—		235,480
Repurchase Agreement		—		1,418,638		—		1,418,638
Total Investments	$	240,798	$	901,340,384	$	3,381,017	$	904,962,199

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    107

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(AA)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs  (AB)		Value
ASSETS (continued)
Other Financial Instruments
Centrally Cleared Credit Default Swap Agreements	$	—		$	5,031		$	—	$	5,031
Centrally Cleared Interest Rate Swap Agreements		—			394,970			—		394,970
Over-the-Counter Credit Default Swap Agreements		—			39,541			—		39,541
Futures Contracts (AC)		374,618			—			—		374,618
Forward Foreign Currency Contracts (AC)		—			7,511,668			—		7,511,668
Total Other Financial Instruments	$	374,618		$	7,951,210		$	—	$	8,325,828
LIABILITIES
Other Financial Instruments
Reverse Repurchase Agreements	$	—		$	(123,354,849	)	$	—	$	(123,354,849	)
Exchange-Traded Options Written		(19,500	)		—			—		(19,500	)
Over-the-Counter Foreign Exchange Options Written		—			(308,665	)		—		(308,665	)
Over-the-Counter Interest Rate Swaptions Written		—			(145,283	)		—		(145,283	)
Centrally Cleared Credit Default Swap Agreements		—			(1,468	)		—		(1,468	)
Centrally Cleared Interest Rate Swap Agreements		—			(13,496,293	)		—		(13,496,293	)
Over-the-Counter Credit Default Swap Agreements		—			(341,897	)		—		(341,897	)
Futures Contracts (AC)		(2,973,970	)		—			—		(2,973,970	)
Forward Foreign Currency Contracts (AC)		—			(4,517,936	)		—		(4,517,936	)
Total Other Financial Instruments	$	(2,993,470	)	$	(142,166,391	)	$	—	$	(145,159,861	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Floating or variable rate securities. The rates disclosed are as of October 31, 2016.

^(B)  Securities are registered pursuant to Rule 144A of the Securities Act of 1933. Unless otherwise indicated, the 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 October 31, 2016, the total value of 144A securities is $100,540,111, representing 18.1% of the Fund’s net assets.

^(C)  Illiquid securities and derivatives. At October 31, 2016, total value of illiquid securities is $13,913,966, representing 2.5% of the Fund’s net assets, and total value of illiquid derivatives is $228,962, representing less than 0.1% of the Fund’s net assets.

^(D)  Percentage rounds to less than 0.01% or (0.01)%.

^(E)  Fair valued as determined in good faith in accordance with procedures established by the Board. At October 31, 2016, total value of securities is $3,381,017, representing 0.6% of the Fund’s net assets.

^(F)  Securities are Level 3 of the fair value hierarchy.

^(G)  Perpetual maturity. The date displayed is the next call date.

^(H) Securities are exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Securities 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. At October 31, 2016, the total value of Regulation S securities is $18,475,061, representing 3.3% of the Fund’s net assets.

^(I)  Percentage rounds to less than 0.1% or (0.1)%.

^(J)  Security in default.

^(K)  All or a portion of the security is on loan. The value of the security on loan is $230,936. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.

^(L) Securities on a when-issued, delayed-delivery, or forward commitment basis. Securities to be settled and delivered after October 31, 2016.

^(M)  Securities with a total value of $168,122 have been segregated by the broker as collateral for open TBA commitment transactions.

^(N)  Securities are subject to sale-buyback transactions.

^(O)  Securities with a total value of $173,363 have been segregated by the broker as collateral to cover margin requirements for open futures contracts.

^(P)  Rates disclosed reflect the yields at October 31, 2016.

^(Q)  Cash in the amount of $2,412,000 has been segregated by the broker as collateral for open options, over-the-counter swap agreements, swaptions and/or forward foreign currency contracts.

^(R)  Securities with a total value of $259,539 have been segregated by the broker as collateral for open options, over-the-counter swap agreements, swaptions and/or forward foreign currency contracts.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    108

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FOOTNOTES TO SCHEDULE OF INVESTMENTS (continued):

^(S)  Aggregate cost for federal income tax purposes is $898,034,183. Aggregate gross unrealized appreciation and depreciation for all securities is $15,400,753 and $8,472,737, respectively. Net unrealized appreciation for tax purposes is $6,928,016.

^(T)  Securities with a total value of $5,870,288 have been segregated by the broker as collateral for centrally cleared swap agreements.

^(U)  Cash in the amount of $3,002,000 has been segregated by the custodian as collateral for centrally cleared swap agreements.

^(V)  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 agreement less the recovery value of the referenced obligation or underlying securities comprising the referenced obligation.

^(W)  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.

^(X)  The maximum potential amount the Fund could be required to pay 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.

^(Y)  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 agreement, 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.

^(Z)  Cash in the amount of $90,000 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts.

^(AA)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(AB)  Level 3 securities were not considered significant to the Fund.

^(AC)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Chinese Yuan Renminbi
DKK	Danish Krone
EUR	Euro
GBP	Pound Sterling
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
RUB	Russian Ruble
SGD	Singapore Dollar
TWD	Taiwan New Dollar
USD	United States Dollar

COUNTERPARTY ABBREVIATIONS:

BCLY	Barclays Bank PLC
BNP	BNP Paribas
BOA	Bank of America, N.A.
CITI	Citibank N.A.
DUB	Deutsche Bank AG
GSB	Goldman Sachs Bank
GSI	Goldman Sachs International

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    109

Transamerica Total Return

SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

COUNTERPARTY ABBREVIATIONS (continued):

HSBC	HSBC Bank USA
JPM	JPMorgan Chase Bank, N.A.
MLI	Merrill Lynch International
MSCS	Morgan Stanley Capital Services Inc.
NGFP	Nomura Global Financial Products, Inc.
SCB	Standard Chartered Bank
UBS	UBS AG

PORTFOLIO ABBREVIATIONS:

CDOR	Canadian Dollar Offered Rate
CMBS	Commercial Mortgage-Backed Securities
LIBOR	London Interbank Offered Rate
MTN	Medium Term Note
STRIPS	Separate Trading of Registered Interest and Principal of Securities
TBA	To Be Announced

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    110

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2016

	Transamerica Core Bond			Transamerica Developing Markets Equity			Transamerica Event Driven			Transamerica Global Real Estate Securities			Transamerica Intermediate Bond
Assets:
Investments, at value (A) (B)	$	1,274,153,362		$	1,008,246,378		$	107,182,166		$	38,042,985		$	2,158,063,151
Repurchase agreements, at value (C)		6,138,824			43,699,231			4,281,683			102,242			9,649,712
Cash		10,793			—			54			—			4,068,269
Cash on deposit with broker		—			—			321,503			—			—
Cash on deposit with custodian		—			—			16,193,586			—			799,000
Foreign currency, at value (D)		—			480,365			—			857			—
Receivables:
Shares of beneficial interest sold		62,730			7,703			4,698			521			2,938
Investments sold		348,957			3,429,352			9,258,914			1,073,526			—
When-issued, delayed-delivery, and forward commitment securities sold		—			—			565,044			—			6,891,953
Interest		5,393,047			36			976,412			—			11,795,885
Dividends		—			747,695			—			56,812			—
Tax reclaims		228			31,734			170			15,837			—
Net income from securities lending		2,407			39,620			1,735			91			6,428
OTC swap agreements, at value		—			—			143,518			—			—
Unrealized appreciation on forward foreign currency contracts		—			—			190			—			—
Total assets		1,286,110,348			1,056,682,114			138,929,673			39,292,871			2,191,277,336
Liabilities:
Cash deposit due to broker		—			—			10,291			—			—
Payables and other liabilities:
Shares of beneficial interest redeemed		1,135,375			84,403			31,263			33,957			991,744
Investments purchased		258,069			2,558,239			4,344,399			298,021			7,640,073
When-issued, delayed-delivery, and forward commitment securities purchased		2,314,787			1,020,526			562,000			—			282,954,871
Investment management fees		493,238			961,426			94,970			27,572			609,172
Transfer agent fees		8,154			6,456			627			249			12,023
Trustees, CCO and deferred compensation fees		612			449			34			30			608
Audit and tax fees		37,178			28,846			22,670			37,756			29,311
Custody fees		27,944			148,666			39,464			24,113			19,316
Legal fees		7,799			2,776			720			310			7,170
Printing and shareholder reports fees		16,733			8,128			1,252			1,269			9,210
Registration fees		4,844			3,017			513			455			6,188
Dividends, interest and fees for borrowings from securities sold short		—			—			25,863			—			—
Other		2,693			1,175			203			92			5,361
Unutilized loan commitment fees		—			—			5,813			—			—
Interest fees on utilized loan commitments		—			—			22,266			—			—
Foreign capital gains tax		—			305,797			—			—			—
Open line of credit		—			—			15,000,000			—			—
Collateral for securities on loan		14,525,154			42,152,751			5,408,908			437,413			12,755,280
Securities sold short, at value (E)		—			—			15,911,471			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			47,758			—			—
Total liabilities		18,832,580			47,282,655			41,530,485			861,237			305,040,327
Net assets	$	1,267,277,768		$	1,009,399,459		$	97,399,188		$	38,431,634		$	1,886,237,009
Net assets consist of:
Paid-in capital	$	1,224,242,681		$	1,065,568,627		$	101,150,587		$	73,248,565		$	1,870,472,873
Undistributed (distributions in excess of) net investment income (loss)		180,118			935,185			963,603			(547,734	)		(5,596	)
Accumulated net realized gain (loss)		(1,368,900	)		(105,495,492	)		(6,352,290	)		(41,842,643	)		5,380,251
Net unrealized appreciation (depreciation) on:
Investments		44,223,869			48,462,815	(F)		740,059			7,575,764			10,389,481
Securities sold short		—			—			1,017,607			—			—
Swap agreements		—			—			(19,202	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			(71,676	)		(101,176	)		(2,318	)		—
Net assets	$	1,267,277,768		$	1,009,399,459		$	97,399,188		$	38,431,634		$	1,886,237,009
Shares outstanding (unlimited shares, no par value)		124,822,634			101,888,767			9,911,459			2,776,916			183,071,997
Net asset value and offering price per share	$	10.15		$	9.91		$	9.83		$	13.84		$	10.30
(A)      Investments, at cost	$	1,229,929,493		$	959,477,766		$	106,442,107		$	30,467,221		$	2,147,673,670
(B)      Securities on loan, at value	$	14,225,960		$	40,110,650		$	5,296,281		$	416,817		$	12,495,395
(C)      Repurchase agreements, at cost	$	6,138,824		$	43,699,231		$	4,281,683		$	102,242		$	9,649,712
(D)      Foreign currency, at cost	$	—		$	554,276		$	—		$	867		$	—
(E)      Proceeds received from securities sold short	$	—		$	—		$	16,929,078		$	—		$	—

^(F)  Net of foreign capital gains tax of $305,797.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    111

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	Transamerica International Equity Opportunities			Transamerica International Small Cap			Transamerica Long/Short Strategy			Transamerica Mid Cap Value		Transamerica Total Return
Assets:
Investments, at value (A) (B)	$	1,172,714,460		$	123,405,391		$	14,975,587		$	258,881,328	$	903,543,561
Repurchase agreements, at value (C)		10,478,647			1,042,030			187,184			5,191,257		1,418,638
Cash on deposit with broker		—			—			—			—		3,092,000
Cash on deposit with custodian		—			—			9,980,881			—		—
Foreign currency, at value (D)		268,318			33,105			—			—		732,871
Receivables:
Shares of beneficial interest sold		6,384			4,534			—			4,159		63,616
Investments sold		1,629,413			172,136			672,576			173,878		12,668,673
When-issued, delayed-delivery, and forward commitment securities sold		—			—			—			—		224,044,004
Interest		9			1			—			5		4,352,303
Dividends		1,735,096			274,502			6,311			74,053		—
Tax reclaims		1,173,442			660,142			—			—		—
Net income from securities lending		29,927			6,612			—			8,473		168
Variation margin receivable		—			—			—			—		87,130
OTC swap agreements, at value		—			—			—			—		39,541
Unrealized appreciation on forward foreign currency contracts		—			—			—			—		7,511,668
Total assets		1,188,035,696			125,598,453			25,822,539			264,333,153		1,157,554,173
Liabilities:
Due to custodian		—			—			328			—		—
Cash deposit due to broker		—			—			—			—		2,412,000
Payables and other liabilities:
Shares of beneficial interest redeemed		102,286			61,757			—			89,212		321,636
Investments purchased		1,148,534			192,091			450,240			719,938		4,522,793
When-issued, delayed-delivery, and forward commitment securities purchased		—			—			—			—		462,199,406
Investment management fees		884,166			104,300			90,172			189,918		320,001
Transfer agent fees		7,463			711			91			1,678		3,564
Trustees, CCO and deferred compensation fees		439			240			42			146		391
Audit and tax fees		25,092			34,772			15,464			15,496		28,257
Custody fees		73,259			81,774			6,488			6,054		97,016
Legal fees		4,720			4,221			173			1,719		3,840
Printing and shareholder reports fees		9,126			11,962			2,050			4,612		12,250
Registration fees		3,538			2,006			345			1,116		2,049
Dividends, interest and fees for borrowings from securities sold short		—			—			13,325			—		—
Interest		—			—			—			—		28,235
Other		1,533			1,146			1,904			548		1,175
Payable for sale-buyback financing transactions		—			—			—			—		2,052,256
Collateral for securities on loan		21,759,607			15,320,382			—			3,003,032		235,480
Securities sold short, at value (E)		—			—			10,913,876			—		—
Reverse repurchase agreements, at value (F)		—			—			—			—		123,354,849
Written options and swaptions, at value (G)		—			—			—			—		473,448
OTC swap agreements, at value		—			—			—			—		341,897
Unrealized depreciation on forward foreign currency contracts		—			—			—			—		4,517,936
Total liabilities		24,019,763			15,815,362			11,494,498			4,033,469		600,928,479
Net assets	$	1,164,015,933		$	109,783,091		$	14,328,041		$	260,299,684	$	556,625,694
Net assets consist of:
Paid-in capital	$	1,240,309,448		$	61,739,393		$	13,517,679		$	176,001,507	$	548,860,435
Undistributed (distributions in excess of) net investment income (loss)		12,473,601			3,931,863			(92,208	)		1,624,743		3,029,371
Accumulated net realized gain (loss)		(24,957,548	)		37,618,684			(772,602	)		14,950,754		3,219,994
Net unrealized appreciation (depreciation) on:
Investments		(63,730,035	)		6,505,257			1,990,290			67,722,680		14,974,593
Securities sold short		—			—			(315,118	)		—		—
Written options and swaptions		—			—			—			—		504,407
Swap agreements		—			—			—			—		(14,346,177	)
Futures contracts		—			—			—			—		(2,599,352	)
Translation of assets and liabilities denominated in foreign currencies		(79,533	)		(12,106	)		—			—		2,982,423
Net assets	$	1,164,015,933		$	109,783,091		$	14,328,041		$	260,299,684	$	556,625,694
Shares outstanding (unlimited shares, no par value)		160,031,989			11,991,009			2,381,125			16,683,015		53,359,788
Net asset value and offering price per share	$	7.27		$	9.16		$	6.02		$	15.60	$	10.43
(A)      Investments, at cost	$	1,236,444,495		$	116,900,134		$	12,985,297		$	191,158,648	$	888,568,968
(B)      Securities on loan, at value	$	20,708,658		$	14,547,109		$	—		$	2,939,483	$	230,936
(C)      Repurchase agreements, at cost	$	10,478,647		$	1,042,030		$	187,184		$	5,191,257	$	1,418,638
(D)      Foreign currency, at cost	$	266,871		$	33,037		$	—		$	—	$	710,224
(E)      Proceeds received from securities sold short	$	—		$	—		$	10,598,758		$	—	$	—
(F)      Reverse repurchase agreements, at cost	$	—		$	—		$	—		$	—	$	123,354,849
(G)      Premium received on written options and swaptions	$	—		$	—		$	—		$	—	$	(977,855	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    112

STATEMENTS OF OPERATIONS

For the year ended October 31, 2016

	Transamerica Core Bond			Transamerica Developing Markets Equity			Transamerica Event Driven			Transamerica Global Real Estate Securities			Transamerica Intermediate Bond
Investment Income:
Dividend income	$	—		$	8,616,662		$	175,006		$	1,527,787		$	37,500
Interest income		35,503,714			12,467			4,204,172			139			30,940,195
Net income (loss) from securities lending		139,619			338,567			40,954			21,061			53,262
Withholding taxes on foreign income		(30	)		(601,147	)		(432	)		(65,111	)		—
Total investment income		35,643,303			8,366,549			4,419,700			1,483,876			31,030,957
Expenses:
Investment advisory fees		1,532,626			1,299,226			447,208			124,966			1,181,925
Investment management fees		3,992,078			4,900,854			804,521			246,304			3,662,187
Administration fees		106,358			34,306			11,656			4,686			101,308
Transfer agent fees		92,769			41,016			7,987			3,397			97,607
Trustees, CCO and deferred compensation fees		19,350			8,073			1,636			697			20,058
Audit and tax fees		67,445			52,888			31,716			61,932			46,284
Custody fees		145,356			666,464			164,719			100,150			113,409
Legal fees		39,205			12,534			2,892			1,406			38,944
Printing and shareholder reports fees		28,459			6,908			1,602			2,066			14,902
Registration fees		15,778			8,708			1,152			3,687			24,982
Interest		—			—			315,710			—			—
Dividends, interest and fees for borrowings from securities sold short		—			—			854,059			—			—
Other		22,500			10,046			96,301			1,523			23,222
Total expenses before waiver and/or reimbursement and recapture		6,061,924			7,041,023			2,741,159			550,814			5,324,828
Expense waived and/or reimbursed		—			—			(48,658	)		—			—
Recapture of previously waived and/or reimbursed fees		—			—			9,814			—			—
Reimbursement of custody fees (A)		(133,275	)		(73,730	)		(979	)		(27,381	)		(10,445	)
Net expenses		5,928,649			6,967,293			2,701,336			523,433			5,314,383
Net investment income (loss)		29,714,654			1,399,256			1,718,364			960,443			25,716,574
Net realized gain (loss) on:
Investments		3,318,867			(27,921,730	)(B)		(7,429,627	)		3,905,758			6,793,450
Securities sold short		—			—			3,173,308			—			—
Written options and swaptions		—			—			129,095			—			—
Swap agreements		—			—			(249,139	)		—			—
Futures contracts		—			—			(156,767	)		—			—
Foreign currency transactions		—			(571,475	)		679,399			(10,583	)		—
Net realized gain (loss)		3,318,867			(28,493,205	)		(3,853,731	)		3,895,175			6,793,450
Net change in unrealized appreciation (depreciation) on:
Investments		19,926,863			98,946,076	(C)		2,732,563			(4,564,378	)		15,972,548
Securities sold short		—			—			580,972			—			—
Swap agreements		—			—			(19,202	)		—			—
Translation of assets and liabilities denominated in foreign currencies		—			5,453			(77,150	)		(1,054	)		—
Net change in unrealized appreciation (depreciation)		19,926,863			98,951,529			3,217,183			(4,565,432	)		15,972,548
Net realized and change in unrealized gain (loss)		23,245,730			70,458,324			(636,548	)		(670,257	)		22,765,998
Net increase (decrease) in net assets resulting from operations	$	52,960,384		$	71,857,580		$	1,081,816		$	290,186		$	48,482,572

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

^(B)  Net of realized foreign capital gains tax of $(198,165).

^(C)  Net change in foreign capital gains tax of $(635,857).

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    113

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	Transamerica International Equity Opportunities			Transamerica International Small Cap			Transamerica Long/Short Strategy			Transamerica Mid Cap Value			Transamerica Total Return
Investment Income:
Dividend income	$	21,263,506		$	13,086,854		$	224,109		$	4,400,171		$	20,625
Interest income		3,916			4,223			18,473			2,435			18,105,080
Net income (loss) from securities lending		325,070			870,832			—			120,098			18,662
Withholding taxes on foreign income		(1,900,062	)		(1,140,961	)		(460	)		—			(515	)
Total investment income		19,692,430			12,820,948			242,122			4,522,704			18,143,852
Expenses:
Investment advisory fees		2,062,346			2,337,222			101,726			689,932			1,273,922
Investment management fees		5,033,399			3,493,313			122,692			1,514,939			2,590,990
Administration fees		70,601			68,034			2,543			25,253			59,482
Transfer agent fees		59,555			41,513			1,384			19,700			43,743
Trustees, CCO and deferred compensation fees		12,217			8,807			238			4,086			8,880
Audit and tax fees		35,289			53,670			18,040			19,780			41,603
Custody fees		381,832			437,650			43,907			34,323			445,306
Legal fees		23,541			18,468			686			8,016			17,304
Printing and shareholder reports fees		12,856			14,634			1,787			6,077			14,018
Registration fees		11,320			9,571			3,148			5,728			8,637
Interest		—			—			—			—			8,374
Dividends, interest and fees for borrowings from securities sold short		—			—			380,232			—			—
Other		13,454			14,623			886			5,020			13,938
Total expenses before waiver and/or reimbursement and recapture		7,716,410			6,497,505			677,269			2,332,854			4,526,197
Expense waived and/or reimbursed		—			—			(81,731	)		—			—
Recapture of previously waived and/or reimbursed fees		—			—			78,084			—			—
Reimbursement of custody fees (A)		(66,042	)		(67,031	)		(18,880	)		(25,526	)		(81,773	)
Net expenses		7,650,368			6,430,474			654,742			2,307,328			4,444,424
Net investment income (loss)		12,042,062			6,390,474			(412,620	)		2,215,376			13,699,428
Net realized gain (loss) on:
Investments		(23,434,393	)		46,030,262			2,953,239			16,079,032			1,109,869
Securities sold short		—			—			(901,389	)		—			—
Written options and swaptions		—			—			—			—			2,502,651
Swap agreements		—			—			—			—			(1,417,020	)
Futures contracts		—			—			—			—			1,555,817
Foreign currency transactions		(377,687	)		154,526			(10	)		—			8,858,526
Net realized gain (loss)		(23,812,080	)		46,184,788			2,051,840			16,079,032			12,609,843
Net change in unrealized appreciation (depreciation) on:
Investments		(21,046,899	)		(41,753,123	)		(2,513,787	)		(5,475,294	)		18,955,317
Securities sold short		—			—			345,765			—			—
Written options and swaptions		—			—			—			—			(126,194	)
Swap agreements		—			—			—			—			(8,322,648	)
Futures contracts		—			—			—			—			(1,514,847	)
Translation of assets and liabilities denominated in foreign currencies		(34,245	)		31,608			—			—			(8,590,803	)
Net change in unrealized appreciation (depreciation)		(21,081,144	)		(41,721,515	)		(2,168,022	)		(5,475,294	)		400,825
Net realized and change in unrealized gain (loss)		(44,893,224	)		4,463,273			(116,182	)		10,603,738			13,010,668
Net increase (decrease) in net assets resulting from operations	$	(32,851,162	)	$	10,853,747		$	(528,802	)	$	12,819,114		$	26,710,096

^(A)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    114

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended:

	Transamerica Core Bond						Transamerica Developing Markets Equity						Transamerica Event Driven
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015 (A)
From operations:
Net investment income (loss)	$	29,714,654		$	24,178,792		$	1,399,256		$	2,129,366		$	1,718,364		$	(276,372	)(B)
Net realized gain (loss)		3,318,867			2,118,328			(28,493,205	)		(68,751,854	)		(3,853,731	)		(2,907,246	)(B)
Net change in unrealized appreciation (depreciation)		19,926,863			(5,842,349	)		98,951,529			(70,875,743	)		3,217,183			(1,579,895	)
Net increase (decrease) in net assets resulting from operations		52,960,384			20,454,771			71,857,580			(137,498,231	)		1,081,816			(4,763,513	)
Dividends and/or distributions to shareholders:
Net investment income		(33,037,574	)		(27,648,036	)		—			(504,329	)		(254,411	)		—
Net realized gains		—			(6,707,958	)		—			(48,455,846	)		—			—
Return of capital		—			—			—			(218,458	)		—			—
Total dividends and/or distributions to shareholders		(33,037,574	)		(34,355,994	)		—			(49,178,633	)		(254,411	)		—
Capital share transactions:
Proceeds from shares sold		438,485,397			202,792,822			632,347,323			130,974,643			2,663,301			133,272,865
Dividends and/or distributions reinvested		33,034,532			34,355,994			—			49,178,633			254,411			—
Cost of shares redeemed		(154,333,308	)		(117,407,068	)		(65,808,241	)		(585,646,838	)		(31,385,314	)		(3,469,967	)
Net increase (decrease) in net assets resulting from capital share transactions		317,186,621			119,741,748			566,539,082			(405,493,562	)		(28,467,602	)		129,802,898
Net increase (decrease) in net assets		337,109,431			105,840,525			638,396,662			(592,170,426	)		(27,640,197	)		125,039,385
Net assets:
Beginning of year		930,168,337			824,327,812			371,002,797			963,173,223			125,039,385			—
End of year	$	1,267,277,768		$	930,168,337		$	1,009,399,459		$	371,002,797		$	97,399,188		$	125,039,385
Undistributed (distributions in excess of) net investment income (loss)	$	180,118		$	152,679		$	935,185		$	—		$	963,603		$	(45,894	)
Capital share transactions - shares:
Shares issued		43,880,261			19,942,595			68,367,214			13,184,081			281,488			13,310,010
Shares reinvested		3,256,629			3,404,360			—			4,779,265			27,268			—
Shares redeemed		(15,178,892	)		(11,580,306	)		(6,869,810	)		(56,240,816	)		(3,343,576	)		(363,731	)
Net increase (decrease) in shares outstanding		31,957,998			11,766,649			61,497,404			(38,277,470	)		(3,034,820	)		12,946,279

^(A) Commenced operations on March 31, 2015.

^(B) Reclassified fees for borrowings from securities sold short from net realized gain (loss) to expenses. See Reclassification section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    115

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Global Real Estate Securities						Transamerica Intermediate Bond						Transamerica International Equity Opportunities
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	960,443		$	821,052		$	25,716,574		$	10,124,817		$	12,042,062		$	9,087,249
Net realized gain (loss)		3,895,175			3,320,247			6,793,450			1,670,340			(23,812,080	)		15,602,547
Net change in unrealized appreciation (depreciation)		(4,565,432	)		(3,382,726	)		15,972,548			(6,663,827	)		(21,081,144	)		(33,983,189	)
Net increase (decrease) in net assets resulting from operations		290,186			758,573			48,482,572			5,131,330			(32,851,162	)		(9,293,393	)
Dividends and/or distributions to shareholders:
Net investment income		(1,113,879	)		(1,210,370	)		(26,913,404	)		(10,606,966	)		(8,057,415	)		(7,992,889	)
Net realized gains		—			—			(1,413,105	)		(397,155	)		(16,155,167	)		(31,684,418	)
Total dividends and/or distributions to shareholders		(1,113,879	)		(1,210,370	)		(28,326,509	)		(11,004,121	)		(24,212,582	)		(39,677,307	)
Capital share transactions:
Proceeds from shares sold		6,090,106			2,298,459			1,117,951,024			510,772,515			595,008,925			309,170,343
Dividends and/or distributions reinvested		1,113,879			1,210,370			28,324,489			11,004,121			24,188,209			39,677,307
Cost of shares redeemed		(19,584,119	)		(7,899,336	)		(90,096,109	)		(10,394,477	)		(73,325,010	)		(188,804,367	)
Net increase (decrease) in net assets resulting from capital share transactions		(12,380,134	)		(4,390,507	)		1,056,179,404			511,382,159			545,872,124			160,043,283
Net increase (decrease) in net assets		(13,203,827	)		(4,842,304	)		1,076,335,467			505,509,368			488,808,380			111,072,583
Net assets:
Beginning of year		51,635,461			56,477,765			809,901,542			304,392,174			675,207,553			564,134,970
End of year	$	38,431,634		$	51,635,461		$	1,886,237,009		$	809,901,542		$	1,164,015,933		$	675,207,553
Undistributed (distributions in excess of) net investment income (loss)	$	(547,734	)	$	(1,310,198	)	$	(5,596	)	$	40,744		$	12,473,601		$	8,048,484
Capital share transactions - shares:
Shares issued		453,291			159,626			108,665,443			50,237,278			80,520,936			37,767,816
Shares reinvested		79,268			84,466			2,765,397			1,084,457			3,286,441			5,173,052
Shares redeemed		(1,376,313	)		(541,290	)		(8,720,492	)		(1,033,007	)		(10,305,837	)		(22,710,841	)
Net increase (decrease) in shares outstanding		(843,754	)		(297,198	)		102,710,348			50,288,728			73,501,540			20,230,027

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    116

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica International Small Cap						Transamerica Long/Short Strategy						Transamerica Mid Cap Value
	October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	6,390,474		$	9,351,598		$	(412,620	)	$	(1,859,916	)(A)	$	2,215,376		$	2,837,803
Net realized gain (loss)		46,184,788			26,728,267			2,051,840			10,455,459	(A)		16,079,032			16,485,044
Net change in unrealized appreciation (depreciation)		(41,721,515	)		10,128,426			(2,168,022	)		(10,646,399	)		(5,475,294	)		(8,335,241	)
Net increase (decrease) in net assets resulting from operations		10,853,747			46,208,291			(528,802	)		(2,050,856	)		12,819,114			10,987,606
Dividends and/or distributions to shareholders:
Net investment income		(13,903,467	)		(10,046,290	)		(183,135	)		—			(2,176,313	)		(2,610,699	)
Net realized gains		(26,113,401	)		(42,552,998	)		(7,747,160	)		(1,937,428	)		(16,772,916	)		(36,289,024	)
Total dividends and/or distributions to shareholders		(40,016,868	)		(52,599,288	)		(7,930,295	)		(1,937,428	)		(18,949,229	)		(38,899,723	)
Capital share transactions:
Proceeds from shares sold		25,875,688			183,001,878			35,233			323,001			13,826,763			12,804,250
Dividends and/or distributions reinvested		39,924,858			52,599,287			7,930,295			1,937,428			18,949,229			38,899,723
Cost of shares redeemed		(806,330,610	)		(211,572,372	)		(20,652,087	)		(123,708,475	)		(37,649,279	)		(24,400,837	)
Net increase (decrease) in net assets resulting from capital share transactions		(740,530,064	)		24,028,793			(12,686,559	)		(121,448,046	)		(4,873,287	)		27,303,136
Net increase (decrease) in net assets		(769,693,185	)		17,637,796			(21,145,656	)		(125,436,330	)		(11,003,402	)		(608,981	)
Net assets:
Beginning of year		879,476,276			861,838,480			35,473,697			160,910,027			271,303,086			271,912,067
End of year	$	109,783,091		$	879,476,276		$	14,328,041		$	35,473,697		$	260,299,684		$	271,303,086
Undistributed (distributions in excess of) net investment income (loss)	$	3,931,863		$	3,599,981		$	(92,208	)	$	(1,576,782	)	$	1,624,743		$	1,422,955
Capital share transactions - shares:
Shares issued		2,904,641			18,532,082			5,650			34,133			976,002			787,707
Shares reinvested		4,302,248			5,786,500			1,298,935			203,085			1,291,699			2,398,257
Shares redeemed		(84,617,068	)		(21,407,647	)		(2,785,804	)		(13,199,167	)		(2,590,272	)		(1,481,279	)
Net increase (decrease) in shares outstanding		(77,410,179	)		2,910,935			(1,481,219	)		(12,961,949	)		(322,571	)		1,704,685

^(A)  Reclassified fees for borrowings from securities sold short from net realized gain (loss) to expenses. See Reclassification section of the Notes to Financial Statements for additional information.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    117

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended:

	Transamerica Total Return
	October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	13,699,428		$	12,351,829
Net realized gain (loss)		12,609,843			11,241,189
Net change in unrealized appreciation (depreciation)		400,825			(6,838,879	)
Net increase (decrease) in net assets resulting from operations		26,710,096			16,754,139
Dividends and/or distributions to shareholders:
Net investment income		(17,827,440	)		(15,643,725	)
Net realized gains		(10,942,942	)		(14,571,621	)
Total dividends and/or distributions to shareholders		(28,770,382	)		(30,215,346	)
Capital share transactions:
Proceeds from shares sold		41,292,799			58,193,401
Dividends and/or distributions reinvested		28,770,382			30,215,346
Cost of shares redeemed		(120,011,613	)		(541,354,639	)
Net increase (decrease) in net assets resulting from capital share transactions		(49,948,432	)		(452,945,892	)
Net increase (decrease) in net assets		(52,008,718	)		(466,407,099	)
Net assets:
Beginning of year		608,634,412			1,075,041,511
End of year	$	556,625,694		$	608,634,412
Undistributed (distributions in excess of) net investment income (loss)	$	3,029,371		$	1,561,896
Capital share transactions - shares:
Shares issued		4,042,719			5,556,651
Shares reinvested		2,896,405			2,920,599
Shares redeemed		(11,767,890	)		(51,275,784	)
Net increase (decrease) in shares outstanding		(4,828,766	)		(42,798,534	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    118

STATEMENTS OF CASH FLOWS

For the year ended October 31, 2016

	Transamerica Event Driven			Transamerica Long/Short Strategy
Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations	$	1,081,816		$	(528,802	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term investments		(622,965,454	)		(26,994,441	)
Proceeds from long-term investments		638,015,082			43,682,565
Purchases to cover securities sold short		(264,918,849	)		(29,479,798	)
Proceeds from securities sold short		249,930,717			19,817,098
Net purchases/proceeds of short-term investments		23,745,220			4,925,737
Net change in unrealized appreciation (depreciation)		(3,217,183	)		2,168,022
Net realized gain (loss)		3,853,731			(2,051,840	)
Net amortization (accretion) of discount and premium		(591,086	)		—
(Increase) decrease in receivables for investments sold		6,119,070			1,717,467
(Increase) decrease in receivables for interest		(187,780	)		3
(Increase) decrease in receivables for dividends		50,580			26,875
(Increase) decrease in receivable for tax reclaim		(83	)		—
(Increase) decrease in receivables for net income from securities lending		1,680			—
(Increase) decrease in cash on deposit with broker and custodian		19,597,682			9,883,692
(Increase) decrease in prepaid expenses		83,242			—
Increase (decrease) in cash deposit due to broker		6,481			—
Increase (decrease) in payables for investments purchased		(6,053,725	)		(2,506,417	)
Increase (decrease) in dividends, interest and fees for borrowings from securities sold short		(249,266	)		(30,465	)
Increase (decrease) in line of credit		—			—
Increase (decrease) in accrued liabilities		(84,432	)		(18,458	)
Increase (decrease) in collateral for securities on loan		(16,268,500	)		—
Net cash provided by (used for) written options and swaptions transactions		129,095			—
Net cash provided by (used for) swap agreement transactions		(411,859	)		—
Net cash provided by (used for) in futures contracts transactions		(156,767	)		—
Net cash provided by (used for) foreign currency transactions		777,264			(10	)
Net cash provided by (used for) operating activities		28,286,676			20,611,228
Cash flows from financing activities:
Increase (decrease) in payable to custodian for cash overdraft		—			328
Increase (decrease) in foreign cash overdraft		(388	)		—
Proceeds from shares sold, net of receivable for shares sold		2,658,603			35,233
Payment of shares redeemed, net of payable for shares redeemed		(31,507,111	)		(20,652,087	)
Net cash provided by (used for) financing activities		(28,848,896	)		(20,616,526	)
Net decrease in cash and foreign currencies		(562,220	)		(5,298	)
Cash and foreign currencies, at beginning of year	$	562,274		$	5,298
Cash and foreign currencies, at end of year	$	54		$	—
Supplemental disclosure of cash flow information:
Dividends, interest and fees for borrowings from securities sold short paid	$	1,442,849		$	410,697
Non-cash financing activities included herein consist of reinvestment of distributions	$	254,411		$	7,930,295

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    119

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated:	Transamerica Core Bond
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.02		$	10.16		$	10.32		$	10.86		$	10.60
Investment operations:
Net investment income (loss) (A)		0.24	(B)		0.27			0.30			0.32			0.33
Net realized and unrealized gain (loss)		0.16			(0.03	)		0.12			(0.41	)		0.31
Total investment operations		0.40			0.24			0.42			(0.09	)		0.64
Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.30	)		(0.39	)		(0.41	)		(0.38	)
Net realized gains		—			(0.08	)		(0.19	)		(0.04	)		—
Total dividends and/or distributions to shareholders		(0.27	)		(0.38	)		(0.58	)		(0.45	)		(0.38	)
Net asset value, end of year	$	10.15		$	10.02		$	10.16		$	10.32		$	10.86
Total return		4.03	%		2.44	%		4.26	%		(0.89	)%		6.12	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,267,278		$	930,168		$	824,328		$	1,133,793		$	1,879,194
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.49	%		0.52	%		0.51	%		0.50	%		0.47	%
Including waiver and/or reimbursement and recapture		0.48	%(B)		0.52	%		0.51	%		0.50	%		0.47	%
Net investment income (loss) to average net assets		2.40	%(B)		2.65	%		2.99	%		2.99	%		3.09	%
Portfolio turnover rate		22	%		17	%		14	%		3	%		23	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Developing Markets Equity
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.19		$	12.24		$	12.19		$	11.99		$	12.27
Investment operations:
Net investment income (loss) (A)		0.02	(B)		0.04			0.04			0.04			0.05
Net realized and unrealized gain (loss)		0.70			(2.25	)		0.28			1.28			0.74
Total investment operations		0.72			(2.21	)		0.32			1.32			0.79
Dividends and/or distributions to shareholders:
Net investment income		—			(0.01	)		(0.02	)		(0.04	)		(0.07	)
Net realized gains		—			(0.83	)		(0.25	)		(1.08	)		(1.00	)
Return of capital		—			(0.00	)(C)		—			—			—
Total dividends and/or distributions to shareholders		—			(0.84	)		(0.27	)		(1.12	)		(1.07	)
Net asset value, end of year	$	9.91		$	9.19		$	12.24		$	12.19		$	11.99
Total return		7.83	%		(18.83	)%		2.79	%		11.95	%		8.07	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,009,399		$	371,003		$	963,173		$	610,896		$	341,362
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.29	%		1.38	%		1.32	%		1.36	%		1.33	%
Including waiver and/or reimbursement and recapture		1.27	%(B)		1.38	%		1.32	%		1.36	%		1.33	%
Net investment income (loss) to average net assets		0.26	%(B)		0.42	%		0.37	%		0.32	%		0.48	%
Portfolio turnover rate		27	%		52	%		57	%		42	%		37	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Rounds to less than $0.01 or $(0.01).

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    120

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	Transamerica Event Driven
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.66		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.15	(D)		(0.03	)(E)
Net realized and unrealized gain (loss)		0.04	(F)		(0.31	)(E)
Total investment operations		0.19			(0.34	)
Dividends and/or distributions to shareholders:
Net investment income		(0.02	)		—
Net asset value, end of period/year	$	9.83		$	9.66
Total return		1.98	%		(3.30	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	97,399		$	125,039
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		2.57	%		2.96	%(E)(I)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		2.53	%(D)		2.77	%(E)(I)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short		1.73	%(D)		1.66	%(I)
Net investment income (loss) to average net assets (C)		1.62	%(D)		(0.44	)%(E)(I)
Portfolio turnover rate (J)		579	%		305	%(G)

^(A)  Commenced operations on March 31, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short ratio, Expenses to average net assets including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short ratio and Net investment income (loss) to average net assets ratio would have been 0.00% higher, 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Reclassified fees for borrowings from securities sold short from net realized gain (loss) to expenses. See Reclassification section of the Notes to Financial Statements for additional information.

^(F)  The per share amount may differ with the change in aggregate gains (losses) as shown in the Statements of Operations due to the timing of purchases and sales of Fund shares in relation to fluctuating market values during the year.

^(G)  Not annualized.

^(H)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Global Real Estate Securities
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	14.26		$	14.42		$	13.34		$	12.88		$	11.64
Investment operations:
Net investment income (loss) (A)		0.30	(B)		0.22			0.24			0.24			0.29
Net realized and unrealized gain (loss)		(0.39	)		(0.06	)		1.15			1.21			1.36
Total investment operations		(0.09	)		0.16			1.39			1.45			1.65
Dividends and/or distributions to shareholders:
Net investment income		(0.33	)		(0.32	)		(0.31	)		(0.99	)		(0.41	)
Net asset value, end of year	$	13.84		$	14.26		$	14.42		$	13.34		$	12.88
Total return		(0.65	)%		1.13	%		10.61	%		11.76	%		14.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	38,432		$	51,635		$	56,478		$	69,274		$	160,330
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.22	%		1.15	%		1.11	%		0.99	%		0.97	%
Including waiver and/or reimbursement and recapture		1.16	%(B)		1.15	%		1.11	%		0.99	%		0.97	%
Net investment income (loss) to average net assets		2.12	%(B)		1.52	%		1.73	%		1.82	%		2.36	%
Portfolio turnover rate		52	%		49	%		60	%		50	%		55	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was $0.01. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.06% higher and 0.06% lower, respectively, had the custodian not reimbursed the Fund.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    121

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and years indicated:	Transamerica Intermediate Bond
	October 31, 2016			October 31, 2015			October 31, 2014 (A)
Net asset value, beginning of period/year	$	10.08		$	10.12		$	10.00
Investment operations:
Net investment income (loss) (B)		0.20	(C)		0.19			0.12
Net realized and unrealized gain (loss)		0.24			(0.02	)		0.13
Total investment operations		0.44			0.17			0.25
Dividends and/or distributions to shareholders:
Net investment income		(0.21	)		(0.20	)		(0.13	)
Net realized gains		(0.01	)		(0.01	)		—
Total dividends and/or distributions to shareholders		(0.22	)		(0.21	)		(0.13	)
Net asset value, end of period/year	$	10.30		$	10.08		$	10.12
Total return		4.41	%		1.67	%		2.48	%(D)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	1,886,237		$	809,902		$	304,392
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.41	%		0.42	%		0.44	%(E)
Including waiver and/or reimbursement and recapture		0.41	%(C)		0.42	%		0.44	%(E)
Net investment income (loss) to average net assets		1.98	%(C)		1.92	%		1.81	%(E)
Portfolio turnover rate		66	%		50	%		83	%(D)

^(A)  Commenced operations on March 1, 2014.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Not annualized.

^(E)  Annualized.

For a share outstanding during the years indicated:	Transamerica International Equity Opportunities
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	7.80		$	8.51		$	8.65		$	7.42		$	8.34
Investment operations:
Net investment income (loss) (A)		0.11	(B)		0.13			0.13			0.11			0.14
Net realized and unrealized gain (loss)		(0.40	)		(0.08	)		(0.13	)		1.58			0.29
Total investment operations		(0.29	)		0.05			—			1.69			0.43
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.15	)		(0.06	)		(0.17	)		(0.20	)
Net realized gains		(0.16	)		(0.61	)		(0.08	)		(0.29	)		(1.15	)
Total dividends and/or distributions to shareholders		(0.24	)		(0.76	)		(0.14	)		(0.46	)		(1.35	)
Net asset value, end of year	$	7.27		$	7.80		$	8.51		$	8.65		$	7.42
Total return		(3.75	)%		0.74	%		0.05	%		23.72	%		8.00	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	1,164,016		$	675,208		$	564,135		$	248,015		$	174,899
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.97	%		1.00	%		1.00	%		1.02	%		1.04	%
Including waiver and/or reimbursement and recapture		0.96	%(B)		1.00	%		1.00	%		1.02	%		1.04	%
Net investment income (loss) to average net assets		1.52	%(B)		1.58	%		1.53	%		1.44	%		1.94	%
Portfolio turnover rate		15	%		39	%		39	%		19	%		29	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    122

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica International Small Cap
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.84		$	9.96		$	10.07		$	7.90		$	9.00
Investment operations:
Net investment income (loss) (A)		0.11	(B)		0.11			0.13			0.13			0.11
Net realized and unrealized gain (loss)		(0.16	)(C)		0.46			(0.02	)		2.21			0.11
Total investment operations		(0.05	)		0.57			0.11			2.34			0.22
Dividends and/or distributions to shareholders:
Net investment income		(0.22	)		(0.13	)		(0.15	)		(0.17	)		(0.23	)
Net realized gains		(0.41	)		(0.56	)		(0.07	)		—			(1.09	)
Total dividends and/or distributions to shareholders		(0.63	)		(0.69	)		(0.22	)		(0.17	)		(1.32	)
Net asset value, end of year	$	9.16		$	9.84		$	9.96		$	10.07		$	7.90
Total return		(0.58	)%		6.35	%		1.08	%		30.12	%		4.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	109,783		$	879,476		$	861,838		$	436,299		$	241,928
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		1.17	%		1.13	%		1.15	%		1.20	%		1.20	%
Including waiver and/or reimbursement and recapture		1.16	%(B)		1.13	%		1.15	%		1.20	%		1.20	%
Net investment income (loss) to average net assets		1.15	%(B)		1.15	%		1.29	%		1.52	%		1.58	%
Portfolio turnover rate		17	%		36	%		34	%		34	%		33	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

For a share outstanding during the years indicated:	Transamerica Long/Short Strategy
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	9.18		$	9.56		$	8.80		$	8.16		$	7.86
Investment operations:
Net investment income (loss) (A)		(0.15	)(B)		(0.14	)(C)		(0.15	)(C)		(0.15	)(C)		(0.11	)(C)
Net realized and unrealized gain (loss)		0.09	(D)		(0.12	)(C)		0.91	(C)		0.79	(C)		0.41	(C)
Total investment operations		(0.06	)		(0.26	)		0.76			0.64			0.30
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		—			—			—			—
Net realized gains		(3.02	)		(0.12	)		—			—			—
Total dividends and/or distributions to shareholders		(3.10	)		(0.12	)		—			—			—
Net asset value, end of year	$	6.02		$	9.18		$	9.56		$	8.80		$	8.16
Total return		(0.73	)%		(2.81	)%		8.64	%		7.84	%		3.82	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	14,328		$	35,474		$	160,910		$	122,388		$	91,190
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		3.67	%		3.42	%(C)		3.46	%(C)		3.72	%(C)		3.66	%(C)
Including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short		3.55	%(B)		3.42	%(C)		3.46	%(C)		3.72	%(C)		3.66	%(C)
Including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short		1.49	%(B)		1.42	%		1.37	%		1.42	%		1.43	%
Net investment income (loss) to average net assets		(2.24	)%(B)		(1.50	)%(C)		(1.65	)%(C)		(1.70	)%(C)		(1.41	)%(C)
Portfolio turnover rate		955	%		1,158	%		339	%		280	%		153	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was $0.01. The Expenses to average net assets including waiver and/or reimbursement and recapture, including dividends, interest and fees for borrowings from securities sold short ratio, Expenses to average net assets including waiver and/or reimbursement and recapture, excluding dividends, interest and fees for borrowings from securities sold short ratio and Net investment income (loss) to average net assets ratio would have been 0.10% higher, 0.10% higher and 0.10% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Reclassified fees for borrowings from securities sold short from net realized gain (loss) to expenses. Please reference the Reclassification section of the Notes to Financial Statements for additional information.

^(D)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statement of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    123

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the years indicated:	Transamerica Mid Cap Value
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	15.95		$	17.77		$	16.58		$	13.03		$	10.93
Investment operations:
Net investment income (loss) (A)		0.13	(B)		0.17			0.12			0.16			0.14
Net realized and unrealized gain (loss)		0.64			0.57			2.29			3.54			2.08
Total investment operations		0.77			0.74			2.41			3.70			2.22
Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.17	)		(0.15	)		(0.15	)		(0.12	)
Net realized gains		(0.99	)		(2.39	)		(1.07	)		—			—
Total dividends and/or distributions to shareholders		(1.12	)		(2.56	)		(1.22	)		(0.15	)		(0.12	)
Net asset value, end of year	$	15.60		$	15.95		$	17.77		$	16.58		$	13.03
Total return		5.24	%		3.96	%		15.36	%		28.70	%		20.57	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	260,300		$	271,303		$	271,912		$	251,409		$	208,458
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.89	%		0.88	%		0.89	%		0.89	%		0.89	%
Including waiver and/or reimbursement and recapture		0.88	%(B)		0.88	%		0.89	%		0.89	%		0.89	%
Net investment income (loss) to average net assets		0.84	%(B)		1.02	%		0.73	%		1.07	%		1.16	%
Portfolio turnover rate		23	%		14	%		44	%		23	%		38	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

For a share outstanding during the years indicated:	Transamerica Total Return
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	10.46		$	10.65		$	10.51		$	10.89		$	10.42
Investment operations:
Net investment income (loss) (A)		0.24	(B)		0.19			0.14			0.16			0.23
Net realized and unrealized gain (loss)		0.23			(0.02	)		0.14			(0.27	)		0.62
Total investment operations		0.47			0.17			0.28			(0.11	)		0.85
Dividends and/or distributions to shareholders:
Net investment income		(0.31	)		(0.18	)		(0.14	)		(0.16	)		(0.33	)
Net realized gains		(0.19	)		(0.18	)		—			(0.10	)		(0.05	)
Return of capital		—			—			—			(0.01	)		—
Total dividends and/or distributions to shareholders		(0.50	)		(0.36	)		(0.14	)		(0.27	)		(0.38	)
Net asset value, end of year	$	10.43		$	10.46		$	10.65		$	10.51		$	10.89
Total return		4.70	%		1.62	%		2.69	%		(1.07	)%		8.30	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	556,626		$	608,634		$	1,075,042		$	946,120		$	803,780
Expenses to average net assets
Excluding waiver and/or reimbursement and recapture		0.78	%		0.79	%		0.73	%		0.74	%		0.74	%
Including waiver and/or reimbursement and recapture		0.76	%(B)		0.79	%		0.73	%		0.74	%		0.74	%
Net investment income (loss) to average net assets		2.35	%(B)		1.78	%		1.30	%		1.50	%		2.16	%
Portfolio turnover rate		31	%(C)		62	%(C)		178	%(C)		221	%		98	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(C)  Excludes sale-buyback transactions.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    124

Transamerica Global Multifactor Macro

(unaudited)

MARKET ENVIRONMENT

The fiscal year was categorized by continued divergence in monetary policy, concerns around slower global growth, a rebound in commodity prices, surprise around the result of the U.K.’s vote to leave the European Union (“Brexit”) and uncertainty around the U.S. presidential election. Developed countries’ central bank monetary policy continued to move in opposing directions, with the U.S. Federal Reserve (“Fed”) hiking its target funds rate for the first time since the global financial crisis.

After a volatile start to 2016, largely due to concerns over slowing growth in China and a further fall in oil prices, the European Central Bank and Bank of Japan (“BOJ”) acted to ease monetary policy further. After falling further at the end of 2015 and beginning of 2016, commodity prices largely rebounded over the remainder of the period, aided by increased fiscal spending, more stable growth in China and OPEC’s announcement that it had agreed to cap production. One of the more anticipated events over the period occurred in June 2016, Brexit. Despite betting markets suggesting a comfortable lead for staying in the European Union, the final tally of votes ultimately showed the Brexit supporters as the winners, setting off a period of uncertainty around what the future of the U.K. economy and policy would look like.

The U.S. economy saw growth slow over 2016, partially weighed down by weaker exports and elevated levels of inventory. Employment in the U.S. continued to improve, with the unemployment rate reaching levels consistent with Fed estimates of the natural rate of unemployment. However, growth in wages and inflation remained tepid, and uncertainty around the U.S. presidential election allowed the Fed to remain patient in moving forward with another interest rate hike.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Global Multifactor Macro Class I2 returned 1.22%. By comparison, its benchmark, the BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index, returned 0.61%.

STRATEGY REVIEW

The strategy gains exposure to global equity, fixed income, currency and commodity markets through the use of derivatives including futures, currency forwards and swaps. All asset classes contributed positively to performance.

Utilizing a multifactor approach, the strategy performed well over the period, boosted largely by positioning derived from macroeconomic momentum signals. Positioning based on carry and value also performed well over the period, while positioning based on price momentum detracted. Currency strategies performed well, with a long Japanese yen position contributing meaningfully. The yen performed well over the period, benefiting from concerns over slower global growth and inaction from the Bank of Japan against expectations for more aggressive easing at several meetings after it cut its deposit rate into negative territory.

The Fund held short positions in energy-related commodities, driven by downward revisions to growth forecasts in commodity consuming countries and appreciation of the U.S. dollar. Short energy positions performed well in late 2015 and into early 2016, as U.S. oil inventory data increased more than expected, Russian production rose to multidecade highs, The Organization of the Petroleum Exporting Countries continued to produce above the organization’s stated quota and concerns over slower growth in China increased.

A long position in U.K. interest rate futures also benefited performance. Uncertainty leading up to the Brexit vote and the ultimate vote led to a larger-than-expected easing package from the Bank of England. The easing package included a rate cut and a new quantitative easing program. Gains were slightly offset by a long position in Japanese government bonds, which underperformed over the second and third quarters of 2016, as the BOJ disappointed market expectations for further easing. Equities added to returns, with a long position in Brazilian equities performing well year to date. Brazilian equities gained on higher key commodity prices and the impeachment of President Dilma Rousseff. Brazilian equities reacted positively to her replacement, Michel Temer, who was viewed as more business friendly. These gains were partially offset by losses in a short Canadian equities position. Canadian equities performed well over the period, driven by higher energy prices and stronger than expected growth data.

Jordan Brooks

Michael Katz

David Kupersmith

John Liew

Co-Portfolio Managers

AQR Capital Management, LLC

Transamerica Funds Annual Report 2016

Page    125

Transamerica Global Multifactor Macro

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		1.22	%		1.09	%		03/03/2015
BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index (A)		0.61	%		0.48	%

^(A) The BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Average Index represents the London interbank offered rate (“LIBOR”) with a constant 3-month average maturity.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    126

Transamerica Managed Futures Strategy

(unaudited)

MARKET ENVIRONMENT

The fiscal year was categorized by continued divergence in monetary policy, concerns around slower global growth, a rebound in commodity prices, surprise around the result of the U.K.’s vote to leave the European Union (“Brexit”) and uncertainty around the U.S. presidential election. Developed countries’ central bank monetary policy continued to move in opposing directions, with the U.S. Federal Reserve (“Fed”) hiking its target funds rate for the first time since the global financial crisis.

After a volatile start to 2016, largely due to concerns over slowing growth in China and a further fall in oil prices, the European Central Bank and Bank of Japan (“BOJ”) acted to ease monetary policy further. After falling further at the end of 2015 and beginning of 2016, commodity prices largely rebounded over the remainder of the period, aided by increased fiscal spending, more stable growth in China and The Organization of the Petroleum Exporting Countries announcement that it had agreed to cap production. One of the more anticipated events over the period occurred in June 2016, Brexit. Despite betting markets suggesting a comfortable lead for staying in the European Union, the final tally of votes ultimately showed the Brexit supporters as the winners, setting off a period of uncertainty around what the future of the U.K. economy and policy would look like.

The U.S. economy saw growth slow over 2016, partially weighed down by weaker exports and elevated levels of inventory. Employment in the U.S. continued to improve, with the unemployment rate reaching levels consistent with Fed estimates of the natural rate of unemployment. However, growth in wages and inflation remained tepid, and uncertainty around the U.S. presidential election allowed the Fed to remain patient in moving forward with another interest rate hike.

PERFORMANCE

For the year ended October 31, 2016, Transamerica Managed Futures Strategy Class I2 returned (5.00)%. By comparison, its benchmark, the Citigroup 3-Month Treasury Bill Index + 7% Wrap, returned 7.47%.

STRATEGY REVIEW

Although the Fund generated a loss over the period, it remained strongly diversifying to an equity-focused portfolio and realized a negative correlation to global equities. Equities drove losses, followed by commodities. Currencies performed positively, followed by fixed income. By trend horizon, short-term signals were a drag on performance due to a number of reversals across asset classes. Long-term signals and over-extended signals contributed positively.

Short-term trends in equities detracted the most. We began the period long equities when equity markets began selling off, causing initial losses. As the selloff accelerated, positioning flipped back to net short and we were able to recoup some earlier losses in the significant equity market drawdown in early 2016. Later, markets reversed and rallied as economic fallout from the Brexit vote proved benign, but sold off towards the end of the period due to uncertainty around the U.S. presidential election. These significant reversals in sentiment and market direction caused short-term trend signals to change positioning multiple times, resulting in losses.

Trends in commodities detracted marginally. Bearish trends reversed early in 2016, and markets exhibited choppy behavior thereafter. Metals were key detractors. Gold, for example, reversed and rallied strongly in early 2016, but then reversed towards the end of the period, mostly in response to central bank policies and rhetoric. Despite reversals and rallies in energies early in 2016, over-extended signals helped manage risk in these positions, which allowed for preservation of gains from early-period bearish trends.

Trends in currencies contributed positively to performance and helped mitigate losses. Over the period, the Japanese yen sustained a strong bullish trend. Additionally, uncertainty surrounding Brexit and the Bank of England’s policies caused a sustained bearish trend in the British pound, which benefited our currency strategy. Gains in these trends were offset by a number of reversals in the U.S. dollar.

Trends in fixed income also performed well, driven by yields declining globally.

During the period, the Fund used derivatives. These positions detracted from performance.

Clifford S. Asness

Brian K. Hurst

John M. Liew

Yao Hua Ooi

Ari Levine

Co-Portfolio Managers

AQR Capital Management, LLC

Transamerica Funds Annual Report 2016

Page    127

Transamerica Managed Futures Strategy

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			5 Years			10 Years or Since Inception of Class			Inception Date
Class I2 (NAV)		(5.00	)%		4.03	%		2.43	%		09/30/2010
Citigroup 3-Month Treasury Bill + 7% Wrap Index (A)		7.47	%		7.31	%		7.32	%

^(A) The Citigroup 3-Month Treasury Bill + 7% Wrap Index represents monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or Life of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on fund distributions or the redemption of fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or expense reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

Securities purchased for an arbitrage strategy are intended to take advantage of a perceived relationship between the value of two securities and may not perform as expected. This Fund is only available in Class I2 shares, which are not available for direct investment by the public.

Transamerica Funds Annual Report 2016

Page    128

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2016, and held for the entire period until October 31, 2016.

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 assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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 management fees, expenses and fees of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C)
Transamerica Global Multifactor Macro	$	1,000.00	$	1,024.10	$	7.68	$	1,017.50	$	7.66		1.51	%(D)
Transamerica Managed Futures Strategy		1,000.00		962.50		7.05		1,017.90		7.25		1.43	(D)

^(A)  5% return per year before expenses.

^(B) Expenses are calculated using the Portfolio’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

^(C)  Expense ratios are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

^(D)  Expense ratios (as disclosed in the table) do not include the expenses of the investment companies and/or ETFs in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

Transamerica Funds Annual Report 2016

Page    129

Schedules of Investments Composition

At October 31, 2016

(unaudited)

Transamerica Global Multifactor Macro
Asset Allocation	Percentage of Net Assets
Short-Term Investment Companies		89.7	%
Net Other Assets (Liabilities)^		10.3
Total		100.0	%

Transamerica Managed Futures Strategy
Asset Allocation	Percentage of Net Assets
Short-Term U.S. Government Obligations		84.0	%
Short-Term Investment Companies		6.5
Net Other Assets (Liabilities)^		9.5
Total		100.0	%

^ The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral.

Transamerica Funds Annual Report 2016

Page    130

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 89.7%
Money Market Funds - 89.7%
BlackRock Liquidity Funds T-Fund Portfolio		14,845,419		$  14,845,419
Dreyfus Treasury Cash Management		59,884,984		59,884,984
UBS Select Treasury Preferred		74,761,146		74,761,146
Total Short-Term Investment Companies (Cost $149,491,549)				149,491,549
Total Investments (Cost $149,491,549) (A)				149,491,549
Net Other Assets (Liabilities) - 10.3%				17,193,782
Net Assets - 100.0%				$  166,685,331

CENTRALLY CLEARED SWAP AGREEMENTS: ^(B)

Interest Rate Swap Agreements - Fixed Rate Payable
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount		Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month AUD-BBR-BBSW		1.50	%		03/07/2019	AUD	19,080,000	$	80,878		$	24,954		$	55,924
3-Month CAD-CDOR		1.00			03/18/2019	CAD	75,140,000		(82,008	)		(71,954	)		(10,054	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	71,170,000		(77,676	)		(71,582	)		(6,094	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	53,140,000		(57,998	)		(53,448	)		(4,550	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	75,140,000		(82,008	)		(54,611	)		(27,397	)
3-Month CAD-CDOR		1.50			03/15/2027	CAD	1,810,000		2,450			(25,474	)		27,924
3-Month CAD-CDOR		1.50			03/15/2027	CAD	5,570,000		7,542			(14,015	)		21,557
3-Month CAD-CDOR		1.50			03/15/2027	CAD	700,000		948			(2,444	)		3,392
3-Month CAD-CDOR		1.50			03/15/2027	CAD	1,120,000		1,517			(20,947	)		22,464
3-Month CAD-CDOR		1.50			03/15/2027	CAD	940,000		1,273			(13,047	)		14,320
3-Month CAD-CDOR		1.50			03/15/2027	CAD	570,000		772			(4,493	)		5,265
3-Month CAD-CDOR		1.50			03/15/2027	CAD	2,080,000		2,816			(2,628	)		5,444
3-Month CAD-CDOR		1.50			03/15/2027	CAD	2,090,000		2,830			(2,628	)		5,458
3-Month CAD-CDOR		1.50			03/15/2027	CAD	580,000		785			(680	)		1,465
3-Month NZD-BKBM		2.00			03/13/2019	NZD	2,840,000		7,069			(1,337	)		8,406
3-Month NZD-BKBM		2.00			03/13/2019	NZD	2,860,000		7,118			851			6,267
3-Month NZD-BKBM		2.00			03/13/2019	NZD	4,090,000		10,179			1,372			8,807
3-Month NZD-BKBM		2.00			03/13/2019	NZD	3,270,000		8,138			2,974			5,164
3-Month NZD-BKBM		2.00			03/13/2019	NZD	2,880,000		7,168			(104	)		7,272
3-Month NZD-BKBM		2.50			03/10/2027	NZD	4,380,000		104,545			(13,481	)		118,026
3-Month NZD-BKBM		2.50			03/10/2027	NZD	4,390,000		104,784			(4,354	)		109,138
3-Month NZD-BKBM		2.50			03/10/2027	NZD	2,970,000		70,890			(3,004	)		73,894
3-Month NZD-BKBM		2.50			03/10/2027	NZD	3,900,000		93,089			(3,939	)		97,028
3-Month NZD-BKBM		2.50			03/10/2027	NZD	2,920,000		69,697			(2,943	)		72,640
3-Month NZD-BKBM		2.50			03/10/2027	NZD	860,000		20,527			11,685			8,842
3-Month NZD-BKBM		2.50			03/10/2027	NZD	920,000		21,960			16,007			5,953
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	17,350,000		3,444			5,683			(2,239	)
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	353,020,000		70,081			110,125			(40,044	)
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	10,470,000		2,079			4,262			(2,183	)
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	17,130,000		3,400			6,279			(2,879	)
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	17,460,000		3,466			5,584			(2,118	)
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	17,460,000		3,466			5,584			(2,118	)
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	17,940,000		3,562			4,359			(797	)
3-Month SEK-STIBOR-SIDE		1.00			03/17/2027	SEK	2,270,000		(2,868	)		(5,347	)		2,479
3-Month SEK-STIBOR-SIDE		1.00			03/17/2027	SEK	3,390,000		(4,283	)		(8,007	)		3,724
3-Month USD-LIBOR		1.00			03/15/2019	USD	32,960,000		102,866			47,367			55,499
3-Month USD-LIBOR		1.00			03/15/2019	USD	12,490,000		38,980			17,949			21,031
3-Month USD-LIBOR		1.00			03/15/2019	USD	40,060,000		125,025			84,526			40,499
3-Month USD-LIBOR		1.25			03/15/2019	USD	4,530,000		(8,254	)		(11,698	)		3,444

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    131

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CENTRALLY CLEARED SWAP AGREEMENTS (continued): ^(B)

Interest Rate Swap Agreements - Fixed Rate Payable (continued)
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount		Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		1.25	%		03/15/2019	USD	2,220,000	$	(4,045	)	$	(5,732	)	$	1,687
3-Month USD-LIBOR		1.25			03/15/2019	USD	7,000,000		(12,754	)		(16,196	)		3,442
3-Month USD-LIBOR		1.25			03/15/2019	USD	2,050,000		(3,735	)		(4,744	)		1,009
3-Month USD-LIBOR		1.25			03/15/2019	USD	7,350,000		(13,391	)		(28,106	)		14,715
3-Month USD-LIBOR		1.25			03/15/2019	USD	2,480,000		(4,518	)		(9,033	)		4,515
3-Month USD-LIBOR		1.25			03/15/2019	USD	3,630,000		(6,614	)		(7,187	)		573
3-Month USD-LIBOR		1.25			03/15/2019	USD	2,050,000		(3,735	)		(6,559	)		2,824
3-Month USD-LIBOR		1.25			03/15/2019	USD	2,110,000		(3,844	)		(3,471	)		(373	)
3-Month USD-LIBOR		1.50			03/15/2021	USD	9,260,000		(67,743	)		(99,828	)		32,085
3-Month USD-LIBOR		1.50			03/15/2021	USD	9,260,000		(67,743	)		(103,024	)		35,281
3-Month USD-LIBOR		1.75			03/15/2027	USD	2,070,000		(2,275	)		(17,051	)		14,776
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	4,180,000		142,247			34,464			107,783
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	4,180,000		142,246			34,306			107,940
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	610,000		20,758			10,855			9,903
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	3,660,000		124,550			74,429			50,121
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	1,370,000		46,622			18,763			27,859
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	1,530,000		52,066			22,076			29,990
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	610,000		20,758			(634	)		21,392
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	680,000		23,141			11,259			11,882
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	1,690,000		57,539			43,426			14,113
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	1,680,000		57,170			44,049			13,121
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	2,340,000		79,630			71,502			8,128
6-Month AUD-BBR-BBSW		2.00			03/11/2027	AUD	620,000		21,099			12,179			8,920
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	380,000		7,682			(492	)		8,174
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	440,000		8,896			2,856			6,040
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	390,000		7,885			5,151			2,734
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	390,000		7,885			4,225			3,660
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	500,000		10,109			37			10,072
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	4,970,000		(100,479	)		(5,414	)		(95,065	)
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	4,490,000		(90,776	)		(4,860	)		(85,916	)
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	390,000		7,885			4,905			2,980
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	400,000		8,087			5,882			2,205
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	22,500,000		63,795			31,142			32,653
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	19,950,000		56,566			27,612			28,954
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	22,680,000		64,306			24,025			40,281
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	1,750,000		(24,678	)		(27,139	)		2,461
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	3,180,000		(44,843	)		(49,123	)		4,280
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	1,760,000		(24,818	)		(30,220	)		5,402
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	14,800,000		(208,702	)		(237,927	)		29,225
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	1,830,000		(25,805	)		(27,476	)		1,671
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	6,220,000		(87,711	)		(82,163	)		(5,548	)
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	4,430,000		(62,470	)		(58,518	)		(3,952	)
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	3,810,000		(53,727	)		(63,354	)		9,627
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	22,730,000		(320,527	)		(366,850	)		46,323
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	4,390,000		(61,905	)		(67,818	)		5,913
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	1,770,000		(24,960	)		(27,343	)		2,383
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	5,760,000		(81,225	)		(86,344	)		5,119
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	1,780,000		(25,101	)		(26,682	)		1,581
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	660,000		4,900			(7,207	)		12,107
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	600,000		4,455			(6,579	)		11,034
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	530,000		3,935			(5,817	)		9,752
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	15,360,000		56,914			(26,710	)		83,624
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	40,350,000		149,510			(38,022	)		187,532
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	1,520,000		5,632			(2,013	)		7,645
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	5,300,000		19,638			(10,783	)		30,421

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    132

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CENTRALLY CLEARED SWAP AGREEMENTS (continued): ^(B)

Interest Rate Swap Agreements - Fixed Rate Payable (continued)
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
6-Month GBP-LIBOR		0.50	%		03/20/2019		GBP	1,820,000	$	6,744		$	(3,703	)	$	10,447
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	4,390,000		16,267			(12,081	)		28,348
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	6,320,000		23,418			(18,303	)		41,721
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	1,530,000		5,669			(4,430	)		10,099
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	8,510,000		31,532			(18,113	)		49,645
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	1,610,000		5,965			(3,428	)		9,393
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	10,200,000		37,795			(14,167	)		51,962
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	2,670,000		9,893			5,795			4,098
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	2,710,000		10,041			5,882			4,159
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	2,040,000		7,559			4,428			3,131
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	12,170,000		45,093			26,770			18,323
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	1,770,000		6,558			3,893			2,665
6-Month GBP-LIBOR		0.50			03/20/2019		GBP	4,190,000		15,525			10,563			4,962
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	320,000		8,680			(10,485	)		19,165
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	320,000		8,680			(2,994	)		11,674
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	360,000		9,766			(1,836	)		11,602
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	320,000		8,680			(5,167	)		13,847
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	750,000		20,345			(25,402	)		45,747
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	750,000		20,345			(24,624	)		44,969
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	470,000		12,750			(11,178	)		23,928
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	430,000		11,664			(10,212	)		21,876
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	380,000		10,308			(9,020	)		19,328
6-Month GBP-LIBOR		1.00			03/17/2027		GBP	350,000		9,494			3,473			6,021
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	246,640,000		(13,619	)		(16,835	)		3,216
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	316,100,000		12,953			6,479			6,474
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	202,820,000		8,311			5,702			2,609
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	199,740,000		8,185			5,688			2,497
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	199,740,000		8,185			5,688			2,497
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	269,100,000		(14,860	)		(20,223	)		5,363
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	504,210,000		20,662			13,813			6,849
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	220,260,000		9,026			6,782			2,244
6-Month JPY-LIBOR		0.25			03/20/2019		JPY	207,350,000		8,497			7,312			1,185
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	900,980,000		(123,371	)		(142,336	)		18,965
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	1,655,550,000		(226,694	)		(262,173	)		35,479
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	1,537,290,000		(210,500	)		(243,365	)		32,865
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	1,537,300,000		(210,502	)		(243,889	)		33,387
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	467,710,000		217,556			33,008			184,548
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	422,070,000		196,327			30,340			165,987
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	374,300,000		174,106			27,159			146,947
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	560,460,000		260,699			90,872			169,827
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	24,990,000		11,624			4,052			7,572
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	24,400,000		11,349			4,374			6,975
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	16,980,000		7,898			5,335			2,563
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	26,210,000		12,191			11,129			1,062
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	16,380,000		7,620			3,981			3,639
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	16,750,000		7,791			9,030			(1,239	)
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	16,720,000		7,777			9,857			(2,080	)
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	25,840,000		12,020			10,916			1,104
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	3,610,000		6,939			50			6,889
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	3,620,000		6,959			2,172			4,787
Total									$	1,075,931		$	(1,869,301	)	$	2,945,232

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    133

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CENTRALLY CLEARED SWAP AGREEMENTS (continued): ^(B)

Interest Rate Swap Agreements - Fixed Rate Receivable
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount		Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month AUD-BBR-BBSW		1.50	%		03/07/2019	AUD	3,310,000	$	(14,031	)	$	(3,617	)	$	(10,414	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	9,680,000		(41,032	)		(22,986	)		(18,046	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	2,910,000		(12,335	)		(6,911	)		(5,424	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	20,050,000		(84,990	)		(48,374	)		(36,616	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	15,630,000		(66,254	)		(37,711	)		(28,543	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	5,820,000		(24,670	)		(4,232	)		(20,438	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	2,730,000		(11,573	)		(8,800	)		(2,773	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	8,200,000		(34,759	)		(26,431	)		(8,328	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	2,810,000		(11,912	)		(672	)		(11,240	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	19,020,000		(80,624	)		(26,068	)		(54,556	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	19,010,000		(80,582	)		(25,925	)		(54,657	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	32,000,000		(135,646	)		(41,865	)		(93,781	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	2,730,000		(11,572	)		(7,359	)		(4,213	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	7,030,000		(29,800	)		(26,892	)		(2,908	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	7,040,000		(29,842	)		(27,631	)		(2,211	)
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	9,500,000		(40,270	)		(42,616	)		2,346
3-Month AUD-BBR-BBSW		1.50			03/07/2019	AUD	3,450,000		(14,625	)		(15,354	)		729
3-Month CAD-CDOR		1.00			03/18/2019	CAD	2,650,000		2,892			2,024			868
3-Month CAD-CDOR		1.00			03/18/2019	CAD	9,540,000		10,412			11,625			(1,213	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	69,880,000		76,268			59,191			17,077
3-Month CAD-CDOR		1.00			03/18/2019	CAD	28,220,000		30,800			23,904			6,896
3-Month CAD-CDOR		1.00			03/18/2019	CAD	17,060,000		18,619			38,300			(19,681	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	2,890,000		3,155			8,020			(4,865	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	4,590,000		5,010			12,737			(7,727	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	3,660,000		3,995			10,156			(6,161	)
3-Month CAD-CDOR		1.00			03/18/2019	CAD	10,260,000		11,198			1,455			9,743
3-Month CAD-CDOR		1.00			03/18/2019	CAD	3,340,000		3,646			3,109			537
3-Month CAD-CDOR		1.00			03/18/2019	CAD	2,680,000		2,925			2,024			901
3-Month CAD-CDOR		1.00			03/18/2019	CAD	7,680,000		8,382			7,940			442
3-Month CAD-CDOR		1.00			03/18/2019	CAD	2,990,000		3,264			3,092			172
3-Month CAD-CDOR		1.00			03/18/2019	CAD	10,250,000		11,186			1,401			9,785
3-Month CAD-CDOR		1.50			03/15/2027	CAD	15,980,000		(21,638	)		191,437			(213,075	)
3-Month CAD-CDOR		1.50			03/15/2027	CAD	15,970,000		(21,625	)		214,479			(236,104	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	19,670,000		(48,954	)		12,094			(61,048	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	19,680,000		(48,979	)		13,069			(62,048	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	13,320,000		(33,151	)		8,861			(42,012	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	17,490,000		(43,529	)		11,619			(55,148	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	13,120,000		(32,653	)		8,743			(41,396	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	69,690,000		(173,443	)		48,166			(221,609	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	6,630,000		(16,500	)		4,583			(21,083	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	2,970,000		(7,392	)		(3,114	)		(4,278	)
3-Month NZD-BKBM		2.00			03/13/2019	NZD	3,780,000		(9,408	)		(8,114	)		(1,294	)
3-Month NZD-BKBM		2.50			03/10/2027	NZD	750,000		(17,902	)		(1,098	)		(16,804	)
3-Month NZD-BKBM		2.50			03/10/2027	NZD	700,000		(16,708	)		(5,127	)		(11,581	)
3-Month NZD-BKBM		2.50			03/10/2027	NZD	650,000		(15,515	)		(5,270	)		(10,245	)
3-Month NZD-BKBM		2.50			03/10/2027	NZD	830,000		(19,812	)		(259	)		(19,553	)
3-Month NZD-BKBM		2.50			03/15/2027	NZD	650,000		(15,514	)		(6,064	)		(9,450	)
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	17,350,000		—			(209	)		209
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	11,090,000		(2,201	)		(3,462	)		1,261
3-Month SEK-STIBOR-SIDE		0.50			03/20/2019	SEK	16,640,000		(3,304	)		(5,223	)		1,919
3-Month SEK-STIBOR-SIDE		1.00			03/17/2027	SEK	2,200,000		2,780			3,483			(703	)
3-Month SEK-STIBOR-SIDE		1.00			03/17/2027	SEK	3,560,000		4,498			6,403			(1,905	)
3-Month SEK-STIBOR-SIDE		1.00			03/17/2027	SEK	3,500,000		4,422			10,692			(6,270	)
3-Month SEK-STIBOR-SIDE		1.00			03/17/2027	SEK	3,670,000		4,636			5,912			(1,276	)
3-Month SEK-STIBOR-SIDE		1.00			03/17/2027	SEK	3,690,000		4,662			7,474			(2,812	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    134

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CENTRALLY CLEARED SWAP AGREEMENTS (continued): ^(B)

Interest Rate Swap Agreements - Fixed Rate Receivable (continued)
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
3-Month USD-LIBOR		1.25	%		03/15/2019	USD	10,170,000		$	18,530		$	15,552		$	2,978
3-Month USD-LIBOR		1.25			03/15/2019	USD	22,270,000			40,576			70,382			(29,806	)
3-Month USD-LIBOR		1.25			03/15/2019	USD	2,050,000			3,736			3,327			409
3-Month USD-LIBOR		1.50			03/15/2021	USD	18,520,000			135,486			187,639			(52,153	)
3-Month USD-LIBOR		1.50			03/15/2027	USD	8,490,000			(189,959	)		23,790			(213,749	)
3-Month USD-LIBOR		1.75			03/15/2027	USD	590,000			649			8,262			(7,613	)
3-Month USD-LIBOR		1.75			03/15/2027	USD	420,000			461			12,046			(11,585	)
3-Month USD-LIBOR		1.75			03/15/2027	USD	430,000			472			10,892			(10,420	)
3-Month USD-LIBOR		1.75			03/15/2027	USD	500,000			550			6,210			(5,660	)
3-Month USD-LIBOR		1.75			03/15/2027	USD	440,000			484			2,940			(2,456	)
6-Month CHF-LIBOR		0.25			03/17/2027	CHF	3,980,000			(80,465	)		(4,306	)		(76,159	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	2,160,000			(6,125	)		(4,577	)		(1,548	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	1,930,000			(5,472	)		(2,773	)		(2,699	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	2,690,000			(7,627	)		(5,621	)		(2,006	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	2,140,000			(6,068	)		(4,234	)		(1,834	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	1,910,000			(5,416	)		(2,512	)		(2,904	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	4,390,000			(12,447	)		(4,651	)		(7,796	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	2,570,000			(7,287	)		(4,741	)		(2,546	)
6-Month CHF-LIBOR		0.75			03/20/2019	CHF	2,120,000			(6,011	)		(4,312	)		(1,699	)
6-Month CHF-LIBOR		0.00			03/20/2019	CHF	(24,930,000	)		70,685			36,801			33,884
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	3,240,000			45,689			47,481			(1,792	)
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	2,920,000			41,176			43,051			(1,875	)
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	2,590,000			36,522			38,194			(1,672	)
6-Month EUR-EURIBOR		0.50			03/20/2019	EUR	98,110,000			1,383,495			1,442,520			(59,025	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	360,000			(2,673	)		7,022			(9,695	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	660,000			(4,900	)		4,277			(9,177	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	360,000			(2,672	)		1,715			(4,387	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	360,000			(2,673	)		6,549			(9,222	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	790,000			(5,865	)		11,119			(16,984	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	380,000			(2,822	)		527			(3,349	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	380,000			(2,821	)		960			(3,781	)
6-Month EUR-EURIBOR		0.50			03/17/2027	EUR	910,000			(6,757	)		3,170			(9,927	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	1,840,000			(6,818	)		4,250			(11,068	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	8,210,000			(30,421	)		14,269			(44,690	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	2,300,000			(8,522	)		5,314			(13,836	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	2,080,000			(7,707	)		4,786			(12,493	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	3,640,000			(13,488	)		6,793			(20,281	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	3,640,000			(13,488	)		7,003			(20,491	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	1,490,000			(5,521	)		2,793			(8,314	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	1,510,000			(5,595	)		1,421			(7,016	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	1,520,000			(5,633	)		2,012			(7,645	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	1,550,000			(5,744	)		3,153			(8,897	)
6-Month GBP-LIBOR		0.50			03/20/2019	GBP	1,690,000			(6,262	)		(4,240	)		(2,022	)
6-Month GBP-LIBOR		1.00			03/17/2027	GBP	380,000			(10,308	)		12,228			(22,536	)
6-Month GBP-LIBOR		1.00			03/17/2027	GBP	330,000			(8,952	)		7,008			(15,960	)
6-Month GBP-LIBOR		1.00			03/17/2027	GBP	350,000			(9,494	)		(2,240	)		(7,254	)
6-Month GBP-LIBOR		1.00			03/17/2027	GBP	350,000			(9,494	)		(3,189	)		(6,305	)
6-Month JPY-LIBOR		0.25			03/20/2019	JPY	8,236,990,000			454,847			511,513			(56,666	)
6-Month JPY-LIBOR		0.25			03/20/2019	JPY	7,648,630,000			422,359			477,328			(54,969	)
6-Month JPY-LIBOR		0.25			03/20/2019	JPY	23,453,020,000			1,295,076			1,497,314			(202,238	)
6-Month JPY-LIBOR		0.25			03/20/2019	JPY	7,648,630,000			422,358			477,235			(54,877	)
6-Month JPY-LIBOR		0.25			03/20/2019	JPY	4,482,720,000			247,537			281,093			(33,556	)
6-Month JPY-LIBOR		0.25			03/20/2019	JPY	277,720,000			15,336			18,960			(3,624	)
6-Month JPY-LIBOR		0.25			03/17/2027	JPY	41,150,000			5,635			4,898			737
6-Month JPY-LIBOR		0.25			03/17/2027	JPY	41,020,000			5,617			4,230			1,387

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    135

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CENTRALLY CLEARED SWAP AGREEMENTS (continued): ^(B)

Interest Rate Swap Agreements - Fixed Rate Receivable (continued)
Floating Rate Index	Fixed Rate			Expiration Date		Notional Amount			Fair Value			Premiums Paid (Received)			Net Unrealized Appreciation (Depreciation)
6-Month JPY-LIBOR		0.25	%		03/17/2027		JPY	52,410,000	$	7,177		$	6,884		$	293
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	72,910,000		9,983			13,676			(3,693	)
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	41,020,000		5,617			5,808			(191	)
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	93,320,000		12,778			15,460			(2,682	)
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	41,310,000		5,656			6,166			(510	)
6-Month JPY-LIBOR		0.25			03/17/2027		JPY	42,410,000		5,807			6,336			(529	)
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	19,240,000		(8,950	)		(5,575	)		(3,375	)
6-Month NOK-NIBOR		1.00			03/20/2019		NOK	29,880,000		(13,898	)		(10,159	)		(3,739	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	99,460,000		(191,198	)		147,422			(338,620	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	89,760,000		(172,551	)		135,147			(307,698	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	3,550,000		(6,825	)		3,386			(10,211	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	4,420,000		(8,497	)		(2,399	)		(6,098	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	3,550,000		(6,824	)		1,076			(7,900	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	79,600,000		(153,020	)		120,856			(273,876	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	4,170,000		(8,017	)		(666	)		(7,351	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	6,840,000		(13,149	)		(8,072	)		(5,077	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	4,870,000		(9,362	)		(8,242	)		(1,120	)
6-Month NOK-NIBOR		1.50			03/17/2027		NOK	3,650,000		(7,016	)		(4,402	)		(2,614	)
Total									$	2,529,485		$	6,023,942		$	(3,494,457	)

OVER-THE-COUNTER SWAP AGREEMENTS: ^{(C) (D)}

Total Return Swap Agreements - Payable (E)
Reference Entity	Counterparty		Termination Date		Number of Shares or Units		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
10-Year Canada Government Bond Futures		MLI		12/19/2016		365,000	$	476,789		$	—	$	476,789
Brent Crude Oil Futures		CITI		11/29/2016		1,000		4,210			—		4,210
Euro OAT Futures		MLI		12/08/2016		122,000		234,176			—		234,176
German Euro Schatz Futures		MLI		12/28/2016		212,000		1,558,428			—		1,558,428
MSCI China Index Futures		GSI		12/21/2016		4,255		(5,065	)		—		(5,065	)
MSCI Italy Index Futures		MLI		12/20/2016		2,131,065		(444	)		—		(444	)
MSCI Netherlands Index Futures		MLI		12/21/2016		108,695		(6	)		—		(6	)
MSCI Netherlands Index Futures		MLI		12/21/2016		1,223,373		(19	)		—		(19	)
MSCI Sweden Index Futures		MLI		12/20/2016		1,284,294		(158	)		—		(158	)
MSCI Sweden Index Futures		MLI		12/21/2016		7,730,996		(89	)		—		(89	)
MSCI Sweden Index Futures		MLI		12/21/2016		5,871,138		(17	)		—		(17	)
MSCI Switzerland Index Futures		MLI		12/20/2016		129,095		(45	)		—		(45	)
MSCI Switzerland Index Futures		MLI		12/21/2016		178,921		(63	)		—		(63	)
MSCI Turkey Index Futures		GSI		12/20/2016		32		(101	)		—		(101	)
SGX CNX Nifty Index Futures		GSI		11/24/2016		174		14,171			—		14,171
SGX CNX Nifty Index Futures		MLI		11/24/2016		12		1,667			—		1,667
Soybean Meal Futures		MLI		12/23/2016		2,300		(39,680	)		—		(39,680	)
Soybean Meal Futures		CITI		12/23/2016		400		(6,644	)		—		(6,644	)
Soybean Oil Futures		MLI		12/23/2016		240,000		(3,852	)		—		(3,852	)
Soybean Oil Futures		CITI		12/23/2016		360,000		(5,970	)		—		(5,970	)
Swiss Market Index Futures		MLI		12/16/2016		1,470		309,477			—		309,477
TAIEX Futures		MLI		11/16/2016		2,400		(11,790	)		—		(11,790	)
Tel Aviv 25 Index Futures		MLI		11/25/2016		4,400		13,008			—		13,008
Wheat Futures		CITI		11/25/2016		105,000		23,308			—		23,308
WIG 20 Index Futures		MLI		12/16/2016		980		(15,630	)		—		(15,630	)
Total							$	2,545,661		$	—	$	2,545,661

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    136

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

OVER-THE-COUNTER SWAP AGREEMENTS (continued): ^{(C) (D)}

Total Return Swap Agreements - Receivable (E)
Reference Entity	Counterparty		Termination Date		Number of Shares or Units		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Futures		MLI		12/20/2016		1,000	$	(392	)	$	—	$	(392	)
BIST 30 Index Futures		GSI		12/30/2016		11,900		(5,036	)		—		(5,036	)
BIST 30 Index Futures		MLI		12/30/2016		1,700		(631	)		—		(631	)
BM&F Bovespa Index Futures		MLI		12/14/2016		115		122,850			—		122,850
Corn Futures		MLI		11/25/2016		215,000		40,287			—		40,287
Corn Futures		CITI		11/25/2016		20,000		2,451			—		2,451
German Euro Bund Futures		MLI		12/08/2016		360,000		(764,569	)		—		(764,569	)
Gold Futures		CITI		11/30/2016		900		(32,757	)		—		(32,757	)
Hang Seng Index Futures		GSI		11/29/2016		50		(2,919	)		—		(2,919	)
HSCEI China Index Futures		GSI		11/29/2016		1,850		(39,400	)		—		(39,400	)
HSCEI China Index Futures		MLI		11/29/2016		1,300		(38,050	)		—		(38,050	)
KOSPI 200 Index Futures		MLI		12/08/2016		38,000,000		(141,194	)		—		(141,194	)
MSCI Italy Index Futures		MLI		12/20/2016		26,789		(10,587	)		—		(10,587	)
MSCI Mexico Index Futures		GSI		12/21/2016		632		214			—		214
MSCI Mexico Index Futures		GSI		12/21/2016		1,106		596			—		596
MSCI Netherlands Index Futures		MLI		12/21/2016		574		1,282			—		1,282
MSCI Netherlands Index Futures		MLI		12/21/2016		6,524		1,353			—		1,353
MSCI Poland Index Futures		GSI		12/20/2016		1,826		(2,629	)		—		(2,629	)
MSCI Poland Index Futures		GSI		12/21/2016		14,580		(20,979	)		—		(20,979	)
MSCI South Africa Index Futures		GSI		12/21/2016		3,705		3,564			—		3,564
MSCI South Africa Index Futures		GSI		12/21/2016		2,021		1,937			—		1,937
MSCI South Africa Index Futures		GSI		12/21/2016		3,756		3,613			—		3,613
MSCI South Africa Index Futures		GSI		12/21/2016		2,230		2,152			—		2,152
MSCI South Africa Index Futures		GSI		12/21/2016		12,102		11,641			—		11,641
MSCI South Africa Index Futures		GSI		12/21/2016		1,864		1,754			—		1,754
MSCI Sweden Index Futures		MLI		12/20/2016		40		1,200			—		1,200
MSCI Sweden Index Futures		MLI		12/21/2016		241		6,471			—		6,471
MSCI Sweden Index Futures		MLI		12/21/2016		184		1,468			—		1,468
MSCI Switzerland Index Futures		MLI		12/20/2016		57		3,934			—		3,934
MSCI Switzerland Index Futures		MLI		12/21/2016		79		5,452			—		5,452
MSCI Taiwan Index Futures		GSI		11/29/2016		2,100		(5,723	)		—		(5,723	)
MSCI Taiwan Index Futures		MLI		11/29/2016		800		(3,528	)		—		(3,528	)
Total							$	(856,175	)	$	—	$	(856,175	)

FUTURES CONTRACTS: (F)
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		Long		5			11/03/2016	$	13,002	$	—
3-Month Aluminum		Short		(5	)		11/03/2016		—		(14,619	)
3-Month Aluminum		Long		7			11/04/2016		17,498		—
3-Month Aluminum		Short		(7	)		11/04/2016		—		(16,572	)
3-Month Aluminum		Long		6			11/09/2016		13,904		—
3-Month Aluminum		Short		(6	)		11/09/2016		—		(13,828	)
3-Month Aluminum		Long		6			11/10/2016		11,709		—
3-Month Aluminum		Short		(6	)		11/10/2016		—		(12,240	)
3-Month Aluminum		Long		6			11/14/2016		12,477		—
3-Month Aluminum		Short		(6	)		11/14/2016		—		(12,819	)
3-Month Aluminum		Long		1			11/15/2016		1,875		—
3-Month Aluminum		Short		(1	)		11/15/2016		—		(2,140	)
3-Month Aluminum		Long		3			11/16/2016		3,640		—
3-Month Aluminum		Short		(3	)		11/16/2016		—		(3,637	)
3-Month Aluminum		Long		13			11/30/2016		36,612		—
3-Month Aluminum		Short		(13	)		11/30/2016		—		(36,472	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    137

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FUTURES CONTRACTS (continued): (F)
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		Long		4			12/13/2016	$	15,911	$	—
3-Month Aluminum		Short		(4	)		12/13/2016		—		(16,305	)
3-Month Aluminum		Long		1			12/20/2016		3,807		—
3-Month Aluminum		Short		(1	)		12/20/2016		—		(3,677	)
3-Month Aluminum		Long		13			12/22/2016		37,961		—
3-Month Aluminum		Short		(13	)		12/22/2016		—		(42,737	)
3-Month Aluminum		Long		2			01/06/2017		2,923		—
3-Month Aluminum		Short		(2	)		01/06/2017		—		(2,960	)
3-Month Aluminum		Long		2			01/10/2017		2,554		—
3-Month Aluminum		Short		(2	)		01/10/2017		—		(2,755	)
3-Month Aluminum		Long		1			01/11/2017		1,482		—
3-Month Aluminum		Short		(1	)		01/11/2017		—		(1,438	)
3-Month Copper		Long		2			01/10/2017		2,056		—
3-Month Copper		Short		(2	)		01/10/2017		—		(2,475	)
3-Month Copper		Long		4			01/17/2017		16,691		—
3-Month Copper		Short		(4	)		01/17/2017		—		(15,950	)
3-Month Copper		Long		5			01/19/2017		23,781		—
3-Month Copper		Short		(5	)		01/19/2017		—		(22,841	)
3-Month Copper		Long		1			01/26/2017		2,929		—
3-Month Copper		Short		(1	)		01/26/2017		—		(3,063	)
3-Month Lead		Long		1			11/16/2016		4,639		—
3-Month Lead		Short		(1	)		11/16/2016		—		(4,646	)
3-Month Nickel		Long		1			11/09/2016		—		(1,832	)
3-Month Nickel		Short		(1	)		11/09/2016		2,053		—
3-Month Nickel		Long		1			11/10/2016		—		(2,666	)
3-Month Nickel		Short		(1	)		11/10/2016		2,145		—
3-Month Nickel		Long		2			11/14/2016		—		(2,435	)
3-Month Nickel		Short		(2	)		11/14/2016		3,243		—
3-Month Nickel		Long		1			11/16/2016		504		—
3-Month Nickel		Short		(1	)		11/16/2016		—		(410	)
3-Month Nickel		Long		2			12/07/2016		3,577		—
3-Month Nickel		Short		(2	)		12/07/2016		—		(2,864	)
3-Month Nickel		Long		1			12/13/2016		2,137		—
3-Month Nickel		Short		(1	)		12/13/2016		—		(2,315	)
3-Month Nickel		Long		2			01/06/2017		3,604		—
3-Month Nickel		Short		(2	)		01/06/2017		—		(3,530	)
3-Month Zinc		Long		1			11/04/2016		4,897		—
3-Month Zinc		Short		(1	)		11/04/2016		—		(4,962	)
3-Month Zinc		Long		2			11/09/2016		9,152		—
3-Month Zinc		Short		(2	)		11/09/2016		—		(9,341	)
3-Month Zinc		Long		2			11/10/2016		7,624		—
3-Month Zinc		Short		(2	)		11/10/2016		—		(7,938	)
3-Month Zinc		Long		2			11/14/2016		10,186		—
3-Month Zinc		Short		(2	)		11/14/2016		—		(9,190	)
3-Month Zinc		Long		1			11/16/2016		4,808		—
3-Month Zinc		Short		(1	)		11/16/2016		—		(4,577	)
3-Month Zinc		Long		2			11/30/2016		7,329		—
3-Month Zinc		Short		(2	)		11/30/2016		—		(7,381	)
3-Month Zinc		Long		1			12/07/2016		3,142		—
3-Month Zinc		Short		(1	)		12/07/2016		—		(2,897	)
3-Month Zinc		Long		2			12/13/2016		8,832		—
3-Month Zinc		Short		(2	)		12/13/2016		—		(9,481	)
3-Month Zinc		Long		1			12/15/2016		4,774		—
3-Month Zinc		Short		(1	)		12/15/2016		—		(4,858	)
3-Month Zinc		Long		3			12/29/2016		8,433		—
3-Month Zinc		Short		(3	)		12/29/2016		—		(9,022	)
3-Month Zinc		Long		1			12/30/2016		2,295		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    138

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FUTURES CONTRACTS (continued): (F)
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
3-Month Zinc		Short		(1	)		12/30/2016	$	—	$	(2,583	)
10-Year Australia Treasury Bond		Short		(89	)		12/15/2016		210,401		—
10-Year Canada Government Bond		Short		(17	)		12/19/2016		24,541		—
10-Year Japan Government Bond		Short		(3	)		12/13/2016		—		(1,897	)
10-Year Japan Government Bond Mini		Short		(126	)		12/12/2016		10,129		—
10-Year U.S. Treasury Note		Short		(16	)		12/20/2016		5,449		—
Aluminum		Long		98			12/19/2016		258,371		—
Aluminum		Short		(17	)		12/19/2016		—		(52,167	)
Amsterdam Index		Short		(35	)		11/18/2016		438		—
BIST 30 Index		Long		18			12/30/2016		—		(710	)
Brent Crude Oil		Short		(18	)		11/30/2016		65,670		—
CAC 40 Index		Short		(250	)		11/18/2016		6,554		—
Copper		Long		27			12/19/2016		128,001		—
Copper		Short		(1	)		12/19/2016		—		(2,978	)
Corn		Long		29			12/14/2016		20,507		—
DAX® Index		Long		57			12/16/2016		212,337		—
EURO STOXX 50® Index		Long		220			12/16/2016		46,345		—
FTSE 100 Index		Long		257			12/16/2016		241,313		—
FTSE Bursa Malaysia KLCI		Short		(33	)		11/30/2016		1,176		—
FTSE JSE Top 40 Index		Short		(125	)		12/15/2016		216,246		—
FTSE MIB Index		Short		(45	)		12/16/2016		—		(258,187	)
German Euro Bund		Long		47			12/08/2016		—		(87,138	)
H-Shares Index		Long		23			11/29/2016		—		(38,597	)
Hang Seng Index		Short		(49	)		11/29/2016		211,321		—
IBEX 35 Index		Long		94			11/18/2016		437,797		—
Lead		Long		1			12/19/2016		5,066		—
Mexican Bolsa Index		Short		(13	)		12/16/2016		—		(5,849	)
MSCI Singapore Index		Long		2			11/29/2016		—		(475	)
MSCI Taiwan Index		Long		4			11/29/2016		—		(1,114	)
New York Harbor ULSD		Long		4			11/30/2016		—		(15,569	)
Nickel		Long		19			12/19/2016		64,744		—
Nickel		Short		(3	)		12/19/2016		—		(5,718	)
OMX Stockholm 30 Index		Short		(4	)		11/18/2016		227		—
RBOB Gasoline		Long		8			11/30/2016		—		(18,221	)
S&P 500® E-Mini		Short		(353	)		12/16/2016		349,354		—
S&P/ASX 200 Index		Long		2			12/15/2016		—		(6,278	)
S&P/TSX 60 Index		Short		(1	)		12/15/2016		—		(1,924	)
SET 50 Index		Long		123			12/29/2016		16,876		—
SGX CNX Nifty Index		Short		(143	)		11/24/2016		43,830		—
Silver		Long		6			12/28/2016		—		(43,278	)
Soybean		Long		16			01/13/2017		41,029		—
Soybean Oil		Short		(32	)		01/13/2017		—		(32,579	)
TOPIX Index		Long		124			12/08/2016		514,798		—
U.K. Gilt		Short		(38	)		12/28/2016		250,226		—
WTI Crude		Long		28			11/21/2016		—		(116,564	)
Zinc		Long		16			12/19/2016		56,641		—
Zinc		Short		(6	)		12/19/2016		—		(24,084	)
Total								$	3,753,573	$	(1,032,783	)

FORWARD FOREIGN CURRENCY CONTRACTS: (C) (D)
Counterparty	Settlement Date		Currency Purchased		Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/21/2016	AUD	14,854,000		USD	11,199,161	$	110,074	$	(24,745	)
CITI		12/21/2016	BRL	27,302,982		USD	8,150,889		268,706		—
CITI		12/21/2016	CAD	22,926,172		USD	17,379,013		—		(279,539	)
CITI		12/21/2016	CHF	7,234,000		USD	7,422,558		83		(89,720	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    139

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C) (D)
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/21/2016		CLP	1,220,000,000		USD	1,850,287	$	13,013	$	(2,475	)
CITI		12/21/2016		CNH	1,608,000		USD	238,251		—		(2,002	)
CITI		12/21/2016		COP	11,740,000,000		USD	3,991,275		—		(118,285	)
CITI		12/21/2016		CZK	64,400,000		USD	2,663,310		4,430		(40,879	)
CITI		12/21/2016		EUR	6,339,000		USD	7,127,298		—		(151,821	)
CITI		12/21/2016		GBP	11,753,000		USD	15,563,578		—		(1,159,436	)
CITI		12/21/2016		HKD	33,591,000		USD	4,334,084		8		(1,360	)
CITI		12/21/2016		HUF	1,294,130,000		USD	4,701,440		—		(96,569	)
CITI		12/21/2016		IDR	39,300,000,000		USD	2,929,944		58,962		—
CITI		12/21/2016		INR	104,574,000		USD	1,541,922		11,847		(2	)
CITI		12/21/2016		JPY	3,688,513,000		USD	36,411,883		—		(1,161,494	)
CITI		12/21/2016		KRW	8,206,879,000		USD	7,387,019		—		(216,121	)
CITI		12/21/2016		MXN	186,441,486		USD	9,660,136		152,820		(5,255	)
CITI		12/21/2016		MYR	7,600,000		USD	1,813,246		2,538		(8,906	)
CITI		12/21/2016		NOK	123,252,000		USD	15,124,567		16,153		(221,782	)
CITI		12/21/2016		NZD	30,428,000		USD	22,219,513		—		(502,783	)
CITI		12/21/2016		PLN	6,162,000		USD	1,600,202		—		(31,127	)
CITI		12/21/2016		RUB	128,000,000		USD	2,005,061		2,050		(16,681	)
CITI		12/21/2016		TRY	2,300,000		USD	731,105		4,135		(192	)
CITI		12/21/2016		TWD	82,000,000		USD	2,623,914		—		(22,562	)
CITI		12/21/2016		USD	11,621,789		AUD	15,405,000		3,176		(84,467	)
CITI		12/21/2016		USD	1,597,276		BRL	5,256,000		2,247		(25,799	)
CITI		12/21/2016		USD	36,990,992		CAD	48,376,172		909,646		—
CITI		12/21/2016		USD	14,330,798		CHF	13,938,000		202,205		—
CITI		12/21/2016		USD	3,008,760		CLP	2,030,000,000		—		(87,532	)
CITI		12/21/2016		USD	4,172,719		CNH	28,101,000		44,145		(62	)
CITI		12/21/2016		USD	3,114,505		COP	9,320,000,000		39,866		—
CITI		12/21/2016		USD	1,240,894		CZK	29,800,000		25,359		—
CITI		12/21/2016		USD	39,530,230		EUR	35,428,000		639,031		(94,004	)
CITI		12/21/2016		USD	17,223,396		GBP	13,316,000		912,446		(8,759	)
CITI		12/21/2016		USD	343,973		HKD	2,666,000		109		(9	)
CITI		12/21/2016		USD	1,769,925		ILS	6,630,000		39,525		—
CITI		12/21/2016		USD	935,915		INR	63,000,000		776		(919	)
CITI		12/21/2016		USD	15,991,101		JPY	1,639,685,000		320,956		—
CITI		12/21/2016		USD	4,204,775		KRW	4,729,258,000		72,713		(208	)
CITI		12/21/2016		USD	12,455,494		MXN	238,951,320		28,371		(142,841	)
CITI		12/21/2016		USD	2,201,537		MYR	8,960,000		71,323		—
CITI		12/21/2016		USD	5,514,572		NOK	45,439,000		29,077		(14,633	)
CITI		12/21/2016		USD	4,399,043		NZD	6,137,000		24,394		(5,381	)
CITI		12/21/2016		USD	6,234,266		PHP	297,100,000		103,890		(2,353	)
CITI		12/21/2016		USD	1,078,628		PLN	4,178,000		15,852		(1,100	)
CITI		12/21/2016		USD	90,858		RUB	6,000,000		—		(2,443	)
CITI		12/21/2016		USD	16,619,748		SEK	140,303,000		1,044,317		—
CITI		12/21/2016		USD	6,867,978		SGD	9,390,000		118,620		(2,147	)
CITI		12/21/2016		USD	3,703,857		TRY	11,262,000		105,200		(518	)
CITI		12/21/2016		USD	3,757,548		ZAR	54,448,780		—		(237,999	)
CITI		12/21/2016		ZAR	73,170,339		USD	5,098,285		271,086		—
Total									$	5,669,149	$	(4,864,910	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    140

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION:

Valuation Inputs ^(G)

	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Short-Term Investment Companies	$	149,491,549		$	—		$	—	$	149,491,549
Total Investments	$	149,491,549		$	—		$	—	$	149,491,549
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	8,525,740		$	—	$	8,525,740
Over-the-Counter Total Return Swap Agreements		—			2,847,453			—		2,847,453
Futures Contracts (H)		3,753,573			—			—		3,753,573
Forward Foreign Currency Contracts (H)		—			5,669,149			—		5,669,149
Total Other Financial Instruments	$	3,753,573		$	17,042,342		$	—	$	20,795,915
LIABILITIES
Other Financial Instruments
Centrally Cleared Interest Rate Swap Agreements	$	—		$	(4,920,324	)	$	—	$	(4,920,324	)
Over-the-Counter Total Return Swap Agreements		—			(1,157,967	)		—		(1,157,967	)
Futures Contracts (H)		(1,032,783	)		—			—		(1,032,783	)
Forward Foreign Currency Contracts (H)		—			(4,864,910	)		—		(4,864,910	)
Total Other Financial Instruments	$	(1,032,783	)	$	(10,943,201	)	$	—	$	(11,975,984	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Aggregate cost for federal income tax purposes is $150,673,930. Aggregate gross unrealized appreciation for all securities is $380,011.

^(B)  Cash in the amount of $5,841,934 has been segregated by the custodian as collateral for centrally cleared swap agreements.

^(C)  Cash in the amount of $1,670,000 has been segregated by the broker as collateral for open over-the-counter swap agreements and/or forward foreign currency contracts.

^(D)  Cash in the amount of $1,950,002 has been segregated by the custodian as collateral for open over-the-counter swap agreements 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 entity 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 $8,447,452 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts.

^(G)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(H)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Renminbi
COP	Columbian Peso
CZK	Czech Republic Koruna
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    141

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

CURRENCY ABBREVIATIONS (continued):

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
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
USD	United States Dollar
ZAR	South African Rand

COUNTERPARTY ABBREVIATIONS:

CITI	Citibank N.A.
GSI	Goldman Sachs International
MLI	Merrill Lynch International

PORTFOLIO ABBREVIATIONS:

ASX	Australian Securities Exchange
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Reference Rate
BIST	Borsa Istanbul (Sole Exchange Entity of Turkey)
BKBM	Bank Bill Reference Rate
BM&F Bovespa	Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (Brazilian Stock Exchange Index)
CAC	Cotation Assistée en Continu (French Stock Market Index)
CDOR	Canadian Dollar Offered Rate
CNX Nifty	CRISIL NSE Index (National Stock Exchange of India’s Benchmark Index)
DAX	Deutscher Aktienindex (Frankfurt Stock Index)
EURIBOR	Euro Interbank Offer Rate
FTSE	Financial Times Stock Exchange
HSCEI	Hang Seng China Enterprises Index
IBEX	Índice Bursatil Español (Bolsa de Madrid Stock Market Index)
JSE	Johannesburg Stock Exchange
KLCI	Kuala Lumpur Composite Index
KOSPI	Korean Composite Stock Price Index
LIBOR	London Interbank Offered Rate
MIB	Milano Italia Borsa (FTSE MIB is the primary benchmark index for the Italian equity markets)
NIBOR	Norwegian Interbank Offered Rate
OAT	Obligations Assimilables du Tresor (Treasury Obligations)
OMX	Norwegian Stockholm Stock Exchange
RBOB	Reformulated Blendstock for Oxygenate Blending
Schatz	Bundesschatzanweisungen (German Federal Government 2-Year Securities)
SET	Stock Exchange of Thailand
SGX	Singapore Exchange
SIDE	Swedish Markets
STIBOR	Stockholm Interbank Offered Rate

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    142

Transamerica Global Multifactor Macro

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

PORTFOLIO ABBREVIATIONS (continued):

STOXX	Deutsche Börse Group & SIX Group Index
TAIEX	Taiwan Capitalization Weighted Stock Index
TOPIX	Tokyo Price Index
TSX	Toronto Stock Exchange
ULSD	Ultra-Low Sulfur Diesel
WIG	Warsaw Stock Exchange Index
WTI	West Texas Intermediate

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    143

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS

At October 31, 2016

	Principal		Value
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 84.0%
U.S. Treasury Bill
0.03% (A), 11/17/2016		$  132,722,000		$  132,711,516
0.06% (A), 11/25/2016		37,124,000		37,119,730
Total Short-Term U.S. Government Obligations (Cost $169,812,336)				169,831,246

	Shares		Value
SHORT-TERM INVESTMENT COMPANIES - 6.5%
Money Market Funds - 6.5%
BlackRock Liquidity Funds T-Fund Portfolio		1,315,321		$  1,315,321
Dreyfus Treasury Cash Management		5,261,286		5,261,286
UBS Select Treasury Preferred		6,576,607		6,576,607
Total Short-Term Investment Companies (Cost $13,153,214)				13,153,214
Total Investments (Cost $182,965,550) (B)				182,984,460
Net Other Assets (Liabilities) - 9.5%				19,199,212
Net Assets - 100.0%				$  202,183,672

OVER-THE-COUNTER SWAP AGREEMENTS: ^(C)

Total Return Swap Agreements - Payable (D)
Reference Entity	Counterparty		Termination Date		Number of Shares or Units		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Futures		BOA		12/30/2016		360,000	$	(32,094	)	$	—	$	(32,094	)
Cocoa Futures		CITI		02/03/2017		430		125			—		125
Cocoa Futures		MLI		02/28/2017		10		(37	)		—		(37	)
Corn Futures		MLI		11/25/2016		95,000		(7,363	)		—		(7,363	)
Corn Futures		CITI		11/25/2016		265,000		(56,313	)		—		(56,313	)
HG Copper Futures		MLI		11/30/2016		25,000		(2,588	)		—		(2,588	)
HG Copper Futures		CITI		11/30/2016		425,000		(15,031	)		—		(15,031	)
Lean Hog Futures		MLI		12/14/2016		360,000		(10,740	)		—		(10,740	)
Platinum Futures		MLI		12/30/2016		50		(1,915	)		—		(1,915	)
Soybean Meal Futures		MLI		12/23/2016		200		(3,320	)		—		(3,320	)
Soybean Meal Futures		CITI		12/23/2016		3,200		(47,762	)		—		(47,762	)
Swiss Market Index Futures		BOA		12/16/2016		50		11,128			—		11,128
Wheat Futures		CITI		11/25/2016		350,000		77,441			—		77,441
Wheat Futures		CITI		11/25/2016		210,000		12,938			—		12,938
Wheat Futures		MLI		11/25/2016		415,000		(54,588	)		—		(54,588	)
Total							$	(130,119	)	$	—	$	(130,119	)
Total Return Swap Agreements - Receivable (D)
Reference Entity	Counterparty		Termination Date		Number of Shares or Units		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
5-Year U.S. Treasury Note Futures		BOA		12/30/2016		81,000	$	(51,797	)	$	—	$	(51,797	)
10-Year Italy Government Bond Futures		BOA		12/08/2016		19,000		(105,659	)		—		(105,659	)
BM&F Bovespa Index Futures		BOA		12/14/2016		130		153,483			—		153,483
Coffee Futures		MLI		11/11/2016		187,500		(1,969	)		—		(1,969	)
Coffee Futures		CITI		11/11/2016		937,500		153,287			—		153,287
Cotton No. 2 Futures		CITI		11/11/2016		500,000		10,453			—		10,453
Euro OAT Futures		BOA		12/08/2016		24,000		(78,266	)		—		(78,266	)
FTSE China A50 Index Futures		BOA		11/29/2016		93		(10,451	)		—		(10,451	)
FTSE China A50 Index Futures		GSI		11/29/2016		133		(10,348	)		—		(10,348	)
German Euro BOBL Futures		BOA		12/08/2016		215,000		(99,292	)		—		(99,292	)
German Euro Schatz Futures		BOA		12/08/2016		332,000		(1,328	)		—		(1,328	)
Gold Futures		CITI		11/30/2016		4,300		(265,531	)		—		(265,531	)
Hang Seng Index Futures		GSI		11/29/2016		1,000		(61,500	)		—		(61,500	)
Hang Seng Index Futures		BOA		11/29/2016		500		(37,818	)		—		(37,818	)
HSCEI China Index Futures		GSI		11/29/2016		1,950		(41,482	)		—		(41,482	)
KOSPI 200 Index Futures		BOA		12/08/2016		4,000,000		(14,862	)		—		(14,862	)
KOSPI 200 Index Futures		GSI		12/08/2016		7,000,000		(24,042	)		—		(24,042	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    144

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

OVER-THE-COUNTER SWAP AGREEMENTS (continued): ^(C)

Total Return Swap Agreements - Receivable (continued) (D)
Reference Entity	Counterparty		Termination Date		Number of Shares or Units		Fair Value			Premiums Paid (Received)		Net Unrealized Appreciation (Depreciation)
MSCI Singapore Index Futures		BOA		11/30/2016		700	$	(2,856	)	$	—	$	(2,856	)
MSCI Taiwan Index Futures		GSI		11/29/2016		7,300		(19,755	)		—		(19,755	)
MSCI Taiwan Index Futures		BOA		11/29/2016		1,300		(5,733	)		—		(5,733	)
SGX CNX Nifty Index Futures		BOA		11/24/2016		96		(13,332	)		—		(13,332	)
SGX CNX Nifty Index Futures		GSI		11/24/2016		88		(6,538	)		—		(6,538	)
Silver Futures		MLI		11/30/2016		50,000		(99,100	)		—		(99,100	)
Silver Futures		CITI		11/30/2016		20,000		(39,526	)		—		(39,526	)
Soybean Futures		MLI		12/23/2016		215,000		25,963			—		25,963
Soybean Futures		CITI		12/23/2016		310,000		10,692			—		10,692
Soybean Oil Futures		MLI		12/23/2016		3,600,000		64,848			—		64,848
Soybean Oil Futures		CITI		12/23/2016		1,320,000		21,588			—		21,588
TAIEX Futures		BOA		11/16/2016		14,600		71,722			—		71,722
Total							$	(479,149	)	$	—	$	(479,149	)

FUTURES CONTRACTS: (E)
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
90-Day Eurodollar		Short		(274	)		03/13/2017	$	6,990	$	—
90-Day Eurodollar		Short		(214	)		06/19/2017		6,235		—
90-Day Eurodollar		Short		(144	)		09/18/2017		542		—
90-Day Eurodollar		Short		(66	)		12/18/2017		—		(2,570	)
90-Day Eurodollar		Short		(9	)		03/19/2018		—		(740	)
90-Day Eurodollar		Long		38			06/18/2018		—		(5,583	)
90-Day Eurodollar		Long		35			09/17/2018		—		(5,538	)
90-Day Sterling		Short		(84	)		03/15/2017		781		—
90-Day Sterling		Short		(14	)		06/21/2017		—		(286	)
90-Day Sterling		Long		33			09/20/2017		—		(11,061	)
90-Day Sterling		Long		39			12/20/2017		—		(14,331	)
90-Day Sterling		Long		26			03/21/2018		—		(11,861	)
90-Day Sterling		Long		21			06/20/2018		—		(10,801	)
90-Day Sterling		Long		18			09/19/2018		—		(9,884	)
3-Month Aluminum		Long		7			11/17/2016		6,964		—
3-Month Aluminum		Short		(7	)		11/17/2016		—		(7,715	)
3-Month Aluminum		Long		7			11/18/2016		8,319		—
3-Month Aluminum		Short		(7	)		11/18/2016		—		(7,201	)
3-Month Aluminum		Long		1			11/22/2016		1,768		—
3-Month Aluminum		Short		(1	)		11/22/2016		—		(1,873	)
3-Month Aluminum		Long		1			11/25/2016		2,274		—
3-Month Aluminum		Short		(1	)		11/25/2016		—		(2,192	)
3-Month Aluminum		Long		6			12/01/2016		17,654		—
3-Month Aluminum		Short		(6	)		12/01/2016		—		(18,830	)
3-Month Aluminum		Long		5			12/02/2016		15,090		—
3-Month Aluminum		Short		(5	)		12/02/2016		—		(15,693	)
3-Month Aluminum		Long		5			12/07/2016		16,687		—
3-Month Aluminum		Short		(5	)		12/07/2016		—		(16,929	)
3-Month Aluminum		Long		2			12/13/2016		7,956		—
3-Month Aluminum		Short		(2	)		12/13/2016		—		(8,153	)
3-Month Aluminum		Long		3			12/16/2016		10,967		—
3-Month Aluminum		Short		(3	)		12/16/2016		—		(11,884	)
3-Month Aluminum		Long		1			12/19/2016		3,958		—
3-Month Aluminum		Short		(1	)		12/19/2016		—		(3,932	)
3-Month Aluminum		Long		11			12/28/2016		21,294		—
3-Month Aluminum		Short		(11	)		12/28/2016		—		(20,728	)
3-Month Aluminum		Long		4			12/29/2016		6,896		—
3-Month Aluminum		Short		(4	)		12/29/2016		—		(7,044	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    145

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FUTURES CONTRACTS (continued): (E)
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
3-Month Aluminum		Long		6			12/30/2016	$	9,672	$	—
3-Month Aluminum		Short		(6	)		12/30/2016		—		(10,393	)
3-Month Aluminum		Long		14			01/06/2017		20,458		—
3-Month Aluminum		Short		(14	)		01/06/2017		—		(20,718	)
3-Month Aluminum		Long		7			01/10/2017		8,938		—
3-Month Aluminum		Short		(7	)		01/10/2017		—		(9,642	)
3-Month Aluminum		Long		1			01/11/2017		1,482		—
3-Month Aluminum		Short		(1	)		01/11/2017		—		(1,438	)
3-Month Aluminum		Long		3			01/12/2017		3,878		—
3-Month Aluminum		Short		(3	)		01/12/2017		—		(4,307	)
3-Month Aluminum		Long		1			01/13/2017		1,138		—
3-Month Aluminum		Short		(1	)		01/13/2017		—		(1,052	)
3-Month Aluminum		Long		1			01/18/2017		1,642		—
3-Month Aluminum		Short		(1	)		01/18/2017		—		(2,274	)
3-Month Aluminum		Long		2			01/20/2017		5,945		—
3-Month Aluminum		Short		(2	)		01/20/2017		—		(5,738	)
3-Month Aluminum		Long		4			01/24/2017		9,988		—
3-Month Aluminum		Short		(4	)		01/24/2017		—		(10,214	)
3-Month Aluminum		Long		2			01/25/2017		3,694		—
3-Month Aluminum		Short		(2	)		01/25/2017		—		(3,356	)
3-Month Canada Bankers’ Acceptance		Short		(98	)		03/13/2017		—		(8,329	)
3-Month Canada Bankers’ Acceptance		Short		(82	)		06/19/2017		—		(7,847	)
3-Month Copper		Long		3			11/30/2016		17,627		—
3-Month Copper		Short		(3	)		11/30/2016		—		(17,692	)
3-Month Copper		Long		1			12/01/2016		5,307		—
3-Month Copper		Short		(1	)		12/01/2016		—		(5,524	)
3-Month Copper		Long		2			01/18/2017		7,614		—
3-Month Copper		Short		(2	)		01/18/2017		—		(8,147	)
3-Month Copper		Long		3			01/19/2017		13,679		—
3-Month Copper		Short		(3	)		01/19/2017		—		(14,325	)
3-Month Copper		Long		2			01/20/2017		10,157		—
3-Month Copper		Short		(2	)		01/20/2017		—		(10,276	)
3-Month Copper		Long		2			01/24/2017		10,505		—
3-Month Copper		Short		(2	)		01/24/2017		—		(10,317	)
3-Month Copper		Long		1			01/25/2017		2,929		—
3-Month Copper		Short		(1	)		01/25/2017		—		(2,982	)
3-Month EURIBOR		Short		(128	)		03/13/2017		6,323		—
3-Month EURIBOR		Short		(128	)		06/19/2017		10,797		—
3-Month EURIBOR		Short		(82	)		09/18/2017		6,745		—
3-Month EURIBOR		Short		(78	)		12/18/2017		4,726		—
3-Month EURIBOR		Short		(26	)		03/19/2018		506		—
3-Month EURIBOR		Long		58			06/18/2018		—		(19,128	)
3-Month EURIBOR		Long		53			09/17/2018		—		(22,048	)
3-Month Euroswiss		Short		(16	)		03/13/2017		1,657		—
3-Month Euroswiss		Short		(8	)		06/19/2017		734		—
3-Month Euroswiss		Short		(8	)		09/18/2017		870		—
3-Month Nickel		Long		1			11/02/2016		—		(2,416	)
3-Month Nickel		Short		(1	)		11/02/2016		2,356		—
3-Month Nickel		Long		1			11/03/2016		—		(1,438	)
3-Month Nickel		Short		(1	)		11/03/2016		1,335		—
3-Month Nickel		Long		1			11/08/2016		—		(2,289	)
3-Month Nickel		Short		(1	)		11/08/2016		2,310		—
3-Month Nickel		Long		1			11/09/2016		—		(1,832	)
3-Month Nickel		Short		(1	)		11/09/2016		2,053		—
3-Month Nickel		Long		1			12/23/2016		—		(1,143	)
3-Month Nickel		Short		(1	)		12/23/2016		1,160		—
3-Month Nickel		Long		2			12/28/2016		—		(502	)
3-Month Nickel		Short		(2	)		12/28/2016		139		—

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    146

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FUTURES CONTRACTS (continued): (E)
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
3-Month Nickel		Long		2			12/30/2016	$	—	$	(1,290	)
3-Month Nickel		Short		(2	)		12/30/2016		618		—
3-Month Nickel		Long		1			01/24/2017		2,446		—
3-Month Nickel		Short		(1	)		01/24/2017		—		(2,507	)
3-Month Nickel		Long		2			01/25/2017		1,793		—
3-Month Nickel		Short		(2	)		01/25/2017		—		(2,270	)
3-Month Zinc		Long		1			11/03/2016		5,021		—
3-Month Zinc		Short		(1	)		11/03/2016		—		(5,163	)
3-Month Zinc		Long		1			11/04/2016		4,646		—
3-Month Zinc		Short		(1	)		11/04/2016		—		(4,693	)
3-Month Zinc		Long		1			11/08/2016		4,292		—
3-Month Zinc		Short		(1	)		11/08/2016		—		(4,285	)
3-Month Zinc		Long		1			11/09/2016		4,576		—
3-Month Zinc		Short		(1	)		11/09/2016		—		(4,670	)
3-Month Zinc		Long		1			11/10/2016		3,812		—
3-Month Zinc		Short		(1	)		11/10/2016		—		(3,969	)
3-Month Zinc		Long		1			11/16/2016		4,808		—
3-Month Zinc		Short		(1	)		11/16/2016		—		(4,577	)
3-Month Zinc		Long		2			11/17/2016		9,720		—
3-Month Zinc		Short		(2	)		11/17/2016		—		(10,650	)
3-Month Zinc		Long		1			11/18/2016		4,268		—
3-Month Zinc		Short		(1	)		11/18/2016		—		(4,372	)
3-Month Zinc		Long		1			11/25/2016		4,267		—
3-Month Zinc		Short		(1	)		11/25/2016		—		(4,574	)
3-Month Zinc		Long		1			11/30/2016		3,748		—
3-Month Zinc		Short		(1	)		11/30/2016		—		(3,894	)
3-Month Zinc		Long		1			01/06/2017		3,284		—
3-Month Zinc		Short		(1	)		01/06/2017		—		(2,987	)
2-Year U.S. Treasury Note		Short		(240	)		12/30/2016		—		(33,786	)
3-Year Australia Treasury Bond		Short		(453	)		12/15/2016		34,684		—
5-Year U.S. Treasury Note		Long		4			12/30/2016		—		(885	)
10-Year Australia Treasury Bond		Short		(12	)		12/15/2016		7,457		—
10-Year Canada Government Bond		Long		6			12/19/2016		—		(12,020	)
10-Year Japan Government Bond		Short		(31	)		12/13/2016		33,058		—
10-Year U.S. Treasury Note		Short		(9	)		12/20/2016		—		(1,478	)
Aluminum		Long		64			12/19/2016		114,679		—
Aluminum		Short		(32	)		12/19/2016		—		(99,469	)
Amsterdam Index		Long		11			11/18/2016		874		—
Brent Crude Oil		Long		87			11/30/2016		—		(326,266	)
CAC 40 Index		Long		29			11/18/2016		—		(165	)
Cocoa		Short		(44	)		03/16/2017		—		(1,781	)
Coffee “C”		Long		28			12/19/2016		216,064		—
Copper		Long		2			12/19/2016		4,235		—
Copper		Short		(17	)		12/19/2016		—		(84,368	)
Copper		Short		(38	)		12/28/2016		—		(100,152	)
DAX® Index		Long		10			12/16/2016		19,026		—
DJIA Mini Index		Long		48			12/16/2016		1,765		—
EURO STOXX 50® Index		Long		25			12/16/2016		—		(9,513	)
FTSE 100 Index		Long		85			12/16/2016		164,825		—
FTSE MIB Index		Short		(6	)		12/16/2016		—		(22,034	)
German Euro Bund		Long		28			12/08/2016		—		(58,207	)
German Euro BUXL		Short		(3	)		12/08/2016		5,149		—
German Euro Schatz		Long		113			12/08/2016		—		(3,228	)
H-Shares Index		Long		5			11/29/2016		—		(5,554	)
Hang Seng Index		Long		3			11/29/2016		—		(8,624	)
IBEX 35 Index		Short		(3	)		11/18/2016		—		(11,070	)
KC HRW Wheat		Short		(19	)		12/14/2016		1,014		—
KOSPI 200 Index		Long		1			12/08/2016		—		(2,113	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    147

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FUTURES CONTRACTS (continued): (E)
Description	Long/Short		Number of Contracts			Expiration Date		Unrealized Appreciation		Unrealized Depreciation
Lean Hogs		Short		(24	)		12/14/2016	$	46,443	$	—
Low Sulfur Gasoil		Long		43			12/12/2016		—		(110,941	)
MSCI EAFE Mini Index		Long		8			12/16/2016		—		(3,224	)
MSCI Emerging Markets Mini Index		Long		109			12/16/2016		—		(114,284	)
MSCI Singapore Index		Long		69			11/29/2016		—		(18,854	)
MSCI Taiwan Index		Long		3			11/29/2016		—		(666	)
NASDAQ-100 E-Mini Index		Long		118			12/16/2016		89,364		—
Natural Gas		Long		4			11/28/2016		—		(12,222	)
Natural Gas		Short		(5	)		12/28/2016		17,625		—
New York Harbor ULSD		Long		29			11/30/2016		—		(102,024	)
Nickel		Long		10			12/19/2016		16,060		—
Nickel		Short		(3	)		12/19/2016		—		(4,276	)
Nikkei 225 Index		Short		(6	)		12/08/2016		—		(25,885	)
OMX Stockholm 30 Index		Long		81			11/18/2016		—		(2,692	)
Palladium		Short		(7	)		12/28/2016		—		(98	)
Platinum		Short		(11	)		01/27/2017		—		(19,898	)
RBOB Gasoline		Long		18			11/30/2016		—		(43,133	)
Russell 2000® Mini Index		Long		10			12/16/2016		—		(52,886	)
S&P 500® E-Mini		Long		1			12/16/2016		—		(1,681	)
S&P Midcap 400® E-Mini Index		Long		15			12/16/2016		—		(42,712	)
S&P/ASX 200 Index		Long		50			12/15/2016		—		(54,971	)
S&P/TSX 60 Index		Long		49			12/15/2016		156,821		—
SGX CNX Nifty Index		Long		26			11/24/2016		—		(5,955	)
Soybean		Long		28			01/13/2017		68,423		—
Soybean Oil		Long		21			01/13/2017		12,287		—
Sugar No. 11		Long		170			02/28/2017		47,090		—
TOPIX Index		Short		(1	)		12/08/2016		—		(8,582	)
U.K. Gilt		Short		(21	)		12/28/2016		33,917		—
U.S. Treasury Bond		Short		(39	)		12/20/2016		99,085		—
Wheat		Short		(33	)		12/14/2016		33,374		—
WTI Crude		Long		13			11/21/2016		—		(41,922	)
Zinc		Long		27			12/19/2016		103,674		—
Total								$	1,695,031	$	(1,907,716	)

FORWARD FOREIGN CURRENCY CONTRACTS: (C)
Counterparty	Settlement Date	Currency Purchased		Currency Sold		Unrealized Appreciation		Unrealized Depreciation
CITI	12/21/2016	AUD	38,648,000	USD	29,431,442	$	41,647	$	(112,447	)
CITI	12/21/2016	BRL	14,658,000	USD	4,370,925		149,257		—
CITI	12/21/2016	CAD	53,156,998	USD	40,651,279		—		(1,004,157	)
CITI	12/21/2016	CHF	65,000	USD	67,056		—		(1,167	)
CITI	12/21/2016	CLP	1,913,241,000	USD	2,837,267		81,758		(823	)
CITI	12/21/2016	COP	6,010,105,000	USD	2,037,765		—		(55,051	)
CITI	12/21/2016	EUR	43,863,000	USD	49,315,495		5,587		(1,053,948	)
CITI	12/21/2016	GBP	4,881,000	USD	5,984,781		15,358		(18,126	)
CITI	12/21/2016	HKD	2,967,000	USD	382,908		—		(209	)
CITI	12/21/2016	HUF	1,613,150,000	USD	5,854,685		—		(114,653	)
CITI	12/21/2016	IDR	33,279,489,000	USD	2,479,866		51,157		—
CITI	12/21/2016	ILS	11,723,001	USD	3,124,715		—		(65,061	)
CITI	12/21/2016	INR	347,612,000	USD	5,129,598		35,907		(662	)
CITI	12/21/2016	JPY	8,316,970,003	USD	81,454,131		—		(1,970,493	)
CITI	12/21/2016	KRW	14,764,291,001	USD	13,333,971		—		(433,421	)
CITI	12/21/2016	MXN	139,567,000	USD	7,412,059		8,905		(79,082	)
CITI	12/21/2016	MYR	9,745,000	USD	2,397,889		—		(81,044	)
CITI	12/21/2016	NOK	157,485,000	USD	19,322,549		16,720		(276,626	)
CITI	12/21/2016	NZD	79,177,000	USD	57,554,659		13,991		(1,059,331	)

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    148

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

FORWARD FOREIGN CURRENCY CONTRACTS (continued): (C)
Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation		Unrealized Depreciation
CITI		12/21/2016		PHP	115,285,000		USD	2,465,677	$	—	$	(85,968	)
CITI		12/21/2016		PLN	50,539,000		USD	13,105,787		40		(236,723	)
CITI		12/21/2016		SEK	8,029,000		USD	947,601		—		(56,279	)
CITI		12/21/2016		SGD	2,678,000		USD	1,969,978		35		(44,505	)
CITI		12/21/2016		TRY	68,749,000		USD	22,668,844		4,829		(702,470	)
CITI		12/21/2016		TWD	90,135,000		USD	2,877,977		89		(18,640	)
CITI		12/21/2016		USD	14,820,191		AUD	19,704,000		5,130		(153,943	)
CITI		12/21/2016		USD	462,308		BRL	1,515,000		1,354		(6,234	)
CITI		12/21/2016		USD	48,258,511		CAD	63,699,000		748,642		—
CITI		12/21/2016		USD	100,519		CHF	98,000		1,275		(96	)
CITI		12/21/2016		USD	895,993		CLP	604,049,000		—		(25,343	)
CITI		12/21/2016		USD	284,965		COP	861,316,000		1,458		(637	)
CITI		12/21/2016		USD	105,822,961		EUR	94,955,631		1,462,673		(129,513	)
CITI		12/21/2016		USD	34,994,820		GBP	26,852,000		2,102,006		(16,233	)
CITI		12/21/2016		USD	543,993		HKD	4,217,000		63		—
CITI		12/21/2016		USD	1,742,778		HUF	489,991,000		9,236		(9,981	)
CITI		12/21/2016		USD	228,794		IDR	3,029,375,000		130		(1,733	)
CITI		12/21/2016		USD	2,784,195		ILS	10,651,000		9,926		(5,592	)
CITI		12/21/2016		USD	460,831		INR	31,066,000		39		(788	)
CITI		12/21/2016		USD	29,288,036		JPY	3,011,419,000		517,497		(8,998	)
CITI		12/21/2016		USD	12,017,502		KRW	13,622,888,000		115,034		(759	)
CITI		12/21/2016		USD	8,528,343		MXN	165,202,000		11,311		(173,371	)
CITI		12/21/2016		USD	2,033,509		MYR	8,416,000		33,272		(640	)
CITI		12/21/2016		USD	2,496,025		NOK	20,703,000		1,061		(11,014	)
CITI		12/21/2016		USD	34,841,134		NZD	48,435,000		350,646		(77,994	)
CITI		12/21/2016		USD	3,432,759		PHP	165,284,000		25,113		(4,142	)
CITI		12/21/2016		USD	9,648,075		PLN	37,959,000		23,495		(41,190	)
CITI		12/21/2016		USD	25,527,073		SEK	217,671,000		1,363,062		(260	)
CITI		12/21/2016		USD	4,204,591		SGD	5,758,000		65,223		(693	)
CITI		12/21/2016		USD	14,741,137		TRY	45,296,000		265,781		(605	)
CITI		12/21/2016		USD	1,420,857		TWD	44,990,000		360		(6,758	)
CITI		12/21/2016		USD	1,849,826		ZAR	27,370,000		—		(158,634	)
CITI		12/21/2016		ZAR	132,136,000		USD	9,295,798		400,577		—
Total									$	7,939,644	$	(8,306,037	)

SECURITY VALUATION:

Valuation Inputs ^(F)

	Level 1 -  Unadjusted Quoted Prices		Level 2 -  Other Significant Observable Inputs		Level 3 -  Significant Unobservable Inputs		Value
ASSETS
Investments
Short-Term U.S. Government Obligations	$	—	$	169,831,246	$	—	$	169,831,246
Short-Term Investment Companies		13,153,214		—		—		13,153,214
Total Investments	$	13,153,214	$	169,831,246	$	—	$	182,984,460
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—	$	613,668	$	—	$	613,668
Futures Contracts (G)		1,695,031		—		—		1,695,031
Forward Foreign Currency Contracts (G)		—		7,939,644		—		7,939,644
Total Other Financial Instruments	$	1,695,031	$	8,553,312	$	—	$	10,248,343

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    149

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

SECURITY VALUATION (continued):

Valuation Inputs (continued) ^(F)

	Level 1 -  Unadjusted Quoted Prices			Level 2 -  Other Significant Observable Inputs			Level 3 -  Significant Unobservable Inputs		Value
LIABILITIES
Other Financial Instruments
Over-the-Counter Total Return Swap Agreements	$	—		$	(1,222,936	)	$	—	$	(1,222,936	)
Futures Contracts (G)		(1,907,716	)		—			—		(1,907,716	)
Forward Foreign Currency Contracts (G)		—			(8,306,037	)		—		(8,306,037	)
Total Other Financial Instruments	$	(1,907,716	)	$	(9,528,973	)	$	—	$	(11,436,689	)

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  Rates disclosed reflect the yields at October 31, 2016.

^(B)  Aggregate cost for federal income tax purposes is $207,072,925. Aggregate gross unrealized appreciation and depreciation for all securities is $15,708 and $14,465,320, respectively. Net unrealized depreciation for tax purposes is $14,449,612.

^(C)  Cash in the amount of $11,353,539 has been segregated by the custodian as collateral for open over-the-counter swap agreements and/or forward foreign currency contracts.

^(D)  At the termination date, a net cash flow is exchanged where the total return is equivalent to the return of the reference entity 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.

^(E)  Cash in the amount of $6,308,865 has been segregated by the custodian as collateral to cover margin requirements for open futures contracts.

^(F)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

^(G)  Futures contracts and/or forward foreign currency contracts are valued at unrealized appreciation (depreciation).

CURRENCY ABBREVIATIONS:

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
COP	Columbian Peso
EUR	Euro
GBP	Pound Sterling
HKD	Hong Kong Dollar
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
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippine Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish New Lira
TWD	Taiwan New Dollar
USD	United States Dollar
ZAR	South African Rand

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    150

Transamerica Managed Futures Strategy

CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

At October 31, 2016

COUNTERPARTY ABBREVIATIONS:

BOA	Bank of America, N.A.
CITI	Citibank N.A.
GSI	Goldman Sachs International
MLI	Merrill Lynch International

PORTFOLIO ABBREVIATIONS:

ASX	Australian Securities Exchange
BM&F Bovespa	Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (Brazilian Stock Exchange Index)
BOBL	Bundesobligationen (German Federal Government Securities)
BUXL	Bundesanleihen (German Long-Term Debt)
CAC	Cotation Assistée en Continu (French Stock Market Index)
CNX Nifty	CRISIL NSE Index (National Stock Exchange of India’s Benchmark Index)
DAX	Deutscher Aktienindex (Frankfurt Stock Index)
DJIA	Dow Jones Industrial Average
EAFE	Europe, Australasia and Far East
EURIBOR	Euro Interbank Offer Rate
FTSE	Financial Times Stock Exchange
HG	High Grade
HSCEI	Hang Seng China Enterprises Index
IBEX	Índice Bursatil Español (Bolsa de Madrid Stock Market Index)
KC HRW	Kansas City Hard Red Winter
KOSPI	Korean Composite Stock Price Index
MIB	Milano Italia Borsa (FTSE MIB is the primary benchmark index for the Italian equity markets)
NASDAQ	National Association of Securities Dealers Automated Quotations
OAT	Obligations Assimilables du Tresor (Treasury Obligations)
OMX	Norwegian Stockholm Stock Exchange
RBOB	Reformulated Blendstock for Oxygenate Blending
Schatz	Bundesschatzanweisungen (German Federal Government 2-Year Securities)
SGX	Singapore Exchange
STOXX	Deutsche Börse Group & SIX Group Index
TAIEX	Taiwan Capitalization Weighted Stock Index
TOPIX	Tokyo Price Index
TSX	Toronto Stock Exchange
ULSD	Ultra-Low Sulfur Diesel
WTI	West Texas Intermediate

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    151

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2016

	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Assets:
Investments, at value (A)	$	149,491,549		$	182,984,460
Cash on deposit with broker		14,289,386			11,390,000
Cash on deposit with custodian		1,950,002			6,272,404
Foreign currency, at value (B)		20,745			54,677
Receivables:
Shares of beneficial interest sold		—			5,704
Due from investment manager		12,088			—
Investments sold		95,884			4,339,700
Interest		26,485			2,186
Variation margin receivable		407,044			—
OTC swap agreements, at value		2,847,453			613,668
Unrealized appreciation on forward foreign currency contracts		5,669,149			7,939,644
Total assets		174,809,785			213,602,443
Liabilities:
Due to custodian		137,027			68,549
Cash deposit due to broker		1,670,000			—
Payables and other liabilities:
Shares of beneficial interest redeemed		4,202			97,562
Investments purchased		5,901			1,071,991
Investment management fees		—			77,265
Transfer agent fees		1,078			1,315
Trustees, CCO and deferred compensation fees		61			172
Audit and tax fees		35,188			16,305
Custody fees		243,991			337,681
Legal fees		1,348			1,839
Printing and shareholder reports fees		1,514			6,620
Registration fees		900			1,049
Other		367			502
Variation margin payable		—			208,948
OTC swap agreements, at value		1,157,967			1,222,936
Unrealized depreciation on forward foreign currency contracts		4,864,910			8,306,037
Total liabilities		8,124,454			11,418,771
Net assets	$	166,685,331		$	202,183,672
Net assets consist of:
Paid-in capital	$	163,126,977		$	264,136,963
Undistributed (distributions in excess of) net investment income (loss)		(5,024,944	)		(50,952,752	)
Accumulated net realized gain (loss)		3,916,114			(9,825,447	)
Net unrealized appreciation (depreciation) on:
Investments		—			18,910
Swap agreements		1,140,261			(609,268	)
Futures contracts		2,720,790			(212,685	)
Translation of assets and liabilities denominated in foreign currencies		806,133			(372,049	)
Net assets	$	166,685,331		$	202,183,672
Shares outstanding (unlimited shares, no par value)		17,059,217			23,863,138
Net asset value and offering price per share	$	9.77		$	8.47
(A)      Investments, at cost	$	149,491,549		$	182,965,550
(B)      Foreign currency, at cost	$	20,948		$	55,854

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    152

CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended October 31, 2016

	Transamerica Global Multifactor Macro			Transamerica Managed Futures Strategy
Investment Income:
Interest income	$	289,682		$	825,840
Withholding taxes on foreign income		(10,383	)		(3,749	)
Total investment income		279,299			822,091
Expenses:
Investment advisory fees		1,100,463			1,376,295
Investment management fees		1,868,681			2,274,977
Administration fees		22,273			30,480
Transfer agent fees		14,748			19,898
Trustees, CCO and deferred compensation fees		3,015			3,975
Audit and tax fees		43,938			20,182
Custody fees		1,289,890			1,598,508
Legal fees		8,683			10,460
Printing and shareholder reports fees		3,185			7,339
Registration fees		4,075			5,355
Other		12,186			18,942
Total expenses before waiver and/or reimbursement and recapture		4,371,137			5,366,411
Expense waived and/or reimbursed		(1,412,687	)		(1,506,099	)
Recapture of previously waived and/or reimbursed fees		93			—
Reimbursement of custody fees(A)		(4,528	)		(36,657	)
Net expenses		2,954,015			3,823,655
Net investment income (loss)		(2,674,716	)		(3,001,564	)
Net realized gain (loss) on:
Investments		(13	)		(11,751	)
Swap agreements		(1,644,544	)		(3,307,346	)
Futures contracts		(1,547,119	)		(2,233,626	)
Foreign currency transactions		1,845,175			(403,217	)
Net realized gain (loss)		(1,346,501	)		(5,955,940	)
Net change in unrealized appreciation (depreciation) on:
Investments		—			10,039
Swap agreements		1,026,282			(661,515	)
Futures contracts		2,767,315			(3,115,127	)
Translation of assets and liabilities denominated in foreign currencies		1,273,452			3,493,121
Net change in unrealized appreciation (depreciation)		5,067,049			(273,482	)
Net realized and change in unrealized gain (loss)		3,720,548			(6,229,422	)
Net increase (decrease) in net assets resulting from operations	$	1,045,832		$	(9,230,986	)

^(A) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    153

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

For the period and years ended:

	Transamerica Global Multifactor Macro						Transamerica Managed Futures Strategy
	October 31, 2016			October 31, 2015 (A)			October 31, 2016			October 31, 2015
From operations:
Net investment income (loss)	$	(2,674,716	)	$	(1,825,312	)	$	(3,001,564	)	$	(5,654,235	)
Net realized gain (loss)		(1,346,501	)		1,689,146			(5,955,940	)		76,749,404
Net change in unrealized appreciation (depreciation)		5,067,049			(399,865	)		(273,482	)		(14,102,410	)
Net increase (decrease) in net assets resulting from operations		1,045,832			(536,031	)		(9,230,986	)		56,992,759
Dividends and/or distributions to shareholders:
Net investment income		(8,580,354	)		—			(30,830,649	)		(3,355,940	)
Net realized gains		—			—			(27,923,245	)		(19,223,096	)
Total dividends and/or distributions to shareholders		(8,580,354	)		—			(58,753,894	)		(22,579,036	)
Capital share transactions:
Proceeds from shares sold		9,407,919			234,790,032			31,921,013			109,648,363
Dividends and/or distributions reinvested		8,580,354			—			58,753,894			22,579,036
Cost of shares redeemed		(66,007,583	)		(12,014,838	)		(146,137,708	)		(254,896,383	)
Net increase (decrease) in net assets resulting from capital share transactions		(48,019,310	)		222,775,194			(55,462,801	)		(122,668,984	)
Net increase (decrease) in net assets		(55,553,832	)		222,239,163			(123,447,681	)		(88,255,261	)
Net assets:
Beginning of period/year		222,239,163			—			325,631,353			413,886,614
End of period/year	$	166,685,331		$	222,239,163		$	202,183,672		$	325,631,353
Undistributed (distributions in excess of) net investment income (loss)	$	(5,024,944	)	$	(2,028,630	)	$	(50,952,752	)	$	(18,505,618	)
Capital share transactions - shares:
Shares issued		951,758			23,292,482			3,523,679			9,748,911
Shares reinvested		888,235			—			6,653,895			2,102,331
Shares redeemed		(6,881,107	)		(1,192,151	)		(15,761,383	)		(22,672,295	)
Net increase (decrease) in shares outstanding		(5,041,114	)		22,100,331			(5,583,809	)		(10,821,053	)

^(A)  Commenced operations on March 3, 2015.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    154

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and year indicated:	Transamerica Global Multifactor Macro
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	10.06		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		(0.13	)(D)		(0.10	)
Net realized and unrealized gain (loss)		0.23			0.16
Total investment operations		0.10			0.06
Dividends and/or distributions to shareholders:
Net investment income		(0.39	)		—
Net asset value, end of period/year	$	9.77		$	10.06
Total return		1.01	%		0.60	%(E)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	166,685		$	222,239
Expenses to average net assets (F)
Excluding waiver and/or reimbursement and recapture		2.22	%		1.93	%(G)
Including waiver and/or reimbursement and recapture		1.50	%(D)		1.50	%(G)
Net investment income (loss) to average net assets (C)		(1.36	)%(D)		(1.49	)%(G)
Portfolio turnover rate (H)		—	%		—	%(E)

^(A)  Commenced operations on March 3, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Not annualized.

^(F)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(G)  Annualized.

^(H) Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

For a share outstanding during the years indicated:	Transamerica Managed Futures Strategy
	October 31, 2016			October 31, 2015			October 31, 2014			October 31, 2013			October 31, 2012
Net asset value, beginning of year	$	11.06		$	10.28		$	10.10		$	9.36		$	9.34
Investment operations:
Net investment income (loss) (A) (B)		(0.10	)(C)		(0.15	)		(0.14	)		(0.13	)		(0.13	)
Net realized and unrealized gain (loss)		(0.37	)		1.46			0.64			0.87			0.16
Total investment operations		(0.47	)		1.31			0.50			0.74			0.03
Dividends and/or distributions to shareholders:
Net investment income		(1.11	)		(0.08	)		(0.04	)		—			(0.00	)(D)
Net realized gains		(1.01	)		(0.45	)		(0.28	)		—			(0.01	)
Total dividends and/or distributions to shareholders		(2.12	)		(0.53	)		(0.32	)		—			(0.01	)
Net asset value, end of year	$	8.47		$	11.06		$	10.28		$	10.10		$	9.36
Total return		(5.00	)%		12.89	%		4.97	%		7.91	%		0.31	%
Ratio and supplemental data:
Net assets end of year (000’s)	$	202,184		$	325,631		$	413,887		$	441,775		$	302,123
Expenses to average net assets (E)
Excluding waiver and/or reimbursement and recapture		2.02	%		1.68	%		1.68	%		1.57	%		1.37	%
Including waiver and/or reimbursement and recapture		1.44	%(C)		1.42	%		1.42	%		1.32	%		1.37	%
Net investment income (loss) to average net assets (B)		(1.13	)%(C)		(1.37	)%		(1.39	)%		(1.30	)%		(1.35	)%
Portfolio turnover rate (F)		—	%		—	%		—	%		—	%		—	%

^(A)  Calculated based on average number of shares outstanding.

^(B)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Fund invests.

^(C)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.01% higher and 0.01% lower, respectively, had the custodian not reimbursed the Fund.

^(D)  Rounds to less than $0.01 or $(0.01).

^(E)  Does not include expenses of the investment companies and/or ETFs in which the Fund invests.

^(F)  Does not include portfolio activity of the investment companies and/or ETFs in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    155

NOTES TO FINANCIAL STATEMENTS

At October 31, 2016

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are listed below.

Fund

Transamerica Core Bond (“Core Bond”)

Transamerica Developing Markets Equity (“Developing Markets Equity”)

Transamerica Event Driven (“Event Driven”)

Transamerica Global Real Estate Securities (“Global Real Estate Securities”)

Transamerica Intermediate Bond (“Intermediate Bond”)

Transamerica International Equity Opportunities (“International Equity Opportunities”)

Transamerica International Small Cap (“International Small Cap”)

Transamerica Long/Short Strategy (“ Long/Short Strategy”)

Transamerica Mid Cap Value (“Mid Cap Value”)

Transamerica Total Return (“Total Return”)

Transamerica Global Multifactor Macro (“Global Multifactor Macro”)

Transamerica Managed Futures Strategy (“Managed Futures Strategy”)

Event Driven, Global Real Estate Securities, Global Multifactor Macro, and Managed Futures Strategy are classified as “non-diversified” funds, as defined under the 1940 Act.

The Funds’ Board of Trustees (the “Board”) approved the reorganization of each series of Transamerica Partners Funds Group, Transamerica Partners Funds Group II and Transamerica Partners Portfolios into new and existing Funds within the Trust.

Following are the proposed reorganizations into an existing destination Fund which (as of October 31, 2016) offered only Class I2 shares:

Target Fund	Destination Fund
Transamerica Partners Core Bond	Intermediate Bond
Transamerica Partners Institutional Core Bond
Transamerica Partners Core Bond Portfolio

Each proposed reorganization is subject to target fund shareholder approval and other closing conditions. The target funds would receive newly-issued Class R, Class R4 or Class I3 shares, as applicable, in the reorganization.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks, and investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation process; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Board, participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds;

Transamerica Funds Annual Report 2016

Page    156

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

1. ORGANIZATION (continued)

and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM’s expense.

Effective March 1, 2016, TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of fund investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds. Prior to March 1, 2016, Transamerica Funds Services, Inc. (“TFS”) provided administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America, estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the closing exchange rate each day. The cost of foreign securities purchased and any realized gains or losses are translated at the prevailing exchange rates in effect on the date of the respective transaction. Each Fund combines fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

Net foreign currency gains and losses resulting from changes in exchange rates include, foreign currency fluctuations between trade date and settlement date of investment security transactions, gains and losses on forward foreign currency contracts, and the difference between the receivable amounts of interest and dividends recorded in the accounting records in U.S. dollars and the amounts actually received.

Foreign currency denominated assets may involve risks not typically associated with domestic transactions. These risks include revaluation of currencies, adverse fluctuations in foreign currency values, and possible adverse political, social, and economic developments, including those particular to a specific industry, country or region.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the specific identification basis. Dividend income, if any, is recorded on the ex-dividend date or, in the case of foreign securities, as soon as the Funds are informed of the ex-dividend dates, net of foreign taxes. Interest income, including accretion of discounts and amortization of premiums, is recorded on the accrual basis commencing on the settlement date.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Foreign taxes: The Funds may be subjected to taxes imposed by the countries in which they invest, with respect to their investments in issuers existing or operating in such countries. The Funds may also be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Funds accrue such taxes and recoveries as applicable when the related income or capital gains are earned or unrealized, and based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Some countries require governmental approval for the repatriation of investment income, capital, or the proceeds of sales earned by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions of foreign capital remittances abroad.

Cash overdraft: Throughout the year, the Funds may have cash overdraft balances. A fee is incurred on these overdrafts, calculated by multiplying the overdraft by a rate based on the federal funds rate.

Transamerica Funds Annual Report 2016

Page    157

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Payables, if any, are reflected as Due to custodian in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. Expenses, if any, from U.S. cash overdrafts are reflected in Custody fees within the Statements of Operations or Consolidated Statements of Operations. Expenses, if any, from foreign cash overdrafts are reflected in Other expenses within the Statements of Operations or Consolidated Statements of Operations.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have 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 or portfolios advised by TAM, or by any other party.

Commissions recaptured are included in Net realized gain (loss) within the Statements of Operations or Consolidated Statements of Operations. For the year ended October 31, 2016, commissions recaptured are listed below. Funds not listed in the subsequent table do not have any commissions recaptured during the year ended October 31, 2016.

Fund	Commissions Recaptured
Global Real Estate Securities	$	4,875
International Equity Opportunities		600
Mid Cap Value		1,873

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. These conditions may include the enterprise had little or no debt, based on the average debt outstanding during the period, or little or no illiquid investments, in relation to average total assets. Funds with certain degrees of borrowing activity, typically through the use of sale-buyback financing transactions, line of credit borrowing, short sale transactions, or illiquid investments have been determined to be at a level requiring a Statement of Cash Flows. Statements of Cash Flows have been prepared for Event Driven and Long/Short Strategy using the indirect method which requires net change in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

Indemnification: 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.

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) 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 (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs, which may include TAM’s internal valuation committee’s (the “Valuation Committee”) own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

Transamerica Funds Annual Report 2016

Page    158

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION (continued)

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, practical expedient have not been classified in the fair value levels. The hierarchy classification of inputs used to value the Funds’ investments, at October 31, 2016, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments or Consolidated Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

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 (“ETF”), and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2 or Level 3 if inputs are unobservable.

Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the NAV of the underlying funds. These securities are actively traded and no valuation adjustments are applied. ETFs 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. Investment companies and ETFs are generally categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

Transamerica Funds Annual Report 2016

Page    159

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION (continued)

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Corporate and convertible bonds: The fair value of corporate and convertible 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 and convertible 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.

U.S. Government securities: U.S. 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. U.S. Government securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal bonds & notes and variable rate notes: The fair value of municipal bonds & notes and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

Rights and warrants: Rights and warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights or warrants are priced at zero. Rights or warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Short-term notes: The Funds normally value short-term government and U.S. government agency securities 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. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Commercial paper is valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally 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.

Transamerica Funds Annual Report 2016

Page    160

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION (continued)

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 Board. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. 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. The 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.

4. SECURITIES AND OTHER INVESTMENTS

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.

Each Fund, based on its ability to invest in Loan Participations and Assignments, may be contractually obligated to receive approval from the agent banks and/or borrowers prior to the sale of these investments. The Funds that participate in such syndications, or that can buy a portion of the loans, become part lenders. Loans are often administered by agent banks acting as agents for all holders.

The agent banks administer the terms of the loans, as specified in the loan agreements. In addition, the agent banks are normally responsible for the collection of principal and interest payments from the corporate borrowers and the apportionment of these payments to the credit of all institutions that are parties to the loan agreements. Unless the Funds have direct recourse against the corporate borrowers under the terms of the loans or other indebtedness, the Funds may have to rely on the agent banks or other financial intermediaries to apply appropriate credit remedies against corporate borrowers.

The Funds held no unsecured loan participations at October 31, 2016. Open secured loan participations and assignments at October 31, 2016, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments.

Real estate investment trusts (“REIT”): REITs are pooled investment vehicles which invest primarily in income producing real estate, or real estate related loans or interests. Dividend income related to a REIT is recorded at management’s estimate of the income and capital gains included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts. There are certain additional risks involved in investing in REITs. These include, but are not limited to, economic conditions, changes in zoning laws, real estate values, property taxes, and interest rates.

REITs held at October 31, 2016, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

Restricted and illiquid securities: The Funds may invest in unregulated restricted securities. Restricted and illiquid securities are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration under the Securities Act of 1933. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of time. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

Restricted and illiquid securities held at October 31, 2016, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

Transamerica Funds Annual Report 2016

Page    161

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

4. SECURITIES AND OTHER INVESTMENTS (continued)

To be announced (“TBA”) commitments: TBA commitments are entered into to purchase or sell securities for a fixed price at a future date, typically not to exceed 45 days. TBAs are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines, or the value of the security sold increases, prior to settlement date, in addition to the risk of decline in the value of the Funds’ other assets. Unsettled TBA commitments are valued at the current value of the underlying securities.

TBA commitments held at October 31, 2016, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments. Open balances at October 31, 2016, if any, are included in When-issued, delayed-delivery, and forward commitment purchased or sold within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Treasury inflation-protected securities (“TIPS”): Certain Funds may invest in TIPS, which are fixed income securities whose principal value is periodically adjusted according to the rate of inflation/deflation. If the index measuring inflation/deflation rises or falls, the principal value of TIPS will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds and notes. For bonds and notes that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

TIPS held at October 31, 2016, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments. The adjustments, if any, to principal due to inflation/deflation are reflected as increases/decreases to Interest income in the Statements of Operations or Consolidated Statements of Operations, with a corresponding adjustment to Investments, at cost within the Statement of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

When-issued, delayed-delivery, and forward commitment transactions: The Funds may purchase or sell securities on a when-issued, delayed-delivery, and forward commitment basis. When-issued and forward commitment 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 and forward commitment transactions to obtain an advantageous price and yield at the time of the transaction. The Funds engage in when-issued and forward commitment 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 Funds will segregate with their custodian either cash, U.S. government securities, or other liquid assets at least equal to the value or purchase commitments until payment is made. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. These transactions also involve a risk to the Funds if the other party to the transaction defaults on its obligation to make payment or delivery, and the Funds are delayed or prevented from completing the transaction. The Funds may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain or loss. When the Funds sell a security on a delayed-delivery basis, the Funds do not participate in future gains and losses on the security.

When-issued, delayed-delivery, and forward commitment transactions held at October 31, 2016, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments. Open trades, if any, are reflected as When-issued, delayed-delivery, and forward commitment securities purchased or sold within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Transamerica Funds Annual Report 2016

Page    162

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as, the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending securities, the Funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately in the Statements of Operations or Consolidated Statements of Operations. Net income from securities lending 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 October 31, 2016, if any, are shown on a gross basis within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

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. The Funds may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. 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 repurchase price. In periods of increased demand for the security, the Funds may receive a fee for use of the security by the counterparty, which may result in interest income to the Funds. Reverse repurchase agreements involve leverage risk and also the risk that the market value of the securities that the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds are subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in the Funds exercising their rights under the agreement, or those rights may be limited by other contractual agreements.

For the year ended October 31, 2016, the Funds’ average borrowings are as follows:

Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Total Return	$	37,318,462		366		0.61	%

Open reverse repurchase agreements at October 31, 2016, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Sale-buyback: The Funds may enter into sale-buyback financing transactions. The Funds account for sale-buyback financing transactions as borrowing transactions and realize gains and losses on these transactions at the end of the roll period. Sale-buyback financing transactions involve sales by the Funds of securities and simultaneously contracts to repurchase the same or substantially similar securities at an agreed upon price and date.

The Funds forgo principal and interest paid during the roll period on the securities sold in a sale-buyback financing 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 “price drop”), as well as by any interest earned on the proceeds of the securities sold. Sale-buyback financing 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. Sale-buyback financing transactions expose the Funds to risks such as, the buyer under the agreement may file for bankruptcy, become insolvent, or otherwise default on its obligations to the Funds, the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price. The Funds’ obligations under a sale-buyback typically would be offset by liquid assets equal in value to the amount of the Funds’ forward commitment to repurchase the subject security. Sale-buyback financing transactions accounted for as borrowing transactions are excluded from the Funds’ turnover rates. The Funds recognize price drop fee income on a straight line basis over the period of the roll. For the year ended October 31, 2016, Total Return earned price drop fee income of $37,993. The price drop fee income is included in Interest income in the Statements of Operations or Consolidated Statements of Operations.

The outstanding payable for securities to be repurchased, if any, is included in Payable for sale-buyback financing transactions in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. The interest expense is included in Interest

Transamerica Funds Annual Report 2016

Page    163

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

income on the Statements of Operations or Consolidated Statements of Operations. In periods of increased demand of the security, the Funds may receive a fee for use of the security by the counterparty, which may result in interest income to the Funds, and is reflected in Interest income on the Statements of Operations or Consolidated Statements of Operations.

For the year ended October 31, 2016, the Funds’ average borrowings are as follows:

Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Total Return	$	1,839,485		144		0.45	%

Open sale-buyback financing transactions at October 31, 2016, if any, are identified within the Schedule of Investments or Consolidated Schedule of Investments.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments or Consolidated Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments or Consolidated Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2016.

Repurchase agreements at October 31, 2016, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Line of credit: Event Driven has entered into an agreement with Citibank, N.A. to provide a $60 million committed line of credit to the Fund to be utilized for the purpose of purchasing or carrying securities. An upfront facility fee, calculated as 0.25% of the entire commitment amount, was due to Citibank, N.A. on the closing date of the agreement. Interest is charged to the Fund based on its borrowings at a rate per year of 1.20% plus the one-month London Interbank Offered Rate (“LIBOR”). The Fund has agreed to pay commitment fees of 0.15% per year on the unused portion of the line of credit during the preceding calendar month. The facility fee is included in Other expenses, and the interest expense and commitment fees are included in Interest within the Statements of Operations or Consolidated Statements of Operations.

For the year ended October 31, 2016 the Fund’s average borrowings are as follows:

Fund	Average Daily Borrowing		Number of Days Outstanding		Weighted Average Interest Rate
Event Driven	$	15,000,000		366		1.62	%

Short sales: A short sale is a transaction in which the Funds sell securities they do not own, but have borrowed, in anticipation of a decline in the fair market value of the securities. The Funds are obligated to replace the borrowed securities at the market price at the time of replacement. The Funds’ obligation to replace the securities borrowed in connection with a short sale is fully secured by collateral deposited with the custodian. In addition, the Funds consider the short sale to be a borrowing by the Funds that is subject to the asset coverage requirements of the 1940 Act. Short sales represent an aggressive trading practice with a high risk/return potential, and short sales involve special considerations. Risks of short sales include that possible losses from short sales may be unlimited (e.g., if the price of stocks sold short rises), whereas losses from direct purchases of securities are limited to the total amount invested, and the Funds may be unable to replace borrowed securities sold short.

The Funds investing in short sales are liable for any dividends and/or interest payable on securities in a short position and these payables, if any, are reflected as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations or Consolidated Statements of Operations. The Funds also bear other costs, such as charges for the prime brokerage accounts, in connection with short positions. These costs are reported as Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations or Consolidated Statements of Operations.

Transamerica Funds Annual Report 2016

Page    164

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

Open short sale transactions at October 31, 2016, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments and are reflected as a liability within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2016.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Transamerica Core Bond
Securities Lending Transactions
Corporate Debt Securities	$	10,103,467	$	—	$	—	$	—	$	10,103,467
Foreign Government Obligations		425,868		—		—		—		425,868
U.S. Government Obligations		3,995,819		—		—		—		3,995,819
Total Securities Lending Transactions	$	14,525,154	$	—	$	—	$	—	$	14,525,154
Total Borrowings	$	14,525,154	$	—	$	—	$	—	$	14,525,154
Transamerica Developing Markets Equity
Securities Lending Transactions
Common Stocks	$	42,152,751	$	—	$	—	$	—	$	42,152,751
Total Borrowings	$	42,152,751	$	—	$	—	$	—	$	42,152,751
Transamerica Event Driven
Securities Lending Transactions
Convertible Bonds	$	2,757,925	$	—	$	—	$	—	$	2,757,925
Corporate Debt Securities		2,650,983		—		—		—		2,650,983
Total Securities Lending Transactions	$	5,408,908	$	—	$	—	$	—	$	5,408,908
Total Borrowings	$	5,408,908	$	—	$	—	$	—	$	5,408,908
Transamerica Global Real Estate Securities
Securities Lending Transactions
Common Stocks	$	437,413	$	—	$	—	$	—	$	437,413
Total Borrowings	$	437,413	$	—	$	—	$	—	$	437,413
Transamerica Intermediate Bond
Securities Lending Transactions
Corporate Debt Securities	$	7,154,214	$	—	$	—	$	—	$	7,154,214
Foreign Government Obligations		2,010,093		—		—		—		2,010,093
Short-Term U.S. Government Obligations		3,590,973		—		—		—		3,590,973
Total Securities Lending Transactions	$	12,755,280	$	—	$	—	$	—	$	12,755,280
Total Borrowings	$	12,755,280	$	—	$	—	$	—	$	12,755,280
Transamerica International Equity Opportunities
Securities Lending Transactions
Common Stocks	$	21,759,607	$	—	$	—	$	—	$	21,759,607
Total Borrowings	$	21,759,607	$	—	$	—	$	—	$	21,759,607
Transamerica International Small Cap
Securities Lending Transactions
Common Stocks	$	15,320,382	$	—	$	—	$	—	$	15,320,382
Total Borrowings	$	15,320,382	$	—	$	—	$	—	$	15,320,382
Transamerica Mid Cap Value
Securities Lending Transactions
Common Stocks	$	3,003,032	$	—	$	—	$	—	$	3,003,032
Total Borrowings	$	3,003,032	$	—	$	—	$	—	$	3,003,032

Transamerica Funds Annual Report 2016

Page    165

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
Transamerica Total Return
Securities Lending Transactions
Corporate Debt Securities	$	235,480	$	—	$	—	$	—	$	235,480
Reverse Repurchase Agreements
U.S. Government Obligations	$	4,410,000	$	48,801,375	$	39,391,838	$	30,751,636	$	123,354,849
Sale Buy-back Transactions U.S.
Government Obligations	$	—	$	2,052,256	$	—	$	—	$	2,052,256
Total Borrowings	$	4,645,480	$	50,853,631	$	39,391,838	$	30,751,636	$	125,642,585

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS

The Funds’ investment objectives allow the Funds to use various types of derivative contracts, including option contracts, swap agreements, futures contracts, and forward foreign currency contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or OTC.

Market Risk Factors: In pursuit of the Funds’ investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risks:

Interest rate risk: Interest rate risk relates to the fluctuations in the value of fixed income securities due to changes in the prevailing levels of market interest rates.

Foreign exchange rate risk: Foreign exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in the currency exchange rates.

Equity risk: Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general market.

Credit risk: Credit risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or commitment that it has to the Funds.

Commodity risk: Commodity risk relates to the change in value of commodities or commodity indices as they relate to increases or decreases in the commodities market. Commodities are physical assets that have tangible properties. Examples of these types of assets are crude oil, heating oil, metals, livestock, and agricultural products.

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to sell or close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligations to the Funds. Investing in derivatives may also involve greater risks than investing directly in the underlying assets, such as losses in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

The Funds’ exposure to market risk factors and other associated risks are discussed by derivative type as follows:

Option contracts: The Funds are subject to equity risk, interest rate risk, and foreign exchange rate risk in the normal course of pursuing their investment objectives. The Funds may enter into option contracts to manage exposure to various market fluctuations. The Funds may purchase or write call and put options on securities and derivative instruments in which each Fund owns or may invest. Options are valued at the average of the bid and ask price established each day at the close of the board of trade or exchange on which they are traded. Options are marked-to-market daily to reflect the current value of the option. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts, the possibility of an illiquid market, and an inability of the counterparty to meet the contract terms. Options can be traded through an exchange or through privately negotiated arrangements with a dealer in an OTC transaction. Options traded on an exchange are generally cleared through a clearinghouse such as the Options Clearing Corp.

Options on exchange-traded funds and/or securities: The Funds may purchase or write options on ETFs and/or securities. Purchasing or writing options on ETFs and/or securities gives the Funds the right, but not the obligation to buy or sell a specified ETF and/or security as an underlying instrument for the option contract.

Transamerica Funds Annual Report 2016

Page    166

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Options on futures: The Funds may purchase or write options on futures. Purchasing or writing options on futures gives the Funds the right, but not obligation to buy or sell a position on a futures contract at the specified option exercise price at any time during the period of the option.

Options on foreign currency: The Funds may purchase or write foreign currency options. Purchasing or writing options on foreign currency gives the Funds the right, but not the obligation to buy or sell the currency and will specify the amount of currency and a rate of exchange that may be exercised by a specified date.

Interest rate swaptions: The Funds may purchase or write interest rate swaption agreements which are options to enter into a pre-defined swap agreement by some specific date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

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 instrument to determine the realized gain or loss.

Written options: Writing call options tends to decrease exposure to the underlying instrument. Writing put options tends to increase exposure to the underlying instrument. When the Funds write a covered call or put option, the premium received is recorded as a liability in the Statements of Assets and Liabilities 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 which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying instrument to determine the realized gain or loss. In writing an option, the Funds bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Funds could result in the Funds selling or buying a security or currency at a price different from the current market value.

As of October 31, 2016, transactions in written options are as follows:

	Call Options						Put Options
Event Driven	Amount of Premiums			Number of Contracts			Amount of Premiums			Number of Contracts
Balance at October 31, 2015	$	—			—		$	—			—
Options written		99,152			1,308			269,508			7,085
Options closed		(99,152	)		(1,308	)		(238,650	)		(5,265	)
Options expired		—			—			(30,858	)		(1,820	)
Options exercised		—			—			—			—
Balance at October 31, 2016	$	—			—		$	—			—

	Call Options						Put Options
Total Return	Amount of Premiums			Number of Contracts			Amount of Premiums			Number of Contracts
Balance at October 31, 2015	$	44,960			97		$	—			—
Options written		328,439			1,068			445,646			1,546
Options closed		(30,828	)		(94	)		(27,490	)		(112	)
Options expired		(277,138	)		(768	)		(209,929	)		(852	)
Options exercised		(65,433	)		(303	)		(186,519	)		(504	)
Balance at October 31, 2016	$	—			—		$	21,708			78

Transamerica Funds Annual Report 2016

Page    167

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

As of October 31, 2016, transactions in written foreign exchange options and swaptions are as follows:

	Call Options
Total Return	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount			Notional Amount
Balance at October 31, 2015	$	485,064		AUD	7,400,000		EUR	16,100,000		GBP	—		USD	71,400,000
Options written		1,374,833			29,800,000			33,400,000			6,750,000			138,100,000
Options closed		(210,522	)		(4,300,000	)		(14,400,000	)		(1,750,000	)		(11,200,000	)
Options expired		(957,250	)		(21,800,000	)		(26,500,000	)		(5,000,000	)		(114,100,000	)
Options exercised		(183,784	)		(6,800,000	)		(8,600,000	)		—			(8,100,000	)
Balance at October 31, 2016	$	508,341		AUD	4,300,000		EUR	—		GBP	—		USD	76,100,000

	Put Options
Total Return	Amount of Premiums			Notional Amount			Notional Amount			Notional Amount		Notional Amount
Balance at October 31, 2015	$	792,532		AUD	—		EUR	—		GBP	—	USD	139,400,000
Options written		860,500			21,900,000			36,500,000			3,700,000		114,500,000
Options closed		(115,047	)		—			(8,400,000	)		—		(11,200,000	)
Options expired		(932,599	)		(18,900,000	)		(28,100,000	)		—		(192,600,000	)
Options exercised		(157,580	)		—			—			—		(23,400,000	)
Balance at October 31, 2016	$	447,806		AUD	3,000,000		EUR	—		GBP	3,700,000	USD	26,700,000

Open option contracts at October 31, 2016, if any, are included within the Schedule of Investments or Consolidated Schedule of Investments.

Swap agreements: Swap agreements are bilaterally negotiated agreements between the Funds and a counterparty to exchange or swap investments, cash flows, assets, foreign currencies, or market-linked returns at specified, future intervals. Swap agreements can be executed in a bi-lateral privately negotiated arrangement with a dealer in an OTC transaction or executed on a regular market. Certain swaps regardless of the venue of execution are required to be cleared through a clearinghouse (“centrally cleared swap agreements”). Centrally cleared swap agreements listed or traded on a multilateral platform, are valued at the daily settlement price determined by the corresponding exchange. For centrally cleared credit default swap agreements the clearing exchange requires all members to provide applicable levels across complete term levels. Centrally cleared interest rate swap agreements are valued using a pricing model that references the underlying rates including but not limited to the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to calculate the daily settlement price. The Funds may enter into credit default, cross-currency, interest rate, total return, 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. Swap agreements 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.

For OTC swap agreements, 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 Net realized gain (loss) 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 Net realized gain (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 Net realized gain (loss) in the Statements of Operations or Consolidated Statements of Operations.

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 swap agreements 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 swap agreements 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 agreement, 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

Transamerica Funds Annual Report 2016

Page    168

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

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 swap agreements, 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 swap agreements is disclosed in the Schedule of Investments or Consolidated Schedule of Investments. The aggregate fair value of assets posted as collateral, net of assets received as collateral, for these swap agreements is included in the footnotes to the Schedule of Investments or Consolidated Schedule of Investments. If a defined credit event had occurred during the period, the swap agreements’ 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 swap agreements 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 the Funds hold 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. Under an interest rate swap agreement, two parties will 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 swap agreements 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 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 risk, equity risk, 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 the Funds 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 entity, which may be an equity, index, or bond, and in return receives a regular stream of payments.

Open centrally cleared swap agreements at October 31, 2016, if any, are listed in the Schedule of Investments or Consolidated Schedule of Investments. Centrally cleared swap agreements are marked-to-market daily and an appropriate payable or receivable for the variation margin is recorded, if applicable, and is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Open OTC swap agreements at October 31, 2016, if any, are listed in the Schedule of Investments or Consolidated Schedule of Investments. The value, as applicable, is shown in OTC Swap agreements, at value within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Futures contracts: The Funds are subject to equity and commodity risk, interest rate risk, and foreign 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, 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. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange.

Transamerica Funds Annual Report 2016

Page    169

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Open futures contracts at October 31, 2016, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments. Variation margin, if applicable, is shown in Variation margin receivable or payable within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Forward foreign currency contracts: The Funds are subject to foreign exchange rate risk exposure in the normal course of pursuing their investment objectives. The Funds may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Additionally, Managed Futures Strategy utilizes forward foreign currency contracts for speculative purposes. Forward foreign currency contracts are marked-to-market daily, with the change in value recorded as an unrealized gain or loss. When the contracts are settled, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying currencies and from the possible inability of counterparties to meet the terms of their contracts. Forward foreign currency contracts are traded in the OTC inter-bank currency dealer market.

Open forward foreign currency contracts at October 31, 2016, if any, are listed within the Schedule of Investments or Consolidated Schedule of Investments.

The following is a summary of the location and each Fund’s fair values of derivative investments disclosed, if any, within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities, categorized by primary market risk exposure as of October 31, 2016. Funds not listed in the subsequent tables do not have derivative investments during the year ended October 31, 2016.

Asset Derivatives
Fund/Location	Interest Rate Contracts		Foreign Exchange Contracts		Equity Contracts		Credit Contracts		Commodity Contracts		Total
Event Driven
Purchased options and swaptions (A) (B)	$	—	$	—	$	321,050	$	—	$	—	$	321,050
OTC swap agreements, at value		—		—		—		143,518		—		143,518
Unrealized appreciation on forward foreign currency contracts		—		190		—		—		—		190
Total	$	—	$	190	$	321,050	$	143,518	$	—	$	464,758
Total Return
Purchased options and swaptions (A) (B)	$	240,213	$	—	$	—	$	—	$	—	$	240,213
Centrally cleared swap agreements, at value (B) (C)		394,970		—		—		5,031		—		400,001
OTC swap agreements, at value		—		—		—		39,541		—		39,541
Net unrealized appreciation on futures contracts (B) (D)		374,618		—		—		—		—		374,618
Unrealized appreciation on forward foreign currency contracts		—		7,511,668		—		—		—		7,511,668
Total	$	1,009,801	$	7,511,668	$	—	$	44,572	$	—	$	8,566,041
Global Multifactor Macro
Centrally cleared swap agreements, at value (B) (C)	$	8,525,740	$	—	$	—	$	—	$	—	$	8,525,740
OTC swap agreements, at value		2,269,393		—		507,804		—		70,256		2,847,453
Net unrealized appreciation on futures contracts (B) (D)		500,746		—		2,298,612		—		954,215		3,753,573
Unrealized appreciation on forward foreign currency contracts		—		5,669,149		—		—		—		5,669,149
Total	$	11,295,879	$	5,669,149	$	2,806,416	$	—	$	1,024,471	$	20,795,915
Managed Futures Strategy
OTC swap agreements, at value	$	101,632	$	—	$	512,036	$	—	$	—	$	613,668
Net unrealized appreciation on futures contracts (B) (D)		260,256		—		432,675		—		1,002,100		1,695,031
Unrealized appreciation on forward foreign currency contracts		—		7,939,644		—		—		—		7,939,644
Total	$	361,888	$	7,939,644	$	944,711	$	—	$	1,002,100	$	10,248,343

Transamerica Funds Annual Report 2016

Page    170

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Liability Derivatives
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts			Commodity Contracts			Total
Event Driven
Unrealized depreciation on forward foreign currency contracts	$	—		$	(47,758	)	$	—		$	—		$	—		$	(47,758	)
Total	$	—		$	(47,758	)	$	—		$	—		$	—		$	(47,758	)
Total Return
Written options and swaptions, at value (B)	$	(164,783	)	$	(308,665	)	$	—		$	—		$	—		$	(473,448	)
Centrally cleared swap agreements, at value (B) (C)		(13,496,293	)		—			—			(1,468	)		—			(13,497,761	)
OTC swap agreements, at value		—			—			—			(341,897	)		—			(341,897	)
Net unrealized depreciation on futures contracts (B) (D)		(2,973,970	)		—			—			—			—			(2,973,970	)
Unrealized depreciation on forward foreign currency contracts		—			(4,517,936	)		—			—			—			(4,517,936	)
Total	$	(16,635,046	)	$	(4,826,601	)	$	—		$	(343,365	)	$	—		$	(21,805,012	)
Global Multifactor Macro
Centrally cleared swap agreements, at value (B) (C)	$	(4,920,324	)	$	—		$	—		$	—		$	—		$	(4,920,324	)
OTC swap agreements, at value		(764,961	)		—			(304,103	)		—			(88,903	)		(1,157,967	)
Net unrealized depreciation on futures contracts (B) (D)		(89,035	)		—			(313,134	)		—			(630,614	)		(1,032,783	)
Unrealized depreciation on forward foreign currency contracts		—			(4,864,910	)		—			—			—			(4,864,910	)
Total	$	(5,774,320	)	$	(4,864,910	)	$	(617,237	)	$	—		$	(719,517	)	$	(11,975,984	)
Managed Futures Strategy
OTC swap agreements, at value	$	(231,751	)	$	—		$	(991,185	)	$	—		$	—		$	(1,222,936	)
Net unrealized depreciation on futures contracts (B) (D)		(239,611	)		—			(391,465	)		—			(1,276,640	)		(1,907,716	)
Unrealized depreciation on forward foreign currency contracts		—			(8,306,037	)		—			—			—			(8,306,037	)
Total	$	(471,362	)	$	(8,306,037	)	$	(1,382,650)		$	—		$	(1,276,640	)	$	(11,436,689	)

^(A)  Included within Investments, at value on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

^(B) May include exchange-traded derivatives which are not subject to a master netting arrangement, or another similar arrangement.

^(C)  Included within fair value of centrally cleared swap agreements as reported in the Schedule of Investments or Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

^(D)  Included within cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments or Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

Transamerica Funds Annual Report 2016

Page    171

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

The following is a summary of the location and the effect of derivative investments, if any, within the Statements of Operations or Consolidated Statements of Operations, categorized by primary market risk exposure as of October 31, 2016.

Realized Gain (Loss) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts			Commodity Contracts			Total
Event Driven
Purchased options and swaptions (A)	$	—		$	—		$	(4,847,559	)	$	—		$	—		$	(4,847,559	)
Written options and swaptions		—			—			129,095			—			—			129,095
Swap agreements		(238,082	)		—			—			(11,057	)		—			(249,139	)
Futures contracts		—			—			(156,767	)		—			—			(156,767	)
Forward foreign currency contracts (B)		—			893,119			—			—			—			893,119
Total	$	(238,082	)	$	893,119		$	(4,875,231	)	$	(11,057	)	$	—		$	(4,231,251	)
Total Return
Purchased options and swaptions (A)	$	(491,910	)	$	—		$	—		$	—		$	—		$	(491,910	)
Written options and swaptions		1,327,945			1,126,942			—			47,764			—			2,502,651
Swap agreements		(2,208,524	)		—			45,439			746,065			—			(1,417,020	)
Futures contracts		1,555,817			—			—			—			—			1,555,817
Forward foreign currency contracts (B)		—			9,636,726			—			—			—			9,636,726
Total	$	183,328		$	10,763,668		$	45,439		$	793,829		$	—		$	11,786,264
Global Multifactor Macro
Swap agreements	$	(81,865	)	$	—		$	(937,177	)	$	—		$	(625,502	)	$	(1,644,544	)
Futures contracts		(1,977,817	)		—			(1,552,942	)		—			1,983,640			(1,547,119	)
Forward foreign currency contracts (B)		—			1,399,311			—			—			—			1,399,311
Total	$	(2,059,682	)	$	1,399,311		$	(2,490,119	)	$	—		$	1,358,138		$	(1,792,352	)
Managed Futures Strategy
Swap agreements	$	(2,616,472	)	$	—		$	(690,874	)	$	—		$	—		$	(3,307,346	)
Futures contracts		4,442,648			—			(13,136,684	)		—			6,460,410			(2,233,626	)
Forward foreign currency contracts (B)		—			(750,779	)		—			—			—			(750,779	)
Total	$	1,826,176		$	(750,779	)	$	(13,827,558)		$	—		$	6,460,410		$	(6,291,751	)
Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts			Equity Contracts			Credit Contracts			Commodity Contracts			Total
Event Driven
Purchased options and swaptions (C)	$	—		$	—		$	(41,289	)	$	—		$	—		$	(41,289	)
Swap agreements		—			—			—			(19,202	)		—			(19,202	)
Forward foreign currency contracts (D)		—			(175,015	)		—			—			—			(175,015	)
Total	$	—		$	(175,015	)	$	(41,289	)	$	(19,202	)	$	—		$	(235,506	)
Total Return
Purchased options and swaptions (C)	$	(139,881	)	$	—		$	—		$	—		$	—		$	(139,881	)
Written options and swaptions		102,012			(228,206	)		—			—			—			(126,194	)
Swap agreements		(8,887,004	)		—			—			564,356			—			(8,322,648	)
Futures contracts		(1,514,847	)		—			—			—			—			(1,514,847	)
Forward foreign currency contracts (D)		—			(8,575,099	)		—			—			—			(8,575,099	)
Total	$	(10,439,720	)	$	(8,803,305	)	$	—		$	564,356		$	—		$	(18,678,669	)
Global Multifactor Macro
Swap agreements	$	1,117,447		$	—		$	(65,994	)	$	—		$	(25,171	)	$	1,026,282
Futures contracts		1,267,841			—			1,747,416			—			(247,942	)		2,767,315
Forward foreign currency contracts (D)		—			1,249,315			—			—			—			1,249,315
Total	$	2,385,288		$	1,249,315		$	1,681,422		$	—		$	(273,113	)	$	5,042,912

Transamerica Funds Annual Report 2016

Page    172

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

Net Change in Unrealized Appreciation (Depreciation) on Derivative Instruments
Fund/Location	Interest Rate Contracts			Foreign Exchange Contracts		Equity Contracts			Credit Contracts		Commodity Contracts			Total
Managed Futures Strategy
Swap agreements	$	(208,450	)	$	—	$	(453,065	)	$	—	$	—		$	(661,515	)
Futures contracts		(2,422,662	)		—		15,215			—		(707,680	)		(3,115,127	)
Forward foreign currency contracts (D)		—			3,515,111		—			—		—			3,515,111
Total	$	(2,631,112	)	$	3,515,111	$	(437,850	)	$	—	$	(707,680	)	$	(261,531	)

^(A)  Included within Net realized gain (loss) on transactions from Investments on the Statements of Operations or Consolidated Statements of Operations.

^(B)  Included within Net realized gain (loss) on transactions from Foreign currency transactions on the Statements of Operations or Consolidated Statements of Operations.

^(C)  Included within Net change in unrealized appreciation (depreciation) on Investments on the Statements of Operations or Consolidated Statements of Operations.

^(D)  Included within Net change in unrealized appreciation (depreciation) on Translation of assets and liabilities denominated in foreign currencies on Statements of Operations or Consolidated Statements of Operations.

The following is a summary of the ending monthly average volume on derivative activity during the year ended October 31, 2016.

	Purchased Options and Swaptions at Value				Written Options and Swaptions at Value						Swap Agreements at Notional Amount		Futures Contracts at Notional Amount					Forward Foreign Currency Contracts at Contract Amount
Fund	Calls		Puts		Calls			Puts					Long		Short			Purchased		Sold
Event Driven	$	220,089	$	285,768	$	(1,662	)	$	(3,023	)	$	2,092,772		18		(27	)	$	890,709	$	16,865,878
Total Return		147,974		272,749		(311,619	)		(353,958	)		365,862,141		173,750,000		(455,138,462	)		125,548,046		208,668,310
Global Multifactor Macro		—		—		—			—			5,404,760,238		2,215,004,472		(3,594,804,504	)		205,784,746		206,132,530
Managed Futures Strategy		—		—		—			—			28,639,553		2,865,021,586		(509,318,061	)		474,628,280		477,175,884

The Funds typically enter into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) or similar master agreements (collectively, “Master Agreements”) with their contract counterparties for certain OTC derivatives in order to, among other things, reduce its credit risk to counterparties.

ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Funds typically may offset with the counterparty certain OTC derivative financial instruments payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default, termination and/or potential deterioration in the credit quality of the counterparty.

Various Master Agreements govern the terms of certain transactions with counterparties and typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Funds and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party and may be a feature in certain Master Agreements. In the event the Funds exercise their right to terminate a Master Agreement after a counterparty experiences a termination event as defined in the Master Agreement, the return of collateral with market value in excess of the Funds’ net liability may be delayed or denied.

Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (futures contracts, exchange-traded options, and exchange-traded swap agreements) while collateral terms are contract specific for OTC derivatives (forward foreign currency exchange contracts, OTC options, and OTC swap agreements). For OTC derivatives, under standard derivatives agreements, the Funds may be required to post collateral on derivatives if the Funds are in a net liability position with the counterparty exceeding certain amounts. Additionally, counterparties may immediately terminate derivatives contracts if the Funds fail to maintain sufficient asset coverage for its contracts or its net assets decline by stated percentages.

The following is a summary of the Funds’ OTC derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement and net of the related collateral received/pledged by the Funds as of October 31, 2016. For financial

Transamerica Funds Annual Report 2016

Page    173

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. RISK EXPOSURES AND THE USE OF DERIVATIVE INSTRUMENTS (continued)

reporting purposes, the Funds do not offset assets and liabilities that are subject to a master netting agreement or similar arrangement on the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. See the Repurchase agreement section within these notes for offsetting and collateral information pertaining to repurchase agreements that are subject to master netting agreements. Funds not listed in the subsequent tables do not have master netting agreements for open derivative positions.

	Gross Amounts of Assets Presented in Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities								Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities (A)		Gross Amounts Not Offset in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities
Counterparty			Financial Instruments			Collateral Received (B)			Net Amount				Financial Instruments			Collateral Pledged (B)			Net Amount
	Assets										Liabilities
Event Driven
JPMorgan Chase Bank, N.A.	$	143,518	$	—		$	—		$	143,518	$	—	$	—		$	—		$	—
Other Derivatives (C)		321,240		—			—			321,240		47,758		—			—			47,758
Total	$	464,758	$	—		$	—		$	464,758	$	47,758	$	—		$	—		$	47,758
Total Return
Bank of America, N.A.	$	178,207	$	(28,670	)	$	(149,537	)	$	—	$	28,670	$	(28,670	)	$	—		$	—
Barclays Bank PLC		28,899		—			—			28,899		—		—			—			—
BNP Paribas		784,243		(302,713	)		(360,000	)		121,530		302,713		(302,713	)		—			—
Citibank N.A.		635,283		(187,774	)		(310,000	)		137,509		187,774		(187,774	)		—			—
Deutsche Bank AG		2,692,907		(2,692,907	)		—			—		2,724,103		(2,692,907	)		—			31,196
Goldman Sachs Bank		428,492		(390,560	)		—			37,932		390,560		(390,560	)		—			—
Goldman Sachs International		—		—			—			—		123,394		—			—			123,394
HSBC Bank USA		372,438		(55,311	)		(260,000	)		57,127		55,311		(55,311	)		—			—
JPMorgan Chase Bank, N.A.		975,387		(322,040	)		(652,000	)		1,347		322,040		(322,040	)		—			—
Merrill Lynch International		—		—			—			—		108,596		—			—			108,596
Morgan Stanley Capital Services, Inc.		232,286		(64,601	)		—			167,685		64,601		(64,601	)		—			—
Nomura Global Financial Products, Inc.		—		—			—			—		5,983		—			—			5,983
Standard Chartered Bank		59,548		(59,548	)		—			—		206,140		(59,548	)		—			146,592
UBS AG		1,398,414		(793,896	)		(530,000	)		74,518		793,896		(793,896	)		—			—
Other Derivatives (C)		779,937		—			—			779,937		16,491,231		—			—			16,491,231
Total	$	8,566,041	$	(4,898,020	)	$	(2,261,537	)	$	1,406,484	$	21,805,012	$	(4,898,020	)	$	—		$	16,906,992
Global Multifactor Macro
Citibank N.A.	$	5,699,118	$	(4,910,281	)	$	—		$	788,837	$	4,910,281	$	(4,910,281	)	$	—		$	—
Goldman Sachs International		39,642		(39,642	)		—			—		81,852		(39,642	)		(42,210	)		—
Merrill Lynch International		2,777,842		(1,030,744	)		(1,670,000	)		77,098		1,030,744		(1,030,744	)		—			—
Other Derivatives (C)		12,279,313		—			—			12,279,313		5,953,107		—			—			5,953,107
Total	$	20,795,915	$	(5,980,667	)	$	(1,670,000	)	$	13,145,248	$	11,975,984	$	(5,980,667	)	$	(42,210	)	$	5,953,107
Managed Futures Strategy
Bank of America, N.A.	$	236,333	$	(236,333	)	$	—		$	—	$	453,488	$	(236,333	)	$	(212,404	)	$	4,751
Citibank N.A.		8,226,168		(8,226,168	)		—			—		8,730,200		(8,226,168	)		(504,032	)		—
Goldman Sachs International		—		—			—			—		163,665		—			(163,665	)		—
Merrill Lynch International		90,811		(90,811	)		—			—		181,620		(90,811	)		(90,809	)		—
Other Derivatives (C)		1,695,031		—			—			1,695,031		1,907,716		—			—			1,907,716
Total	$	10,248,343	$	(8,553,312	)	$	—		$	1,695,031	$	11,436,689	$	(8,553,312	)	$	(970,910	)	$	1,912,467

^(A)  Absent an event of default or early termination, OTC derivative assets and liabilities are presented gross and not offset in the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

^(B)  In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(C)  Other Derivatives are not subject to a master netting arrangement or another similar arrangement. The amount presented is intended to permit reconciliation to the amount presented in the Schedule of Investments or Consolidated Schedule of Investments.

Transamerica Funds Annual Report 2016

Page    174

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

7. RISK FACTORS

Investing in the Funds may involve certain risks, as discussed in the Funds’ prospectuses, including but not limited to the following:

Arbitrage strategy risk: Securities purchased pursuant to an arbitrage strategy intend to take advantage of a perceived relationship between the values of two or more securities and may not perform as expected.

Emerging market risk: Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because these market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

Fixed income risk: The market prices of fixed income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines.

Foreign investment risk: Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of investments may decline because of factors affecting a particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

Growth risk: Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

High-yield debt risk: High-yield debt securities, commonly referred to as “junk bonds,” are securities that are rated below “investment grade” (securities rated below Baa/BBB) or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.

Real estate investment trusts (“REIT”) and real estate risk: Investments in the real estate industry and REITs are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in operating expenses, property taxes or interest rates. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition, REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment.

Small and medium capitalization risk: Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions than large capitalization companies. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate, and may offer greater potential for losses.

8. BASIS FOR CONSOLIDATION

Transamerica Cayman Global Multifactor 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 Global Multifactor Macro and 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.

Transamerica Funds Annual Report 2016

Page    175

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. BASIS FOR CONSOLIDATION (continued)

The following table reflects the net assets of each Subsidiary as a percentage of the Funds’ net assets at October 31, 2016:

Fund	Subsidiary	Value		Percentage of Net Assets
Global Multifactor Macro	Transamerica Cayman Global Multifactor Macro, Ltd.	$	38,453,443		23.07	%
Managed Futures Strategy	Transamerica Cayman Managed Futures Strategy, Ltd.		46,447,975		22.97

9. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Aegon USA Investment Management, LLC (“AUIM”) is both an affiliate and sub-adviser of Intermediate Bond.

TFS is the Funds’ 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, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Funds.

As of October 31, 2016, the percentage of each Fund’s net assets owned by affiliated investors are as follows:

Core Bond	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	151,980,447		11.99	%
Transamerica Asset Allocation – Conservative VP		96,946,323		7.65
Transamerica Asset Allocation – Moderate Growth Portfolio		161,593,314		12.75
Transamerica Asset Allocation – Moderate Growth VP		150,675,836		11.89
Transamerica Asset Allocation – Moderate Portfolio		230,896,450		18.22
Transamerica Asset Allocation – Moderate VP		356,481,339		28.14
Transamerica International Moderate Growth VP		17,093,976		1.35
Transamerica Madison Balanced Allocation VP		13,332,183		1.05
Transamerica Madison Conservative Allocation VP		13,349,815		1.05
Total	$	1,192,349,683		94.09	%
Developing Markets Equity
Transamerica Asset Allocation – Conservative Portfolio	$	27,206,911		2.70	%
Transamerica Asset Allocation – Conservative VP		44,681,021		4.43
Transamerica Asset Allocation – Growth Portfolio		112,565,742		11.15
Transamerica Asset Allocation – Growth VP		81,921,833		8.12
Transamerica Asset Allocation – Moderate Growth Portfolio		133,124,317		13.19
Transamerica Asset Allocation – Moderate Growth VP		238,458,518		23.62
Transamerica Asset Allocation – Moderate Portfolio		73,310,409		7.26
Transamerica Asset Allocation – Moderate VP		241,935,804		23.96
Transamerica International Moderate Growth VP		19,880,325		1.97
Transamerica Multi-Manager Alternative Strategies Portfolio		14,213,581		1.41
Transamerica Multi-Manager Alternative Strategies VP		113,104		0.01
Total	$	987,411,565		97.82	%
Event Driven
Transamerica Asset Allocation – Conservative Portfolio	$	10,543,014		10.82	%
Transamerica Asset Allocation – Growth Portfolio		17,543,168		18.01
Transamerica Asset Allocation – Moderate Growth Portfolio		24,394,834		25.05
Transamerica Asset Allocation – Moderate Portfolio		18,984,649		19.49
Transamerica Multi-Manager Alternative Strategies Portfolio		25,179,858		25.85
Transamerica Multi-Manager Alternative Strategies VP		200,313		0.21
Total	$	96,845,836		99.43	%

Transamerica Funds Annual Report 2016

Page    176

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Global Real Estate Securities	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Growth Portfolio	$	5,206,688		13.55	%
Transamerica Asset Allocation – Moderate Growth Portfolio		13,401,557		34.86
Transamerica Multi-Manager Alternative Strategies Portfolio		12,988,346		33.80
Transamerica Multi-Manager Alternative Strategies VP		103,301		0.27
Total	$	31,699,892		82.48	%
Intermediate Bond
Transamerica Asset Allocation – Conservative Portfolio	$	60,188,304		3.19	%
Transamerica Asset Allocation – Conservative VP		361,700,280		19.18
Transamerica Asset Allocation – Moderate Growth Portfolio		73,580,720		3.90
Transamerica Asset Allocation – Moderate Growth VP		296,394,075		15.71
Transamerica Asset Allocation – Moderate Portfolio		99,765,435		5.29
Transamerica Asset Allocation – Moderate VP		924,467,856		49.01
Transamerica International Moderate Growth VP		47,118,723		2.50
Total	$	1,863,215,393		98.78	%
International Equity Opportunities
Transamerica Asset Allocation – Conservative Portfolio	$	15,992,863		1.37	%
Transamerica Asset Allocation – Conservative VP		44,173,215		3.79
Transamerica Asset Allocation – Growth Portfolio		65,073,009		5.59
Transamerica Asset Allocation – Growth VP		88,580,403		7.61
Transamerica Asset Allocation – Moderate Growth Portfolio		80,476,246		6.91
Transamerica Asset Allocation – Moderate Growth VP		330,304,575		28.38
Transamerica Asset Allocation – Moderate Portfolio		41,033,985		3.53
Transamerica Asset Allocation – Moderate VP		299,224,977		25.71
Transamerica International Moderate Growth VP		183,363,588		15.75
Total	$	1,148,222,861		98.64	%
International Small Cap
Transamerica Asset Allocation – Conservative Portfolio	$	8,577,843		7.81	%
Transamerica Asset Allocation – Growth Portfolio		29,381,834		26.76
Transamerica Asset Allocation – Moderate Growth Portfolio		40,827,550		37.20
Transamerica Asset Allocation – Moderate Portfolio		21,473,745		19.56
Transamerica Multi-Manager Alternative Strategies Portfolio		1,836,741		1.67
Transamerica Multi-Manager Alternative Strategies VP		14,663		0.01
Total	$	102,112,376		93.01	%
Long/Short Strategy
Transamerica Multi-Manager Alternative Strategies Portfolio	$	14,221,182		99.25	%
Transamerica Multi-Manager Alternative Strategies VP		113,188		0.79
Total	$	14,334,370		100.04	%
Mid Cap Value
Transamerica Asset Allocation – Conservative Portfolio	$	11,878,364		4.56	%
Transamerica Asset Allocation – Growth Portfolio		73,676,100		28.30
Transamerica Asset Allocation – Moderate Growth Portfolio		109,930,335		42.24
Transamerica Asset Allocation – Moderate Portfolio		52,571,474		20.20
Total	$	248,056,273		95.30	%
Total Return
Transamerica Asset Allocation – Conservative Portfolio	$	152,370,190		27.37	%
Transamerica Asset Allocation – Moderate Growth Portfolio		120,483,034		21.65
Transamerica Asset Allocation – Moderate Portfolio		206,699,147		37.13
Total	$	479,552,371		86.15	%

Transamerica Funds Annual Report 2016

Page    177

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Global Multifactor Macro	Market Value		Percentage of Net Assets
Transamerica Asset Allocation – Conservative Portfolio	$	14,172,051		8.50	%
Transamerica Asset Allocation – Growth Portfolio		19,049,595		11.43
Transamerica Asset Allocation – Moderate Growth Portfolio		45,417,379		27.25
Transamerica Asset Allocation – Moderate Portfolio		31,834,474		19.10
Transamerica Multi-Manager Alternative Strategies Portfolio		55,224,092		33.13
Transamerica Multi-Manager Alternative Strategies VP		446,470		0.27
Total	$	166,144,061		99.68	%
Managed Futures Strategy
Transamerica Asset Allocation – Conservative Portfolio	$	28,866,631		14.28	%
Transamerica Asset Allocation – Growth Portfolio		39,830,676		19.70
Transamerica Asset Allocation – Moderate Growth Portfolio		58,466,906		28.92
Transamerica Asset Allocation – Moderate Portfolio		44,364,156		21.94
Transamerica Multi-Manager Alternative Strategies Portfolio		28,828,762		14.26
Transamerica Multi-Manager Alternative Strategies VP		229,327		0.11
Total	$	200,586,458		99.21	%

Investment management fees: Effective March 1, 2016, TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Prior to March 1, 2016, each Fund paid investment advisory fees and administrative service fees pursuant to separate agreements, which are reflected in Investment advisory fees and Administration fees within the Statements of Operations. Investment advisory services were provided to the Funds by TAM and administrative services were provided to the Funds by TFS.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Fund	Management Fee Effective March 1, 2016 Rate			Advisory Fee Prior to March 1, 2016 Rate
Core Bond
First $750 million		0.480	%		0.450	%
Over $750 million up to $1 billion		0.430			0.400
Over $1 billion		0.405			0.375
Developing Markets Equity
First $50 million		1.230			1.200
Over $50 million up to $200 million		1.180			1.150
Over $200 million up to $500 million		1.130			1.100
Over $500 million		1.080			1.050
Event Driven
First $50 million		1.250			1.220
Over $50 million up to $300 million		1.130			1.100
Over $300 million up to $750 million		1.080			1.050
Over $750 million		1.055			1.025
Global Real Estate Securities
First $250 million		0.830			0.800
Over $250 million up to $500 million		0.805			0.775
Over $500 million up to $1 billion		0.730			0.700
Over $1 billion		0.680			0.650
Intermediate Bond
First $2 billion		0.380			0.350
Over $2 billion		0.365			0.335

Transamerica Funds Annual Report 2016

Page    178

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Management Fee Effective March 1, 2016 Rate			Advisory Fee Prior to March 1, 2016 Rate
International Equity Opportunities
First $250 million		0.930	%		0.900	%
Over $250 million up to $500 million		0.905			0.875
Over $500 million up to $1 billion		0.880			0.850
Over $1 billion		0.830			0.800
International Small Cap
First $300 million		1.100			1.070
Over $300 million		1.030			1.000
Long/Short Strategy
First 300 million		1.230			1.200
Over $300 million up to $1 billion		1.180			1.150
Over $1 billion		1.155			1.125
Mid Cap Value
First $100 million		0.880			0.850
Over $100 million		0.830			0.800
Total Return
First $250 million		0.680			0.650
Over $250 million up to $500 million		0.670			0.640
Over $500 million up to $750 million		0.660			0.630
Over $750 million up to $1 billion		0.630			0.600
Over $1 billion up to $3 billion		0.600			0.570
Over $3 billion		0.570			0.540
Global Multifactor Macro
First $150 million		1.250			1.220
Over $150 million up to $300 million		1.190			1.160
Over $300 million up to $500 million		1.140			1.110
Over $500 million up to $600 million		1.130			1.100
Over $600 million		1.080			1.050
Managed Futures Strategy
First $500 million		1.130			1.100
Over $500 million		1.080			1.050

Transamerica Cayman Global Multifactor Macro, Ltd., and Transamerica Cayman Managed Futures Strategy, Ltd. entered into separate contracts with TAM for the management of the Subsidiaries pursuant to which the Subsidiaries pay TAM a fee that is the same, as a percentage of net assets, as the management fee of the Fund. TAM has contractually agreed to waive a portion of the Funds’ management fee in an amount equal to the management fee paid to TAM by the Subsidiaries. This management fee waiver, which is reflected in Expense waiver and/or reimbursement on the Consolidated Statements of Operations, may not be discontinued by TAM as long as its contract with the Subsidiaries is in place.

For the year ended October 31, 2016, the amounts waived are $552,972 and $1,494,814, respectively for Transamerica Cayman Global Multifactor Macro, Ltd. and Transamerica Cayman Managed Futures Strategy, Ltd.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses based on daily ANAs excluding, as applicable, distribution 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 operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations. Funds not listed in the subsequent table do not have an operating expense limit.

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
Core Bond		0.60	%	March 1, 2017
Developing Markets Equity		1.45		March 1, 2017
Event Driven		1.35		March 1, 2017
Intermediate Bond		0.55		March 1, 2017

Transamerica Funds Annual Report 2016

Page    179

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

9. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Fund	Operating Expense Limit			Operating Expense Limit Effective Through
International Small Cap		1.27	%		March 1, 2017
Long/Short Strategy		1.59			March 1, 2017
Mid Cap Value		1.05			March 1, 2017
Global Multifactor Macro		1.50			March 1, 2017
Managed Futures Strategy		1.45			March 1, 2017

TAM is entitled to recapture expenses paid by the Funds for fees waived and/or reimbursed during any of the previous 36 months if on any day or month the estimated annualized Funds operating expenses are less than the stated annual operating expense limit. Amounts recaptured, if any, by TAM for the year ended October 31, 2016 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations or Consolidated Statements of Operations.

As of October 31, 2016, the balances available for recapture by TAM for each Fund are as follows. Funds not listed in the subsequent table do not have balances available for recapture by TAM.

	Amounts Available from Fiscal Years
Fund	2015		2016		Total
Event Driven		$  113,015		$    48,658	$	161,673
Global Multifactor Macro		181,209		851,269		1,032,478
Managed Futures Strategy		—		822,351		822,351
Long/Short Strategy		—		3,647		3,647

Administrative service fees: Effective March 1, 2016, each Fund pays a management fee to TAM for investment advisory and administration services and is reflected in Investment management fees within the Statements of Operations. Prior to March 1, 2016, the Funds had a separate administration service fee agreement with TFS pursuant to which the Funds paid TFS at an annual fee of 0.03% on daily ANA, which is reflected in Administration fees within the Statements of Operations.

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS at an annual fee of 0.0075% on daily ANA for an open account for providing transfer agent services. Transfer agent fees paid and the amounts due to TFS for the year ended October 31, 2016 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 January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities. For the year ended October 31, 2016, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations or Consolidated Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the year ended October 31, 2016.

Cross-trades: The Funds are authorized to purchase or sell securities from and to other funds within TAM, or between the Fund and other mutual funds or accounts advised by TAM or the sub-adviser, in each case in accordance with rule 17a-7 under the 1940 Act, when it is in the best interest of each Fund participating in the transaction.

For the year ended October 31, 2016, the Funds engaged in the following net cross-trade transactions, which resulted in net realized gains/(losses) listed below. Funds not listed in the subsequent table did not have 17a-7 transactions during the year.

Fund	Purchases		Sales		Net Realized Gains (Losses)
International Equity Opportunities	$	17,075,711	$	397,176	$	5,923
Total Return		3,355,028		9,044,491		165,036

Transamerica Funds Annual Report 2016

Page    180

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

10. PRINCIPAL OWNERSHIP

As of October 31, 2016, the Funds had individual shareholder(s) and/or omnibus accounts owning more than 10% of total shares outstanding. The Funds have no knowledge if any portion of the unaffiliated shares are owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on operations, and thus may impact Fund performance. Shareholder accounts with over 10% of total shares outstanding are as follows:

Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
Core Bond		5		83.00	%		83.00	%
Developing Markets Equity		4		71.91	%		71.91	%
Event Driven		5		99.19	%		99.19	%
Global Real Estate Securities		3		82.16	%		82.16	%
Intermediate Bond		3		83.93	%		83.93	%
International Equity Opportunities		3		69.87	%		69.87	%
International Small Cap		3		83.48	%		83.48	%
Long/Short Strategy		1		99.21	%		99.21	%
Mid Cap Value		3		90.75	%		90.75	%
Total Return		3		86.17	%		86.17	%
Global Multifactor Macro		4		90.73	%		90.73	%
Managed Futures Strategy		5		99.12	%		99.12	%

11. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2016, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

	Purchases of Securities				Sales/Maturities of Securities
Fund	Long-Term		U.S. Government		Long-Term		U.S. Government
Core Bond	$	370,824,059	$	248,508,920	$	161,017,042	$	96,380,743
Developing Markets Equity		702,951,002		—		141,049,368		—
Event Driven		593,469,044		—		612,155,658		—
Global Real Estate Securities		23,546,877		—		36,411,851		—
Intermediate Bond		935,274,786		645,822,790		260,359,794		434,350,667
International Equity Opportunities		653,604,123		—		119,390,647		—
International Small Cap		91,219,789		—		821,003,250		—
Long/Short Strategy (A)		56,320,778		—		63,348,409		—
Mid Cap Value		59,257,710		—		65,680,465		—
Total Return		140,694,753		43,082,166		171,050,863		52,623,845

^(A)  Fund includes securities sold short.

12. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. The Funds’ federal and state tax returns remain subject to examination by the Internal Revenue Service and state tax authorities for the prior three years. Management has evaluated the Funds’ tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. If applicable, the Funds recognize interest accrued related to unrecognized tax benefits in interest and penalties expense in Other on the Statements of Operations or Consolidated Statements of Operations. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales, swaps, net operating losses,

Transamerica Funds Annual Report 2016

Page    181

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

12. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

distribution reclasses for REITs, passive foreign investment companies, foreign currency transactions, security sold short, TIPS, defaulted bond income, partnership basis adjustments, futures contracts, options contracts, non-real estate investment trust return of capital dividends, distribution re-designations, capital gains tax reclass and straddle deferral. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to swaps, net operating losses, distribution re-designations, dividend expense reclass, paydown gain/loss, passive foreign investment companies, foreign currency transactions, paydown gain/loss, excise taxes, TIPS, capital gains tax reclass, investment in wholly owned foreign subsidiaries and return of capital distributions from underlying investments. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital			Undistributed (Distributions in Excess of) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
Core Bond	$	—		$	3,350,359		$	(3,350,359	)
Developing Markets Equity		(451	)		(464,071	)		464,522
Event Driven		(5,222	)		(454,456	)		459,678
Global Real Estate Securities		(118,024	)		915,900			(797,876	)
Intermediate Bond		—			1,150,490			(1,150,490	)
International Equity Opportunities		—			440,470			(440,470	)
International Small Cap		—			7,844,875			(7,844,875	)
Long/Short Strategy		(1,834,437	)		2,080,329			(245,892	)
Mid Cap Value		—			162,725			(162,725	)
Total Return		—			5,595,487			(5,595,487	)
Global Multifactor Macro		(13,177,184	)		8,258,756			4,918,428
Managed Futures Strategy		4,062,381			1,385,079			(5,447,460	)

As of October 31, 2016, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Expires on October 31,				Unlimited
Fund	2017		2018		Short-Term		Long-Term
Core Bond	$	—	$	—	$	—	$	1,368,888
Developing Markets Equity		—		—		34,219,605		50,410,914
Event Driven		—		—		5,169,042		—
Global Real Estate Securities		28,500,395		12,882,785		—		—
International Equity Opportunities		—		—		5,742,462		18,004,069
Managed Futures Strategy		—		—		7,963,677		2,135,961

During the year ended October 31, 2016, the capital loss carryforwards utilized or expired are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards utilized or expired.

Fund	Capital Loss Carryforwards Utilized/Expired
Global Real Estate Securities	$	2,632,575
Global Multifactor Macro		399,463

Transamerica Funds Annual Report 2016

Page    182

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

12. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2016 and 2015 are as follows:

	2016 Distributions Paid From								2015 Distributions Paid From
Fund	Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Tax Exempt Income		Long-Term Capital Gain		Return of Capital
Core Bond	$	33,037,574	$	—	$	—	$	—	$	27,704,328	$	—	$	6,651,666	$	—
Developing Markets Equity		—		—		—		—		2,764,041		—		46,196,134		218,458
Event Driven		254,411		—		—		—		—		—		—		—
Global Real Estate Securities		1,113,879		—		—		—		1,210,370		—		—		—
Intermediate Bond		28,317,083		—		9,426		—		11,004,121		—		—		—
International Equity Opportunities		8,066,370		—		16,146,212		—		13,177,042		—		26,500,265		—
International Small Cap		13,903,467		—		26,113,401		—		19,820,241		—		32,779,047		—
Long/Short Strategy		—		—		7,930,295		—		—		—		1,937,428		—
Mid Cap Value		2,357,651		—		16,591,578		—		3,439,998		—		35,459,725		—
Total Return		24,713,147		—		4,057,235		—		23,760,301		—		6,455,045		—
Global Multifactor Macro		8,579,002		—		1,352		—		—		—		—		—
Managed Futures Strategy		42,116,894		—		16,637,000		—		10,451,599		—		12,127,437		—

As of October 31, 2016, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral			Other Temporary Differences			Net Unrealized Appreciation (Depreciation)
Core Bond	$	183,255	$	—	$	—	$	(1,368,888	)	$	—		$	(3,137	)	$	44,223,857
Developing Markets Equity		992,445		—		—		(84,630,519	)		—			—			27,468,906
Event Driven		944,401		—		—		(5,169,042	)		—			(519,653	)		992,895
Global Real Estate Securities		867,100		—		—		(41,383,180	)		—			—			5,699,149
Intermediate Bond		6,286,081		—		—		—			—			(5,596	)		9,483,651
International Equity Opportunities		12,665,316		—		—		(23,746,531	)		—			—			(65,212,300	)
International Small Cap		6,596,357		—		37,872,104		—			—			—			3,575,237
Long/Short Strategy		—		—		115,560		—			(92,208	)		(35,893	)		822,903
Mid Cap Value		1,624,743		—		16,569,053		—			—			—			66,104,381
Total Return		11,149,991		—		3,073,345		—			—			(805,931	)		(5,652,146	)
Global Multifactor Macro		—		—		5,429,268		—			(1,670,614	)		(3,177,635	)		2,977,335
Managed Futures Strategy		234,782		—		—		(10,099,638	)		—			(37,210,295	)		(14,878,140	)

13. RECLASSIFICATION

Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the net increase (decrease) in net assets resulting from operations. The Trust concluded that it was appropriate to classify borrowing costs, which relate to charges from a broker for securities sold short positions, as an expense which is included in Dividends, interest and fees for borrowings from securities sold short within the Statements of Operations. Previously, the borrowing costs had been included in Net realized gain/(loss) on securities sold short within the Statements of Operations. Corresponding reclassifications have been made to Net investment income (loss) and Realized gain (loss) within the Statements of Changes in Net Assets, and Net investment income (loss) per share, Net realized and unrealized gain (loss) per share and Expenses to average net asset ratios within the Financial Highlights. The impact of the reclassification is an increase to realized gain (loss) and total expenses, and a decrease in net investment income. All impacted amounts, as identified within the Statements of Changes in Net Assets and Financial Highlights have been adjusted for purposes of comparability.

14. NEW ACCOUNTING PRONOUNCEMENT

In October 2016, the SEC adopted new rules and amended existing rules (together the, “Final Rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the Final Rules amend Regulation S-X and require

Transamerica Funds Annual Report 2016

Page    183

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

14. NEW ACCOUNTING PRONOUNCEMENT (continued)

standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

15. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street Bank and Trust Co., the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected in Reimbursement of custody fees within the Statements of Operations. This resulted in a decrease in Net expenses and an overall increase in Net assets.

16. SUBSEQUENT EVENT

The Board approved the launch of an Advisor class shares for various Funds within the Trust. The additional classes will commence operations on or about December 16, 2016.

The Board approved the registration of I share class for Event Driven. Class I share is intended to meet the needs and expectations of retirement plan participants and plan sponsors, and may be purchased by participants in certain retirement plans such as 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase plans, defined-benefit plans, non-qualified deferred compensation plans and IRAs. The Class I shares of Event Driven will commence operations on or about November 11, 2016. TAM would have discretion to launch the new share class for the remainder of the fund at a later date.

Management has evaluated subsequent events through the date of issuance of the financial statements, and determined that no other material events or transactions would require recognition or disclosure in the Funds’ financial statements.

Transamerica Funds Annual Report 2016

Page    184

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Transamerica Core Bond, Transamerica Developing Markets Equity, Transamerica Event Driven, Transamerica Global Real Estate Securities, Transamerica Intermediate Bond, Transamerica International Equity Opportunities, Transamerica International Small Cap, Transamerica Long/Short Strategy, Transamerica Mid Cap Value and Transamerica Total Return, as of October 31, 2016, and the related statements of operations, statements of changes in net assets, and the financial highlights for each of the years or periods indicated therein. We have also audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Transamerica Global Multifactor Macro and Transamerica Managed Futures Strategy, as of October 31, 2016, and the related consolidated statements of operations, consolidated statements of changes in net assets, and the financial highlights for each of the years or periods indicated therein. We have also audited the related statements of cash flows of Transamerica Event Driven and Transamerica Long/Short Strategy for the year ended October 31, 2016. The aforementioned twelve funds of the Transamerica Funds are hereafter referred to as the “Funds.” These financial statements and consolidated financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and consolidated financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and consolidated financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the aforementioned twelve Funds of the Transamerica Funds at October 31, 2016, the results of their operations and consolidated operations, the changes in their net assets and the changes in their consolidated net assets, their cash flows and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 23, 2016

Transamerica Funds Annual Report 2016

Page    185

SUPPLEMENTAL INFORMATION

(unaudited)

TAX INFORMATION

For dividends paid during the year ended October 31, 2016, the Funds designated the following maximum amounts of qualified dividend income:

Fund	Qualified Dividend Income
Developing Markets Equity		$  5,377,314
Event Driven		14,495
Global Real Estate Securities		242,856
Intermediate Bond		37,500
International Equity Opportunities		8,066,370
International Small Cap		9,266,713
Mid Cap Value		2,357,651
Total Return		20,625

For corporate shareholders, investment income (dividend income plus short-term gains, if any) which qualifies for the maximum dividends received deductions are as follows:

Fund	Dividend Received Deduction Percentage
Developing Markets Equity		11	%
Event Driven		1
Intermediate Bond		0	(A)
International Equity Opportunities		3
Mid Cap Value		35
Total Return		0	(A)

^(A)  Rounds to less than 1%.

For tax purposes, the long-term capital gain designations for the year ended October 31, 2016 are as follows:

Fund	Long-Term Capital Gain Designation
Intermediate Bond		$           9,426
International Equity Opportunities		16,146,212
International Small Cap		26,113,401
Long/Short Strategy		7,930,295
Mid Cap Value		16,591,578
Total Return		4,057,235
Global Multifactor Macro		1,352
Managed Futures Strategy		16,637,000

The amounts which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the U.S. are as follows:

Fund	Foreign Source Income		Foreign Taxes
Developing Markets Equity		$    7,706,448		$     328,172
International Equity Opportunities		14,938,250		1,115,453
International Small Cap		11,899,136		900,884

The information and distributions reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2016. Complete information will be computed and reported in conjunction with your 2016 Form 1099-DIV.

Transamerica Funds Annual Report 2016

Page    186

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 8-9, 2016, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Fund” and collectively the “Funds”):

Transamerica Commodity Strategy	Transamerica International Equity Opportunities
Transamerica Core Bond	Transamerica International Small Cap
Transamerica Developing Markets Equity	Transamerica Long/Short Strategy
Transamerica Event Driven	Transamerica Managed Futures Strategy
Transamerica Global Multifactor Macro	Transamerica Mid Cap Value
Transamerica Global Real Estate Securities	Transamerica Total Return
Transamerica Intermediate Bond

For the Funds listed in the left column below, the Board also considered the renewal of the investment sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively the “Sub-Advisory Agreements” and, together with the Management Agreement, the “Agreements”) between TAM and the corresponding sub-advisers listed in the right column below (each a “Sub-Adviser” and collectively the “Sub-Advisers”).

Fund	Sub-Adviser(s)
Transamerica Commodity Strategy	Goldman Sachs Asset Management, L.P.
Transamerica Core Bond	J.P. Morgan Investment Management, Inc.
Transamerica Developing Markets Equity	OppenheimerFunds, Inc.
Transamerica Event Driven	Advent Capital Management, LLC
Transamerica Global Multifactor Macro	AQR Capital Management, LLC
Transamerica Global Real Estate Securities	CBRE Clarion Securities, LLC
Transamerica Intermediate Bond	Aegon USA Investment Management, LLC
Transamerica International Equity Opportunities	MFS Investment Management
Transamerica International Small Cap	Schroder Investment Management North America, Inc./Schroder Investment Management North America Limited
Transamerica Long/Short Strategy	J.P. Morgan Investment Management, Inc.
Transamerica Managed Futures Strategy	AQR Capital Management, LLC
Transamerica Mid Cap Value	J.P. Morgan Investment Management, Inc.
Transamerica Total Return	Pacific Investment Management Company LLC

Following its review and consideration, the Board determined that the terms of the Management Agreement and each Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Fund and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2017. Prior to reaching their decision, the Trustees requested and received from TAM and each Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and each Sub-Adviser as part of their regular oversight of each Fund. The Trustees considered comparative fee, expense and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees also considered information about fees and performance of comparable funds and/or accounts managed by each Sub-Adviser.

In their deliberations, the Independent Trustees met privately without representatives of TAM or any Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and/or their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and each Sub-Adviser to the applicable Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Fund; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; and the professional qualifications of the portfolio management team of each Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for each applicable Sub-Adviser and a comparison of trading results against a peer universe of managers.

Transamerica Funds Annual Report 2016

Page    187

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

The Board also considered the continuous and regular investment management and other services provided by TAM for the portion of the management fee it retains from each Fund after payment of the sub-advisory fees. The Trustees noted that, at a meeting held on December 9-10, 2015, they had approved the combination of the Funds’ former Investment Advisory Agreement and Administrative Service Agreement into the Management Agreement in connection with the transition of the personnel and operations of Transamerica Fund Services, Inc. that relate to the provision of administrative services into TAM. They noted that this combination of agreements had resulted in each Fund paying a single management fee for investment advisory and administrative services. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Fund and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Funds; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Funds; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Fund investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Funds’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Funds; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Funds, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the funds.

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Fund’s benchmark(s), in each case for various trailing periods ended December 31, 2015.

Transamerica Commodity Strategy. The Board noted that the performance of Class I2 Shares of the Fund was in line with the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Core Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3- and 5-year periods. The Trustees also noted recent changes in the Fund’s portfolio management team. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Developing Markets Equity. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 3-, 5- and 10-year periods and in line with the median for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Event Driven. The Board noted that the performance of Class I2 Shares of the Fund was below the median for its peer universe since its inception on March 31, 2015. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark since its inception. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Global Multifactor Macro. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe since inception. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark since inception.

Transamerica Global Real Estate Securities. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 10-year period, in line with the median for the past 1- and 5-year periods and below the median for the past 3-year period. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1-, 3-, 5- and 10-year periods. The Trustees observed that the performance of the Fund had improved during 2016.

Transamerica Intermediate Bond. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-year period. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1-year period. The Trustees also noted recent changes in the Fund’s portfolio management team. The Trustees noted that TAM intends to monitor and report to the Board on the portfolio manager transition and performance going forward.

Transamerica Funds Annual Report 2016

Page    188

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica International Equity Opportunities. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 5-year period, in line with the median for the past 1-year period and below the median for the past 3-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 5-year period and below its benchmark for the past 1- and 3-year periods.

Transamerica International Small Cap. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1- and 3-year periods and in line with the median for the past 5-year period. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-year period and below its benchmark for the past 3- and 5-year periods.

Transamerica Long/Short Strategy. The Board noted that the performance of Class I2 Shares of the Fund was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its primary benchmark for the past 3- and 5-year periods and below its primary benchmark for the past 1-year period. The Trustees discussed the reasons for the underperformance with TAM and TAM agreed to continue to closely monitor and report to the Board on the performance of the Fund. The Board noted that the Fund’s sub-adviser had commenced subadvising the Fund on January 6, 2011 pursuant to its current investment strategies.

Transamerica Managed Futures Strategy. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was below its benchmark for the past 1-, 3- and 5-year periods.

Transamerica Mid Cap Value. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1-, 3-, 5- and 10-year periods.

Transamerica Total Return. The Board noted that the performance of Class I2 Shares of the Fund was above the median for its peer universe for the past 1- and 10-year periods and below the median for the past 3- and 5-year periods. The Board also noted that the performance of Class I2 Shares of the Fund was above its benchmark for the past 1- and 10-year periods and below its benchmark for the past 3- and 5-year periods.

Based on these considerations, the Board determined that TAM and each Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Fund’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Fund, including information provided by Lipper comparing the management fee and total expense ratio of each Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Advisers for sub-advisory services, as well as the portion of a Fund’s management fee retained by TAM following payment of the sub-advisory fee(s) and how the portion of the contractual management fee retained by TAM at a specified asset level compared to the portions retained by other investment advisers managing mutual funds with similar investment strategies as calculated by Strategic Insight and/or Lipper, each an independent provider of information.

Transamerica Commodity Strategy. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Core Bond. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Developing Markets Equity. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were in line with the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Funds Annual Report 2016

Page    189

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Event Driven. The Board noted that the Fund’s contractual management fee was in line with the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Multifactor Macro. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and above the medians for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Global Real Estate Securities. The Board noted that the Fund’s contractual management fee was in line with the median for its peer group and below the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe.

Transamerica Intermediate Bond. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica International Equity Opportunities. The Board noted that the Fund’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe.

Transamerica International Small Cap. The Board noted that the Fund’s contractual management fee was below the median for its peer group and above the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Long/Short Strategy. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Managed Futures Strategy. The Board noted that the Fund’s contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Mid Cap Value. The Board noted that the Fund’s contractual management fee was below the median for its peer group and in line with the median for its peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were below the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica Total Return. The Board noted that the Fund’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class I2 Shares of the Fund were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Advisers under the Management Agreement and each Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Fund and

Transamerica Funds Annual Report 2016

Page    190

MANAGEMENT AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica Funds as a whole, as well as the allocation methodology used for calculating profitability. The Board also considered the assessment prepared by Ernst & Young LLP (“E&Y”), independent registered public accounting firm and auditor to the Funds, to assist the Board’s evaluation of TAM’s profitability analysis. E&Y’s engagement included the review and assessment of the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Funds, and completion of procedures in respect of the mathematical accuracy of the profitability calculation and its conformity to established allocation methodologies. After considering E&Y’s assessment and information provided by TAM, the Board concluded that, while other allocation methods may also be reasonable, TAM’s profitability methodologies are reasonable in all material respects.

With respect to the Sub-Advisers, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the applicable Sub-Adviser, which is not affiliated with TAM (with the exception of those fees paid to Aegon USA Investment Management, LLC (“AUIM”), which is affiliated with TAM), and are paid by TAM and not the applicable Fund. As a result, for those Funds not sub-advised by AUIM, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Fund. For each Fund sub-advised by AUIM, the Board noted that information about AUIM’s revenues and expenses was incorporated into TAM’s profitability analysis for the Fund. As a result, the Board focused on profitability information for TAM and AUIM in the aggregate.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Funds was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Funds benefited from any economies of scale. The Board considered each Fund’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Funds through investments in maintaining and developing its capabilities and services. The Trustees concluded that each Fund’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Advisers in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and the Sub-Advisers from their Relationships with the Funds

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Advisers from their relationships with the Funds. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Funds and that TAM believes that any use of soft dollars by the Sub-Advisers is generally appropriate and in the best interests of the Funds. The Board also noted that certain Sub-Advisers are participating in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Fund’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Funds.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and each Sub-Advisory Agreement was in the best interests of the applicable Fund and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2016

Page    191

Management of the Trust

Board Members and Officers

(unaudited)

The Board Members and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds (“TF”), Transamerica Series Trust (“TST”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 178 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

The Board Members of the Trust, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in Transamerica Mutual Funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of the Trust.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – present); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present);	178	Director, Massachusetts Fidelity Trust Company (2014 – present)

Transamerica Funds Annual Report 2016

Page    192

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS—continued
Marijn P. Smit (continued)			Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – present); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – present).
Alan F. Warrick (67)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	178	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (64)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	178	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (60)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	178	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2016

Page    193

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Leo J. Hill (continued)			Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (69)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	178	N/A
Russell A. Kimball, Jr. (71)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	178	N/A
Patricia L. Sawyer (66)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010);	178	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2016

Page    194

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Patricia L. Sawyer (continued)			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (64)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	178	Operation PAR, Inc. (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2016

Page    195

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See previous table.
Tané T. Tyler (51)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005-2013).
Christopher A. Staples (45)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Thomas R. Wald (55)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present);

Transamerica Funds Annual Report 2016

Page    196

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (continued)			Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (46)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, OppenheimerFunds (2007—2010).
Matthew H. Huckman, Sr. (48)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TIS (2014 – 2015); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007-2012).
Scott M. Lenhart (55)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008-2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999-2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989-1998).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2016

Page    197

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statement of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

You may also visit the Trust’s website at www.transamericainvestments.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday–Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2016

Page    198

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2016

Page    199

Transamerica Fund Services

PO Box 219945

Kansas City, MO 64121-9945

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

ClearTrack^® Funds

Annual Report

October 31, 2016

www.transamerica.com

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

Table of Contents

Shareholder Letter	1
Manager Commentary
ClearTrack® 2015	2
ClearTrack® 2020	4
ClearTrack® 2025	6
ClearTrack® 2030	8
ClearTrack® 2035	10
ClearTrack® 2040	12
ClearTrack® 2045	14
ClearTrack® 2050	16
ClearTrack® Retirement Income	18
Understanding Your Funds’ Expenses	21
Schedules of Investments Composition	23
Schedules of Investments
ClearTrack® 2015	24
ClearTrack® 2020	25
ClearTrack® 2025	26
ClearTrack® 2030	27
ClearTrack® 2035	28
ClearTrack® 2040	29
ClearTrack® 2045	30
ClearTrack® 2050	31
ClearTrack® Retirement Income	32
Statements of Assets and Liabilities	33
Statements of Operations	35
Statements of Changes in Net Assets	37
Financial Highlights	40
Notes to Financial Statements	49
Report of Independent Registered Public Accounting Firm	59
Approval of Management and Sub-Advisory Agreements	60
Management of the Trust	64
Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings	70
Notice of Privacy Policy	71

Transamerica Funds Annual Report 2016

Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial adviser in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of your Fund(s). The Securities and Exchange Commission requires that annual and semi-annual reports be sent to all shareholders, and we believe it to be an important part of the investment process. This report provides detailed information about your Fund(s) for the 12-month period ending October, 31, 2016.

We believe it is important to understand market conditions over the last year to provide a context for reading this report. At the beginning of the 1-year period that began on November 1, 2015, investors were trying to determine what rapidly declining oil prices - which had fallen from over $100 per barrel at the cyclical high to less than half that value by year end - would mean for markets. Adding more uncertainty toward year-end 2015 was the Federal Reserve’s (“Fed”) decision to finally raise the Fed funds rate by 0.25% in December, the first increase since 2006.

As the calendar turned to 2016, rapidly falling energy and commodity prices coupled with a weak U.S. gross domestic product report and weakness in overseas markets pressured U.S. equities, as concerns of a pending recession became more prevalent. In the months to follow however energy prices rebounded and economic growth remained positive thereby avoiding recessionary levels. Global markets sold off in late June following Great Britain’s surprise referendum vote in favor of departure from the European Union, (“Brexit”). Following the immediate negative reaction to this news, U.S. stocks recovered, and equity markets soon reached new all-time highs.

U.S. markets stayed range bound for most of the late summer and into the fall, with only a single bout of meaningful volatility in September when commentary from certain Fed Governors suggested that the case for a September rate hike was strengthening. That volatility proved temporary as September passed with no policy change at the central bank, and markets began to focus on the Fed meeting in December as the next possible target for a hike. The rising likelihood of rate increases resulted in the benchmark 10-year Treasury yield moving higher, and by October 31st had increased to 1.84% from a July low of 1.37%.

For the 1-year period ending October 31, 2016, the S&P 500^® returned 4.51% while the MSCI EAFE Index, representing international developed market equities, lost (2.74)%. During the same period, the Bloomberg Barclays U.S. Aggregate Bond Index returned 4.37%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial adviser is a key resource to help you build a complete picture of your current and future financial needs. Financial advisers are familiar with the market’s history, including long-term returns and volatility of various asset classes. With your adviser, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial adviser if you have any questions about the contents of this report, and thanks again for the confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of the Transamerica Funds. These views are subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of the Transamerica Funds.

ClearTrack^® 2015

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2015 Class R6 returned 2.11%. By comparison, its benchmark, the Dow Jones Target 2015 Index, returned 4.93%.

STRATEGY REVIEW

The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

The glide path includes the use of a dynamic rebalancing strategy in the five years leading up to and after retirement, which seeks to limit an investor’s exposure to extended periods of market declines. Rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the portfolio’s net asset value. This strategy works best during extended market declines, and often falls short in sideways, or oscillating, markets. Over the last year, the Fund’s rebalancing was most active during the first quarter 2016, when markets experienced a significant drawdown in reaction to the China slowdown and falling oil prices. The Fund de-risked from fully allocated on January 1 to 50% allocated as the market bottomed on February 11. As markets sharply recovered, the Fund gradually re-risked, becoming fully allocated by mid-March. It was fully allocated to its strategic targets on October 31.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark mainly due to the cash drag from re-risking throughout the year, followed by asset allocation and style selection. The de-risking mechanism helped as markets declined in January and February. However, as markets hit their inflection point and sharply recovered, the Fund was not able to re-risk at the velocity that the market rebounded, thus leading to a performance drag. Strategic asset allocation weighed as a result of an overweight in equities relative to our Dow Jones benchmark, specifically overweights in international equity and U.S. large cap. Style selection, or sub-asset class effect, negatively impacted the Fund, mostly from the Vanguard FTSE Developed Markets ETF underperforming its policy benchmark.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    2

ClearTrack^® 2015

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		2.11	%		0.04	%		03/02/2015
Dow Jones Target 2015 Index (A)		4.93	%		2.22	%
Class R1 (NAV)		1.52	%		(0.55	)%		03/02/2015

^(A) Dow Jones Target 2015 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    3

ClearTrack^® 2020

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three U.S. Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2020 Class R6 returned 1.80%. By comparison, its benchmark, the Dow Jones Target 2020 Index, returned 4.92%.

STRATEGY REVIEW

The Fund is managed to the specific target date included in its name, which is intended to coincide, generally, with an investor’s retirement year. The Fund follows a particular glide path in which, over time, its target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

The glide path includes the use of a dynamic rebalancing strategy in the five years leading up to and after retirement, which seeks to limit an investor’s exposure to extended periods of market declines. Rebalancing involves systematically raising the allocation to cash in response to rising volatility and declines in the Fund’s net asset value. This strategy works best during extended market declines, and often falls short in sideways, or oscillating, markets. Over the last year, the Fund’s rebalancing was most active during the first quarter 2016, when markets experienced a significant drawdown in reaction to the China slowdown and falling oil prices. The Fund de-risked from fully allocated on December 31 to 45% allocated as the market bottomed on February 11. As markets sharply recovered, the Fund gradually re-risked, becoming fully allocated by mid-March. It was fully allocated to its strategic targets on October 31.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark mainly due to the cash drag from re-risking throughout the year, followed by asset allocation and style selection. The de-risking mechanism helped as markets declined in January and February. However, as markets hit their inflection point and sharply recovered, the Fund was not able to re-risk at the velocity that the market rebounded, thus leading to a performance drag. Strategic asset allocation weighed as a result of an overweight in equities relative to our Dow Jones benchmark, specifically overweights in international equity and U.S. large cap. Style selection, or sub-asset class effect, negatively impacted the Fund, mostly from the Vanguard FTSE Developed Markets ETF underperforming its policy benchmark.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    4

ClearTrack^® 2020

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		1.80	%		(0.21	)%		03/02/2015
Dow Jones Target 2020 Index (A)		4.92	%		2.05	%
Class R1 (NAV)		1.21	%		(0.79	)%		03/02/2015

^(A) Dow Jones Target 2020 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    5

ClearTrack^® 2025

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2025 Class R6 returned 3.37%. By comparison, its benchmark, the Dow Jones Target 2025 Index, returned 4.81%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by normally investing in a combination of underlying Exchange-Traded Funds (“ETFs”) representing a variety of broad asset classes - equity, fixed income and inflation-hedging - and investment styles and focuses. Managed to the specific target date included in its name, the Fund is intended to coincide, generally, with an investor’s retirement year. It follows a particular glide path in which over time the target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark due mainly to style and asset class selection. Style selection, or sub-asset class selection, negatively impacted mostly from allocations to the Vanguard FTSE Developed Markets ETF and Vanguard Total International Bond Fund ETF, which lagged their respective policy benchmarks. Underperformance from our asset allocation decision was due to our overweight in equity, particularly international equities.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    6

ClearTrack^® 2025

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		3.37	%		0.84	%		03/02/2015
Dow Jones Target 2025 Index (A)		4.81	%		1.78	%
Class R1 (NAV)		2.70	%		0.20	%		03/02/2015

^(A) Dow Jones Target 2025 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    7

ClearTrack^® 2030

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three U.S. Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2030 Class R6 returned 3.40%. By comparison, its benchmark, the Dow Jones Target 2030 Index, returned 4.49%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by normally investing in a combination of underlying Exchange-Traded Funds (“ETFs”) representing a variety of broad asset classes - equity, fixed income and inflation-hedging - and investment styles and focuses. Managed to the specific target date included in its name, the Fund is intended to coincide, generally, with an investor’s retirement year. It follows a particular glide path in which over time the target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark due mainly to style and asset class selection. Style selection, or sub-asset class selection, negatively impacted mostly from allocations to the Vanguard FTSE Developed Markets ETF and Vanguard Total International Bond Fund ETF, which lagged their respective policy benchmarks. Underperformance from our asset allocation decision was due to our overweight in equity, particularly international equities.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portoflio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    8

ClearTrack^® 2030

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		3.40	%		1.17	%		03/02/2015
Dow Jones Target 2030 Index (A)		4.49	%		1.38	%
Class R1 (NAV)		2.74	%		0.54	%		03/02/2015

^(A) Dow Jones Target 2030 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    9

ClearTrack^® 2035

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2035 Class R6 returned 3.30%. By comparison, its benchmark, the Dow Jones Target 2035 Index, returned 4.20%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by normally investing in a combination of underlying Exchange-Traded Funds (“ETFs”) representing a variety of broad asset classes - equity, fixed income and inflation-hedging - and investment styles and focuses. Managed to the specific target date included in its name, the Fund is intended to coincide, generally, with an investor’s retirement year. It follows a particular glide path in which over time the target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark due mainly to style and asset class selection. Style selection, or sub-asset class selection, negatively impacted mostly from allocations to the Vanguard FTSE Developed Markets ETF and Vanguard Total International Bond Fund ETF, which lagged their respective policy benchmarks. Underperformance from our asset allocation decision was due to our overweight in equity, particularly international equities.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    10

ClearTrack^® 2035

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		3.30	%		1.05	%		03/02/2015
Dow Jones Target 2035 Index (A)		4.20	%		0.85	%
Class R1 (NAV)		2.63	%		0.41	%		03/02/2015

^(A) Dow Jones Target 2035 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    11

ClearTrack^® 2040

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2040 Class R6 returned 3.07%. By comparison, its benchmark, the Dow Jones Target 2040 Index, returned 3.98%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by normally investing in a combination of underlying Exchange-Traded Funds (“ETFs”) representing a variety of broad asset classes - equity, fixed income and inflation-hedging - and investment styles and focuses. Managed to the specific target date included in its name, the Fund is intended to coincide, generally, with an investor’s retirement year. It follows a particular glide path in which over time the target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark mainly due to its style selection and asset class selection. The style selection, or sub-asset class selectivion, effect negatively impacted performance from an allocation to the Vanguard FTSE Developed Markets ETF, which underperformed its policy benchmark. Underperformance from asset allocation was due to our underweight in emerging markets equity and overweight in international equities.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    12

ClearTrack^® 2040

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		3.07	%		0.79	%		03/02/2015
Dow Jones Target 2040 Index (A)		3.98	%		0.43	%
Class R1 (NAV)		2.09	%		(0.03	)%		03/02/2015

^(A) Dow Jones Target 2040 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    13

ClearTrack^® 2045

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three U.S. Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2045 Class R6 returned 2.95%. By comparison, its benchmark, the Dow Jones Target 2045 Index, returned 3.83%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by normally investing in a combination of underlying Exchange-Traded Funds (“ETFs”) representing a variety of broad asset classes - equity, fixed income and inflation-hedging - and investment styles and focuses. Managed to the specific target date included in its name, the Fund is intended to coincide, generally, with an investor’s retirement year. It follows a particular glide path in which over time the target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark mainly due to its style selection and asset class selection. The style selection, or sub-asset class selection, effect negatively impacted performance from an allocation to the Vanguard FTSE Developed Markets ETF, which underperformed its policy benchmark. Underperformance from asset allocation was due to our underweight in emerging markets equity and overweight in international equities.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portoflio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    14

ClearTrack^® 2045

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		2.95	%		0.65	%		03/02/2015
Dow Jones Target 2045 Index (A)		3.83	%		0.17	%
Class R1 (NAV)		2.28	%		0.02	%		03/02/2015

^(A) Dow Jones Target 2045 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    15

ClearTrack^® 2050

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® 2050 Class R6 returned 2.99%. By comparison, its benchmark, the Dow Jones Target 2050 Index, returned 3.80%.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by normally investing in a combination of underlying Exchange-Traded Funds (“ETFs”) representing a variety of broad asset classes - equity, fixed income and inflation-hedging - and investment styles and focuses. Managed to the specific target date included in its name, the Fund is intended to coincide, generally, with an investor’s retirement year. It follows a particular glide path in which over time the target asset mix will gradually become more conservative until approximately 10 years after the target date, when the target asset mix will become static.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its benchmark mainly due to its style selection and asset class selection. The style selection, or sub-asset class selection, effect negatively impacted performance from an allocation to the Vanguard FTSE Developed Markets ETF, which underperformed its policy benchmark. Underperformance from asset allocation was due to our underweight in emerging markets equity and overweight in international equities.

Adam J.Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portfolio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    16

ClearTrack^® 2050

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		2.99	%		0.62	%		03/02/2015
Dow Jones Target 2050 Index (A)		3.80	%		0.09	%
Class R1 (NAV)		2.31	%		(0.03	)%		03/02/2015

^(A) Dow Jones Target 2050 Index measures the performance of multi-asset-class portfolios with market risk profiles that become more conservative over time. Each Dow Jones Target Date Index is made up of composite indices representing equity securities, fixed income securities, and money market instruments. The asset class indices are weighted differently within each target date index depending on the time horizon. Each month, the allocations among the asset class indices are rebalanced to reflect an increasingly conservative asset mix.

The Dow Jones Target Date Indices are passively-managed indices designed to automatically adjust their asset allocations over time to reflect reductions in potential risk as an investor’s target date approaches. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Transamerica Funds Annual Report 2016

Page    17

ClearTrack^® Retirement Income

(unaudited)

MARKET ENVIRONMENT

Over the fiscal year ended October 31, 2016, equity markets were generally up but had two significant drawdowns. The period started with a decline in oil prices through early 2016. By January 2016, markets grew fearful of a slowing global economy, leading to the first major drawdown of the period. Investors were concerned that a potential hard landing for China’s economy along with the collapse in the U.S. shale oil industry could lead to a global economic slowdown. Equity and energy markets both bottomed in late February. They recovered as the Chinese, U.S. and European central banks stepped in to reassure investors.

Through June equity markets continued their recovery from the February lows. But while markets were paying attention to economic conditions and the undertakings of central banks, the uncertainty around Great Britain potentially leaving the European Union (“Brexit”) took center stage. The decision to leave took equity markets by surprise, causing the second major drawdown of the period. However, markets rebounded over the next week as central bankers once again offered support to the financial system, and market participants realized that nothing drastic was going to happen in the immediate future.

The last quarter of the period saw the S&P 500^® reach record highs in mid-August, while volatility (as measured by the CBOE VIX Index) was near two-year lows; investor confidence was buoyed by a relatively strong U.S. jobs report, and Brexit fears continued to wane. Monetary policy remained at the fore in September, with central banks across the G10 (Group of Ten industrialized nations) leaving rates unchanged. However, there were some rumblings beneath the surface in the U.S., as three U.S. Federal Reserve Governors voted to raise rates. Other central banks left their policy rates unchanged in September as global growth remained relatively weak and inflation stayed low. The period ended on a down note, though, with the uncertainty of the U.S. elections overhanging the markets.

PERFORMANCE

For the year ended October 31, 2016, ClearTrack^® Retirement Income Class R6 returned 4.01%. By comparison, its primary and secondary benchmarks, the Bloomberg Barclays U.S. Aggregate Bond Index and the ClearTrack^® Retirement Income Blended Benchmark, returned 4.37% and 4.62%, respectively.

STRATEGY REVIEW

The Fund seeks to achieve its investment objective by normally investing in a combination of underlying Exchange-Traded Funds (“ETFs”) representing a variety of broad asset classes - equity, fixed income and inflation-hedging - and investment styles and focuses. The Fund seeks the highest total return (a combination of income and long-term capital appreciation) over time consistent with its asset mix. The Fund follows a particular glide path in which the target asset mix becomes static 10 years post investors’ retirement date.

We had a positive absolute return over the period, with positive performance coming from all but one of our underlying holdings. Emerging markets equities was the best performing asset class, with the Vanguard FTSE Emerging Markets ETF gaining 11.16%, followed by high yield, inflation protection and international fixed income. The sole negative was international equities, with the Vanguard FTSE Developed Markets ETF declining (1.19)%.

The Fund underperformed its composite benchmark during the year. The relative underperformance was mainly due to style selection. Underperformance within U.S. real estate, high yield fixed income, and international fixed income led to the negative style selection effect.

Adam J. Petryk, CFA

Thomas Picciochi

Ellen Tesler

Co-Portoflio Managers

QS Investors, LLC

Transamerica Funds Annual Report 2016

Page    18

ClearTrack^® Retirement Income

(unaudited)

Average Annual Total Return for Periods Ended 10/31/2016
	1 Year			10 Years or Since Inception of Class			Inception Date
Class R6 (NAV)		4.01	%		1.59	%		03/02/2015
Bloomberg Barclays US Aggregate Bond Index (A)		4.37	%		2.60	%
Cleartrack® Retirement Income Blended Benchmark (A) (B) (C) (D) (E) (F) (G) (H) (I)		4.62	%		1.77	%
Class R1 (NAV)		3.36	%		0.96	%		03/02/2015

^(A) The Bloomberg Barclays U.S. Aggregate Bond Index measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

^(B) The Cleartrack^® Retirement Income Blended Benchmark is composed of the following benchmarks: 42% Bloomberg Barclays U.S. Aggregate Bond Index, 15% Bloomberg Barclays Global Aggregate Index ex-U.S., 14% MSCI EAFE Index, 8% Russell 1000^® Index, 8% Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Cap Index, 5% FTSE NAREIT Equity RElTs Index, 5% Russell 2000^® Index and 3% MSCI Emerging Markets Index.

^(C) The Bloomberg Barclays Global Aggregate Index ex-U.S. is a multi-currency benchmark that includes fixed-rate Treasury, government-related, corporate and securitized bonds from both developed and emerging markets issuers, excluding the U.S.

^(D) The MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

^(E) The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe, and is comprised of approximately 1,000 of the largest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(F) The Bloomberg Barclays U.S. Corporate High-Yield 2% Issuer Capped Index is an issuer-constrained measurement of the market of U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds. The exposure of each issuer is limited to 2% of the total market value of the index.

^(G) The FTSE NAREIT Equity REITs Index contains all tax-qualified REITs with more than 50% of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria.

^(H) The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe, and is comprised of approximately 2,000 of the smallest securities of the Russell 3000^® Index based on a combination of market cap and current index membership. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

^(I) The MSCI Emerging Markets Index captures large and mid-cap representation across emerging markets countries.

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Years or the Since Inception of Class calculation is based on the previous 10 years or since the inception date of the class, whichever is more recent. You cannot invest directly in an index.

Transamerica Funds Annual Report 2016

Page    19

ClearTrack^® Retirement Income (continued)

(unaudited)

The performance data presented represents past performance; future results may vary. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Net Asset Value (“NAV”) returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

The Clear Track^SM target date options invest in exchange-traded funds (“ETFs”) which may represent a variety of broad asset classes including equity, fixed income, inflation-hedging, and short-term defensive instruments and may be subject to all of the risks of these asset classes. ETFs generally present the same risks as an investment in a conventional fund that has the same investment objectives, strategies, and policies. The market price of an ETF’s shares may be above or below the shares’ net asset value; and an active trading market for an ETF’s shares may not develop or be maintained. The allocations become more conservative over time: The fund’s asset mix allocated to equities will decrease while the percentage allocated to fixed income will increase as the target date approaches. The higher the allocation is to equities, the greater the risk. The principal value of the investment option is never guaranteed, including at and after the target date. Diversification does not assure a profit or product against market loss.

Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell^® is a trademark of Russell Investment Group.

Transamerica Funds Annual Report 2016

Page    20

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

Fund shareholders may incur two types of costs: transaction costs, including sales charges (loads) on purchases, contingent deferred sales charges on redemptions; and ongoing costs, including management fees, and other fund expenses.

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples are based on an investment of $1,000 invested at May 1, 2016, and held for the entire period until October 31, 2016.

ACTUAL EXPENSES

The information in the table under the heading “Actual Expenses” provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses could have included a $15 annual fee. The amount of any fee paid during the period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table under the heading “Hypothetical Expenses” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges and brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading “Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the management fees, expenses and fees of the trustees and their counsel, extraordinary expenses and interest expense.

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
ClearTrack® 2015
Class R1	$	1,000.00	$	1,022.80	$	5.59	$	1,019.60	$	5.58		1.10	%
Class R6		1,000.00		1,025.80		2.34		1,022.80		2.34		0.46
ClearTrack® 2020
Class R1		1,000.00		1,021.90		5.59		1,019.60		5.58		1.10
Class R6		1,000.00		1,024.90		2.29		1,022.90		2.29		0.45
ClearTrack® 2025
Class R1		1,000.00		1,022.50		5.59		1,019.60		5.58		1.10
Class R6		1,000.00		1,025.50		2.29		1,022.90		2.29		0.45
ClearTrack® 2030
Class R1		1,000.00		1,022.40		5.64		1,019.60		5.64		1.11
Class R6		1,000.00		1,026.30		2.34		1,022.80		2.34		0.46
ClearTrack® 2035
Class R1		1,000.00		1,025.60		5.60		1,019.60		5.58		1.10
Class R6		1,000.00		1,028.50		2.35		1,022.80		2.34		0.46
ClearTrack® 2040
Class R1		1,000.00		1,026.90		5.66		1,019.60		5.64		1.11
Class R6		1,000.00		1,029.70		2.35		1,022.80		2.34		0.46

Transamerica Funds Annual Report 2016

Page    21

Understanding Your Funds’ Expenses (continued)

(unaudited)

			Actual Expenses				Hypothetical Expenses (A)
Fund	Beginning Account Value		Ending Account Value		Expenses Paid During Period (B)		Ending Account Value		Expenses Paid During Period (B)		Annualized Expense Ratio (C) (D)
ClearTrack® 2045
Class R1	$	1,000.00	$	1,029.00	$	5.66	$	1,019.60	$	5.64		1.11	%
Class R6		1,000.00		1,033.00		2.35		1,022.80		2.34		0.46
ClearTrack® 2050
Class R1		1,000.00		1,030.10		5.61		1,019.60		5.58		1.10
Class R6		1,000.00		1,033.00		2.30		1,022.90		2.29		0.45
ClearTrack® Retirement Income
Class R1		1,000.00		1,020.20		5.48		1,019.70		5.48		1.08
Class R6		1,000.00		1,023.10		2.24		1,022.90		2.24		0.44

^(A)  5% return per year before expenses.

^(B)  Expenses are calculated using the Funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (366 days).

^(C)  Expense ratios (as disclosed in the table) do not include the expenses of the underlying funds in which the Funds invest. The annualized expense ratios, as stated in the fee table of the Prospectus, may differ from the expense ratios disclosed in this report.

^(D)  Expense ratios are based on the most recent six-months; the percentage may differ from the expense ratio displayed in the Financial Highlights which covers a twelve-month period.

Transamerica Funds Annual Report 2016

Page    22

Schedules of Investments Composition

At October 31, 2016

(unaudited)

ClearTrack® 2015
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		36.1	%
U.S. Equity Funds		25.3
International Equity Funds		22.8
International Fixed Income Fund		14.1
Securities Lending Collateral		3.6
Repurchase Agreement		1.9
Net Other Assets (Liabilities)		(3.8	)
Total		100.0	%
ClearTrack® 2020
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		30.2	%
U.S. Equity Funds		28.8
International Equity Funds		25.4
International Fixed Income Fund		14.0
Repurchase Agreement		2.5
Securities Lending Collateral		2.0
Net Other Assets (Liabilities)		(2.9	)
Total		100.0	%
ClearTrack® 2025
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		32.1	%
International Equity Funds		28.0
U.S. Fixed Income Funds		24.8
International Fixed Income Funds		14.2
Securities Lending Collateral		5.9
Repurchase Agreement		2.1
Net Other Assets (Liabilities)		(7.1	)
Total		100.0	%
ClearTrack® 2030
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		36.4	%
International Equity Funds		27.7
U.S. Fixed Income Funds		17.7
International Fixed Income Funds		15.7
Repurchase Agreement		1.9
Securities Lending Collateral		1.5
Net Other Assets (Liabilities)		(0.9	)
Total		100.0	%
ClearTrack® 2035
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		46.0	%
International Equity Funds		29.6
International Fixed Income Funds		13.4
U.S. Fixed Income Funds		9.7
Securities Lending Collateral		2.7
Repurchase Agreement		2.6
Net Other Assets (Liabilities)		(4.0	)
Total		100.0	%

ClearTrack® 2040
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		54.2	%
International Equity Funds		29.3
U.S. Fixed Income Funds		8.0
Securities Lending Collateral		6.8
International Fixed Income Funds		6.3
Repurchase Agreement		1.9
Net Other Assets (Liabilities)		(6.5	)
Total		100.0	%
ClearTrack® 2045
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		61.3	%
International Equity Funds		29.8
International Fixed Income Fund		5.0
U.S. Fixed Income Fund		3.0
Securities Lending Collateral		2.9
Repurchase Agreement		1.1
Net Other Assets (Liabilities)		(3.1	)
Total		100.0	%
ClearTrack® 2050
Asset Allocation	Percentage of Net Assets
U.S. Equity Funds		61.9	%
International Equity Funds		29.3
International Fixed Income Fund		3.4
Securities Lending Collateral		3.1
U.S. Fixed Income Fund		3.0
Repurchase Agreement		1.6
Net Other Assets (Liabilities)		(2.3	)
Total		100.0	%
ClearTrack® Retirement Income
Asset Allocation	Percentage of Net Assets
U.S. Fixed Income Funds		52.6	%
U.S. Equity Funds		16.7
International Equity Funds		15.6
International Fixed Income Fund		14.1
Securities Lending Collateral		7.2
Repurchase Agreement		2.6
Net Other Assets (Liabilities)		(8.8	)
Total		100.0	%

Transamerica Funds Annual Report 2016

Page    23

ClearTrack^® 2015

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.3%
International Equity Funds - 22.8%
Vanguard FTSE Developed Markets ETF		233,866		$  8,538,448
Vanguard FTSE Emerging Markets ETF		46,147		1,742,049
				10,280,497
International Fixed Income Fund - 14.1%
Vanguard Total International Bond ETF		114,612		6,335,751
U.S. Equity Funds - 25.3%
Schwab U.S. Large-Cap ETF		145,025		7,346,967
Schwab U.S. REIT ETF (A)		50,150		2,018,538
Schwab U.S. Small-Cap ETF		37,168		2,048,328
				11,413,833
U.S. Fixed Income Funds - 36.1%
iShares Core U.S. Aggregate Bond ETF		112,423		12,512,680
iShares TIPS Bond ETF		19,327		2,239,226
SPDR Bloomberg Barclays High Yield Bond ETF (A)		40,928		1,484,049
				16,235,955
Total Exchange-Traded Funds (Cost $43,018,215)				44,266,036

	Shares		Value
SECURITIES LENDING COLLATERAL - 3.6%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		1,622,916		$  1,622,916
Total Securities Lending Collateral (Cost $1,622,916)				1,622,916
	Principal		Value
REPURCHASE AGREEMENT - 1.9%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $853,482 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.50%, due 06/30/2017, and with a value of $872,100.		$  853,481		853,481
Total Repurchase Agreement (Cost $853,481)				853,481
Total Investments (Cost $45,494,612) (C)				46,742,433
Net Other Assets (Liabilities) - (3.8)%				(1,690,867	)
Net Assets - 100.0%				$  45,051,566

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	44,266,036	$	—	$	—	$	44,266,036
Securities Lending Collateral		1,622,916		—		—		1,622,916
Repurchase Agreement		—		853,481		—		853,481
Total Investments	$	45,888,952	$	853,481	$	—	$	46,742,433

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $1,589,933. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(C)  Aggregate cost for federal income tax purposes is $46,341,972. Net unrealized appreciation for tax purposes is $400,461.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    24

ClearTrack^® 2020

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.4%
International Equity Funds - 25.4%
Vanguard FTSE Developed Markets ETF		333,787		$  12,186,564
Vanguard FTSE Emerging Markets ETF		62,527		2,360,394
				14,546,958
International Fixed Income Fund - 14.0%
Vanguard Total International Bond ETF		145,488		8,042,577
U.S. Equity Funds - 28.8%
Schwab U.S. Large-Cap ETF		219,131		11,101,176
Schwab U.S. REIT ETF (A)		67,890		2,732,573
Schwab U.S. Small-Cap ETF		48,695		2,683,581
				16,517,330
U.S. Fixed Income Funds - 30.2%
iShares Core U.S. Aggregate Bond ETF		120,246		13,383,380
iShares TIPS Bond ETF		24,379		2,824,551
SPDR Bloomberg Barclays High Yield Bond ETF (A)		31,067		1,126,489
				17,334,420
Total Exchange-Traded Funds (Cost $55,077,182)				56,441,285

	Shares		Value
SECURITIES LENDING COLLATERAL - 2.0%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		1,142,097		$  1,142,097
Total Securities Lending Collateral (Cost $1,142,097)				1,142,097
	Principal		Value
REPURCHASE AGREEMENT - 2.5%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $1,417,700 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.50%, due 06/30/2017, and with a value of $1,448,400.		$  1,417,699		1,417,699
Total Repurchase Agreement (Cost $1,417,699)				1,417,699
Total Investments (Cost $57,636,978) (C)				59,001,081
Net Other Assets (Liabilities) - (2.9)%				(1,667,580	)
Net Assets - 100.0%				$  57,333,501

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	56,441,285	$	—	$	—	$	56,441,285
Securities Lending Collateral		1,142,097		—		—		1,142,097
Repurchase Agreement		—		1,417,699		—		1,417,699
Total Investments	$	57,583,382	$	1,417,699	$	—	$	59,001,081

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $1,119,238. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(C)  Aggregate cost for federal income tax purposes is $58,532,503. Aggregate gross unrealized appreciation and depreciation for all securities is $468,775 and $197, respectively. Net unrealized appreciation for tax purposes is $468,578.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    25

ClearTrack^® 2025

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 28.0%
Vanguard FTSE Developed Markets ETF		416,457		$  15,204,845
Vanguard FTSE Emerging Markets ETF		75,081		2,834,308
				18,039,153
International Fixed Income Funds - 14.2%
iShares JPMorgan USD Emerging Markets Bond ETF (A)		462		52,987
Vanguard Total International Bond ETF		164,508		9,094,002
				9,146,989
U.S. Equity Funds - 32.1%
Schwab U.S. Large-Cap ETF (A)		287,780		14,578,935
Schwab U.S. REIT ETF (A)		76,507		3,079,407
Schwab U.S. Small-Cap ETF (A)		55,179		3,040,914
				20,699,256
U.S. Fixed Income Funds - 24.8%
iShares Core U.S. Aggregate Bond ETF		111,044		12,359,197
iShares TIPS Bond ETF		27,604		3,198,200
SPDR Bloomberg Barclays High Yield Bond ETF (A)		11,881		430,805
				15,988,202
Total Exchange-Traded Funds (Cost $62,817,509)				63,873,600

	Shares		Value
SECURITIES LENDING COLLATERAL - 5.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		3,802,735		$  3,802,735
Total Securities Lending Collateral (Cost $3,802,735)				3,802,735
	Principal		Value
REPURCHASE AGREEMENT - 2.1%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $1,370,826 on 11/01/2016. Collateralized by a U.S. Government Obligation, 2.50%, due 06/30/2017, and with a value of $1,402,500.		$  1,370,825		1,370,825
Total Repurchase Agreement (Cost $1,370,825)				1,370,825
Total Investments (Cost $67,991,069) (C)				69,047,160
Net Other Assets (Liabilities) - (7.1)%				(4,584,223	)
Net Assets - 100.0%				$  64,462,937

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS Investments
Exchange-Traded Funds	$	63,873,600	$	—	$	—	$	63,873,600
Securities Lending Collateral		3,802,735		—		—		3,802,735
Repurchase Agreement		—		1,370,825		—		1,370,825
Total Investments	$	67,676,335	$	1,370,825	$	—	$	69,047,160

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $3,715,185. 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) Rates disclosed reflect the yields at October 31, 2016.

^(C) Aggregate cost for federal income tax purposes is $68,064,007. Aggregate gross unrealized appreciation and depreciation for all securities is $1,060,196 and $77,043, respectively. Net unrealized appreciation for tax purposes is $983,153.

^(D) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    26

ClearTrack^® 2030

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 97.5%
International Equity Funds - 27.7%
Vanguard FTSE Developed Markets ETF		360,547		$  13,163,571
Vanguard FTSE Emerging Markets ETF		50,083		1,890,633
				15,054,204
International Fixed Income Funds - 15.7%
iShares JPMorgan USD Emerging Markets Bond ETF (A)		8,210		941,605
Vanguard Total International Bond ETF		137,292		7,589,502
				8,531,107
U.S. Equity Funds - 36.4%
Schwab U.S. Large-Cap ETF		293,311		14,859,135
Schwab U.S. REIT ETF (A)		60,075		2,418,019
Schwab U.S. Small-Cap ETF		44,526		2,453,828
				19,730,982
U.S. Fixed Income Funds - 17.7%
iShares Core U.S. Aggregate Bond ETF		59,788		6,654,405
iShares TIPS Bond ETF		23,151		2,682,275
SPDR Bloomberg Barclays High Yield Bond ETF (A)		6,882		249,541
				9,586,221
Total Exchange-Traded Funds (Cost $52,086,684)				52,902,514

	Shares		Value
SECURITIES LENDING COLLATERAL - 1.5%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		813,363		$  813,363
Total Securities Lending Collateral (Cost $813,363)				813,363
	Principal		Value
REPURCHASE AGREEMENT - 1.9%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $1,036,822 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.13%, due 09/22/2017, and with a value of $1,060,275.		$  1,036,821		1,036,821
Total Repurchase Agreement (Cost $1,036,821)				1,036,821
Total Investments (Cost $53,936,868) (C)				54,752,698
Net Other Assets (Liabilities) - (0.9)%				(510,320	)
Net Assets - 100.0%				$  54,242,378

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	52,902,514	$	—	$	—	$	52,902,514
Securities Lending Collateral		813,363		—		—		813,363
Repurchase Agreement		—		1,036,821		—		1,036,821
Total Investments	$	53,715,877	$	1,036,821	$	—	$	54,752,698

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $797,147. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(C)  Aggregate cost for federal income tax purposes is $53,941,577. Aggregate gross unrealized appreciation and depreciation for all securities is $930,074 and $118,953, respectively. Net unrealized appreciation for tax purposes is $811,121.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    27

ClearTrack^® 2035

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 98.7%
International Equity Funds - 29.6%
Vanguard FTSE Developed Markets ETF		379,860		$  13,868,689
Vanguard FTSE Emerging Markets ETF		33,044		1,247,411
				15,116,100
International Fixed Income Funds - 13.4%
iShares JPMorgan USD Emerging Markets Bond ETF (A)		18,781		2,153,993
Vanguard Total International Bond ETF		84,563		4,674,642
				6,828,635
U.S. Equity Funds - 46.0%
Schwab U.S. Large-Cap ETF		363,362		18,407,919
Schwab U.S. REIT ETF		63,890		2,571,572
Schwab U.S. Small-Cap ETF		45,825		2,525,416
				23,504,907
U.S. Fixed Income Funds - 9.7%
iShares Core U.S. Aggregate Bond ETF		39,529		4,399,578
SPDR Bloomberg Barclays High Yield Bond ETF (A)		15,529		563,081
				4,962,659
Total Exchange-Traded Funds (Cost $49,392,309)				50,412,301

	Shares		Value
SECURITIES LENDING COLLATERAL - 2.7%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		1,406,872		$  1,406,872
Total Securities Lending Collateral (Cost $1,406,872)				1,406,872
	Principal		Value
REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $1,326,690 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.13%, due 09/22/2017, and with a value of $1,356,750.		$  1,326,689		1,326,689
Total Repurchase Agreement (Cost $1,326,689)				1,326,689
Total Investments (Cost $52,125,870) (C)				53,145,862
Net Other Assets (Liabilities) - (4.0)%				(2,058,324	)
Net Assets - 100.0%				$  51,087,538

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	50,412,301	$	—	$	—	$	50,412,301
Securities Lending Collateral		1,406,872		—		—		1,406,872
Repurchase Agreement		—		1,326,689		—		1,326,689
Total Investments	$	51,819,173	$	1,326,689	$	—	$	53,145,862

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of the securities are on loan. The total value of all securities on loan is $1,378,949. 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) Rates disclosed reflect the yields at October 31, 2016.

^(C) Aggregate cost for federal income tax purposes is $52,137,776. Aggregate gross unrealized appreciation and depreciation for all securities is $1,032,641 and $24,555, respectively. Net unrealized appreciation for tax purposes is $1,008,086.

^(D) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    28

ClearTrack^® 2040

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 97.8%
International Equity Funds - 29.3%
Vanguard FTSE Developed Markets ETF		305,221		$  11,143,619
Vanguard FTSE Emerging Markets ETF		17,976		678,594
				11,822,213
International Fixed Income Funds - 6.3%
iShares JPMorgan USD Emerging Markets Bond ETF (A)		17,272		1,980,925
Vanguard Total International Bond ETF		9,857		544,895
				2,525,820
U.S. Equity Funds - 54.2%
Schwab U.S. Large-Cap ETF		355,842		18,026,956
Schwab U.S. REIT ETF		47,260		1,902,215
Schwab U.S. Small-Cap ETF		35,027		1,930,338
				21,859,509
U.S. Fixed Income Funds - 8.0%
iShares Core U.S. Aggregate Bond ETF		19,654		2,187,490
SPDR Bloomberg Barclays High Yield Bond ETF (A)		28,684		1,040,082
				3,227,572
Total Exchange-Traded Funds (Cost $38,637,178)				39,435,114

	Shares		Value
SECURITIES LENDING COLLATERAL - 6.8%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		2,767,313		$  2,767,313
Total Securities Lending Collateral (Cost $2,767,313)				2,767,313
	Principal		Value
REPURCHASE AGREEMENT - 1.9%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $760,251 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.13%, due 09/22/2017, and with a value of $778,875.		$  760,251		760,251
Total Repurchase Agreement (Cost $760,251)				760,251
Total Investments (Cost $42,164,742) (C)				42,962,678
Net Other Assets (Liabilities) - (6.5)%				(2,631,699	)
Net Assets - 100.0%				$  40,330,979

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	39,435,114	$	—	$	—	$	39,435,114
Securities Lending Collateral		2,767,313		—		—		2,767,313
Repurchase Agreement		—		760,251		—		760,251
Total Investments	$	42,202,427	$	760,251	$	—	$	42,962,678

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $2,712,407. 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)  Rates disclosed reflect the yields at October 31, 2016.

^(C)  Aggregate cost for federal income tax purposes is $42,214,053. Aggregate gross unrealized appreciation and depreciation for all securities is $809,072 and $60,447, respectively. Net unrealized appreciation for tax purposes is $748,625.

^(D)  The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    29

ClearTrack^® 2045

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.1%
International Equity Funds - 29.8%
Vanguard FTSE Developed Markets ETF		202,827		$  7,405,214
Vanguard FTSE Emerging Markets ETF		22,521		850,168
				8,255,382
International Fixed Income Fund - 5.0%
iShares JPMorgan USD Emerging Markets Bond ETF (A)		12,046		1,381,556
U.S. Equity Funds - 61.3%
Schwab U.S. Large-Cap ETF		275,653		13,964,581
Schwab U.S. REIT ETF		32,968		1,326,962
Schwab U.S. Small-Cap ETF		31,230		1,721,085
				17,012,628
U.S. Fixed Income Fund - 3.0%
iShares Core U.S. Aggregate Bond ETF		7,516		836,531
Total Exchange-Traded Funds (Cost $26,841,866)				27,486,097
SECURITIES LENDING COLLATERAL - 2.9%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		820,755		820,755
Total Securities Lending Collateral (Cost $820,755)				820,755

	Principal		Value
REPURCHASE AGREEMENT - 1.1%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $292,954 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.13%, due 09/22/2017, and with a value of $301,500.		$  292,954		$  292,954
Total Repurchase Agreement (Cost $292,954)				292,954
Total Investments (Cost $27,955,575) (C)				28,599,806
Net Other Assets (Liabilities) - (3.1)%				(868,321	)
Net Assets - 100.0%				$  27,731,485

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS Investments
Exchange-Traded Funds	$	27,486,097	$	—	$	—	$	27,486,097
Securities Lending Collateral		820,755		—		—		820,755
Repurchase Agreement		—		292,954		—		292,954
Total Investments	$	28,306,852	$	292,954	$	—	$	28,599,806

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the security is on loan. The value of the security on loan is $804,550. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.

^(B) Rates disclosed reflect the yields at October 31, 2016.

^(C) Aggregate cost for federal income tax purposes is $28,012,836. Aggregate gross unrealized appreciation and depreciation for all securities is $612,571 and $25,601, respectively. Net unrealized appreciation for tax purposes is $586,970.

^(D) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    30

ClearTrack^® 2050

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 97.6%
International Equity Funds - 29.3%
Vanguard FTSE Developed Markets ETF		136,315		$  4,976,861
Vanguard FTSE Emerging Markets ETF		22,934		865,758
				5,842,619
International Fixed Income Fund - 3.4%
iShares JPMorgan USD Emerging Markets Bond ETF (A)		5,833		668,986
U.S. Equity Funds - 61.9%
Schwab U.S. Large-Cap ETF		196,373		9,948,256
Schwab U.S. REIT ETF		23,303		937,946
Schwab U.S. Small-Cap ETF		26,145		1,440,851
				12,327,053
U.S. Fixed Income Fund - 3.0%
iShares Core U.S. Aggregate Bond ETF		5,313		591,337
Total Exchange-Traded Funds (Cost $19,064,384)				19,429,995
SECURITIES LENDING COLLATERAL - 3.1%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		615,537		615,537
Total Securities Lending Collateral (Cost $615,537)				615,537

	Principal		Value
REPURCHASE AGREEMENT - 1.6%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $316,433 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.13%, due 09/22/2017, and with a value of $326,625.		$  316,433		$  316,433
Total Repurchase Agreement (Cost $316,433)				316,433
Total Investments (Cost $19,996,354) (C)				20,361,965
Net Other Assets (Liabilities) - (2.3)%				(450,509	)
Net Assets - 100.0%				$  19,911,456

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS Investments
Exchange-Traded Funds	$	19,429,995	$	—	$	—	$	19,429,995
Securities Lending Collateral		615,537		—		—		615,537
Repurchase Agreement		—		316,433		—		316,433
Total Investments	$	20,045,532	$	316,433	$	—	$	20,361,965

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A) All or a portion of the security is on loan. The value of the security on loan is $603,384. The amount on loan indicated may not correspond with the security on loan identified because a security with pending sales are in the process of recall from the brokers.

^(B) Rates disclosed reflect the yields at October 31, 2016.

^(C) Aggregate cost for federal income tax purposes is $19,997,842. Aggregate gross unrealized appreciation and depreciation for all securities is $401,160 and $37,037, respectively. Net unrealized appreciation for tax purposes is $364,123.

^(D) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    31

ClearTrack^® Retirement Income

SCHEDULE OF INVESTMENTS

At October 31, 2016

	Shares		Value
EXCHANGE-TRADED FUNDS - 99.0%
International Equity Funds - 15.6%
Vanguard FTSE Developed Markets ETF		249,880		$  9,123,119
Vanguard FTSE Emerging Markets ETF		57,266		2,161,791
				11,284,910
International Fixed Income Fund - 14.1%
Vanguard Total International Bond ETF		184,436		10,195,622
U.S. Equity Funds - 16.7%
Schwab U.S. Large-Cap ETF		102,437		5,189,458
Schwab U.S. REIT ETF		85,767		3,452,122
Schwab U.S. Small-Cap ETF (A)		61,862		3,409,215
				12,050,795
U.S. Fixed Income Funds - 52.6%
iShares Core U.S. Aggregate Bond ETF		263,220		29,296,386
iShares TIPS Bond ETF		30,908		3,581,001
SPDR Bloomberg Barclays High Yield Bond ETF (A)		143,252		5,194,317
				38,071,704
Total Exchange-Traded Funds (Cost $70,358,434)				71,603,031

	Shares		Value
SECURITIES LENDING COLLATERAL - 7.2%
State Street Navigator Securities Lending Trust - Prime Portfolio, 0.27% (B)		5,237,463		$  5,237,463
Total Securities Lending Collateral (Cost $5,237,463)				5,237,463
	Principal		Value
REPURCHASE AGREEMENT - 2.6%
State Street Bank & Trust Co. 0.03% (B), dated 10/31/2016, to be repurchased at $1,874,989 on 11/01/2016. Collateralized by a U.S. Government Agency Obligation, 1.00%, due 09/27/2017, and with a value of $1,914,525.		$  1,874,988		1,874,988
Total Repurchase Agreement (Cost $1,874,988)				1,874,988
Total Investments (Cost $77,470,885) (C)				78,715,482
Net Other Assets (Liabilities) - (8.8)%				(6,383,350	)
Net Assets - 100.0%				$  72,332,132

SECURITY VALUATION:

Valuation Inputs ^(D)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
ASSETS
Investments
Exchange-Traded Funds	$	71,603,031	$	—	$	—	$	71,603,031
Securities Lending Collateral		5,237,463		—		—		5,237,463
Repurchase Agreement		—		1,874,988		—		1,874,988
Total Investments	$	76,840,494	$	1,874,988	$	—	$	78,715,482

FOOTNOTES TO SCHEDULE OF INVESTMENTS:

^(A)  All or a portion of the securities are on loan. The total value of all securities on loan is $5,132,711. 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) Rates disclosed reflect the yields at October 31, 2016.

^(C) Aggregate cost for federal income tax purposes is $77,470,885. Net unrealized appreciation for tax purposes is $1,244,597.

^(D) The Fund recognizes transfers between Levels at the end of the reporting year. There were no transfers between Levels 1, 2 and 3 during the year ended October 31, 2016. Please reference the Security Valuation section of the Notes to Financial Statements for more information regarding security valuation and pricing inputs.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    32

STATEMENTS OF ASSETS AND LIABILITIES

At October 31, 2016

	ClearTrack® 2015			ClearTrack® 2020			ClearTrack® 2025			ClearTrack® 2030			ClearTrack® 2035
Assets:
Investments, at value (A) (B)	$	45,888,952		$	57,583,382		$	67,676,335		$	53,715,877		$	51,819,173
Repurchase agreements, at value (C)		853,481			1,417,699			1,370,825			1,036,821			1,326,689
Receivables:
Shares of beneficial interest sold		1,355			188,833			34,449			380,621			—
Interest		1			1			1			1			1
Net income from securities lending		2,694			4,685			4,746			512			178
Total assets		46,746,483			59,194,600			69,086,356			55,133,832			53,146,041
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed		—			219			—			—			11,780
Investments purchased		—			635,067			733,571			—			564,326
Investment management fees		28,886			33,795			33,513			29,968			29,298
Distribution and service fees		18,409			23,395			26,189			22,215			20,900
Transfer agent fees		5,801			7,373			8,253			7,000			6,586
Trustees, CCO and deferred compensation fees		12			15			17			14			13
Audit and tax fees		12,495			12,516			12,527			12,501			12,496
Custody fees		2,145			2,234			2,120			2,095			2,087
Legal fees		178			200			211			177			164
Printing and shareholder reports fees		1,225			1,283			1,353			1,243			1,115
Registration fees		2,763			2,803			2,822			2,789			2,782
Other		87			102			108			89			84
Collateral for securities on loan		1,622,916			1,142,097			3,802,735			813,363			1,406,872
Total liabilities		1,694,917			1,861,099			4,623,419			891,454			2,058,503
Net assets	$	45,051,566		$	57,333,501		$	64,462,937		$	54,242,378		$	51,087,538
Net assets consist of:
Paid-in capital	$	44,259,164		$	56,405,235		$	63,065,283		$	53,118,871		$	49,721,899
Undistributed (distributions in excess of) net investment income (loss)		310,808			370,335			400,510			313,199			357,553
Accumulated net realized gain (loss)		(766,227	)		(806,172	)		(58,947	)		(5,522	)		(11,906	)
Net unrealized appreciation (depreciation) on:
Investments		1,247,821			1,364,103			1,056,091			815,830			1,019,992
Net assets	$	45,051,566		$	57,333,501		$	64,462,937		$	54,242,378		$	51,087,538
Net assets by class:
Class R1	$	44,734,721		$	56,816,535		$	63,892,983		$	53,934,757		$	50,717,885
Class R6		316,845			516,966			569,954			307,621			369,653
Shares outstanding (unlimited shares, no par value):
Class R1		4,542,895			5,792,316			6,399,470			5,370,614			5,065,632
Class R6		31,898			52,248			56,578			30,353			36,593
Net asset value per share:
Class R1	$	9.85		$	9.81		$	9.98		$	10.04		$	10.01
Class R6		9.93			9.89			10.07			10.13			10.10
(A) Investments, at cost	$	44,641,131		$	56,219,279		$	66,620,244		$	52,900,047		$	50,799,181
(B) Securities on loan, at value	$	1,589,933		$	1,119,238		$	3,715,185		$	797,147		$	1,378,949
(C) Repurchase agreements, at cost	$	853,481		$	1,417,699		$	1,370,825		$	1,036,821		$	1,326,689

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    33

STATEMENTS OF ASSETS AND LIABILITIES (continued)

At October 31, 2016

	ClearTrack® 2040			ClearTrack® 2045			ClearTrack® 2050			ClearTrack® Retirement Income
Assets:
Investments, at value (A) (B)	$	42,202,427		$	28,306,852		$	20,045,532		$	76,840,494
Repurchase agreements, at value (C)		760,251			292,954			316,433			1,874,988
Receivables:
Shares of beneficial interest sold		201,309			6,545			210,298			100,222
Interest		1			—			—			2
Net income from securities lending		208			101			58			220
Total assets		43,164,196			28,606,452			20,572,321			78,815,926
Liabilities:
Payables and other liabilities:
Investments purchased		—			—			—			1,154,018
Investment management fees		25,362			21,244			16,999			34,872
Distribution and service fees		16,715			11,434			7,899			29,119
Transfer agent fees		5,268			3,605			2,491			9,174
Trustees, CCO and deferred compensation fees		11			7			5			19
Audit and tax fees		12,473			12,445			12,422			12,540
Custody fees		2,048			1,710			1,941			2,118
Legal fees		137			97			64			222
Printing and shareholder reports fees		1,075			918			803			1,285
Registration fees		2,745			2,703			2,672			2,850
Other		70			49			32			114
Collateral for securities on loan		2,767,313			820,755			615,537			5,237,463
Total liabilities		2,833,217			874,967			660,865			6,483,794
Net assets	$	40,330,979		$	27,731,485		$	19,911,456		$	72,332,132
Net assets consist of:
Paid-in capital	$	39,282,373		$	26,976,172		$	19,434,220		$	70,589,880
Undistributed (distributions in excess of) net investment income (loss)		299,981			178,973			113,113			497,655
Accumulated net realized gain (loss)		(49,311	)		(67,891	)		(1,488	)		–
Net unrealized appreciation (depreciation) on:
Investments		797,936			644,231			365,611			1,244,597
Net assets	$	40,330,979		$	27,731,485		$	19,911,456		$	72,332,132
Net assets by class:
Class R1	$	39,902,542		$	27,304,988		$	19,435,005		$	72,075,282
Class R6		428,437			426,497			476,451			256,850
Shares outstanding (unlimited shares, no par value):
Class R1		4,020,164			2,746,330			1,956,672			7,132,092
Class R6		42,628			42,503			47,535			25,179
Net asset value per share:
Class R1	$	9.93		$	9.94		$	9.93		$	10.11
Class R6		10.05			10.03			10.02			10.20
(A) Investments, at cost	$	41,404,491		$	27,662,621		$	19,679,921		$	75,595,897
(B) Securities on loan, at value	$	2,712,407		$	804,550		$	603,384		$	5,132,711
(C) Repurchase agreements, at cost	$	760,251		$	292,954		$	316,433		$	1,874,988

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    34

STATEMENTS OF OPERATIONS

For the year ended October 31, 2016

	ClearTrack® 2015			ClearTrack® 2020			ClearTrack® 2025			ClearTrack® 2030			ClearTrack® 2035
Investment Income:
Dividend income	$	698,800		$	788,111		$	848,369		$	724,326		$	716,553
Interest income		617			792			316			266			253
Net income (loss) from securities lending		24,447			51,961			71,603			25,643			45,057
Total investment income		723,864			840,864			920,288			750,235			761,863
Expenses:
Investment advisory fees		25,038			25,759			26,898			23,875			20,142
Investment management fees		94,483			112,507			122,353			101,985			97,392
Distribution and service fees:
Class R1		158,788			182,745			197,325			166,875			155,515
Administration fees		2,146			2,208			2,305			2,046			1,727
Transfer agent fees
Class R1		50,018			57,565			62,157			52,566			48,987
Class R6		20			32			32			22			21
Trustees, CCO and deferred compensation fees		508			588			634			535			503
Audit and tax fees		15,932			15,817			15,680			15,730			15,380
Custody fees		11,217			12,156			11,740			11,785			11,528
Legal fees		791			901			955			807			753
Printing and shareholder reports fees		2,277			2,502			2,635			2,334			2,182
Registration fees		26,750			26,866			27,020			26,606			26,159
Other		1,283			1,343			1,371			1,291			1,258
Total expenses before waiver and/or reimbursement and recapture		389,251			440,989			471,105			406,457			381,547
Expenses waived and/or reimbursed: (A)
Class R1		(64,158	)		(64,658	)		(54,652	)		(57,722	)		(57,747	)
Class R6		(562	)		(785	)		(620	)		(553	)		(596	)
Recapture of previously waived and/or reimbursed fees:
Class R1		19,374			20,707			15,976			16,665			16,829
Class R6		195			273			200			192			226
Reimbursement of custody fees (B)		(273	)		(281	)		(286	)		(281	)		(268	)
Net expenses		343,827			396,245			431,723			364,758			339,991
Net investment income (loss)		380,037			444,619			488,565			385,477			421,872
Net realized gain (loss) on:
Investments		(696,133	)		(639,207	)		(51,621	)		(5,522	)		(8,073	)
Net realized gain (loss)		(696,133	)		(639,207	)		(51,621	)		(5,522	)		(8,073	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,260,137			1,233,279			1,082,144			849,133			1,007,694
Net change in unrealized appreciation (depreciation)		1,260,137			1,233,279			1,082,144			849,133			1,007,694
Net realized and change in unrealized gain (loss)		564,004			594,072			1,030,523			843,611			999,621
Net increase (decrease) in net assets resulting from operations	$	944,041		$	1,038,691		$	1,519,088		$	1,229,088		$	1,421,493

^(A) Transamerica Asset Management, Inc. (“TAM”) reimbursed expenses in order to maintain the Funds’ contractual expense limits (See the Fees and Other Affiliated Transactions note in Notes to Financial Statements).

^(B) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    35

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2016

	ClearTrack® 2040			ClearTrack® 2045			ClearTrack® 2050			ClearTrack® Retirement Income
Investment Income:
Dividend income	$	620,278		$	416,117		$	269,085		$	999,074
Interest income		189			131			92			353
Net income (loss) from securities lending		23,465			9,893			5,419			13,574
Total investment income		643,932			426,141			274,596			1,013,001
Expenses:
Investment advisory fees		17,766			12,954			8,607			25,464
Investment management fees		78,996			55,048			36,740			134,464
Distribution and service fees:
Class R1		127,909			89,520			58,936			212,053
Administration fees		1,523			1,110			738			2,183
Transfer agent fees
Class R1		40,291			28,199			18,565			66,797
Class R6		21			21			26			18
Trustees, CCO and deferred compensation fees		409			292			192			689
Audit and tax fees		15,297			14,876			14,817			16,387
Custody fees		10,882			7,349			9,872			11,713
Legal fees		624			438			289			1,025
Printing and shareholder reports fees		2,016			1,625			1,342			2,674
Registration fees		26,159			25,624			25,279			26,842
Other		1,185			1,083			999			1,415
Total expenses before waiver and/or reimbursement and recapture		323,078			238,139			176,402			501,724
Expenses waived and/or reimbursed: (A)
Class R1		(58,244	)		(53,251	)		(56,636	)		(64,691	)
Class R6		(699	)		(911	)		(1,738	)		(475	)
Recapture of previously waived and/or reimbursed fees:
Class R1		15,718			13,945			12,710			18,085
Class R6		232			297			452			201
Reimbursement of custody fees (B)		(263	)		(240	)		(237	)		(272	)
Net expenses		279,822			197,979			130,953			454,572
Net investment income (loss)		364,110			228,162			143,643			558,429
Net realized gain (loss) on:
Investments		(40,075	)		(65,106	)		(1,058	)		—
Net realized gain (loss)		(40,075	)		(65,106	)		(1,058	)		—
Net change in unrealized appreciation (depreciation) on:
Investments		756,832			626,352			323,911			1,298,855
Net change in unrealized appreciation (depreciation)		756,832			626,352			323,911			1,298,855
Net realized and change in unrealized gain (loss)		716,757			561,246			322,853			1,298,855
Net increase (decrease) in net assets resulting from operations	$	1,080,867		$	789,408		$	466,496		$	1,857,284

^(A)  Transamerica Asset Management, Inc. (“TAM”) reimbursed expenses in order to maintain the Funds’ contractual expense limits (See the Fees and Other Affiliated Transactions note in Notes to Financial Statements).

^(B)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    36

STATEMENTS OF CHANGES IN NET ASSETS

For the period and year ended:

	ClearTrack® 2015						ClearTrack® 2020						ClearTrack® 2025
	October 31, 2016			October 31, 2015 (A)			October 31, 2016			October 31, 2015 (A)			October 31, 2016			October 31, 2015 (A)
From operations:
Net investment income (loss)	$	380,037		$	44,267		$	444,619		$	44,303		$	488,565		$	40,663
Net realized gain (loss)		(696,133	)		(61,179	)		(639,207	)		(155,421	)		(51,621	)		(4,735	)
Net change in unrealized appreciation (depreciation)		1,260,137			(12,316	)		1,233,279			130,824			1,082,144			(26,053	)
Net increase (decrease) in net assets resulting from operations		944,041			(29,228	)		1,038,691			19,706			1,519,088			9,875
Dividends and/or distributions to shareholders:
Net investment income:
Class R1		(116,593	)		—			(121,433	)		—			(131,627	)		—
Class R6		(1,772	)		—			(1,727	)		—			(1,683	)		—
Total dividends and/or distributions from net investment income		(118,365	)		—			(123,160	)		—			(133,310	)		—
Net realized gains:
Class R1		(8,816	)		—			(11,421	)		—			(2,566	)		—
Class R6		(100	)		—			(123	)		—			(25	)		—
Total dividends and/or distributions from net realized gains		(8,916	)		—			(11,544	)		—			(2,591	)		—
Total dividends and/or distributions to shareholders		(127,281	)		—			(134,704	)		—			(135,901	)		—
Capital share transactions:
Proceeds from shares sold:
Class R1		33,615,259			17,171,311			45,257,643			16,125,011			51,555,009			15,875,454
Class R6		67,589			250,010			254,342			250,010			304,247			250,010
		33,682,848			17,421,321			45,511,985			16,375,021			51,859,256			16,125,464
Dividends and/or distributions reinvested:
Class R1		125,409			—			132,854			—			134,193			—
Class R6		1,872			—			1,850			—			1,708			—
		127,281			—			134,704			—			135,901			—
Cost of shares redeemed:
Class R1		(5,640,717	)		(1,326,569	)		(4,804,935	)		(805,079	)		(4,100,234	)		(948,737	)
Class R6		(120	)		(10	)		(1,878	)		(10	)		(1,765	)		(10	)
		(5,640,837	)		(1,326,579	)		(4,806,813	)		(805,089	)		(4,101,999	)		(948,747	)
Net increase (decrease) in net assets resulting from capital share transactions		28,169,292			16,094,742			40,839,876			15,569,932			47,893,158			15,176,717
Net increase (decrease) in net assets		28,986,052			16,065,514			41,743,863			15,589,638			49,276,345			15,186,592
Net assets:
Beginning of period/year		16,065,514			—			15,589,638			—			15,186,592			—
End of period/year	$	45,051,566		$	16,065,514		$	57,333,501		$	15,589,638		$	64,462,937		$	15,186,592
Undistributed (distributions in excess of) net investment income (loss)	$	310,808		$	48,226		$	370,335		$	48,124		$	400,510		$	44,662
Capital share transactions - shares:
Shares issued:
Class R1		3,493,482			1,758,071			4,706,369			1,655,982			5,284,591			1,627,211
Class R6		6,716			25,001			27,248			25,001			31,578			25,001
		3,500,198			1,783,072			4,733,617			1,680,983			5,316,169			1,652,212
Shares reinvested:
Class R1		13,036			—			13,810			—			13,892			—
Class R6		194			—			192			—			176			—
		13,230			—			14,002			—			14,068			—
Shares redeemed:
Class R1		(585,206	)		(136,488	)		(501,207	)		(82,638	)		(428,541	)		(97,683	)
Class R6		(12	)		(1	)		(192	)		(1	)		(176	)		(1	)
		(585,218	)		(136,489	)		(501,399	)		(82,639	)		(428,717	)		(97,684	)
Net increase (decrease) in shares outstanding:
Class R1		2,921,312			1,621,583			4,218,972			1,573,344			4,869,942			1,529,528
Class R6		6,898			25,000			27,248			25,000			31,578			25,000
		2,928,210			1,646,583			4,246,220			1,598,344			4,901,520			1,554,528

^(A) Commenced operations on March 2, 2015.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    37

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	ClearTrack® 2030						ClearTrack® 2035						ClearTrack® 2040
	October 31, 2016			October 31, 2015 (A)			October 31, 2016			October 31, 2015 (A)			October 31, 2016			October 31, 2015 (A)
From operations:
Net investment income (loss)	$	385,477		$	32,784		$	421,872		$	35,033		$	364,110		$	41,644
Net realized gain (loss)		(5,522	)		262			(8,073	)		(3,602	)		(40,075	)		(9,061	)
Net change in unrealized appreciation (depreciation)		849,133			(33,303	)		1,007,694			12,298			756,832			41,104
Net increase (decrease) in net assets resulting from operations		1,229,088			(257	)		1,421,493			43,729			1,080,867			73,687
Dividends and/or distributions to shareholders:
Net investment income:
Class R1		(107,287	)		—			(100,726	)		—			(106,903	)		—
Class R6		(1,568	)		—			(1,810	)		—			(1,975	)		—
Total dividends and/or distributions from net investment income		(108,855	)		—			(102,536	)		—			(108,878	)		—
Net realized gains:
Class R1		(450	)		—			(357	)		—			(339	)		—
Class R6		(5	)		—			(5	)		—			(5	)		—
Total dividends and/or distributions from net realized gains		(455	)		—			(362	)		—			(344	)		—
Total dividends and/or distributions to shareholders		(109,310	)		—			(102,898	)		—			(109,222	)		—
Capital share transactions:
Proceeds from shares sold:
Class R1		45,333,616			12,806,555			43,360,445			10,569,840			32,692,728			11,297,944
Class R6		171,249			250,010			145,769			250,010			182,671			250,010
		45,504,865			13,056,565			43,506,214			10,819,850			32,875,399			11,547,954
Dividends and/or distributions reinvested:
Class R1		107,737			—			101,083			—			107,242			—
Class R6		1,573			—			1,815			—			1,980			—
		109,310			—			102,898			—			109,222			—
Cost of shares redeemed:
Class R1		(4,660,055	)		(768,761	)		(3,946,043	)		(729,499	)		(4,254,416	)		(989,561	)
Class R6		(119,057	)		(10	)		(28,196	)		(10	)		(2,941	)		(10	)
		(4,779,112	)		(768,771	)		(3,974,239	)		(729,509	)		(4,257,357	)		(989,571	)
Net increase (decrease) in net assets resulting from capital share transactions		40,835,063			12,287,794			39,634,873			10,090,341			28,727,264			10,558,383
Net increase (decrease) in net assets		41,954,841			12,287,537			40,953,468			10,134,070			29,698,909			10,632,070
Net assets:
Beginning of period/year		12,287,537			—			10,134,070			—			10,632,070			—
End of period/year	$	54,242,378		$	12,287,537		$	51,087,538		$	10,134,070		$	40,330,979		$	10,632,070
Undistributed (distributions in excess of) net investment income (loss)	$	313,199		$	36,065		$	357,553		$	37,969		$	299,981		$	44,573
Capital share transactions - shares:
Shares issued:
Class R1		4,613,850			1,305,948			4,453,334			1,083,801			3,388,038			1,164,208
Class R6		16,829			25,001			14,174			25,001			17,713			25,001
		4,630,679			1,330,949			4,467,508			1,108,802			3,405,751			1,189,209
Shares reinvested:
Class R1		11,084			—			10,410			—			11,090			—
Class R6		161			—			186			—			203			—
		11,245			—			10,596			—			11,293			—
Shares redeemed:
Class R1		(480,756	)		(79,512	)		(406,454	)		(75,459	)		(439,786	)		(103,386	)
Class R6		(11,637	)		(1	)		(2,767	)		(1	)		(288	)		(1	)
		(492,393	)		(79,513	)		(409,221	)		(75,460	)		(440,074	)		(103,387	)
Net increase (decrease) in shares outstanding:
Class R1		4,144,178			1,226,436			4,057,290			1,008,342			2,959,342			1,060,822
Class R6		5,353			25,000			11,593			25,000			17,628			25,000
		4,149,531			1,251,436			4,068,883			1,033,342			2,976,970			1,085,822

^(A) Commenced operations on March 2, 2015.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    38

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period and year ended:

	ClearTrack® 2045						ClearTrack® 2050						ClearTrack® Retirement Income
	October 31, 2016			October 31, 2015 (A)			October 31, 2016			October 31, 2015 (A)			October 31, 2016			October 31, 2015 (A)
From operations:
Net investment income (loss)	$	228,162		$	25,421		$	143,643		$	20,881		$	558,429		$	48,007
Net realized gain (loss)		(65,106	)		(2,594	)		(1,058	)		(180	)		—			286
Net change in unrealized appreciation (depreciation)		626,352			17,879			323,911			41,700			1,298,855			(54,258	)
Net increase (decrease) in net assets resulting from operations		789,408			40,706			466,496			62,401			1,857,284			(5,965	)
Dividends and/or distributions to shareholders:
Net investment income:
Class R1		(74,745	)		—			(51,016	)		—			(111,808	)		—
Class R6		(1,920	)		—			(2,008	)		—			(1,565	)		—
Total dividends and/or distributions from net investment income		(76,665	)		—			(53,024	)		—			(113,373	)		—
Net realized gains:
Class R1		(244	)		—			(321	)		—			(468	)		—
Class R6		(5	)		—			(10	)		—			(5	)		—
Total dividends and/or distributions from net realized gains		(249	)		—			(331	)		—			(473	)		—
Total dividends and/or distributions to shareholders		(76,914	)		—			(53,355	)		—			(113,846	)		—
Capital share transactions:
Proceeds from shares sold:
Class R1		23,366,477			7,126,922			15,080,069			5,488,845			62,364,132			12,787,948
Class R6		178,519			250,010			221,012			250,010			178			250,010
		23,544,996			7,376,932			15,301,081			5,738,855			62,364,310			13,037,958
Dividends and/or distributions reinvested:
Class R1		74,989			—			51,337			—			112,276			—
Class R6		1,925			—			2,018			—			1,570			—
		76,914			—			53,355			—			113,846			—
Cost of shares redeemed:
Class R1		(3,578,306	)		(441,493	)		(1,402,315	)		(251,355	)		(4,322,751	)		(598,694	)
Class R6		(748	)		(10	)		(3,697	)		(10	)		—			(10	)
		(3,579,054	)		(441,503	)		(1,406,012	)		(251,365	)		(4,322,751	)		(598,704	)
Net increase (decrease) in net assets resulting from capital share transactions		20,042,856			6,935,429			13,948,424			5,487,490			58,155,405			12,439,254
Net increase (decrease) in net assets		20,755,350			6,976,135			14,361,565			5,549,891			59,898,843			12,433,289
Net assets:
Beginning of period/year		6,976,135			—			5,549,891			—			12,433,289			—
End of period/year	$	27,731,485		$	6,976,135		$	19,911,456		$	5,549,891		$	72,332,132		$	12,433,289
Undistributed (distributions in excess of) net investment income (loss)	$	178,973		$	27,534		$	113,113		$	22,575		$	497,655		$	51,505
Capital share transactions - shares:
Shares issued:
Class R1		2,423,621			734,401			1,555,077			569,111			6,326,550			1,300,648
Class R6		17,379			25,001			22,691			25,001			17			25,001
		2,441,000			759,402			1,577,768			594,112			6,326,567			1,325,649
Shares reinvested:
Class R1		7,739			—			5,314			—			11,598			—
Class R6		198			—			208			—			162			—
		7,937			—			5,522			—			11,760			—
Shares redeemed:
Class R1		(373,456	)		(45,975	)		(146,794	)		(26,036	)		(445,597	)		(61,107	)
Class R6		(74	)		(1	)		(364	)		(1	)		—			(1	)
		(373,530	)		(45,976	)		(147,158	)		(26,037	)		(445,597	)		(61,108	)
Net increase (decrease) in shares outstanding:
Class R1		2,057,904			688,426			1,413,597			543,075			5,892,551			1,239,541
Class R6		17,503			25,000			22,535			25,000			179			25,000
		2,075,407			713,426			1,436,132			568,075			5,892,730			1,264,541

^(A)  Commenced operations on March 2, 2015.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    39

FINANCIAL HIGHLIGHTS

For a share outstanding during the period and year indicated:	ClearTrack® 2015
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.76		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.11	(D)		0.08
Net realized and unrealized gain (loss)		0.03			(0.32	)
Total investment operations		0.14			(0.24	)
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.05	)		—
Net asset value, end of period/year	$	9.85		$	9.76
Total return		1.52	%		(2.40	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	44,735		$	15,821
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.22	%		3.19	%(H)
Including waiver and/or reimbursement and recapture		1.08	%(D)		1.06	%(H)
Net investment income (loss) to average net assets (C)		1.18	%(D)		1.32	%(H)
Portfolio turnover rate (I)		43	%		43	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Rounds to less than $0.01 or $(0.01).

^(F)  Not annualized.

^(G)  Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® 2015
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.80		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.18	(D)		0.13
Net realized and unrealized gain (loss)		0.02			(0.33	)
Total investment operations		0.20			(0.20	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.07	)		—
Net asset value, end of period/year	$	9.93		$	9.80
Total return		2.11	%		(2.00	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	317		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.57	%		2.54	%(H)
Including waiver and/or reimbursement and recapture		0.43	%(D)		0.41	%(H)
Net investment income (loss) to average net assets (C)		1.87	%(D)		1.96	%(H)
Portfolio turnover rate (I)		43	%		43	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Rounds to less than $0.01 or $(0.01).

^(F)  Not annualized.

^(G)  Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    40

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2020
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.75		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.12	(D)		0.09
Net realized and unrealized gain (loss)		(0.01	)(E)		(0.34	)
Total investment operations		0.11			(0.25	)
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.05	)		—
Net asset value, end of period/year	$	9.81		$	9.75
Total return		1.21	%		(2.50	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	56,817		$	15,345
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.20	%		3.27	%(I)
Including waiver and/or reimbursement and recapture		1.08	%(D)		1.05	%(I)
Net investment income (loss) to average net assets (C)		1.19	%(D)		1.36	%(I)
Portfolio turnover rate (J)		42	%		73	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® 2020
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.18	(D)		0.13
Net realized and unrealized gain (loss)		(0.01	)(E)		(0.34	)
Total investment operations		0.17			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.07	)		—
Net asset value, end of period/year	$	9.89		$	9.79
Total return		1.80	%		(2.10	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	517		$	245
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.55	%		2.62	%(I)
Including waiver and/or reimbursement and recapture		0.43	%(D)		0.40	%(I)
Net investment income (loss) to average net assets (C)		1.90	%(D)		1.95	%(I)
Portfolio turnover rate (J)		42	%		73	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    41

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2025
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.12	(D)		0.08
Net realized and unrealized gain (loss)		0.14			(0.31	)
Total investment operations		0.26			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.05	)		—
Net asset value, end of period/year	$	9.98		$	9.77
Total return		2.70	%		(2.30	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	63,893		$	14,942
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.19	%		3.19	%(H)
Including waiver and/or reimbursement and recapture		1.09	%(D)		1.07	%(H)
Net investment income (loss) to average net assets (C)		1.22	%(D)		1.19	%(H)
Portfolio turnover rate (I)		3	%		6	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Rounds to less than $0.01 or $(0.01).

^(F)  Not annualized.

^(G)  Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® 2025
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.19	(D)		0.13
Net realized and unrealized gain (loss)		0.14			(0.32	)
Total investment operations		0.33			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.07	)		—
Net asset value, end of period/year	$	10.07		$	9.81
Total return		3.37	%		(1.90	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	570		$	245
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.54	%		2.54	%(H)
Including waiver and/or reimbursement and recapture		0.44	%(D)		0.42	%(H)
Net investment income (loss) to average net assets (C)		1.93	%(D)		1.91	%(H)
Portfolio turnover rate (I)		3	%		6	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Rounds to less than $0.01 or $(0.01).

^(F)  Not annualized.

^(G)  Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    42

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2030
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.11	(D)		0.08
Net realized and unrealized gain (loss)		0.16			(0.26	)
Total investment operations		0.27			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.05	)		—
Net asset value, end of period/year	$	10.04		$	9.82
Total return		2.74	%		(1.80	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	53,935		$	12,041
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.21	%		3.89	%(H)
Including waiver and/or reimbursement and recapture		1.09	%(D)		1.08	%(H)
Net investment income (loss) to average net assets (C)		1.14	%(D)		1.27	%(H)
Portfolio turnover rate (I)		0	%(J)		1	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Rounds to less than $0.01 or $(0.01).

^(F)  Not annualized.

^(G) Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

^(J)  Rounds to less than 1%.

For a share outstanding during the period and year indicated:	ClearTrack® 2030
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.19	(D)		0.14
Net realized and unrealized gain (loss)		0.14			(0.28	)
Total investment operations		0.33			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.06	)		—
Net asset value, end of period/year	$	10.13		$	9.86
Total return		3.40	%		(1.40	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	307		$	247
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.57	%		3.24	%(H)
Including waiver and/or reimbursement and recapture		0.44	%(D)		0.43	%(H)
Net investment income (loss) to average net assets (C)		1.90	%(D)		2.05	%(H)
Portfolio turnover rate (I)		0	%(J)		1	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B) Calculated based on average number of shares outstanding.

^(C) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E) Rounds to less than $0.01 or $(0.01).

^(F) Not annualized.

^(G) Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I) Does not include portfolio activity of the underlying funds in which the Fund invests.

^(J) Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    43

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2035
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.13	(D)		0.10
Net realized and unrealized gain (loss)		0.13			(0.29	)(E)
Total investment operations		0.26			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.06	)		—
Net asset value, end of period/year	$	10.01		$	9.81
Total return		2.63	%		(1.90	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	50,718		$	9,888
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.22	%		4.29	%(I)
Including waiver and/or reimbursement and recapture		1.09	%(D)		1.07	%(I)
Net investment income (loss) to average net assets (C)		1.34	%(D)		1.56	%(I)
Portfolio turnover rate (J)		0	%(K)		3	%(G)

^(A) Commenced operations on March 2, 2015.

^(B) Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the underlying funds in which the Fund invests.

^(K)  Rounds to less than 1%.

For a share outstanding during the period and year indicated:	ClearTrack® 2035
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.85		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.20	(D)		0.15
Net realized and unrealized gain (loss)		0.12			(0.30	)(E)
Total investment operations		0.32			(0.15	)
Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.07	)		—
Net asset value, end of period/year	$	10.10		$	9.85
Total return		3.30	%		(1.50	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	370		$	246
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.57	%		3.64	%(I)
Including waiver and/or reimbursement and recapture		0.44	%(D)		0.42	%(I)
Net investment income (loss) to average net assets (C)		2.01	%(D)		2.26	%(I)
Portfolio turnover rate (J)		0	%(K)		3	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D) Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E) The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F) Rounds to less than $0.01 or $(0.01).

^(G) Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the underlying funds in which the Fund invests.

^(K)  Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    44

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2040
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.79		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.14	(D)		0.12
Net realized and unrealized gain (loss)		0.06			(0.33	)(E)
Total investment operations		0.20			(0.21	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.06	)		—
Net asset value, end of period/year	$	9.93		$	9.79
Total return		2.09	%		(2.10	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	39,903		$	10,385
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.26	%		4.29	%(I)
Including waiver and/or reimbursement and recapture		1.09	%(D)		1.07	%(I)
Net investment income (loss) to average net assets (C)		1.40	%(D)		1.86	%(I)
Portfolio turnover rate (J)		2	%		4	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® 2040
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.86		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.20	(D)		0.17
Net realized and unrealized gain (loss)		0.07			(0.31	)(E)
Total investment operations		0.27			(0.14	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.08	)		—
Net asset value, end of period/year	$	10.05		$	9.86
Total return		2.76	%		(1.40	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	428		$	247
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.61	%		3.64	%(I)
Including waiver and/or reimbursement and recapture		0.44	%(D)		0.42	%(I)
Net investment income (loss) to average net assets (C)		2.05	%(D)		2.58	%(I)
Portfolio turnover rate (J)		2	%		4	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    45

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2045
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.78		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.12	(D)		0.11
Net realized and unrealized gain (loss)		0.10			(0.33	)(E)
Total investment operations		0.22			(0.22	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.06	)		—
Net asset value, end of period/year	$	9.94		$	9.78
Total return		2.28	%		(2.20	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,305		$	6,731
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.32	%		5.88	%(I)
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.08	%(I)
Net investment income (loss) to average net assets (C)		1.24	%(D)		1.67	%(I)
Portfolio turnover rate (J)		2	%		3	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I) Annualized.

^(J) Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® 2045
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.82		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.18	(D)		0.15
Net realized and unrealized gain (loss)		0.11			(0.33	)(E)
Total investment operations		0.29			(0.18	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.08	)		—
Net asset value, end of period/year	$	10.03		$	9.82
Total return		2.95	%		(1.80	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	426		$	245
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.67	%		5.23	%(I)
Including waiver and/or reimbursement and recapture		0.45	%(D)		0.43	%(I)
Net investment income (loss) to average net assets (C)		1.88	%(D)		2.31	%(I)
Portfolio turnover rate (J)		2	%		3	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I) Annualized.

^(J) Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    46

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® 2050
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.77		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.11	(D)		0.11
Net realized and unrealized gain (loss)		0.11			(0.34	)(E)
Total investment operations		0.22			(0.23	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.06	)		—
Net asset value, end of period/year	$	9.93		$	9.77
Total return		2.31	%		(2.30	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	19,435		$	5,305
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		1.47	%		7.19	%(I)
Including waiver and/or reimbursement and recapture		1.10	%(D)		1.08	%(I)
Net investment income (loss) to average net assets (C)		1.16	%(D)		1.73	%(I)
Portfolio turnover rate (J)		0	%(K)		4	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I) Annualized.

^(J) Does not include portfolio activity of the underlying funds in which the Fund invests.

^(K)  Rounds to less than 1%.

For a share outstanding during the period and year indicated:	ClearTrack® 2050
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.81		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.18	(D)		0.15
Net realized and unrealized gain (loss)		0.11			(0.34	)(E)
Total investment operations		0.29			(0.19	)
Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		—
Net realized gains		(0.00	)(F)		—
Total dividends and/or distributions to shareholders		(0.08	)		—
Net asset value, end of period/year	$	10.02		$	9.81
Total return		2.99	%		(1.90	)%(G)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	476		$	245
Expenses to average net assets (H)
Excluding waiver and/or reimbursement and recapture		0.83	%		6.54	%(I)
Including waiver and/or reimbursement and recapture		0.45	%(D)		0.43	%(I)
Net investment income (loss) to average net assets (C)		1.87	%(D)		2.33	%(I)
Portfolio turnover rate (J)		0	%(K)		4	%(G)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  The amount of net realized and unrealized gain/(loss) per share does not correspond with the amounts reported in the Statements of Changes due to the timing of purchases and redemptions of Fund shares and fluctuating market values during the period.

^(F)  Rounds to less than $0.01 or $(0.01).

^(G)  Not annualized.

^(H)  Does not include expenses of the underlying funds in which the Fund invests.

^(I)  Annualized.

^(J)  Does not include portfolio activity of the underlying funds in which the Fund invests.

^(K)  Rounds to less than 1%.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    47

FINANCIAL HIGHLIGHTS (continued)

For a share outstanding during the period and year indicated:	ClearTrack® Retirement Income
	Class R1
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.83		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.13	(D)		0.11
Net realized and unrealized gain (loss)		0.20			(0.28	)
Total investment operations		0.33			(0.17	)
Dividends and/or distributions to shareholders:
Net investment income		(0.05	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.05	)		—
Net asset value, end of period/year	$	10.11		$	9.83
Total return		3.36	%		(1.70	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	72,075		$	12,186
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		1.18	%		3.66	%(H)
Including waiver and/or reimbursement and recapture		1.07	%(D)		1.08	%(H)
Net investment income (loss) to average net assets (C)		1.30	%(D)		1.76	%(H)
Portfolio turnover rate (I)		—	%		1	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Rounds to less than $0.01 or $(0.01).

^(F)  Not annualized.

^(G)  Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

For a share outstanding during the period and year indicated:	ClearTrack® Retirement Income
	Class R6
	October 31, 2016			October 31, 2015 (A)
Net asset value, beginning of period/year	$	9.87		$	10.00
Investment operations:
Net investment income (loss) (B) (C)		0.21	(D)		0.14
Net realized and unrealized gain (loss)		0.18			(0.27	)
Total investment operations		0.39			(0.13	)
Dividends and/or distributions to shareholders:
Net investment income		(0.06	)		—
Net realized gains		(0.00	)(E)		—
Total dividends and/or distributions to shareholders		(0.06	)		—
Net asset value, end of period/year	$	10.20		$	9.87
Total return		4.01	%		(1.30	)%(F)
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	257		$	247
Expenses to average net assets (G)
Excluding waiver and/or reimbursement and recapture		0.53	%		3.01	%(H)
Including waiver and/or reimbursement and recapture		0.42	%(D)		0.43	%(H)
Net investment income (loss) to average net assets (C)		2.08	%(D)		2.16	%(H)
Portfolio turnover rate (I)		—	%		1	%(F)

^(A)  Commenced operations on March 2, 2015.

^(B)  Calculated based on average number of shares outstanding.

^(C)  Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(D)  Please reference the Custody Out-of-Pocket Expense section of the Notes to Financial Statements for more information regarding the reimbursement of custody fees. The amount of the reimbursement on a per share basis was immaterial to the class. The Expenses to average net assets including waiver and/or reimbursement and recapture ratio, and Net investment income (loss) to average net assets ratio would have been 0.00% higher and 0.00% lower, respectively, had the custodian not reimbursed the Fund.

^(E)  Rounds to less than $0.01 or $(0.01).

^(F)  Not annualized.

^(G)  Does not include expenses of the underlying funds in which the Fund invests.

^(H)  Annualized.

^(I)  Does not include portfolio activity of the underlying funds in which the Fund invests.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2016

Page    48

NOTES TO FINANCIAL STATEMENTS

At October 31, 2016

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. The funds (each, a “Fund” and collectively, the “Funds”) are each a series of the Trust and are listed below. The Funds are generally offered in eligible retirement plans.

Fund	Class
ClearTrack® 2015	R1,R6
ClearTrack® 2020	R1,R6
ClearTrack® 2025	R1,R6
ClearTrack® 2030	R1,R6
ClearTrack® 2035	R1,R6
ClearTrack® 2040	R1,R6
ClearTrack® 2045	R1,R6
ClearTrack® 2050	R1,R6
ClearTrack® Retirement Income	R1,R6

Each Fund, a “fund of fund”, invests the majority of its assets in underlying exchange-traded funds (“ETF”) that are based on an index and managed by unaffiliated investment advisers (hereafter referred to as “Underlying ETFs”). The financial statements of the Underlying ETFs, including the Schedule of Investments, should be read in conjunction with the Funds’ financial statements. The Underlying ETFs’ shareholder reports are not covered by this report.

This report must be accompanied or preceded by the Funds’ current prospectuses, which contain additional information about the Funds, including risks, and investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Funds. TAM provides continuous and regular investment management services to the Funds. TAM supervises each Fund’s investments, conducts its investment program and provides supervisory, compliance and administrative services to the Funds.

TAM currently acts as a “manager of managers” and hires sub-advisers to furnish day-to-day investment advice and recommendations. TAM may, in the future, determine to provide the day-to-day management of a Fund without the use of a sub-adviser. When acting as a manager of managers, TAM provides investment management services that include, without limitation, the design and development of the Funds and their investment strategies and the ongoing review and evaluation of those investment strategies including recommending changes in strategy where it believes appropriate or advisable; the selection of one or more sub-advisers for the Funds employing a combination of quantitative and qualitative screens, research, analysis and due diligence; oversight and monitoring of sub-advisers and recommending changes to sub-advisers where it believes appropriate or advisable; recommending fund combinations and liquidations where it believes appropriate or advisable; regular supervision of the Funds’ investments; regular review and evaluation of sub-adviser performance; daily monitoring of the sub-advisers’ buying and selling of securities for the Funds; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to investment process; risk management oversight and analysis; design, development, implementation and regular monitoring of the valuation process; design, development, implementation and regular monitoring of the compliance process; review of proxies voted by sub-advisers; oversight of preparation, and review, of materials for meetings of the Funds’ Board of Trustees (the “Board”), participation in these meetings and preparation of regular communications with the Board; oversight of preparation, and review, of prospectuses, shareholder reports and other disclosure materials and regulatory filings for the Funds; oversight of other service providers to the Funds, such as the custodian, the transfer agent, the Funds’ independent accounting firm and legal counsel; supervision of the performance of recordkeeping and shareholder relations functions for the Funds; and ongoing cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management services. TAM, not the Funds, is responsible for paying the sub-advisers for their services, and sub-advisory fees are TAM’s expense.

Effective March 1, 2016, TAM’s investment management services also include the provision of supervisory and administrative services to the Funds. These services include performing certain administrative services for the Funds and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Funds by State Street Bank and Trust Company (“State Street”), to whom TAM has outsourced the provision of certain services as described below; to the extent agreed upon by TAM and the Funds from time to time, monitoring and verifying the custodian’s daily calculation of Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in oversight and monitoring of certain activities of sub-advisers and certain aspects of fund investments; assisting with fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Funds’ custodian and dividend disbursing agent and monitoring their services to the Funds; assisting the Funds in preparing reports to shareholders; acting as liaison with the Funds’ independent public accountants

Transamerica Funds Annual Report 2016

Page    49

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

1. ORGANIZATION (continued)

and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Funds. Prior to March 1, 2016, Transamerica Funds Services, Inc. (“TFS”) provided administrative services to the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Funds’ financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States of America, estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Funds.

Security transactions and investment income: Security transactions are recorded on the trade date. Security gains and losses are calculated on the first-in, first-out basis. Dividends and net realized gains (losses) are from investments in shares of underlying funds. Dividend income and capital gain distributions from underlying funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned. Income or short-term capital gain distributions received from underlying funds are recorded as dividend income. Long-term capital gain distributions received from underlying funds are recorded as realized gains.

Multiple class operations, income, and expenses: Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from GAAP.

Commission recapture: The sub-adviser, to the extent consistent with the best execution and usual commission rate policies and practices, may elect to place security transactions of the Funds with broker/dealers with which other funds or portfolios advised by TAM have 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 or portfolios advised by TAM, or by any other party.

There were no commissions recaptured during the year ended October 31, 2016 by the Funds.

Indemnification: 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.

3. SECURITY VALUATION

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”) 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 (“Levels”) of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs, which may include TAM’s internal valuation committee’s (the “Valuation Committee”) own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

Transamerica Funds Annual Report 2016

Page    50

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

3. SECURITY VALUATION (continued)

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, practical expedient have not been classified in the fair value levels. The hierarchy classification of inputs used to value the Funds’ investments, at October 31, 2016, is disclosed within the Security Valuation section of each Fund’s Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the NAV of the underlying funds. These securities are actively traded and no valuation adjustments are applied. ETFs 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. Investment companies and ETFs are generally categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may engage in borrowing transactions as a means of raising cash to satisfy redemption requests, for other temporary or emergency purposes or, to the extent permitted by their investment policies, to raise additional cash to be invested in other securities or instruments. When the Funds invest borrowing proceeds in other securities, the Funds will bear the risk that the market value of the securities in which the proceeds are invested goes down and is insufficient to repay borrowed proceeds. The Funds may borrow on a secured or on an unsecured basis. If the Funds enter into a secured borrowing arrangement, a portion of the Funds’ assets will be used as collateral. The 1940 Act requires the Funds to maintain asset coverage of at least 300% of the amount of their borrowings. Asset

Transamerica Funds Annual Report 2016

Page    51

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

coverage means the ratio that the value of the Funds’ total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Although complying with this guideline would have the effect of limiting the amount that the Funds may borrow, it does not otherwise mitigate the risks of entering into borrowing transactions.

Securities lending: Securities are lent to qualified financial institutions and brokers. State Street serves as securities lending agent to the Funds pursuant to a Securities Lending Agreement. The lending of securities exposes the Funds to risks such as, the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the Funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the Funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge cash collateral with a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities loaned. The lending agent has agreed to indemnify the Funds in the case of default of any securities borrower.

Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending securities, the Funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately in the Statements of Operations. Net income from securities lending 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 October 31, 2016, if any, are shown on a gross basis within the Schedule of Investments and Statements of Assets and Liabilities.

Repurchase agreements: In a repurchase agreement, the Funds purchase a security and simultaneously commit to resell that security to the seller at an agreed-upon price on an agreed-upon date. Securities purchased subject to a repurchase agreement are held at the Funds’ custodian, or designated sub-custodian related to tri-party repurchase agreements, and, pursuant to the terms of the repurchase agreement, must be collateralized by securities with an aggregate market value greater than or equal to 100% of the resale price. The Funds will bear the risk of value fluctuations until the securities can be sold and may encounter delays and incur costs in liquidating the securities. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

Repurchase agreements are subject to netting agreements, which are agreements between the Funds and their counterparties that provide for the net settlement of all transactions and collateral with the Funds, through a single payment, in the event of default or termination. Amounts presented on the Schedule of Investments, and as part of Repurchase agreements, at value on the Statements of Assets and Liabilities are shown on a gross basis. The value of the related collateral for each repurchase agreement, as reflected within the Schedule of Investments, exceeds the value of each repurchase agreement at October 31, 2016.

Repurchase agreements at October 31, 2016, if any, are included within the Schedule of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of October 31, 2016.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
ClearTrack® 2015
Securities Lending Transactions
Exchange-Traded Funds	$	1,622,916	$	—	$	—	$	—	$	1,622,916
Total Borrowings	$	1,622,916	$	—	$	—	$	—	$	1,622,916
ClearTrack® 2020
Securities Lending Transactions
Exchange-Traded Funds	$	1,142,097	$	—	$	—	$	—	$	1,142,097
Total Borrowings	$	1,142,097	$	—	$	—	$	—	$	1,142,097
ClearTrack® 2025
Securities Lending Transactions
Exchange-Traded Funds	$	3,802,735	$	—	$	—	$	—	$	3,802,735
Total Borrowings	$	3,802,735	$	—	$	—	$	—	$	3,802,735

Transamerica Funds Annual Report 2016

Page    52

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

4. BORROWINGS AND OTHER FINANCING TRANSACTIONS (continued)

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Less Than 30 Days		Between 30 & 90 Days		Greater Than 90 Days		Total
ClearTrack® 2030
Securities Lending Transactions
Exchange-Traded Funds	$	813,363	$	—	$	—	$	—	$	813,363
Total Borrowings	$	813,363	$	—	$	—	$	—	$	813,363
ClearTrack® 2035
Securities Lending Transactions
Exchange-Traded Funds	$	1,406,872	$	—	$	—	$	—	$	1,406,872
Total Borrowings	$	1,406,872	$	—	$	—	$	—	$	1,406,872
ClearTrack® 2040
Securities Lending Transactions
Exchange-Traded Funds	$	2,767,313	$	—	$	—	$	—	$	2,767,313
Total Borrowings	$	2,767,313	$	—	$	—	$	—	$	2,767,313
ClearTrack® 2045
Securities Lending Transactions
Exchange-Traded Funds	$	820,755	$	—	$	—	$	—	$	820,755
Total Borrowings	$	820,755	$	—	$	—	$	—	$	820,755
ClearTrack® 2050
Securities Lending Transactions
Exchange-Traded Funds	$	615,537	$	—	$	—	$	—	$	615,537
Total Borrowings	$	615,537	$	—	$	—	$	—	$	615,537
ClearTrack® Retirement Income
Securities Lending Transactions
Exchange-Traded Funds	$	5,237,463	$	—	$	—	$	—	$	5,237,463
Total Borrowings	$	5,237,463	$	—	$	—	$	—	$	5,237,463

5. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Funds’ investment manager, is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

TFS is the Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Funds’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Funds are also officers and/or trustees of TAM, TFS, and TCI. No interested trustee, who is deemed an interested person due to current or former service with TAM or an affiliate of TAM, receives compensation from the Funds.

The Underlying ETFs have varied expense and fee levels and the Funds may own different proportions of Underlying ETFs at different times, the amount of fees and expenses incurred indirectly by the Funds will vary. Fund expenses do not include expenses of the Underlying ETFs in which the Funds invest. The Funds have material ownership interests in the Underlying ETFs.

Investment management fees: Effective March 1, 2016, TAM serves as the Funds’ investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory and administration services under an investment management agreement and each Fund pays a single management fee, which is reflected in Investment management fees within the Statements of Operations.

Transamerica Funds Annual Report 2016

Page    53

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

Prior to March 1, 2016, each Fund paid investment advisory fees and administrative service fees pursuant to separate agreements, which are reflected in Investment advisory fees and Administration fees within the Statements of Operations. Investment advisory services were provided to the Funds by TAM and administrative services were provided to the Funds by TFS.

Each Fund pays a management fee to TAM based on daily Average Net Assets (“ANA”) at the following rates:

Breakpoints	Management Fee Effective March 1, 2016 Rate			Advisory Fee Prior to March 1, 2016 Rate
First $2.5 billion		0.38	%		0.35	%
Over $2.5 billion up to $4 billion		0.37			0.34
Over $4 billion		0.36			0.33

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses based on daily ANAs, including the pro rata share of expenses incurred through each Fund’s investment in underlying funds, but excluding, as applicable, 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 operating expense limits to the Funds’ daily ANA. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statements of Operations.

Class	Operating Expense Limit			Operating Expense Limit Effective Through
Class R1		1.20	%	March 1, 2017
Class R6		0.55		March 1, 2017

TAM is entitled to recapture expenses paid by the Funds for fees waived and/or reimbursed during any of the previous 36 months if on any day or month the estimated annualized Funds operating expenses are less than the stated annual operating expense limit. Amounts recaptured, if any, by TAM for the year ended October 31, 2016 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statements of Operations.

As of October 31, 2016, the balances available for recapture by TAM for each Fund are as follows:

	Amounts Available from Fiscal Year
Fund	2015		2016		Total
ClearTrack® 2015
Class R1	$	47,187	$	64,158	$	111,345
Class R6		3,321		562		3,883
ClearTrack® 2020
Class R1	$	46,366	$	64,658	$	111,024
Class R6		3,393		785		4,178
ClearTrack® 2025
Class R1	$	50,818	$	54,652	$	105,470
Class R6		3,296		620		3,916
ClearTrack® 2030
Class R1	$	48,529	$	57,722	$	106,251
Class R6		4,445		553		4,998
ClearTrack® 2035
Class R1	$	47,921	$	57,747	$	105,668
Class R6		5,069		596		5,665
ClearTrack® 2040
Class R1	$	48,976	$	58,244	$	107,220
Class R6		5,102		699		5,801
ClearTrack® 2045
Class R1	$	48,240	$	53,251	$	101,491
Class R6		7,592		911		8,503

Transamerica Funds Annual Report 2016

Page    54

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

	Amounts Available from Fiscal Year
Fund	2015		2016		Total
ClearTrack® 2050
Class R1	$	47,426	$	56,636	$	104,062
Class R6		9,590		1,738		11,328
ClearTrack® Retirement Income
Class R1	$	47,302	$	64,691	$	111,993
Class R6		4,063		475		4,538

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Funds’ distributor.

The Distribution Plan requires the Funds to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Funds, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Funds shares. The distribution and service fees are included in Distribution fees within the Statements of Operations.

Each Fund is authorized under the Distribution Plan to pay fees to TCI based on daily ANA of each class up to the following annual rates:

Class (A)	Rate
Class R1		0.50	%

^(A)  12b-1 fees are not applicable for Class R6.

Administrative service fees: Effective March 1, 2016, each Fund pays a management fee to TAM for investment advisory and administration services and is reflected in Investment management fees within the Statements of Operations. Prior to March 1, 2016, the Funds had a separate administration service fee agreement with TFS pursuant to which the Funds paid TFS at an annual fee of 0.03% on daily ANA, which is reflected in Administration fees within the Statements of Operations.

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Funds pay TFS a fee for providing services based on the number of classes, accounts and transactions relating to each Fund. The Transfer agent fees included within the Statements of Assets and Liabilities and Statements of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services.

For the year ended October 31, 2016, transfer agent fees paid and the amounts due to TFS are as follows:

Fund	Fees Paid to TFS		Fees Due to TFS
ClearTrack® 2015	$	2,401	$	278
ClearTrack® 2020		2,773		354
ClearTrack® 2025		2,992		397
ClearTrack® 2030		2,525		335
ClearTrack® 2035		2,353		316
ClearTrack® 2040		1,940		254
ClearTrack® 2045		1,364		174
ClearTrack® 2050		910		122
ClearTrack® Retirement Income		3,199		438

Deferred compensation plan: Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer (“CCO”) and deferred compensation fees within the Statements of Assets and Liabilities. For the year ended October 31, 2016, amounts included in Trustees, CCO and deferred compensation fees within the Statements of Operations reflect total compensation paid to the independent Board members.

Brokerage commissions: The Funds incurred no brokerage commissions on security transactions placed with affiliates of the adviser or sub-advisers for the year ended October 31, 2016.

Transamerica Funds Annual Report 2016

Page    55

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

6. PRINCIPAL OWNERSHIP

As of October 31, 2016, the Funds had individual shareholder(s) and/or omnibus accounts owning more than 10% of total shares outstanding. The Funds have no knowledge if any portion of the unaffiliated shares are owned beneficially. Subscription and redemption activity by concentrated accounts may have a significant effect on operations, and thus may impact Fund performance. Shareholder accounts with over 10% of total shares outstanding are as follows:

Fund	Number of Individual Shareholders and/or Omnibus Accounts		Total Percentage Interest Held			Total Percentage Held by the Investment Manager and/or Affiliates
ClearTrack® 2015
Class R1		1		91.48	%		91.48	%
Class R6		2		100.00	%		100.00	%
ClearTrack® 2020
Class R1		2		99.57	%		99.57	%
Class R6		2		100.00	%		100.00	%
ClearTrack® 2025
Class R1		1		91.24	%		91.24	%
Class R6		2		100.00	%		100.00	%
ClearTrack® 2030
Class R1		2		99.53	%		99.53	%
Class R6		2		100.00	%		100.00	%
ClearTrack® 2035
Class R1		2		99.50	%		99.50	%
Class R6		2		100.00	%		100.00	%
ClearTrack® 2040
Class R1		2		99.37	%		99.37	%
Class R6		2		100.00	%		100.00	%
ClearTrack® 2045
Class R1		2		99.08	%		99.08	%
Class R6		2		100.00	%		100.00	%
ClearTrack® 2050
Class R1		1		91.94	%		91.94	%
Class R6		2		100.00	%		100.00	%
ClearTrack® Retirement Income
Class R1		1		93.69	%		93.69	%
Class R6		1		99.93	%		99.93	%

7. PURCHASES AND SALES OF SECURITIES

For the year ended October 31, 2016, the cost of securities purchased and proceeds from securities sold (excluding short-term securities) are as follows:

Fund	Purchases of Securities		Sales of Securities
ClearTrack® 2015	$	41,469,970	$	13,149,504
ClearTrack® 2020		55,073,938		14,636,618
ClearTrack® 2025		49,032,034		1,291,415
ClearTrack® 2030		40,008,788		130,020
ClearTrack® 2035		39,648,346		106,165
ClearTrack® 2040		28,687,355		446,049
ClearTrack® 2045		20,264,004		289,103
ClearTrack® 2050		13,773,436		26,957
ClearTrack® Retirement Income		58,293,902		—

8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Funds have not made any provision for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be

Transamerica Funds Annual Report 2016

Page    56

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

sustained assuming examination by tax authorities. The Funds identify their major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to different treatment for items including, but not limited to, wash sales. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to distribution redesignations and 2015 non-deductible excise taxes paid. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

Fund	Paid-in Capital			Undistributed (Distributions in Excess of) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)
ClearTrack® 2015	$	(911	)	$	910		$	1
ClearTrack® 2020		(752	)		752			—
ClearTrack® 2025		(593	)		593			—
ClearTrack® 2030		(705	)		512			193
ClearTrack® 2035		(379	)		248			131
ClearTrack® 2040		(345	)		176			169
ClearTrack® 2045		—			(58	)		58
ClearTrack® 2050		—			(81	)		81
ClearTrack® Retirement Income		(1,281	)		1,094			187

As of October 31, 2016, the capital loss carryforwards available to offset future realized capital gains are as follows. Funds not listed in the subsequent table do not have capital loss carryforwards.

	Unlimited
Fund	Short-Term		Long-Term
ClearTrack® 2030	$	813	$	—
ClearTrack® 2045		10,630		—

During the year ended October 31, 2016, the Funds did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2015 and 2016 are as follows:

	2016 Distributions Paid From						2015 Distributions Paid From
Fund	Ordinary Income		Long-Term Capital Gain		Return of Capital		Ordinary Income		Long-Term Capital Gain		Return of Capital
ClearTrack® 2015	$	127,281	$	—	$	—	$	—	$	—	$	—
ClearTrack® 2020		134,704		—		—		—		—		—
ClearTrack® 2025		135,901		—		—		—		—		—
ClearTrack® 2030		109,310		—		—		—		—		—
ClearTrack® 2035		102,898		—		—		—		—		—
ClearTrack® 2040		109,222		—		—		—		—		—
ClearTrack® 2045		76,914		—		—		—		—		—
ClearTrack® 2050		53,355		—		—		—		—		—
ClearTrack® Retirement Income		113,846		—		—		—		—		—

Transamerica Funds Annual Report 2016

Page    57

NOTES TO FINANCIAL STATEMENTS (continued)

At October 31, 2016

8. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of October 31, 2016, the tax basis components of distributable earnings are as follows:

Fund	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Late Year Ordinary Loss Deferral		Other Temporary Differences		Net Unrealized Appreciation (Depreciation)
ClearTrack® 2015	$	391,941	$	—	$	—	$	—		$	—	$	—	$	400,461
ClearTrack® 2020		459,688		—		—		—			—		—		468,578
ClearTrack® 2025		413,170		—		1,331		—			—		—		983,153
ClearTrack® 2030		313,199		—		—		(813	)		—		—		811,121
ClearTrack® 2035		357,553		—		—		—			—		—		1,008,086
ClearTrack® 2040		299,981		—		—		—			—		—		748,625
ClearTrack® 2045		178,973		—		—		(10,630	)		—		—		586,970
ClearTrack® 2050		113,113		—		—		—			—		—		364,123
ClearTrack® Retirement Income		497,655		—		—		—			—		—		1,244,597

9. NEW ACCOUNTING PRONOUNCEMENT

In October 2016, the SEC adopted new rules and amended existing rules (together the, “Final Rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the Final Rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the implication, if any, of the additional disclosure requirements and its impact on the Funds’ financial statements.

10. CUSTODY OUT-OF-POCKET EXPENSE

In December 2015, State Street Bank and Trust Co., the Funds’ custodian, identified inconsistencies in the way in which clients were invoiced for categories of expenses, particularly those deemed out-of-pocket costs, during an 18-year period going back to 1998. The issue was the result of inaccurate billing rates that were not subsequently reviewed or adjusted. The amount of the difference in what was charged and what should have been charged, plus interest, was paid back to the Funds in September 2016 as a reimbursement. The amounts applicable to each Fund, if any, were recognized as a change in accounting estimate and are reflected in Reimbursement of custody fees within the Statements of Operations. This resulted in a decrease in Net expenses and an overall increase in Net assets.

Transamerica Funds Annual Report 2016

Page    58

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Transamerica Funds:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of ClearTrack^® 2015, ClearTrack^® 2020, ClearTrack^® 2025, ClearTrack^® 2030, ClearTrack^® 2035, ClearTrack^® 2040, ClearTrack^® 2045, ClearTrack^® 2050, and ClearTrack^® Retirement Income (nine of the funds of the Transamerica Funds collectively known as the “Funds”), as of October 31, 2016, and the related statements of operations for the year then ended and the statements of changes in net assets and the financial highlights for each of the years or periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds at October 31, 2016, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Boston, Massachusetts

December 23, 2016

Transamerica Funds Annual Report 2016

Page    59

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds (the “Trustees” or the “Board”) held on June 8-9, 2016, the Board considered the renewal of the management agreement (the “Management Agreement”) between Transamerica Asset Management, Inc. (“TAM”) and Transamerica Funds, on behalf of each of the following funds (each a “Portfolio” and collectively the “Portfolios”):

Transamerica ClearTrack® 2015	Transamerica ClearTrack® 2040
Transamerica ClearTrack® 2020	Transamerica ClearTrack® 2045
Transamerica ClearTrack® 2025	Transamerica ClearTrack® 2050
Transamerica ClearTrack® 2030	Transamerica ClearTrack® Retirement Income
Transamerica ClearTrack® 2035

For each Portfolio, the Board also considered the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Management Agreement, the “Agreements”) between TAM and QS Investors, LLC (the “Sub-Adviser”).

Following its review and consideration, the Board determined that the terms of the Management Agreement and the Sub-Advisory Agreement were reasonable and that the renewal of each of the Agreements was in the best interests of the applicable Portfolio and its shareholders. The Board, including the independent members of the Board (the “Independent Trustees”), unanimously approved the renewal of each of the Agreements through June 30, 2017. Prior to reaching their decision, the Trustees requested and received from TAM and the Sub-Adviser certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Agreements, including information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of each Portfolio. The Trustees considered comparative fee, expense and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. To the extent applicable, the Trustees also considered information about fees and performance of comparable funds and/or accounts managed by the Sub-Adviser.

In their deliberations, the Independent Trustees met privately without representatives of TAM or the Sub-Adviser present and were represented throughout the process by independent legal counsel. In considering the proposed continuation of each of the Agreements, the Trustees evaluated a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and/or their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

Nature, Extent and Quality of the Services Provided

The Board considered the nature, extent and quality of the services provided by TAM and the Sub-Adviser to the applicable Portfolio in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for each Portfolio; the experience, capability and integrity of TAM’s senior management; the financial resources of TAM; TAM’s management oversight process; and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees noted that they receive, on a quarterly basis, an execution analysis from Capital Institutional Services, Inc. (CAPIS), an independent provider of trade analyses, for the Sub-Adviser and a comparison of trading results against a peer universe of managers.

The Board also considered the continuous and regular investment management and other services provided by TAM for the portion of the management fee it retains from each Portfolio after payment of the sub-advisory fees. The Trustees noted that, at a meeting held on December 9-10, 2015, they had approved the combination of the Portfolios’ former Investment Advisory Agreement and Administrative Service Agreement into the Management Agreement in connection with the transition of the personnel and operations of Transamerica Fund Services, Inc. that relate to the provision of administrative services into TAM. They noted that this combination of agreements had resulted in each Portfolio paying a single management fee for investment advisory and administrative services. The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of each Portfolio and its investment strategy; the selection, oversight and monitoring of one or more investment sub-advisers to perform certain duties with respect to the Portfolios; ongoing portfolio trading oversight and analysis; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Portfolio investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Portfolios; design, development, implementation and ongoing review and evaluation of a process for the voting of proxies and exercise of rights to consent to corporate action for Portfolio investments; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; oversight of preparation of the Portfolios’ prospectuses, statements of additional information, shareholder reports and other disclosure materials and regulatory filings for the Portfolios; and ongoing cash management services. The Board considered that TAM’s investment management services also include the provision of supervisory and administrative services to each Portfolio. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Portfolios, oversees the services provided by the funds’ custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the funds.

Transamerica Funds Annual Report 2016

Page    60

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

Investment Performance

In addition, the Board considered the short- and longer-term performance, as applicable, of each Portfolio in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Lipper, and (ii) the Portfolio’s benchmark(s), in each case for various trailing periods ended December 31, 2015.

Transamerica ClearTrack^® 2015. The Board noted that the performance of Class R1 Shares of the Portfolio was below the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® 2020. The Board noted that the performance of Class R1 Shares of the Portfolio was in line with the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® 2025. The Board noted that the performance of Class R1 Shares of the Portfolio was in line with the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® 2030. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was above its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® 2035. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was above its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® 2040. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was above its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® 2045. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was above its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® 2050. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was above its benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Transamerica ClearTrack^® Retirement Income. The Board noted that the performance of Class R1 Shares of the Portfolio was above the median for its peer universe since its inception on March 2, 2015. The Board also noted that the performance of Class R1 Shares of the Portfolio was below its composite benchmark since its inception. The Trustees considered TAM’s representation that the Portfolio’s peer group had certain differences that caused it to be an imperfect basis for comparison.

Based on these considerations, the Board determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the applicable Portfolio’s investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs.

Management and Sub-Advisory Fees and Total Expense Ratios

The Board considered the management fee and total expense ratio of each Portfolio, including information provided by Lipper comparing the management fee and total expense ratio of each Portfolio to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Lipper. The Board also considered the fees charged by the Sub-Adviser for sub-advisory services, as well as the portion of a Portfolio’s management fee retained by TAM following payment of the sub-advisory fees.

Transamerica Funds Annual Report 2016

Page    61

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

Transamerica ClearTrack^® 2015. The Board noted that the Portfolio’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2020. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2025. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2030. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2035. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2040. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2045. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® 2050. The Board noted that the Portfolio’s contractual management fee was above the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were below the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

Transamerica ClearTrack^® Retirement Income. The Board noted that the Portfolio’s contractual management fee and the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R1 Shares of the Portfolio were above the medians for its peer group and peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Portfolio, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management and sub-advisory fees to be received by TAM and the Sub-Adviser under the Management Agreement and the Sub-Advisory Agreement are reasonable in light of the services provided.

Cost of Services Provided and Level of Profitability

The Board reviewed information provided by TAM about the cost of providing and procuring fund management services, as well as the costs of the provision of administration, transfer agency and other services, to each Portfolio and to Transamerica Funds as a whole by

Transamerica Funds Annual Report 2016

Page    62

MANAGEMENT AND SUB-ADVISORY AGREEMENT — CONTRACT RENEWAL (continued)

(unaudited)

TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for each Portfolio and Transamerica Funds as a whole, as well as the allocation methodology used for calculating profitability. The Board also considered the assessment prepared by Ernst & Young LLP (“E&Y”), independent registered public accounting firm and auditor to the Portfolios, to assist the Board’s evaluation of TAM’s profitability analysis. E&Y’s engagement included the review and assessment of the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Portfolios, and completion of procedures in respect of the mathematical accuracy of the profitability calculation and its conformity to established allocation methodologies. After considering E&Y’s assessment and information provided by TAM, the Board concluded that, while other allocation methods may also be reasonable, TAM’s profitability methodologies are reasonable in all material respects.

With respect to the Sub-Adviser, the Board noted that the sub-advisory fees are the product of arm’s-length negotiation between TAM and the Sub-Adviser, which is not affiliated with TAM, and are paid by TAM and not the applicable Portfolio. As a result, the Board focused on the profitability of TAM and its affiliates with respect to the applicable Portfolio.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Portfolios was not excessive.

Economies of Scale

The Board considered economies of scale with respect to the management of each Portfolio, whether the Portfolio had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Portfolios benefited from any economies of scale. The Board considered each Portfolio’s management fee schedule and the existence of breakpoints, if any, and also considered the extent to which TAM shared economies of scale, if any, with the Portfolios through investments in maintaining and developing its capabilities and services. The Trustees concluded that each Portfolio’s fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fees payable to TAM and the fees paid to the Sub-Adviser in light of any economies of scale experienced in the future.

Benefits to TAM, its Affiliates and the Sub-Adviser from their Relationships with the Portfolios

The Board considered other benefits derived by TAM, its affiliates, and/or the Sub-Adviser from its relationships with the Portfolios. The Board noted that TAM does not realize soft dollar benefits from its relationships with the Portfolios and that TAM believes that any use of soft dollars by the Sub-Adviser is generally appropriate and in the best interests of the Portfolios. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by each applicable Portfolio is recaptured for the benefit of the Portfolio and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to a Portfolio’s brokerage transactions.

Other Considerations

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage each Portfolio in a professional manner that is consistent with the best interests of the Portfolio and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Board also noted that TAM has made a significant entrepreneurial commitment to the management and success of the Portfolios.

Conclusion

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement and Sub-Advisory Agreement was in the best interests of the applicable Portfolio and its shareholders and voted to approve the renewal of the Agreements.

Transamerica Funds Annual Report 2016

Page    63

Management of the Trust

Board Members and Officers

(unaudited)

The Board Members and executive officers of the Trust are listed below.

Interested Board Member means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as “Interested Trustees.” Independent Board Member means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs each Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each Fund and the operation of each Fund by its officers. The Board also reviews the management of each Fund’s assets by the investment manager and its respective sub-adviser.

The Funds are among the funds managed and sponsored by TAM (collectively, “Transamerica Mutual Funds”). The Transamerica Mutual Funds consist of Transamerica Funds (“TF”), Transamerica Series Trust (“TST”), Transamerica Partners Funds Group (“TPFG”), Transamerica Partners Funds Group II (“TPFG II”), Transamerica Partners Portfolios (“TPP”) and Transamerica Asset Allocation Variable Funds (“TAAVF”) and consists of 178 funds as of the date of this annual report.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

The Board Members of the Trust, their age, their positions with the Trust, and their principal occupations for the past five years (their titles may have varied during that period), the number of funds in Transamerica Mutual Funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Trustee became a Trustee of the Trust.

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	Chairman of the Board, President and Chief Executive Officer, TF, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Income Shares, Inc. (“TIS”) (2014 – 2015); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); President, Investment Solutions, Transamerica Investments & Retirement (2014 – present); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Vice President, Transamerica Life Insurance Company (2010 – present);	178	Director, Massachusetts Fidelity Trust Company (2014 – present)

Transamerica Funds Annual Report 2016

Page    64

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INTERESTED BOARD MEMBERS—continued
Marijn P. Smit (continued)			Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – present); Senior Vice President, Transamerica Retirement Solutions Corporation (2012 – present); and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – present).
Alan F. Warrick (67)	Board Member	Since 2012	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2012 – present); Board Member, TIS (2012 – 2015); Consultant, Aegon USA (2010 – 2011); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); Retired (2010 – present); and Managing Director for Strategic Business Development, Aegon USA (1994 – 2010).	178	N/A
INDEPENDENT BOARD MEMBERS
Sandra N. Bane (64)	Board Member	Since 2008	Retired (1999 – present); Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2008 – present); Board Member, TIS (2008 – 2015); Board Member, Transamerica Investors, Inc. (“TII”) (2003 – 2010); and Partner, KPMG (1975 – 1999).	178	Big 5 Sporting Goods (2002 – present); AGL Resources, Inc. (energy services holding company) (2008 – present)
Leo J. Hill (60)	Lead Independent Board Member	Since 2002	Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present);	178	Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)

Transamerica Funds Annual Report 2016

Page    65

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Leo J. Hill (continued)			Board Member, TII (2008 – 2010); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).
David W. Jennings (69)	Board Member	Since 2009	Board Member, TF, TST, TPP, TPFG, TPFG II and TAAVF (2009 – present); Board Member, TIS (2009 – 2015); Board Member, TII (2009 – 2010); Managing Director, Hilton Capital Management, LLC (2010 – present); Principal, Maxam Capital Management, LLC (2006 – 2008); and Principal, Cobble Creek Management LP (2004 – 2006).	178	N/A
Russell A. Kimball, Jr. (71)	Board Member	Since 1986 – 1990 and Since 2002	General Manager, Sheraton Sand Key Resort (1975 – present); Board Member, TST (1986 – present); Board Member, TF, (1986 – 1990), (2002 – present); Board Member, TIS (2002 – 2015); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); and Board Member, TII (2008 – 2010).	178	N/A
Patricia L. Sawyer (66)	Board Member	Since 2007	Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TIS (2007 – 2015); Board Member, TII (2008 – 2010);	178	Honorary Trustee, Bryant University (1996 – present)

Transamerica Funds Annual Report 2016

Page    66

Name and Age	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Complex Overseen by Board Member	Other Directorships held by Board Member
INDEPENDENT BOARD MEMBERS—continued
Patricia L. Sawyer (continued)			Board Member, TPP, TPFG, TPFG II and TAAVF (1993 – present); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.
John W. Waechter (64)	Board Member	Since 2005	Partner, Englander Fischer (2016 – present); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TIS (2004 – 2015); Board Member, TF (2005 – present); Board Member, TPP, TPFG, TPFG II and TAAVF (2007 – present); Board Member, TII (2008 – 2010); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004).	178	Operation PAR, Inc. (2008 – present); Remember Honor Support, Inc. (non-profit organization) (2013 – present) Board Member, WRH Income Properties, Inc. (real estate) (2014 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2016

Page    67

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including their year of birth, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Marijn P. Smit (42)	Chairman of the Board, President and Chief Executive Officer	Since 2014	See previous table.
Tané T. Tyler (51)	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	Since 2014	Vice President, Associate General Counsel, Chief Legal Officer and Secretary, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TIS (2014 – 2015); Director, Vice President, Associate General Counsel, Chief Legal Officer and Secretary, TAM and TFS (2014 – present); Senior Vice President, Secretary and General Counsel, ALPS, Inc., ALPS Fund Services, Inc. and ALPS Distributors, Inc. (2004 – 2013); and Secretary, Liberty All-Star Funds (2005-2013).
Christopher A. Staples (45)	Vice President and Chief Investment Officer, Advisory Services	Since 2005	Vice President and Chief Investment Officer, Advisory Services (2007 – present), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), Transamerica Funds and TST; Vice President and Chief Investment Officer, Advisory Services (2007 – 2015), Senior Vice President – Investment Management (2006 – 2007), Vice President – Investment Management (2005 – 2006), TIS; Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG, TPFG II and TAAVF (2007 – present); Vice President and Chief Investment Officer (2007 – 2010); Vice President – Investment Administration (2005 – 2007), TII; Director (2005 – present), Senior Vice President (2006 – present) and Chief Investment Officer, Advisory Services (2007 – present), TAM; Director, TFS (2005 – present); and Assistant Vice President, Raymond James & Associates (1999 – 2004).
Thomas R. Wald (55)	Chief Investment Officer	Since 2014	Chief Investment Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Chief Investment Officer, TIS (2014 – 2015); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Chief Investment Officer, Transamerica Investments & Retirement (2014 – present);

Transamerica Funds Annual Report 2016

Page    68

Name and Age	Position	Term of Office and Length of Time Served*	Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald (continued)			Vice President and Client Portfolio Manager, Curian Capital, LLC (2012 – 2014); Portfolio Manager, Tactical Allocation Group, LLC (2010 – 2011); Mutual Fund Manager, Munder Capital Management (2005 – 2008); and Mutual Fund Manager, Invesco Ltd. (1997 – 2004).
Vincent J. Toner (46)	Vice President and Treasurer	Since 2014	Vice President and Treasurer (2014 – present) Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF; Vice President and Treasurer, TIS (2014 – 2015); Vice President and Treasurer, TAM and TFS (2014 – present); Senior Vice President and Vice President, Fund Administration, Brown Brothers Harriman (2010 – 2014); and Vice President Fund Administration & Fund Accounting, OppenheimerFunds (2007—2010).
Matthew H. Huckman, Sr. (48)	Tax Manager	Since 2014	Tax Manager, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present); Tax Manager, TIS (2014 – 2015); Tax Manager, TFS (2012 – present); and Assistant Mutual Fund Tax Manager, Invesco (2007-2012).
Scott M. Lenhart (55)	Chief Compliance Officer and Anti-Money Laundering Officer	Since 2014	Chief Compliance Officer and Anti-Money Laundering Officer, Transamerica Funds, TST, TPP, TPFG, TPFG II and TAAVF (2014 – present), TIS (2014 – 2015); Chief Compliance Officer and Anti-Money Laundering Officer (2014 – present), Senior Compliance Officer (2008-2014), TAM; Vice President and Chief Compliance Officer, TFS (2014 – present); Director of Compliance, Transamerica Investments & Retirement (2014 – present); Vice President and Chief Compliance Officer, Transamerica Financial Advisors, Inc. (1999-2006); and Assistant Chief Compliance Officer, Raymond James Financial, Inc., Robert Thomas Securities, Inc. (1989-1998).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2016

Page    69

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of the Transamerica Funds’ proxy voting policies and procedures is available in the Statements of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

In addition, the Funds are required to file Form N-PX, with their complete proxy voting records for the 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) from the Funds, upon request by calling 1-888-233-4339; and (2) on the SEC’s website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarter of each fiscal year on Form N-Q, which is available on the SEC’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we send shareholders informative materials such as the Transamerica Funds Annual Report, the Transamerica Funds Prospectus, and other required documents that keep you informed regarding your Funds. Transamerica Funds will only send one piece per mailing address, a method that saves your Funds’ money by reducing mailing and printing costs. We will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Transamerica Funds Annual Report 2016

Page    70

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use “nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

Note:        This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

Transamerica Funds Annual Report 2016

Page    71

Transamerica Fund Services

PO Box 219945

Kansas City, MO 64121-9945

Customer Service 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

Item 2: Code of Ethics.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other officers who serve a similar function.

(b) The Registrant’s code of ethics is reasonably designed as described in this Form N-CSR.

(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not Applicable.

(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 12(a)(1) of Form N-CSR.

Item 3: Audit Committee Financial Experts.

The Registrant’s Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are “audit committee financial experts,” as such term is defined in Item 3 of Form N-CSR. Ms. Bane, and Mr. Waechter are “independent” under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as “audit committee financial experts” pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant’s audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant’s audit committee or Board of Trustees.

Item 4: Principal Accountant Fees and Services.

		Fiscal Year Ended 10/31                  (in thousands)
		2016		2015
(a)	Audit Fees		$1,080		$964
(b)	Audit Related Fees(1)		$18		$0
(c)	Tax Fees(2)		$259		$248
(d)	All Other Fees(3)		$23		$48

  ⁽¹⁾ Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements of the funds comprising the Registrant, specifically data verification and agreed-upon procedures related to asset securitizations and agreed-upon procedures engagements.

  ⁽²⁾ Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the Registrant.

  ⁽³⁾ All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company holdings.

(e)(1) Audit Committee Pre-Approval Policies and Procedures. Generally, the Registrant’s Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant’s

independent accountant for the Registrant’s investment adviser, and certain of the adviser’s affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant’s treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions’ rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

(e)(2) The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2016 and 2016 was zero.

(f) Not Applicable.

(g) Not Applicable.

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal accountant’s independence.

Item 5: Audit Committee of Listed Registrants.

The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, David W. Jennings, Russell A. Kimball, Jr., Patricia L. Sawyer and John W. Waechter.

Item 6: Schedule of Investments.

(a) The schedules of investments and consolidated schedules of investments are included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR.

(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) The Registrant’s code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.

(a)(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.

(a)(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 Exchange 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/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	January 5, 2017

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/ Marijn P. Smit
	Marijn P. Smit
	Chief Executive Officer
	(Principal Executive Officer)
Date:	January 5, 2017
By:	/s/ Vincent J. Toner
	Vincent J. Toner
	Treasurer
	(Principal Financial Officer)
Date:	January 5, 2017

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
12(a)(1)	Code of Ethics for Principal Executive and Principal Financial Officers
12(a)(2)(i)	Section 302 N-CSR Certification of Principal Executive Officer
12(a)(2)(ii)	Section 302 N-CSR Certification of Principal Financial Officer
12(b)	Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer