February 28, 2014 Transamerica Funds St. Petersburg, FL 33716 The Torray Fund Bethesda, MD 20814 Ladies and Gentlemen:Torray Fund • July 1st, 2014
This opinion is furnished to you pursuant to paragraph 8.5 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of February 28, 2014, by and among Transamerica Funds, a Delaware statutory trust (the “Acquiring Trust”), on behalf of Transamerica Concentrated Growth, a series thereof (the “Acquiring Fund”), and The Torray Fund, a Massachusetts business trust (the “Acquired Trust”), on behalf of The Torray Resolute Fund, a series thereof (the “Acquired Fund”). All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement. The Agreement contemplates the acquisition of all of the Assets of the Acquired Fund by the Acquiring Fund in exchange for (a) the assumption by the Acquiring Trust, on behalf of the Acquiring Fund, of all of the Liabilities of the Acquired Fund and (b) the issuance and delivery by the Acquiring Trust, on behalf of the Acquiring Fund, to the Acquired Fund, for distribution, in accordance with paragraph 1.4 of th
