As filed with the SEC on September 28, 2009.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-04556
TRANSAMERICA FUNDS
(Exact name of registrant as specified in charter)
570 Carillon Parkway, St. Petersburg, Florida			33716
(Address of principal executive offices)			(Zip code)
Dennis Gallagher, Esq.  P.O. Box 9012, Clearwater, Florida 33758-9771
(Name and address of agent for service)
Registrant’s telephone number, including area code:		(727) 299-1800
Date of fiscal year end:	October 31
Date of reporting period:	May 1, 2009 – July 31, 2009

Item 1. Schedule of Investments.

The unaudited Schedules of Investment of Registrant as of July 31, 2009 are attached.

Transamerica AllianceBernstein International Value

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS - 97.8%
Australia - 7.7%
Amcor, Ltd.	328,200	$	1,359
Australia & New Zealand Banking Group, Ltd.	263,700	4,087
BHP Billiton, Ltd.	23,700	750
Commonwealth Bank of Australia	79,200	2,835
Lend Lease Corp., Ltd.	202,400	1,312
Macquarie Group, Ltd.	68,300	2,515
National Australia Bank, Ltd.	144,221	2,935
Qantas Airways, Ltd.	991,701	1,924
Tabcorp Holdings, Ltd.	283,800	1,718
Telstra Corp., Ltd.	712,100	2,102
Belgium - 0.8%
Delhaize Group	29,800	2,131
Canada - 6.3%
BCE, Inc.	43,700	1,003
Biovail Corp.	48,600	647
Bombardier, Inc. -Class B	483,000	1,713
Brookfield Properties Corp.	122,000	1,138
Fairfax Financial Holdings, Ltd.	5,000	1,523
Industrial Alliance Insurance and Financial Services, Inc.	35,100	964
Magna International, Inc. -Class A	28,100	1,422
National Bank of Canada	20,700	1,117
Nexen, Inc.	92,460	1,917
Petro-Canada	79,600	3,286
Sun Life Financial, Inc.	26,340	900
TELUS Corp. -Class A	47,700	1,318
Toronto-Dominion Bank	13,500	791
Finland - 1.1%
Nokia OYJ	228,900	3,047
France - 12.6%
BNP Paribas	59,320	4,325
Casino Guichard Perrachon SA	11,400	786
Credit Agricole SA	265,531	3,790
EDF SA	51,700	2,562
France Telecom SA	136,100	3,397
Lagardere SCA	63,300	2,364
Renault SA ‡	70,800	3,019
Sanofi-Aventis SA	72,200	4,730
Societe Generale	68,600	4,404
Total SA	75,400	4,182
Vallourec SA	13,045	1,716
Germany - 14.7%
Allianz SE	36,600	3,609
BASF SE	84,600	4,240
Bayer AG	66,300	4,069
Celesio AG	25,900	690
Deutsche Bank AG	69,100	4,470
Deutsche Lufthansa AG	96,400	1,303
Deutsche Post AG	135,080	2,138
Deutsche Telekom AG	282,500	3,620
E.ON AG	120,100	4,546
Metro AG	46,000	2,664
Muenchener Rueckversicherungs AG	23,600	3,568
RWE AG	40,540	3,424
Siemens AG	24,000	1,916
Suedzucker AG	54,100	1,137
Italy - 4.5%
Banca Popolare Di Milano	180,400	1,092
ENI SpA	175,700	4,089
Intesa Sanpaolo SpA ‡	552,500	2,058
Telecom Italia SpA - RSP	1,617,800	1,823
Telecom Italia SpA	1,817,100	2,843
UniCredit SpA ‡	240,400	704
Japan - 15.6%
AEON Co., Ltd.	67,300	654
Canon, Inc.	68,000	2,537
Fujitsu, Ltd.	504,000	3,313
Furukawa Electric Co., Ltd.	281,000	1,357
Hitachi High-Technologies Corp.	62,700	1,229
KDDI Corp.	380	2,016
Kyocera Corp.	13,700	1,103
Mitsubishi Chemical Holdings Corp.	331,000	1,487
Mitsubishi Corp.	58,800	1,174
Mitsubishi UFJ Financial Group, Inc.	393,200	2,352
Mitsui & Co., Ltd.	196,000	2,459
Mitsui Fudosan Co., Ltd.	67,000	1,232
Namco Bandai Holdings, Inc.	126,000	1,417
Nippon Mining Holdings, Inc.	252,500	1,201
Nippon Telegraph & Telephone Corp.	81,000	3,347
Nissan Motor Co., Ltd.	492,800	3,588
Sharp Corp.	181,000	2,014
Sony Corp.	56,600	1,600
Sumitomo Mitsui Financial Group, Inc.	76,900	3,291
Sumitomo Realty & Development Co., Ltd.	46,000	948
Tokyo Electric Power Co., Inc.	61,200	1,568
Toshiba Corp.	766,000	3,400
Tosoh Corp.	303,000	887
Luxembourg - 1.1%
ArcelorMittal	85,047	3,061
Netherlands - 4.0%
ING Groep NV	294,000	3,770
Koninklijke Ahold NV	279,060	3,174
Koninklijke Philips Electronics NV	64,810	1,478
Randstad Holding NV ‡	82,400	2,854
New Zealand - 0.8%
Fletcher Building, Ltd.	234,100	1,120
Telecom Corp. of New Zealand, Ltd.	544,898	1,016
Norway - 1.2%
Statoilhydro ASA	158,050	3,378
Spain - 1.8%
Telefonica SA	199,700	4,968
Sweden - 3.7%
Electrolux AB ‡	100,400	1,878
Nordea Bank AB	244,280	2,371
Svenska Cellulosa AB -Class B	182,400	2,344
Telefonaktiebolaget LM Ericsson -Class B	210,000	2,060
Volvo AB -Class B	228,450	1,670
Switzerland - 2.1%
Adecco SA	14,700	708
Novartis AG	115,110	5,272
United Kingdom - 19.8%
Associated British Foods PLC	227,600	3,026
AstraZeneca PLC	92,900	4,350
Aviva PLC	374,801	2,196
Barclays Bank PLC	628,100	3,172
BP PLC	812,800	6,751
BT Group PLC -Class A	171,640	363
Centrica PLC	807,400	2,971
Drax Group PLC	141,300	945
GlaxoSmithKline PLC	314,600	6,039
Lloyds TSB Group PLC	1,988,339	2,823
Rolls-Royce Group PLC -Class C ‡	217,800	1,507
Royal & Sun Alliance Insurance Group PLC	671,216	1,419
Royal Dutch Shell PLC -Class A	276,130	7,258
Thomas Cook Group PLC	322,400	1,169
TUI Travel PLC	406,500	1,541
Vodafone Group PLC	3,622,812	7,425
Wolseley PLC ‡	129,700	2,901
Total Common Stocks (cost $346,343)		274,884

The notes are an integral part of this report.
Transamerica Funds	July 31, 2009 Form NQ

1

	Shares		Value
RIGHTS - 0.0%
Belgium - 0.0%
Fortis Ə	175,832		$	♦
Total Rights (cost $0)
	Principal
REPURCHASE AGREEMENT - 1.2%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $3,410 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 07/16/2010, and with a value of $3,481.	$	3,410	3,410
Total Repurchase Agreement (cost $3,410)
Total Investment Securities (cost $349,753) #			278,294
Other Assets and Liabilities - Net			2,708
Net Assets			$	281,002

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments		Value
Commercial Banks	15.2	%	$	42,147
Oil, Gas & Consumable Fuels	11.6		32,062
Diversified Telecommunication Services	9.2		25,800
Pharmaceuticals	8.9		25,107
Insurance	5.1		14,179
Electric Utilities	3.4		9,621
Wireless Telecommunication Services	3.4		9,441
Food & Staples Retailing	3.4		9,409
Capital Markets	2.5		6,985
Computers & Peripherals	2.5		6,713
Chemicals	2.4		6,614
Automobiles	2.4		6,607
Trading Companies & Distributors	2.3		6,534
Multi-Utilities	2.3		6,395
Household Durables	2.0		5,492
Communications Equipment	1.8		5,107
Real Estate Management & Development	1.7		4,630
Hotels, Restaurants & Leisure	1.6		4,428
Food Products	1.5		4,163
Metals & Mining	1.5		3,811
Diversified Financial Services	1.4		3,770
Professional Services	1.3		3,562
Industrial Conglomerates	1.2		3,394
Machinery	1.2		3,386
Airlines	1.2		3,227
Aerospace & Defense	1.1		3,220
Office Electronics	0.9		2,537
Media	0.8		2,364
Paper & Forest Products	0.8		2,344
Electronic Equipment & Instruments	0.8		2,332
Air Freight & Logistics	0.8		2,138
Auto Components	0.5		1,422
Leisure Equipment & Products	0.5		1,417
Containers & Packaging	0.5		1,359
Electrical Equipment	0.5		1,357
Construction Materials	0.4		1,120
Health Care Providers & Services	0.2		690
Investment Securities, at Value	98.8		274,884
Short-Term Investments	1.2		3,410
Total Investments	100.0	%	$	278,294

The notes are an integral part of this report.

2

(all amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
♦	Value is less than $1.
Ə	Security fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.
#	Aggregate cost for federal income tax purposes is $349,753. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $18,796 and $90,255, respectively. Net unrealized depreciation for tax purposes is $71,459.

DEFINITION:

RSP         Risparmio shares (savings shares on the Italian stock exchange).

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2			Level 3			Total
Equities - Consumer Discretionary	$		21,731	$		—	$		—	$		21,731
Equities - Consumer Staples	13,571			—			—			13,571
Equities - Energy	32,062			—			—			32,062
Equities - Financials	71,712			—			♦			71,712
Equities - Health Care	25,796			—			—			25,796
Equities - Industrials	26,818			—			—			26,818
Equities - Information Technology	16,689			—			—			16,689
Equities - Materials	15,247			—			—			15,247
Equities - Telecommunication Services	35,242			—			—			35,242
Equities - Utilities	16,016			—			—			16,016
Cash & Cash Equivalent - Repurchase Agreement	—			3,410			—			3,410
Total	$	274,884		$	3,410		$	♦		$	278,294

Level 3 Rollforward

Securities

Beginning Balance at 10/31/2008

Net Purchases/(Sales)

Accrued Discounts/(Premiums)

Total Realized Gain/(Loss)

Total Unrealized Appreciation/(Depreciation)

Net Transfers In/(Out) of Level 3

Ending Balance at 7/31/2009

Equities - Financials

$

♦

$

—

$

—

$

—

$

—

$

—

$

♦

The notes are an integral part of this report.

3

Transamerica American Century Large Company Value

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS - 94.5%
Aerospace & Defense - 1.1%
Northrop Grumman Corp.	97,900	$	4,364
Beverages - 1.6%
Coca-Cola Co.	110,300	5,497
Pepsi Bottling Group, Inc.	28,300	961
Biotechnology - 0.6%
Amgen, Inc.  ‡	38,000	2,368
Capital Markets - 3.9%
Ameriprise Financial, Inc.	119,800	3,330
Bank of New York Mellon Corp.	136,300	3,726
Goldman Sachs Group, Inc.	32,000	5,226
Morgan Stanley	103,000	2,936
Chemicals - 2.3%
E.I. duPont de Nemours & Co.	148,800	4,602
PPG Industries, Inc.	75,900	4,175
Commercial Banks - 3.9%
PNC Financial Services Group, Inc.	56,800	2,082
U.S. Bancorp	185,800	3,792
Wells Fargo & Co.	385,700	9,435
Commercial Services & Supplies - 1.6%
Avery Dennison Corp.	46,600	1,246
Pitney Bowes, Inc.	64,900	1,340
RR Donnelley & Sons Co.	106,200	1,476
Waste Management, Inc.	76,100	2,139
Communications Equipment - 0.8%
Cisco Systems, Inc. ‡	137,200	3,020
Computers & Peripherals - 2.3%
Hewlett-Packard Co.	102,400	4,435
International Business Machines Corp.	36,500	4,304
Diversified Consumer Services - 0.5%
H&R Block, Inc.	107,100	1,787
Diversified Financial Services - 6.4%
Bank of America Corp.	734,200	10,859
JPMorgan Chase & Co.	373,900	14,451
Diversified Telecommunication Services - 6.4%
AT&T, Inc. £	571,100	14,981
CenturyTel, Inc.	37,700	1,183
Verizon Communications, Inc.	279,900	8,976
Electric Utilities - 2.9%
Exelon Corp.	116,100	5,904
PPL Corp.	155,300	5,248
Energy Equipment & Services - 1.0%
Diamond Offshore Drilling, Inc.	12,000	1,078
National Oilwell Varco, Inc. ‡	83,500	3,001
Food & Staples Retailing - 3.3%
Kroger Co.	129,600	2,771
SYSCO Corp.	90,700	2,155
Walgreen Co.	131,300	4,076
Wal-Mart Stores, Inc.	71,900	3,586
Food Products - 0.9%
Unilever NV	136,500	3,713
Health Care Equipment & Supplies - 0.4%
Medtronic, Inc.	42,000	1,488
Health Care Providers & Services - 1.2%
Aetna, Inc.	58,700	1,583
Quest Diagnostics, Inc.	22,100	1,207
WellPoint, Inc. ‡	38,600	2,032
Hotels, Restaurants & Leisure - 0.6%
Darden Restaurants, Inc.	22,900	742
Starbucks Corp. ‡	88,600	1,568
Household Durables - 0.8%
Newell Rubbermaid, Inc.	235,100	3,026
Independent Power Producers & EnergyTraders - 0.3%
NRG Energy, Inc. ‡	45,400	1,235
Industrial Conglomerates - 3.7%
General Electric Co.	941,500	12,617
Tyco International, Ltd.	61,900	1,871
Insurance - 4.0%
Allstate Corp.	169,100	4,550
Chubb Corp.	46,200	2,134
Loews Corp.	62,200	1,867
Torchmark Corp.	63,000	2,461
Travelers Cos., Inc.	97,500	4,199
XL Capital, Ltd. -Class A	44,400	625
IT Services - 0.4%
Fiserv, Inc. ‡	33,500	1,588
Machinery - 2.7%
Dover Corp.	92,300	3,139
Ingersoll-Rand Co. Ltd.	157,400	4,546
Parker Hannifin Corp.	69,500	3,077
Media - 3.8%
CBS Corp. -Class B	300,400	2,460
Comcast Corp. -Class A	232,500	3,455
Time Warner Cable, Inc. -Class A	46,947	1,552
Time Warner, Inc.	173,100	4,615
Viacom, Inc. -Class B ‡	139,900	3,240
Metals & Mining - 0.5%
Nucor Corp.	42,700	1,899
Multiline Retail - 0.9%
Best Buy Co., Inc.	26,800	1,002
Kohl’s Corp. ‡	47,600	2,311
Multi-Utilities - 0.6%
PG&E Corp.	58,600	2,366
Office Electronics - 0.5%
Xerox Corp.	256,700	2,102
Oil, Gas & Consumable Fuels - 16.3%
Apache Corp.	49,500	4,156
Chevron Corp.	194,500	13,512
ConocoPhillips	242,100	10,582
Devon Energy Corp.	45,100	2,620
Exxon Mobil Corp.	269,600	18,977
Occidental Petroleum Corp.	45,900	3,275
Royal Dutch Shell PLC -Class A ADR	186,700	9,828
Valero Energy Corp.	33,400	601
Paper & Forest Products - 0.5%
International Paper Co.	110,200	2,073

The notes are an integral part of this report.

1

	Shares	Value
Pharmaceuticals - 10.8%
Abbott Laboratories	71,200	$	3,203
Eli Lilly & Co.	99,300	3,465
Johnson & Johnson	131,100	7,983
Merck & Co., Inc.	222,500	6,677
Pfizer, Inc.	863,700	13,758
Wyeth	155,600	7,243
Real Estate Investment Trusts - 0.6%
Host Hotels & Resorts, Inc.	55,500	504
Simon Property Group, Inc.	31,476	1,754
Semiconductors & SemiconductorEquipment - 0.8%
Applied Materials, Inc.	72,200	996
Intel Corp.	105,600	2,033
Software - 1.8%
Microsoft Corp.	177,600	4,177
Oracle Corp.	137,500	3,043
Specialty Retail - 2.0%
Gap, Inc.	115,700	1,888
Home Depot, Inc.	138,200	3,585
Staples, Inc.	110,700	2,327
Textiles, Apparel & Luxury Goods - 0.5%
V.F. Corp.	31,300	2,025
Tobacco - 1.3%
Altria Group, Inc.	132,700	2,326
Lorillard, Inc.	38,600	2,846
Total Common Stocks (cost $443,617)		370,237

	Principal
REPURCHASE AGREEMENT - 5.4%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $20,947 on 08/03/2009. Collateralized by various U.S. Government Agency Obligations, 4.38% - 5.68%, due 07/17/2015 - 09/14/2017, and with a value of $21,367.	$	20,947	20,947
Total Repurchase Agreement (cost $20,947)
Total Investment Securities (cost $464,564) #			391,184
Other Assets and Liabilities - Net			284
Net Assets			$	391,468

FUTURES CONTRACTS:

Description	Contracts Г	Expiration Date	Net Unrealized Appreciation
S&P 500 E-Mini Index	391	09/18/2009	$	934

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $464,564. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $18,375 and $91,755, respectively. Net unrealized depreciation for tax purposes is $73,380.
£	A portion of this security is held at the broker in the amount of $5,246 to cover margin requirements for open futures contracts.
Г	Contract amounts are not in thousands.

The notes are an integral part of this report.

2

(all amounts in thousands)

(unaudited)

DEFINITIONS:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities - Consumer Discretionary	$	34,581	$	—	$	—	$	34,581
Equities - Consumer Staples	28,933		—		—		28,933
Equities - Energy	67,630		—		—		67,630
Equities - Financials	73,931		—		—		73,931
Equities - Health Care	51,007		—		—		51,007
Equities - Industrials	35,815		—		—		35,815
Equities - Information Technology	25,698		—		—		25,698
Equities - Materials	12,749		—		—		12,749
Equities - Telecommunication Services	25,140		—		—		25,140
Equities - Utilities	14,753		—		—		14,753
Cash & Cash Equivalent - Repurchase Agreement	—		20,947		—		20,947
Total	$	370,237	$	20,947	$	—	$	391,184
Other Financial Instruments*	Level 1		Level 2		Level 3		Total
Futures Contracts	$	—	$	934	$	—	$	934

* Other financial instruments are valued at unrealized appreciation (depreciation).

The notes are an integral part of this report.

3

Transamerica Asset Allocation — Conservative Portfolio

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES - 99.9% €
Bonds - 44.1%
Transamerica Convertible Securities	21,860	$	173
Transamerica Flexible Income	1,897,004	15,195
Transamerica High Yield Bond	7,152,696	56,721
Transamerica JPMorgan Core Bond ‡	2,001,001	19,990
Transamerica JPMorgan International Bond	5,908,439	65,702
Transamerica PIMCO Total Return	11,093,607	115,263
Transamerica Short-Term Bond	7,807,018	77,368
Transamerica Van Kampen Emerging Markets Debt	3,730,128	35,772
Capital Preservation - 0.7%
Transamerica Money Market	5,993,118	5,993
Global/International Stocks - 7.5%
Transamerica AllianceBernstein International Value	535,698	3,916
Transamerica Marsico International Growth	818,474	6,687
Transamerica MFS International Equity ‡	1,563,484	11,914
Transamerica Neuberger Berman International	631,305	4,394
Transamerica Oppenheimer Developing Markets	1,169,493	10,888
Transamerica Schroders International Small Cap	1,428,310	10,698
Transamerica Thornburg International Value	1,480,743	13,696
Transamerica WMC Emerging Markets ‡	263,352	2,976
Inflation-Protected Securities - 8.1%
Transamerica PIMCO Real Return TIPS	6,873,825	70,525
Tactical and Specialty - 15.6%
Transamerica BlackRock Global Allocation	1,729,659	16,536
Transamerica BlackRock Natural Resources	876,364	8,036
Transamerica BNY Mellon Market Neutral Strategy	373,932	3,223
Transamerica Clarion Global Real Estate Securities	1,268,882	12,410
Transamerica Evergreen Health Care	128,807	1,221
Transamerica Federated Market Opportunity	960,808	8,715
Transamerica Loomis Sayles Bond	8,006,191	75,017
Transamerica Science & Technology ‡	901,980	3,166
Transamerica UBS Dynamic Alpha	1,349,950	7,830
U.S. Stocks - 23.9%
Transamerica American Century Large Company Value	3,016,075	22,681
Transamerica BlackRock Large Cap Value	4,290,147	31,919
Transamerica Equity	3,393,820	24,979
Transamerica Growth Opportunities ‡	1,021,891	7,766
Transamerica Jennison Growth	2,889,849	27,916
Transamerica JPMorgan Mid Cap Value	1,124,327	8,792
Transamerica Marsico Growth	2,950,898	27,915
Transamerica Oppenheimer Small- & Mid-Cap Value	1,041,979	7,784
Transamerica Third Avenue Value ‡	999,982	18,460
Transamerica UBS Large Cap Value	2,551,568	20,336
Transamerica Van Kampen Mid-Cap Growth	725,373	6,499
Transamerica Van Kampen Small Company Growth	523,584	4,450
Total Investment Companies (cost $910,506) #		873,522
Other Assets and Liabilities - Net		793
Net Assets		$	874,315

NOTES TO SCHEDULE OF INVESTMENTS:

€	The Fund invests its assets in the Class I shares of the affiliated Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $910,506. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $24,790 and $61,774, respectively. Net unrealized depreciation for tax purposes is $36,984.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Company	$	873,522	$	—	$	—	$	873,522

The notes are an integral part of this report.

1

Transamerica Asset Allocation — Growth Portfolio

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES - 100.0% €
Capital Preservation - 0.3%
Transamerica Money Market	4,637,905	$	4,638
Global/International Stocks - 20.5%
Transamerica AllianceBernstein International Value	4,755,667	34,764
Transamerica Evergreen International Small Cap	6,326,760	60,485
Transamerica Marsico International Growth	5,583,648	45,618
Transamerica MFS International Equity ‡	1,273,288	9,702
Transamerica Neuberger Berman International	7,248,674	50,451
Transamerica Oppenheimer Developing Markets	7,801,655	72,634
Transamerica Schroders International Small Cap	1,762,077	13,198
Transamerica Thornburg International Value	1,260,269	11,657
Transamerica WMC Emerging Markets ‡	309,938	3,502
Tactical and Specialty - 12.8%
Transamerica BlackRock Global Allocation	5,177,439	49,496
Transamerica BlackRock Natural Resources	1,603,657	14,706
Transamerica BNY Mellon Market Neutral Strategy	1,107,805	9,549
Transamerica Clarion Global Real Estate Securities	7,110,900	69,544
Transamerica Evergreen Health Care	571,154	5,415
Transamerica Federated Market Opportunity	1,337,730	12,133
Transamerica Science & Technology ‡	4,276,855	15,012
Transamerica UBS Dynamic Alpha	2,365,821	13,722
U.S. Stocks - 66.4%
Transamerica American Century Large Company Value	16,573,676	124,634
Transamerica BlackRock Large Cap Value	20,248,695	150,649
Transamerica Equity	20,193,548	148,624
Transamerica Growth Opportunities ‡	4,268,700	32,442
Transamerica Jennison Growth	11,118,174	107,402
Transamerica JPMorgan Mid Cap Value	5,736,043	44,856
Transamerica Marsico Growth	13,176,481	124,650
Transamerica Oppenheimer Small- & Mid-Cap Value	4,219,091	31,517
Transamerica Third Avenue Value ‡	3,108,525	57,383
Transamerica UBS Large Cap Value	13,281,648	105,855
Transamerica Van Kampen Mid-Cap Growth	3,813,875	34,172
Transamerica Van Kampen Small Company Growth	2,211,534	18,798
Total Investment Companies (cost $1,768,299) #		1,477,208
Other Assets and Liabilities - Net		(573		)
Net Assets		$	1,476,635

NOTES TO SCHEDULE OF INVESTMENTS:

€	The Fund invests its assets in the Class I shares of the affiliated Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $1,768,299. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $33,166 and $324,257, respectively. Net unrealized depreciation for tax purposes is $291,091.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Companies	$	1,477,208	$	—	$	—	$	1,477,208

The notes are an integral part of this report.

1

Transamerica Asset Allocation — Moderate Growth Portfolio

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES - 100.1% €
Bonds - 20.4%
Transamerica Convertible Securities	2,933,466	$		23,204
Transamerica Flexible Income	2,582,793	20,688
Transamerica High Yield Bond	11,804,400	93,609
Transamerica JPMorgan Core Bond ‡	3,301,652	32,984
Transamerica JPMorgan International Bond	8,999,569	100,075
Transamerica PIMCO Total Return	15,530,772	161,364
Transamerica Short-Term Bond	8,820,284	87,409
Transamerica Van Kampen Emerging Markets Debt	5,896,847	56,551
Capital Preservation - 0.3%
Transamerica Money Market	7,482,503	7,483
Global/International Stocks - 13.6%
Transamerica AllianceBernstein International Value	6,581,268	48,109
Transamerica Evergreen International Small Cap	7,493,206	71,635
Transamerica Marsico International Growth	8,170,053	66,749
Transamerica MFS International Equity ‡	624,220	4,757
Transamerica Neuberger Berman International	10,353,648	72,061
Transamerica Oppenheimer Developing Markets	8,618,829	80,241
Transamerica Schroders International Small Cap	1,776,188	13,304
Transamerica Thornburg International Value	1,214,438	11,234
Transamerica WMC Emerging Markets ‡	1,424,692	16,099
Inflation-Protected Securities - 3.9%
Transamerica PIMCO Real Return TIPS	10,815,274	110,965
Tactical and Specialty - 14.5%
Transamerica BlackRock Global Allocation	8,391,458	80,222
Transamerica BlackRock Natural Resources	3,751,488	34,401
Transamerica BNY Mellon Market Neutral Strategy	3,243,834	27,962
Transamerica Clarion Global Real Estate Securities	9,851,223	96,345
Transamerica Evergreen Health Care	815,238	7,728
Transamerica Federated Market Opportunity	2,485,947	22,548
Transamerica Loomis Sayles Bond	8,699,529	81,515
Transamerica Science & Technology ‡	7,521,881	26,402
Transamerica UBS Dynamic Alpha	5,659,634	32,826
U.S. Stocks - 47.4%
Transamerica American Century Large Company Value	22,039,217	165,735
Transamerica BlackRock Large Cap Value	25,590,979	190,396
Transamerica Equity	31,352,988	230,757
Transamerica Growth Opportunities ‡	6,307,361	47,936
Transamerica Jennison Growth	9,845,139	95,104
Transamerica JPMorgan Mid Cap Value	9,860,726	77,111
Transamerica Marsico Growth	18,101,322	171,239
Transamerica Oppenheimer Small- & Mid-Cap Value	6,660,290	49,752
Transamerica Third Avenue Value ‡	4,573,632	84,429
Transamerica UBS Large Cap Value	20,356,697	162,243
Transamerica Van Kampen Mid-Cap Growth	5,266,610	47,189
Transamerica Van Kampen Small Company Growth	2,072,571	17,617
Total Investment Companies (cost $3,226,390) #		2,827,978
Other Assets and Liabilities - Net		(1,994			)
Net Assets		$	2,825,984

NOTES TO SCHEDULE OF INVESTMENTS:

€	The Fund invests its assets in the Class I shares of the affiliated Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $3,226,390. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $45,249 and $443,661, respectively. Net unrealized depreciation for tax purposes is $398,412.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Company	$	2,827,978	$	—	$	—	$	2,827,978

The notes are an integral part of this report.

1

Transamerica Asset Allocation — Moderate Portfolio

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
INVESTMENT COMPANIES - 100.0% €
Bonds - 34.8%
Transamerica Convertible Securities	3,072,644	$	24,305
Transamerica Flexible Income	2,097,743	16,803
Transamerica High Yield Bond	11,325,554	89,812
Transamerica JPMorgan Core Bond ‡	2,801,401	27,986
Transamerica JPMorgan International Bond	11,330,388	125,994
Transamerica PIMCO Total Return	17,691,756	183,816
Transamerica Short-Term Bond	10,111,499	100,205
Transamerica Van Kampen Emerging Markets Debt	5,538,423	53,113
Capital Preservation - 0.3%
Transamerica Money Market	5,310,772	5,311
Global/International Stocks - 9.7%
Transamerica AllianceBernstein International Value	2,794,820	20,430
Transamerica Evergreen InternationalSmall Cap	2,311,967	22,102
Transamerica Marsico International Growth	2,664,030	21,765
Transamerica MFS International Equity ‡	1,215,693	9,264
Transamerica Neuberger Berman International	2,881,703	20,057
Transamerica Oppenheimer Developing Markets	2,553,979	23,778
Transamerica Schroders InternationalSmall Cap	2,988,318	22,383
Transamerica Thornburg International Value	1,001,779	9,266
Transamerica WMC Emerging Markets ‡	2,113,376	23,881
Inflation-Protected Securities - 6.1%
Transamerica PIMCO Real Return TIPS	10,571,444	108,463
Tactical and Specialty - 15.5%
Transamerica BlackRock Global Allocation	3,969,319	37,947
Transamerica BlackRock Natural Resources	1,737,466	15,933
Transamerica BNY Mellon Market Neutral Strategy	1,670,549	14,400
Transamerica Clarion Global Real Estate Securities	4,187,003	40,949
Transamerica Evergreen Health Care	130,408	1,236
Transamerica Federated Market Opportunity	1,959,309	17,771
Transamerica Loomis Sayles Bond	13,126,841	122,998
Transamerica Science & Technology ‡	2,696,616	9,465
Transamerica UBS Dynamic Alpha	2,562,528	14,863
U.S. Stocks - 33.6%
Transamerica American Century Large Company Value	9,115,301	68,547
Transamerica BlackRock Large Cap Value	12,636,888	94,019
Transamerica Equity	12,473,646	91,806
Transamerica Growth Opportunities ‡	2,162,203	16,433
Transamerica Jennison Growth	7,321,848	70,729
Transamerica JPMorgan Mid Cap Value	4,374,631	34,210
Transamerica Marsico Growth	7,930,888	75,026
Transamerica Oppenheimer Small- & Mid-Cap Value	3,347,537	25,006
Transamerica Third Avenue Value ‡	2,071,823	38,246
Transamerica UBS Large Cap Value	7,961,327	63,452
Transamerica Van Kampen Mid-Cap Growth	1,792,240	16,058
Transamerica Van Kampen SmallCompany Growth	561,560	4,773
Total Investment Companies (cost $1,948,668) #		1,782,601
Other Assets and Liabilities - Net		(29		)
Net Assets		$	1,782,572

NOTES TO SCHEDULE OF INVESTMENTS:

€	The Fund invests its assets in the Class I shares of the affiliated Transamerica Funds.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $1,948,668. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $33,791 and $199,858, respectively. Net unrealized depreciation for tax purposes is $166,067.

VALUATION SUMMARY:

	Level 1		Level 2		Level 3		Total
Investment Company	$	1,782,601	$	—	$	—	$	1,782,601

The notes are an integral part of this report.

1

Transamerica Balanced

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts in thousands)

(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS - 1.0%
U.S. Treasury Bond
3.50%, 02/15/2039	$	535	$	462
U.S. Treasury Inflation Indexed Bond
2.50%, 01/15/2029	458		479
Total U.S. Government Obligations (cost $918)			941
U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.2%
Fannie Mae
4.50%, 07/25/2021	491		501
5.00%, 04/25/2034	700		717
5.50%, 04/01/2037- 11/01/2038	2,363		2,451
5.80%, 12/01/2036 *	1,103		1,162
Freddie Mac
5.00%, 02/01/2024- 01/01/2039	3,460		3,565
6.00%, 12/01/2037	1,339		1,426
Ginnie Mae
4.50%, 02/20/2037 *	749		762
Total U.S. Government Agency Obligations (cost $10,396)			10,584
MORTGAGE-BACKED SECURITIES - 3.0%
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037-144A	450		419
BCAP LLC Trust
Series 2009-RR3, Class 2A1
5.65%, 05/26/2037-144A	164		154
Series 2009-RR6, Class 2A1
5.62%, 08/26/2035-144A * Ə	188		180
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24%, 11/15/2036-144A	739		724
Jefferies & Co., Inc.
Series 2009-R2, Class 2A
6.58%, 12/26/2037-144A	195		176
Series 2009-R7, Class 10A3
6.00%, 12/26/2036-144A	170		162
Series 2009-R7, Class 12A1
5.50%, 08/26/2036-144A	193		175
Series 2009-R9, Class 1A1
5.84%, 12/31/2049-144A	196		180
Small Business Administration Trust
Series 2006-1A, Class A
5.31%, 11/15/2036-144A	680		673
Total Mortgage-Backed Securities (cost $2,828)			2,843
CORPORATE DEBT SECURITIES - 22.2%
Airlines - 0.4%
Continental Airlines, Inc.
9.00%, 07/08/2016	120		121
Delta Air Lines, Inc.
7.57%, 11/18/2010	270		261
Beverages - 0.7%
Anheuser-Busch InBev Worldwide, Inc.
8.20%, 01/15/2039 -144A	283		356
Bacardi, Ltd.
7.45%, 04/01/2014 -144A	230		253
Capital Markets - 0.9%
Goldman Sachs Group, Inc.
1.06%, 03/22/2016 *	405		360
Morgan Stanley
6.00%, 05/13/2014	405		433
Chemicals - 1.2%
Chevron Phillips Chemical Co. LLC
8.25%, 06/15/2019 -144A	165		181
Cytec Industries, Inc.
8.95%, 07/01/2017	170		180
Dow Chemical Co.
8.55%, 05/15/2019	390		428
Nalco Co.
8.25%, 05/15/2017 -144A	180		187
Yara International ASA
7.88%, 06/11/2019 -144A	185		197
Commercial Banks - 1.4%
Barclays Bank PLC
10.18%, 06/12/2021 -144A	316		365
National City Bank
0.98%, 12/15/2016 *	460		383
Wachovia Corp.
0.83%, 10/28/2015 *	470		388
ZFS Finance USA Trust II
6.45%, 06/15/2016 -144A ■	230		207
Construction Materials - 0.9%
CRH America, Inc.
5.30%, 10/15/2013	350		343
Lafarge SA
6.15%, 07/15/2011	455		469
Consumer Finance - 0.4%
Discover Financial Services
1.17%, 06/11/2010 *	432		415
Containers & Packaging - 0.5%
Graphic Packaging International, Inc.
9.50%, 06/15/2017 -144A	200		199
Rexam PLC
6.75%, 06/01/2013 -144A	315		311
Diversified Financial Services - 2.4%
Bank of America Corp.
0.91%, 06/15/2016 *	740		611
Bear Stearns Cos., LLC
7.25%, 02/01/2018	378		423
Glencore Funding LLC
6.00%, 04/15/2014 -144A	200		178
Harley-Davidson Funding Corp.
5.25%, 12/15/2012 -144A	380		368
Nissan Motor Acceptance Corp.
5.63%, 03/14/2011 -144A	360		351
Pemex Finance, Ltd.
9.03%, 02/15/2011	298		323
Electronic Equipment & Instruments - 0.4%
Tyco Electronics Group SA
6.00%, 10/01/2012	370		371
Energy Equipment & Services - 0.6%
DCP Midstream LLC
9.75%, 03/15/2019 -144A	215		252
Weatherford International, Ltd.
7.00%, 03/15/2038	285		293
Food & Staples Retailing - 0.4%
Ingles Market, Inc.
8.88%, 05/15/2017 -144A	185		187
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012	225		228

The notes are an integral part of this report.

1

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Food Products - 0.7%
Lorillard, Inc.
8.13%, 06/23/2019	$	160	$	175
M-Foods Holdings, Inc.
9.75%, 10/01/2013 -144A	227		231
Michael Foods, Inc.
8.00%, 11/15/2013	320		321
Gas Utilities - 0.3%
EQT Corp.
8.13%, 06/01/2019	260		293
Health Care Equipment & Supplies - 0.4%
Beckman Coulter, Inc.
7.00%, 06/01/2019	300		335
Hotels, Restaurants & Leisure - 0.7%
Host Hotels & Resorts, LP
7.00%, 08/15/2012	180		178
International Game Technology
7.50%, 06/15/2019	335		356
Royal Caribbean Cruises, Ltd.
8.75%, 02/02/2011	172		172
Household Durables - 0.4%
Whirlpool Corp.
8.00%, 05/01/2012	343		361
Insurance - 0.2%
Oil Insurance, Ltd.
7.56%, 06/30/2011 -144A ■ Ž	400		179
Leisure Equipment & Products - 0.4%
Hasbro, Inc.
6.30%, 09/15/2017	380		371
Media - 0.3%
Time Warner Cable, Inc.
8.25%, 04/01/2019	200		243
Metals & Mining - 1.1%
ArcelorMittal
5.38%, 06/01/2013	440		449
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019	330		388
Xstrata Canada Corp.
7.35%, 06/05/2012	183		185
Multiline Retail - 0.4%
Best Buy Co., Inc.
6.75%, 07/15/2013	330		346
Multi-Utilities - 0.7%
Black Hills Corp.
9.00%, 05/15/2014	185		207
Sempra Energy
9.80%, 02/15/2019	380		484
Oil, Gas & Consumable Fuels - 2.4%
Energy Transfer Partners, LP
9.70%, 03/15/2019	275		345
GAZ Capital SA
8.13%, 07/31/2014 -144A	270		273
Petrobras International Finance Co.
7.88%, 03/15/2019	190		211
PetroHawk Energy Corp.
9.13%, 07/15/2013	360		374
Ras Laffan Liquefied Natural Gas Co., Ltd. III
6.75%, 09/30/2019 -144A	390		405
Teppco Partners, LP
7.00%, 06/01/2067 ■	300		231
Valero Logistics Operations, LP
6.88%, 07/15/2012	450		463
Paper & Forest Products - 0.4%
Weyerhaeuser Co.
6.75%, 03/15/2012	380		389
Real Estate Investment Trusts - 2.0%
Healthcare Realty Trust, Inc.
8.13%, 05/01/2011	345		356
PPF Funding, Inc.
5.35%, 04/15/2012 -144A	781		641
Simon Property Group, Inc.
10.35%, 04/01/2019	320		383
WEA Finance LLC / WCI Finance LLC
5.40%, 10/01/2012 -144A	520		523
Real Estate Management & Development - 0.3%
Post Apartment Homes, LP
6.30%, 06/01/2013	349		327
Road & Rail - 0.6%
Erac USA Finance Co.
8.00%, 01/15/2011 -144A	355		357
Hertz Corp.
8.88%, 01/01/2014	200		193
Specialty Retail - 0.5%
Staples, Inc.
9.75%, 01/15/2014	415		486
Wireless Telecommunication Services - 0.2%
Centennial Communications Corp.
6.35%, 01/01/2013 *	170		166
Total Corporate Debt Securities (cost $20,170)			21,019

	Shares
COMMON STOCKS - 61.9%
Air Freight & Logistics - 2.1%
CH Robinson Worldwide, Inc.	27,000	1,472
Expeditors International of Washington, Inc.	15,000	509
Auto Components - 3.7%
BorgWarner, Inc.	50,000	1,660
Johnson Controls, Inc.	72,000	1,863
Biotechnology - 1.6%
Gilead Sciences, Inc. ‡	30,000	1,468
Capital Markets - 4.4%
Charles Schwab Corp.	130,000	2,323
T. Rowe Price Group, Inc.	39,843	1,861
Chemicals - 2.7%
Sigma-Aldrich Corp.	50,000	2,538
Communications Equipment - 2.4%
Qualcomm, Inc.	50,000	2,311
Computers & Peripherals - 4.9%
Apple, Inc. ‡	22,000	3,595
International Business Machines Corp.	9,000	1,061
Construction & Engineering - 1.0%
Jacobs Engineering Group, Inc. ‡	24,000	984
Diversified Financial Services - 2.0%
JPMorgan Chase & Co.	48,000	1,855
Diversified Telecommunication Services - 1.7%
Verizon Communications, Inc.	50,000	1,604
Electronic Equipment & Instruments - 1.2%
Tyco Electronics, Ltd.	53,300	1,144
Food & Staples Retailing - 1.3%
Wal-Mart Stores, Inc.	24,000	1,197

The notes are an integral part of this report.

2

	Shares	Value
Health Care Equipment & Supplies - 3.0%
Becton Dickinson & Co.	22,000	$	1,433
Covidien PLC	25,000	945
Varian Medical Systems, Inc. ‡	13,000	459
Internet & Catalog Retail - 3.2%
Amazon.com, Inc. ‡	35,000	3,002
Internet Software & Services - 2.9%
Google, Inc. -Class A ‡	6,200	2,747
IT Services - 1.7%
Automatic Data Processing, Inc.	44,000	1,639
Machinery - 5.7%
Caterpillar, Inc.	25,000	1,102
Kennametal, Inc.	100,000	2,131
PACCAR, Inc.	59,000	2,044
Paper & Forest Products - 2.2%
Weyerhaeuser Co.	60,000	2,102
Real Estate Investment Trusts - 0.5%
Plum Creek Timber Co., Inc.	14,000	438
Road & Rail - 1.2%
Burlington Northern Santa Fe Corp.	15,000	1,179
Semiconductors & SemiconductorEquipment - 2.8%
Intel Corp.	139,000	2,676
Software - 7.8%
Adobe Systems, Inc. ‡	78,000	2,528
Intuit, Inc. ‡	44,000	1,307
Microsoft Corp.	40,000	941
Oracle Corp.	115,000	2,544
Trading Companies & Distributors - 1.9%
WW Grainger, Inc.	20,000	1,798
Total Common Stocks (cost $56,311)		58,460

	Principal
PREFERRED CORPORATE DEBT SECURITY - 0.4%
Commercial Banks - 0.4%
Rabobank Nederland NV
11.00%, 06/30/2019 144A ■ Ž	$	315	367
Total Preferred Corporate Debt Security (cost $332)
REPURCHASE AGREEMENT - 0.5%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $458 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 4.38%, due 07/17/2015, and with a value of $470.	458		458
Total Repurchase Agreement (cost $458)
Total Investment Securities (cost $91,413) #			94,672
Other Assets and Liabilities - Net			(195		)
Net Assets			$	94,477

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 07/31/2009.
Ə	Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.
■	Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 07/31/2009.
Ž	The security has a perpetual maturity. The date shown is the next call date.
‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $91,413. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,040 and $5,781, respectively. Net unrealized appreciation for tax purposes is $3,259.

The notes are an integral part of this report.

3

(all amounts in thousands)

(unaudited)

DEFINITION:

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 07/31/2009, these securities aggregated $9,411, or 9.96%, of the Fund’s net assets.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities - Consumer Discretionary	$	7,470	$	—	$	—	$	7,470
Equities - Consumer Staples	1,197		—		—		1,197
Equities - Financials	6,477		—		—		6,477
Equities - Health Care	3,360		—		—		3,360
Equities - Industrials	11,219		—		—		11,219
Equities - Information Technology	22,493		—		—		22,493
Equities - Materials	4,640		—		—		4,640
Equities - Telecommunication Services	1,604		—		—		1,604
Fixed Income - Consumer Discretionary	—		1,804		—		1,804
Fixed Income - Consumer Staples	—		2,460		—		2,460
Fixed Income - Energy	—		2,847		—		2,847
Fixed Income - Financials	—		7,581		—		7,581
Fixed Income - Health Care	—		335		—		335
Fixed Income - Industrials	—		1,131		—		1,131
Fixed Income - Information Technology	—		371		—		371
Fixed Income - Materials	—		3,707		—		3,707
Fixed Income - Mortgage-Backed Security	—		2,843		—		2,843
Fixed Income - Telecommunication Services	—		166		—		166
Fixed Income - U.S. Government Agency Obligation	—		10,584		—		10,584
Fixed Income - U.S. Government Obligation	—		941		—		941
Fixed Income - Utilities	—		984		—		984
Cash & Cash Equivalent - Repurchase Agreement	—		458		—		458
Total	$	58,460	$	36,212	$	—	$	94,672

The notes are an integral part of this report.

4

Transamerica BlackRock Global Allocation

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts in thousands)

(unaudited)

	Principal						Value
U.S. GOVERNMENT OBLIGATIONS - 9.5%
United States - 9.5%
U.S. Treasury Inflation Indexed Bond
2.38%, 01/15/2027	$	1,732					$	1,769
U.S. Treasury Inflation Indexed Note
0.88%, 04/15/2010	3,934						3,942
1.63%, 01/15/2018	1,512						1,505
2.00%, 04/15/2012 - 01/15/2016	3,620						3,680
2.38%, 04/15/2011 (a)	6,117						6,293
2.50%, 07/15/2016	7,064						7,415
U.S. Treasury Note
1.75%, 01/31/2014	1,002						977
2.13%, 01/31/2010	1,390						1,402
2.63%, 06/30/2014 - 02/29/2016	2,460						2,425
2.75%, 02/15/2019	3,145						2,955
2.88%, 06/30/2010	2,797						2,858
4.88%, 05/31/2011	5,650						6,043
Total U.S. Government Obligations (cost $40,431)							41,264
FOREIGN GOVERNMENT OBLIGATIONS - 9.9%
Australia - 0.2%
Australian Government
5.75%, 06/15/2011	AUD					1,145	983
Brazil - 1.3%
Brazil Notas Do Tesouro Nacional
10.00%, 01/01/2017	BRL				12,015		5,676
Canada - 0.3%
Canadian Government Bond
4.00%, 09/01/2010 - 06/01/2016	CAD				1,165		1,132
France - 0.1%
Caisse D’amortissement de La Dette Sociale
3.25%, 04/25/2013	EUR				400		587
Germany - 4.2%
Bundesrepublik Deutschland
3.50%, 07/04/2019	EUR				1,380		2,000
4.25%, 07/04/2017	EUR				2,150		3,311
Deutsche Bundesrepublik, TIPS
1.50%, 04/15/2016	EUR				3,857		5,572
Republic of Germany
4.00%, 07/04/2016	EUR				2,750		4,186
4.75%, 06/11/2010	EUR				1,914		2,822
Japan - 1.8%
Japanese Government Bond
0.70%, 09/15/2010	JPY				94,450		1,004
Japanese Government CPILinked Bond, TIPS
0.80%, 09/10/2015 - 03/10/2016	JPY				585,981		5,636
1.00%, 06/10/2016	JPY				40,360		389
1.40%, 06/10/2018	JPY				84,830		823
Malaysia - 0.4%
Malaysian Government Bond
3.76%, 04/28/2011	MYR				3,400		988
3.87%, 04/13/2010	MYR				2,850		819
Netherlands - 0.4%
Kingdom of the Netherlands
3.75%, 07/15/2014	EUR				1,200		1,798
New Zealand - 0.1%
Republic of New Zealand, TIPS
4.50%, 02/15/2016	NZD				400		383
Poland - 0.2%
Republic of Poland, TIPS
3.00%, 08/24/2016	PLN				2,898		938
United Kingdom - 0.9%
U.K. Gilt
4.25%, 03/07/2011	GBP				2,235		3,911
Total Foreign Government Obligations (cost $41,838)							42,958
ASSET-BACKED SECURITY - 0.0%
Cayman Islands - 0.0%
Latitude CLO, Ltd.
Series 2005-1I, Class SUB
0.00%, 12/15/2017	$				200		2
Total Asset-Backed Security (cost $177)
CORPORATE DEBT SECURITIES - 4.1%
Bermuda - 0.1%
Noble Group, Ltd.
8.50%, 05/30/2013 -144A	375						377
Canada - 0.1%
Rogers Communications, Inc.
7.63%, 12/15/2011	CAD				500		514
Sino-Forest Corp.
9.13%, 08/17/2011 Reg S	$		50				51
Cayman Islands - 0.3%
Chaoda Modern Agriculture Holdings, Ltd.
7.75%, 02/08/2010 Reg S	300						296
Cosan Finance, Ltd.
7.00%, 02/01/2017 -144A	90						82
DBS Capital Funding Corp.
7.66%, 03/15/2011 Reg S ■ Ž	42						42
Hutchison Whampoa International, Ltd.
5.45%, 11/24/2010 Reg S	300						309
6.25%, 11/24/2014 Reg S	200						216
Hutchison Whampoa, Ltd.
7.63%, 04/09/2019 -144A	400						458
Ireland - 0.5%
TransCapitalInvest, Ltd.
5.67%, 03/05/2014 Reg S	100						93
6.10%, 06/27/2012 -144A	100						98
8.70%, 08/07/2018 -144A	200						200
VIP Finance Ireland, Ltd.
8.38%, 04/30/2013 -144A	462						447
9.13%, 04/30/2018 -144A	1,458						1,320
Korea, Republic of - 0.1%
Korea Electric Power Corp.
5.13%, 04/23/2034 Reg S	214						220
Luxembourg - 1.2%
Alrosa Finance SA
8.88%, 11/17/2014 Reg S	201						192
Evraz Group SA
8.25%, 11/10/2015 Reg S	100						85
8.88%, 04/24/2013 -144A	300						261
9.50%, 04/24/2018 -144A	425						359
GAZ Capital SA
5.14%, 03/22/2017 Reg S	EUR				168		199
5.36%, 10/31/2014	EUR				125		166
5.44%, 11/02/2017 Reg S	EUR				142		171
5.88%, 06/01/2015 Reg S	EUR				109		145
6.61%, 02/13/2018	EUR				646		825
8.63%, 04/28/2034 Reg S	$			231			240

The notes are an integral part of this report.

1

(all amounts except share amounts in thousands)

(unaudited)

	Principal		Value
Luxembourg (continued)
Gazprom International SA
7.20%, 02/01/2020 Reg S	$	408	$	402
TNK-BP Finance SA
6.13%, 03/20/2012 -144A		100	96
6.63%, 03/20/2017-144A		852	732
7.50%, 07/18/2016 -144A		300	282
7.88%, 03/13/2018 -144A		1,122	1,020
UBS Luxembourg SA
8.25%, 05/23/2016 Reg S		300	270
Malaysia - 0.2%
Johor Corp.
1.00%, 07/31/2012 § ∞	MYR	2,896	806
Netherlands - 0.3%
Kazmunaigaz Finance Sub BV
9.13%, 07/02/2018 -144A	$	1,404	1,285
Supranational - 0.1%
European Investment Bank
3.63%, 10/15/2011	EUR	296	440
United Arab Emirates - 0.4%
Abu Dhabi National Energy Co.
6.50%, 10/27/2036 Reg S	$	100	85
Nakheel Development, Ltd.
3.17%, 12/14/2009		1,678	1,464
United States - 0.7%
Advanced Micro Devices, Inc.
7.75%, 11/01/2012		19	15
General Electric Capital Corp.
0.47%, 01/15/2010 *	JPY	204,000	2,140
Pemex Project Funding Master Trust
5.50%, 02/24/2025 Reg S	EUR	860	1,002
Virgin Islands, British - 0.1%
Citic Resources Finance, Ltd.
6.75%, 05/15/2014 -144A	$	331	322
Total Corporate Debt Securities (cost $16,090)			17,727
STRUCTURED NOTES DEBT - 0.0%
United States - 0.0%
Preferred Term Securities XXIV, Ltd.
Zero Coupon, 03/22/2037 § ∞		350	♦
Preferred Term Securities XXV, Ltd.
Zero Coupon, 03/22/2037 § ∞		175	♦
Preferred Term Securities XXVI, Ltd.
Zero Coupon, 09/22/2037 -144A § ∞		190	♦
Preferred Term Securities XXVII, Ltd.
Zero Coupon, 12/22/2037 § ∞		200	♦
Total Structure Notes Debt (cost $905)			♦
	Shares
CONVERTIBLE PREFERRED STOCKS - 0.7%
Bermuda - 0.0%
Bunge, Ltd. 4.88% 		1,390	130
Cayman Islands - 0.0%
XL Capital, Ltd. 10.75% 		4,470	104
Japan - 0.2%
Mizuho Financial Group, Inc.2.00%  § ∞		105,000	777
United States - 0.5%
El Paso Corp. 4.99% 		1,153	1,011
Freeport-McMoRan Copper & Gold, Inc. 5.50% 		438	578
Mylan, Inc. 6.50% 		272	240
NRG Energy, Inc. 4.00% 		147	200
Total Convertible Preferred Stocks (cost $2,197)			3,040
PREFERRED STOCKS - 0.2%
Brazil - 0.2%
All America LatinaLogistica SA 0.77% 		14,000	88
Cia Brasileira de Distribuicao GrupoPao de Acucar 0.68% 		25,961	600
Usinas Siderurgicas de MinasGerais SA 1.38% 		5,900	140
France - 0.0%
Michelin ‡ 		1,513	208
Total Preferred Stocks (cost $982)			1,036
COMMON STOCKS - 54.8%
Australia - 0.3%
BHP Billiton, Ltd.		15,600	494
Newcrest Mining, Ltd.		11,170	280
Transurban Group ‡		57,975	210
Woodside Petroleum, Ltd.		12,200	466
Austria - 0.0%
Telekom Austria AG		10,900	166
Belgium - 0.1%
RHJ International -144A ‡		17,100	110
RHJ International ‡		67,000	435
Bermuda - 0.7%
Accenture, Ltd. -Class A		700	25
Arch Capital Group, Ltd. ‡		4,600	286
Axis Capital Holdings, Ltd.		400	11
Bunge, Ltd.		2,311	162
Cheung Kong InfrastructureHoldings, Ltd.		77,900	283
Cosan, Ltd. -Class A ‡		25,600	172
Endurance Specialty Holdings, Ltd.		16,200	540
Everest RE Group, Ltd.		2,700	217
Frontline, Ltd.		400	9
IPC Holdings, Ltd.		10,000	289
Katanga Mining, Ltd. ‡		84,672	53
Nabors Industries, Ltd. ‡		4,950	84
Noble Group, Ltd.		107,869	157
PartnerRe, Ltd.		2,800	192
Platinum Underwriters Holdings, Ltd.		6,000	203
RenaissanceRe Holdings, Ltd.		6,000	302
Brazil - 1.6%
Cia Energetica de Minas Gerais ADR		8,867	127
GVT Holding SA ‡		9,300	181
Hypermarcas SA ‡		44,300	645
Mrv Engenharia E Participacoes SA		11,700	199
Petroleo Brasileiro SA -Class A ADR		137,600	4,719
SLC Agricola SA		44,200	423
VIVO Participacoes SA ADR		33,900	772
Canada - 3.0%
Alamos Gold, Inc. ‡		40,300	391
Barrick Gold Corp.		30,995	1,082
BCE, Inc.		600	14
Canadian Natural Resources, Ltd.		7,900	477

The notes are an integral part of this report.

2

	Shares	Value
Canada (continued)
Canadian Pacific Railway, Ltd.	20,600	$	916
Eldorado Gold Corp. ‡	73,100	735
EnCana Corp.	400	21
Goldcorp, Inc.	55,800	2,102
Golden Star Resources, Ltd. ‡	23,800	59
Iamgold Corp.	111,000	1,172
Kinross Gold Corp.	134,821	2,657
New Gold, Inc. ‡	8,200	24
Nexen, Inc.	800	17
Nortel Networks Corp. ‡	9,000	♦
Petro-Canada	6,400	265
Rogers Communications, Inc. -Class B	28,400	791
Sino-Forest Corp. -Class A ‡	38,300	523
Talisman Energy, Inc.	5,200	80
Teck Resources, Ltd. -Class B ‡	1,500	39
TELUS Corp. ‡	5,300	153
Viterra, Inc. ‡	16,000	135
Yamana Gold, Inc.	151,270	1,442
Cayman Islands - 0.6%
Bawang International Group Holding, Ltd. ‡	22,800	10
Chaoda Modern Agriculture Holdings, Ltd.	1,437,614	972
Garmin, Ltd.	1,000	28
Seagate Technology, Inc.	800	10
Tianjin Port Development Holdings, Ltd.	608,300	257
XL Capital, Ltd. -Class A	83,700	1,178
China - 0.5%
China Bluechemical, Ltd.	143,400	80
China Communications ServicesCorp., Ltd. -Class H	9,300	6
China Life Insurance Co., Ltd. ADR	4,933	328
China Shenhua EnergyCo., Ltd. -Class H	218,000	891
China South Locomotive And Rolling Stock Corp.	143,900	90
Guangshen Railway Co., Ltd.	592,100	286
Huaneng Power International,Inc. -Class H	60,000	47
Jiangsu Expressway Co., Ltd. -Class H	71,400	63
Ping An Insurance Group Co.of China, Ltd. -Class H	26,800	238
Xiamen International Port Co.,Ltd. -Class H	593,500	120
Cyprus - 0.0%
AFI Development PLC GDR	47,100	80
Egypt - 0.1%
Telecom Egypt	167,430	526
Finland - 0.2%
Fortum OYJ	8,978	208
Nokia OYJ ADR	32,700	436
Nokia OYJ	9,817	131
France - 0.8%
Bouygues SA	4,646	198
Cie Generale D’optique Essilor International SA	13,500	748
France Telecom SA	35,600	889
Sanofi-Aventis SA ADR	700	23
Sanofi-Aventis SA	5,180	339
Schneider Electric SA	2,241	204
Thales SA	4,300	182
Total SA	13,708	760
Vivendi	12,300	316
Germany - 0.3%
Allianz SE	2,216	219
BASF SE	3,621	181
Bayer AG ADR	300	18
Bayer AG	5,171	318
Bayerische Motoren Werke AG	3,100	143
Deutsche Telekom AG	9,043	116
E.ON AG	8,720	330
GEA Group AG	11,196	183
Guernsey Channel Islands - 0.0%
Amdocs, Ltd. ‡	1,000	24
Hong Kong - 1.1%
Beijing Enterprises Holdings, Ltd.	313,589	1,582
Cheung Kong Holdings, Ltd.	25,500	329
China Mobile, Ltd.	51,900	545
Denway Motors, Ltd.	262,000	130
Hutchison Whampoa, Ltd.	57,600	431
Link REIT	269,400	612
Shanghai Industrial Holdings, Ltd.	19,300	105
Tianjin Development Holdings	1,151,300	816
Wharf Holdings, Ltd.	76,525	360
India - 0.7%
Bharat Heavy Electricals, Ltd.	14,600	680
Container Corp. of India	4,500	103
Hindustan Unilever, Ltd.	39,200	238
Housing Development Finance Corp.	5,000	264
Larsen & Toubro, Ltd.	11,000	346
Reliance Industries, Ltd. ‡	20,500	845
State Bank of India, Ltd.	14,500	550
Indonesia - 0.1%
Bumi Resources	983,901	278
Ireland - 0.1%
Covidien PLC	6,525	247
Israel - 0.2%
Check Point Software Technologies ‡	1,200	32
Ectel, Ltd. ‡	4,795	3
Teva Pharmaceutical Industries, Ltd. ADR	15,240	813
Italy - 0.1%
ENI SpA	13,651	318
Finmeccanica SpA	7,323	111
Japan - 7.6%
AIOI Insurance Co., Ltd.	204,000	970
Astellas Pharma, Inc.	25,200	961
Canon, Inc.	23,800	888
Coca-Cola Central Japan Co., Ltd.	10,000	139
Coca-Cola West Co., Ltd.	27,571	540
Daihatsu Motor Co., Ltd.	18,800	212
Daikin Industries, Ltd.	2,000	73
Daiwa House Industry Co., Ltd.	30,700	317
East Japan Railway Co.	15,391	884

The notes are an integral part of this report.

3

	Shares	Value
Japan (continued)
Fanuc, Ltd.	1,600	$	131
Futaba Industrial Co., Ltd.	28,000	109
Hitachi Chemical Co., Ltd.	17,000	348
Hokkaido Coca-Cola Bottling Co., Ltd.	9,000	48
Honda Motor Co., Ltd.	16,400	529
Hoya Corp.	35,000	845
JGC Corp.	35,000	606
KDDI Corp.	224	1,188
Kinden Corp.	29,000	244
Kirin Holdings Co., Ltd.	47,900	717
Kubota Corp.	110,800	998
Kyowa Hakko Kirin Co., Ltd.	26,000	299
Mikuni Coca-Cola Bottling Co., Ltd.	21,800	179
Mitsubishi Corp.	79,300	1,584
Mitsubishi Tanabe Pharma Corp.	16,000	191
Mitsui & Co., Ltd.	86,900	1,090
Mitsui Sumitomo Insurance Group Holdings, Inc.	20,600	529
Murata Manufacturing Co., Ltd.	10,500	515
NGK Insulators, Ltd.	11,500	261
Nintendo Co., Ltd.	1,100	297
Nippon Sheet Glass Co., Ltd.	3,000	9
Nippon Telegraph & Telephone Corp.	12,000	496
Nipponkoa Insurance Co., Ltd.	128,100	765
NTT DoCoMo, Inc.	1,085	1,574
NTT Urban Development Corp.	160	152
Okumura Corp.	82,400	344
Panasonic Corp.	40,000	634
Rinnai Corp.	5,500	240
ROHM Co., Ltd.	4,000	298
Sekisui House, Ltd.	80,000	754
Seven & I Holdings Co., Ltd.	41,600	976
Shimachu Co., Ltd.	4,700	100
Shin-Etsu Chemical Co., Ltd.	24,800	1,337
Shionogi & Co., Ltd.	17,500	362
Sony Corp. ADR	600	17
Sumitomo Chemical Co., Ltd.	371,300	1,839
Sumitomo Electric Industries, Ltd.	8,800	110
Sumitomo Mitsui Financial Group, Inc.	15,800	676
Suzuki Motor Corp.	49,100	1,240
Tadano, Ltd.	9,000	43
Takeda Pharmaceutical Co., Ltd.	11,900	482
TDK Corp.	2,300	121
Terumo Corp.	3,400	173
Toda Corp.	61,000	233
Toho Co., Ltd.	21,000	374
Tokio Marine Holdings, Inc.	61,300	1,781
Tokyo Gas Co., Ltd.	164,000	601
Toyota Industries Corp.	24,900	674
Toyota Motor Corp.	12,100	510
UBE Industries, Ltd.	140,900	408
West Japan Railway Co.	75	239
Jersey Channel Islands - 0.0%
Shire PLC ADR	500	22
Kazakhstan - 0.3%
Kazmunaigas ExplorationProduction GDR ‡	52,200	1,125
Korea, Republic of - 0.8%
Cheil Industries, Inc.	3,300	128
Korean Reinsurance Co.	4,774	45
KT Corp. ADR	33,000	530
KT&G Corp.	9,900	575
LS Cable, Ltd.	4,400	305
Meritz Fire & MarineInsurance Co., Ltd.	4,963	27
Paradise Co., Ltd.	29,039	79
POSCO ADR	3,700	374
POSCO	700	286
Samsung Electronics Co., Ltd.	1,450	855
Samsung Fine Chemicals Co., Ltd.	7,100	292
SK Telecom Co., Ltd.	1,200	181
Luxembourg - 0.1%
ArcelorMittal	8,231	296
Malaysia - 0.3%
Axiata Group BHD ‡	193,500	162
British American Tobacco PLC ‡	18,300	242
Genting Malaysia BHD	119,294	100
IOI Corp. BHD	298,030	414
Plus Expressways BHD	57,000	53
Telekom Malaysia BHD	86,000	73
Tenaga Nasional BHD	137,657	318
Mexico - 0.2%
America Movil SAB de CV ADR	10,800	465
Fomento Economico MexicanoSAB de CV ADR	5,600	216
Netherlands - 0.1%
Koninklijke KPN NV	25,555	384
Koninklijke Philips Electronics NV -Class Y	1,200	27
Unilever NV	5,700	155
Netherlands Antilles - 0.2%
Schlumberger, Ltd.	14,100	754
Norway - 0.1%
Statoilhydro ASA	17,600	376
Panama - 0.1%
McDermott International, Inc. ‡	11,900	233
Philippines - 0.0%
First Gen Corp. ‡	12,000	6
Russian Federation - 1.0%
Gazprom OAO ADR	36,100	745
Kuzbassrazrezugol ‡	820,060	146
MMC Norilsk Nickel ADR ‡	25,834	259
Novorossiysk CommercialSea Port GDR	83,400	1,075
Polyus Gold Co. ADR ‡	19,700	432
Rushydro ‡	1,050,759	36
Rushydro GDR ‡	308,946	1,072
Sberbank	419,500	575
Surgutneftegaz ADR	22,700	177
Uralkali GDR	1,400	26
Singapore - 0.8%
Capitaland, Ltd.	69,650	185
Fraser and Neave, Ltd.	132,800	383
Keppel Corp., Ltd.	134,100	782
MobileOne, Ltd.	164,030	191
Oversea-Chinese Banking Corp.	59,000	321

The notes are an integral part of this report.

4

	Shares	Value
Singapore - (continued)
Parkway Holdings, Ltd.	202,620	$	294
Parkway Life REIT ‡	7,732	5
SembCorp Marine, Ltd.	71,100	154
Singapore Press Holdings, Ltd.	66,000	165
Singapore Telecommunications, Ltd.	354,450	862
South Africa - 0.1%
Anglo Platinum, Ltd.	1,300	93
Gold Fields, Ltd. ADR	9,300	112
Impala Platinum Holdings, Ltd.	4,900	118
Sasol, Ltd.	3,200	115
Spain - 0.3%
Iberdrola Renovables SA	29,300	135
Telefonica SA ADR	4,000	299
Telefonica SA	26,698	664
Switzerland - 1.3%
ACE, Ltd.	31,700	1,555
Credit Suisse Group AG	7,180	339
Foster Wheeler AG ‡	17,964	415
Nestle SA	32,748	1,348
Noble Corp.	700	24
Novartis AG	6,388	293
Roche Holding AG	2,801	441
Transocean, Ltd. ‡	4,313	344
Tyco Electronics, Ltd.	6,525	140
Tyco International, Ltd.	5,525	167
Weatherford International, Ltd. ‡	7,900	148
Zurich Financial Services AG	2,519	495
Taiwan - 0.7%
Asustek Computer, Inc.	58,000	92
Catcher Technology Co., Ltd.	31,000	87
Chunghwa Telecom Co., Ltd. ADR	37,537	654
Chunghwa Telecom Co., Ltd.	146,397	294
Delta Electronics, Inc.	163,541	424
High Tech Computer Corp. ‡	5,000	68
Hon Hai Precision Industry Co., Ltd.	91,252	314
Mediatek, Inc.	6,000	86
Taiwan Cement Corp. ‡	368,960	391
Taiwan SemiconductorManufacturing Co., Ltd.	309,888	557
Thailand - 0.2%
Hana Microelectronics PCL	173,200	96
PTT PCL	54,600	385
Siam Commercial Bank PCL	186,900	407
United Kingdom - 1.6%
AstraZeneca PLC ADR	400	19
BP PLC ADR	23,700	1,185
BP PLC	92,211	766
British American Tobacco PLC	14,125	438
Cadbury PLC ADR	15,424	610
Diageo PLC ADR	26,400	1,646
Guinness Peat Group PLC	463,094	233
HSBC Holdings PLC	21,700	220
Unilever PLC ADR	6,700	177
Unilever PLC	13,386	353
Vodafone Group PLC ADR	21,061	433
Vodafone Group PLC	420,122	862
United States - 28.5%
3Com Corp. ‡	114,800	433
3M Co.	11,600	818
Abbott Laboratories	28,200	1,269
Aetna, Inc. (b)	31,450	848
Affiliated Computer Services,Inc. -Class A ‡	500	24
Alliance Resource Partners, LP	6,600	234
Allstate Corp.	5,300	143
Altria Group, Inc.	28,600	501
American Commercial Lines, Inc. ‡	10,225	160
AmerisourceBergen Corp. -Class A	8,000	158
Amgen, Inc. ‡	8,300	517
Amphenol Corp. -Class A	1,900	64
Anadarko Petroleum Corp.	12,200	588
Analog Devices, Inc.	3,300	90
Apache Corp.	8,100	680
Apple, Inc. (b) ‡	6,500	1,062
Archer-Daniels-Midland Co.	700	21
Ascent Media Corp. ‡	50	1
AT&T, Inc.	141,930	3,722
Autodesk, Inc. ‡	2,700	59
Autoliv, Inc.	400	14
Avnet, Inc. ‡	500	12
Avon Products, Inc. (b)	9,000	291
Bank of America Corp. (b)	40,300	596
Bank of New York Mellon Corp.	69,481	1,899
Baxter International, Inc.	4,200	237
Big Lots, Inc. ‡	800	18
Biogen Idec, Inc. ‡	400	19
BMC Software, Inc. ‡	2,100	71
Boeing Co.	26,500	1,137
Boston Scientific Corp. ‡	16,000	172
Bristol-Myers Squibb Co.	191,500	4,164
Broadcom Corp. -Class A ‡	6,400	181
Burlington Northern Santa Fe Corp. (b)	24,400	1,918
CA, Inc.	49,100	1,038
Calpine Corp. ‡	1,900	24
Cell Genesys, Inc. ‡	14,411	4
CenturyTel, Inc.	3,529	111
CF Industries Holdings, Inc.	300	24
Chevron Corp.	41,300	2,869
Chubb Corp.	12,700	586
Cigna Corp. (b)	32,700	929
Circuit City Stores, Inc. ‡	12,400	♦
Cisco Systems, Inc. ‡	79,600	1,751
Citigroup, Inc.	76,585	243
CMS Energy Corp.	13,300	172
CAN Financial Corp.	400	7
CNX Gas Corp. ‡	7,000	206
Coca-Cola Co.	10,800	538
Cognizant Technology Solutions Corp. -Class A ‡	3,300	98
Comcast Corp. -Class A	95,650	1,422
Complete Production Services, Inc. (b) ‡	25,800	213
Computer Sciences Corp. ‡	2,300	111
Comverse Technology, Inc. ‡	45,500	360

The notes are an integral part of this report.

5

	Shares	Value
United States - (continued)
ConAgra Foods, Inc.	9,100	$	179
ConocoPhillips	31,300	1,368
Consol Energy, Inc. (b)	43,800	1,556
Constellation Brands, Inc. -Class A ‡	8,200	112
Corning, Inc.	90,700	1,542
Crown Holdings, Inc. ‡	12,200	306
CVS Caremark Corp.	14,900	499
DaVita, Inc. ‡	7,800	388
Dell, Inc. ‡	19,700	264
Devon Energy Corp.	11,500	668
Discover Financial Services	100	1
Discovery Communications, Inc. ‡	1,000	23
Dish Network Corp. -Class A ‡	8,7000	147
Dover Corp.	600	20
Dow Chemical Co.	30,700	650
Dr. Pepper Snapple Group, Inc. ‡	11,568	285
E.I. duPont de Nemours & Co.	21,300	659
eBay, Inc. ‡	16,300	346
Edison International	700	23
El Paso Corp.	80,173	807
Electronic Arts, Inc. (b)  ‡	15,800	339
Eli Lilly & Co.	15,300	534
EMC Corp. ‡	26,800	404
Endo Pharmaceuticals Holdings, Inc. ‡	3,900	82
Ensco International, Inc.	2,400	91
Entergy Corp.	7,400	594
Exelon Corp.	10,200	519
Extreme Networks ‡	1,089	2
Exxon Mobil Corp.	52,600	3,703
Fairpoint Communications, Inc.	1,074	1
Family Dollar Stores, Inc.	700	22
Fidelity National Financial, Inc. -Class A	48,200	692
Fidelity National Information Services, Inc.	2,800	66
Fluor Corp.	500	26
FMC Corp.	10,200	496
Forest Laboratories, Inc. ‡	5,700	147
FPL Group, Inc.	17,700	1,003
Gap, Inc.	1,500	24
General Communication, Inc. -Class A ‡	10,600	73
General Dynamics Corp.	1,600	89
General Electric Co.	89,620	1,201
General Mills, Inc.	6,100	359
Genzyme Corp. ‡	7,900	410
Gilead Sciences, Inc. ‡	8,700	426
Global Industries, Ltd. ‡	76,900	525
Goodrich Corp.	500	26
Google, Inc. -Class A ‡	4,040	1,790
Halliburton Co.	13,880	307
Hanesbrands, Inc. ‡	862	17
Harris Corp.	1,500	47
Healthsouth Corp. ‡	8,420	121
Hess Corp.	8,300	458
Hewitt Associates, Inc. -Class A ‡	600	18
Hewlett-Packard Co. (b)	32,300	1,399
HJ Heinz Co.	7,900	304
Hologic, Inc. ‡	63,400	931
Honeywell International, Inc.	300	10
Humana, Inc. (b) ‡	24,800	815
International Business Machines Corp.	19,700	2,322
International Game Technology	25,500	504
International Paper Co.	8,100	152
JDS Uniphase Corp. ‡	4,925	29
Johnson & Johnson	54,200	3,300
JPMorgan Chase & Co. (b)	76,800	2,968
KBR, Inc.	11,175	237
Key Energy Services, Inc. ‡	8,600	60
King Pharmaceuticals, Inc. ‡	5,800	53
Kraft Foods, Inc. -Class A	41,903	1,188
L-3 Communications Corp.	200	15
Lexmark International, Inc. -Class A ‡	13,900	201
Liberty Media Corp. ‡	20	♦
Liberty Media Corp. - Interactive -Class A ‡	762	5
Life Technologies Corp. ‡	5,600	255
Lockheed Martin Corp.	7,300	546
LSI Corp. ‡	3,668	19
Macqarie Infrastructure Co.	7,200	28
Manpower, Inc.	200	10
Marathon Oil Corp.	31,700	1,022
Marsh & McLennan Cos., Inc.	1,500	31
Mattel, Inc.	25,700	452
McDonald’s Corp.	12,200	671
McGraw-Hill Cos., Inc.	800	25
McKesson Corp.	6,700	343
Mead Johnson Nutrition Co. -Class A	9,000	328
Medco Health Solutions, Inc. ‡	10,500	555
Medtronic, Inc.	37,600	1,332
Memc Electronic Materials, Inc. ‡	2,500	44
Merck & Co., Inc.	41,600	1,248
MetLife, Inc.	8,400	285
Mettler-Toledo International, Inc. ‡	1,950	164
Microsoft Corp. (b)	207,100	4,872
Morgan Stanley (b)	18,700	533
Motorola, Inc.	68,800	493
Murphy Oil Corp.	5,700	332
Mylan, Inc. (b) ‡	26,073	344
National Oilwell Varco, Inc. ‡	17,720	636
National Semiconductor Corp.	2,800	42
Netapp, Inc. ‡	3,900	88
Newmont Mining Corp.	38,200	1,580
News Corp. -Class A	35,900	371
Noble Energy, Inc.	300	18
Northern Trust Corp.	23,100	1,382
Northrop Grumman Corp.	400	18
Novell, Inc. ‡	12,000	55
Novellus Systems, Inc. ‡	1,100	22
Occidental Petroleum Corp.	14,300	1,020
Oracle Corp.	45,700	1,011
Pall Corp.	1,800	55
Panera Bread Co. -Class A (b) ‡	4,000	220
Pepsi Bottling Group, Inc.	500	17
PepsiAmericas, Inc.	3,700	99
PerkinElmer, Inc.	7,300	129
Perrigo Co.	6,000	163

The notes are an integral part of this report.

6

	Shares	Value
United States - (continued)
Pfizer, Inc.	136,300	$	2,171
Pharmerica Corp. ‡	383	8
Philip Morris International, Inc.	19,400	905
Pitney Bowes, Inc.	800	17
Polycom, Inc. (b) ‡	39,900	948
PPL Corp.	10,200	345
Praxair, Inc.	1,600	125
Precision Castparts Corp.	5,700	455
Pride International, Inc. ‡	800	20
Principal Financial Group, Inc.	6,800	161
Procter & Gamble Co.	42,100	2,337
Progressive Corp. ‡	16,700	260
Qualcomm, Inc.	22,300	1,030
Quest Diagnostics, Inc.	500	27
Qwest Communications International, Inc.	149,500	577
Ralcorp Holdings, Inc. ‡	1,210	77
Raytheon Co.	200	9
Reynolds American, Inc.	400	17
Ross Stores, Inc.	700	31
Ryder System, Inc.	700	25
Safeway, Inc.	800	15
Sara Lee Corp.	66,300	705
Schering-Plough Corp.	46,100	1,222
Smith International, Inc.	4,000	101
Southern Co.	3,900	122
Spirit Aerosystems Holdings, Inc. -Class A ‡	41,300	537
Sprint Nextel Corp. ‡	66,800	267
St. Joe Co. ‡	18,600	524
Stone Energy Corp. ‡	4,100	45
Sun Microsystems, Inc. ‡	23,450	215
Sunoco, Inc.	200	5
Supervalu, Inc.	3,272	49
Synopsys, Inc. ‡	1,100	22
Tellabs, Inc. ‡	4,100	24
Teradata Corp. ‡	2,500	61
Texas Instruments, Inc.	14,700	353
Thermo Fisher Scientific, Inc. ‡	8,700	394
Time Warner Cable, Inc. -Class A	2,058	68
Time Warner, Inc.	8,200	219
Total System Services, Inc.	2,200	32
Transatlantic Holdings, Inc.	3,200	151
Travelers Cos., Inc.	23,300	1,004
U.S. Bancorp	49,600	1,012
Unifi, Inc. ‡	26,800	56
Union Pacific Corp.	29,300	1,685
United Technologies Corp.	3,800	207
UnitedHealth Group, Inc. (b)	40,800	1,145
URS Corp. ‡	400	20
Valero Energy Corp.	900	16
Verizon Communications, Inc.	76,300	2,447
Viacom, Inc. -Class B ‡	32,600	756
Wabco Holdings, Inc.	100	2
Wal-Mart Stores, Inc.	42,300	2,109
Waters Corp. ‡	8,000	402
WellPoint, Inc. (b) ‡	21,750	1,144
Wells Fargo & Co.	62,100	1,519
Western Digital Corp. ‡	3,400	103
Western Union Co.	10,500	183
Windstream Corp.	10,122	89
Wyeth	28,700	1,336
Xerox Corp.	80,500	659
Xilinx, Inc.	1,000	22
XTO Energy, Inc.	7,900	318
Total Common Stocks (cost $258,183)		238,043
INVESTMENT COMPANIES - 3.7%
Cayman Islands - 0.0%
Dragon Capital - Vietnam Enterprise Investments, Ltd.	51,468	146
United States - 3.6%
Consumer Staples Select Sector SPDR Fund	25,400	623
Health Care Select Sector SPDR Fund	25,500	711
iShares Dow Jones US TelecommunicationsSector Index Fund	17,900	322
iShares Silver Trust	82,700	1,133
SPDR Gold Trust	77,000	7,188
SPDR KBW Bank Trust	4,100	82
Technology Select Sector	220,500	4,344
Telecom Holders Trust	4,600	110
Utilities Select Sector SPDR Fund	42,500	1,230
Vanguard Telecommunication Services Fund	500	25
Vietnam - 0.1%
Vinaland, Ltd.	436,400	327
Total Investment Companies (cost $15,364)		16,241
RIGHTS - 0.0%
Brazil - 0.0%
Cia Brasileira de Distribuicao GrupoPao de Acucar Ә	1,736	3
Total Rights (cost $♦)
	Notional Amount
PURCHASED OPTIONS - 0.2%
Call Options - 0.2%
General Motors Corp.	13	♦
Call Strike $60.00
Expires 01/16/2010
General Motors Corp.	13	♦
Call Strike $50.00
Expires 01/16/2010
S&P 500 Index	2	75
Call Strike $1,000.00
Expires 12/19/2009
S&P 500 Index	9	852
Call Strike $925.00
Expires 12/19/2009
OTC AUD vs USD.	480	36
Call Strike $0.78
Expires 12/17/2009
Put Options - 0.0%
S&P 500 Index	1	49
Put Strike $900.00
Expires 12/19/2009
S&P 500 Index	3	26
Put Strike $875.00
Expires 09/19/2009
Total Purchased Options (cost $957)		1,038

The notes are an integral part of this report.

7

(all amounts in thousands)

(unaudited)

	Principal		Value
CONVERTIBLE BONDS - 11.2%
Bermuda - 0.4%
Gome Electrical Appliances Holdings, Ltd.
Zero Coupon, 05/18/2014	CNY	8,100	$	1,127
Pine Agritech, Ltd.
Zero Coupon, 07/27/2012	CNY	6,500	782
Canada - 0.3%
Addax Petroleum Corp.
3.75%, 05/31/2012	$	400	444
Sino-Forest Corp.
5.00%, 08/01/2013-144A		1,125	1,034
Cayman Islands - 1.7%
China Milk Products Group, Ltd.
Zero Coupon, 01/05/2012		600	657
Fu Ji Food And CateringServices Holdings, Ltd.
Zero Coupon, 10/18/2010	CNY	2,700	299
Subsea 7, Inc.
Zero Coupon, 06/29/2017	$	200	187
2.80%, 06/06/2011		500	442
Transocean, Inc.
1.50%, 12/15/2037		333	304
1.50%, 12/15/2037		2,263	2,127
1.63%, 12/15/2037		1,247	1,206
YTL Power Finance Cayman, Ltd.
Zero Coupon, 05/09/2010		500	596
Zeus Cayman
Zero Coupon, 07/08/2013	JPY	127,000	1,269
China - 0.1%
China Petroleum & Chemical Corp.
Zero Coupon, 04/24/2014	HKD	4,390	617
Germany - 0.6%
Kreditanstalt Fuer Wiederaufbau
0.50%, 02/03/2010	EUR	650	916
3.25%, 06/27/2013	EUR	1,200	1,753
Hong Kong - 0.0%
Hongkong Land, Ltd.
2.75%, 12/21/2012 Reg S	$	100	117
India - 1.4%
Gujarat NRE Coke, Ltd.
Zero Coupon, 04/12/2011		200	249
Housing Development Finance Corp.
Zero Coupon, 09/27/2010		300	494
Punj Lloyd, Ltd.
Zero Coupon, 04/08/2011		500	528
Ranbaxy Laboratories, Ltd.
Zero Coupon, 03/18/2011		327	356
Reliance Communications, Ltd.
Zero Coupon, 03/06/2012		1,400	1,438
Zero Coupon, 05/10/2011		450	513
Suzlon Energy, Ltd.
Zero Coupon, 07/25/2014		592	633
Zero Coupon, 10/11/2012		500	405
Zero Coupon, 06/12/2012		325	276
Tata Motors, Ltd.
1.00%, 04/27/2011		450	474
Tata Steel, Ltd.
1.00%, 09/05/2012		400	421
Japan - 0.3%
Bank of Kyoto, Ltd.
1.90%, 09/30/2009	JPY	37,000	497
Zero Coupon, 03/31/2014	JPY	15,000	156
Nagoya Railroad Co., Ltd.
Zero Coupon, 03/30/2012	JPY	3,000	32
Suzuki Motor Corp.
Zero Coupon, 03/29/2013	JPY	75,000	800
Jersey Channel Islands - 1.0%
Aldar Funding, Ltd.
5.77%, 11/10/2011	$	1,000	1,029
Dana Gas Sukuk, Ltd.
7.50%, 10/31/2012		3,090	2,527
Shire PLC
2.75%, 05/09/2014		900	804
Korea, Republic of - 0.1%
Korea Electric Power Corp.
Zero Coupon, 11/23/2011	JPY	50,000	525
Luxembourg - 0.0%
Acergy SA
2.25%, 10/11/2013	$	100	85
Malaysia - 0.9%
Berjaya Land BHD
8.00%, 08/15/2011	MYR	1,240	360
Cherating Capital, Ltd.
2.00%, 07/05/2012 Ђ	$	500	524
Feringghi Capital, Ltd.
Zero Coupon, 12/22/2009 Reg S		300	340
IOI Capital BHD
Zero Coupon, 12/18/2011		575	660
IOI Resources Labuan BHD
Zero Coupon, 01/15/2013		650	633
Paka Capital, Ltd.
1.00%, 03/12/2013		300	299
Rafflesia Capital, Ltd.
1.25%, 10/04/2011 Ђ		1,000	1,134
Netherlands - 0.2%
Heidelberg International Finance BV
0.88%, 02/09/2012	EUR	300	448
Pargesa Netherlands NV
1.75%, 06/15/2014	CHF	475	364
Singapore - 1.0%
Capitaland, Ltd.
2.95%, 06/20/2022	SGD	2,000	1,059
2.10%, 11/15/2016	SGD	1,000	657
3.13%, 03/12/2018	SGD	1,500	978
Keppel Land, Ltd.
2.50%, 06/23/2013	SGD	400	268
Wilmar International, Ltd.
Zero Coupon, 12/18/2012	$	500	603
Yanlord Land Group, Ltd.
5.85%, 07/13/2014	SGD	1,000	813
United Arab Emirates - 0.1%
Nakheel Development 2, Ltd.
2.75%, 01/15/2011	$	880	589

The notes are an integral part of this report.

8

	Principal		Value
United States - 3.3%
Advanced Micro Devices, Inc.
6.00%, 05/01/2015	$	4,965	$	3,003
Amgen, Inc.
0.38%, 02/01/2013	1,565		1,573
Archer-Daniels-Midland Co.
0.88%, 02/15/2014	319		315
Cell Genesys, Inc.
3.13%, 05/01/2013	21		8
Chesapeake Energy Corp.
2.50%, 05/15/2037	1,002		765
2.25%, 12/15/2038	665		420
2.75%, 11/15/2035	275		244
General Cable Corp.
1.00%, 10/15/2012	172		144
Greenbrier Cos., Inc.
2.38%, 05/15/2026	250		159
Helix Energy Solutions Group, Inc.
3.25%, 12/15/2025	68		55
Hologic, Inc.
2.00%, 12/15/2037 Ђ	2,441		1,874
Intel Corp.
2.95%, 12/15/2035	524		457
3.25%, 08/01/2039-144A	456		459
McMoRan Exploration Co.
5.25%, 10/06/2011	370		331
Medtronic, Inc.
1.63%, 04/15/2013	1,148		1,106
1.50%, 04/15/2011	133		131
Millipore Corp.
3.75%, 06/01/2026	77		79
Mylan, Inc.
1.25%, 03/15/2012	1,055		947
NABI Biopharmaceuticals
2.88%, 04/15/2025	80		77
SanDisk Corp.
1.00%, 05/15/2013	1,660		1,162
SBA Communications Corp.
4.00%, 10/01/2014-144A	395		425
Sonosite, Inc.
3.75%, 07/15/2014	208		186
Total Convertible Bonds (cost $44,848)			49,768
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS - 5.2%
U.S. Treasury Bill
0.13%, 09/17/2009 - 09/17/2009	1,595		1,595
0.15%, 09/03/2009 - 10/29/2009	11,913		11,909
0.15%, 08/20/2009	3,477		3,476
0.16%, 08/13/2009 - 08/13/2009	665		665
0.18%, 10/01/2009	270		270
0.19%, 09/24/2009 - 10/22/2009	4,815		4,815
Total Short-Term U.S. GovernmentObligations (cost $22,730)			22,730

	Shares
WARRANTS - 0.0%
Canada - 0.0%
Kinross Gold Corp.
Expiration: 09/03/2013
Exercise Price: $32.00	9,602	41
Peak Gold, Ltd.
Expiration: 04/12/2012
Exercise Price: $0.00	41,000	1
Total Warrants (cost $33)		42
Total Investment Securities (cost $444,735) #		433,892
Other Assets and Liabilities - Net		1,089
Net Assets		$	434,981

	Notional Amount
WRITTEN-OPTIONS-(-0.5%)
Put Options - (0.0%)
S&P 500 Index	(3	)	(9	)
Put Strike $800.00
Expires 09/19/2009
S&P 500 Index	(1	)	(22	)
Put Strike $800.00
Expires 12/19/2009
Call Options - (-0.5%)
Aetna, Inc.	(13	)	(17	)
Call Strike $30.00
Expires 10/17/2009
Apple, Inc.	(7	)	(516	)
Call Strike $85.00
Expires 01/16/2010
Avon Products, Inc.	(9	)	(90	)
Call Strike $22.50
Expires 01/16/2010
Bank of America Corp.	(40	)	(64	)
Call Strike $15.00
Expires 11/21/2009
Burlington Northern Santa Fe	(8	)	(49	)
Call Strike $80.00
Expires 01/16/2010
Cigna Corp.	(13	)	(59	)
Call Strike $25.00
Expires 10/17/2009
Cigna Corp.	(6	)	(18	)
Call Strike $30.00
Expires 01/16/2010
Complete Production Services, Inc.	(6	)	(11	)
Call Strike $7.50
Expires 01/16/2010
Consol Energy, Inc.	(12	)	(18	)
Call Strike $46.00
Expires 01/16/2010
Electronic Arts, Inc.	(8	)	(16	)
Call Strike $22.50
Expires 01/16/2010
Hewlett Packard Co.	(21	)	(172	)
Call Strike $35.00
Expires 08/22/2009

The notes are an integral part of this report.

9

	NotionalAmount		Value
Call Options - (continued)
Humana, Inc.	(9	)	$	(37	)
Call Strike $32.00
Expires 11/21/2009
JPMorgan Chase & Co.	(19	)	(65		)
Call Strike $39.00
Expires 12/19/2009
Microsoft Corp.	(20	)	(13		)
Call Strike $25.00
Expires 10/17/2009
Microsoft Corp.	(20	)	(175		)
Call Strike $15.00
Expires 01/16/2010
Microsoft Corp.	(22	)	(138		)
Call Strike $17.50
Expires 01/16/2010
Morgan Stanley	(5	)	(3		)
Call Strike $33.00
Expires 10/17/2009
Mylan, Inc.	(8	)	(4		)
Call Strike $15.00
Expires 10/17/2009
Panera Bread Co.	(4	)	(6		)
Call Strike $55.00
Expires 08/22/2009
Polycom, Inc.	(10	)	(49		)
Call Strike $20.00
Expires 01/16/2010
S&P 500 Index	(9	)	(347		)
Call Strike $1,025.00
Expires 12/19/2009
UnitedHealth Group, Inc.	(16	)	(60		)
Call Strike $27.00
Expires 12/19/2009
WellPoint, Inc.	(8	)	(32		)
Call Strike $55.00
Expires 12/19/2009
Total Written Options (Premiums: $1,206)			(1,990		)

CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - BUY PROTECTION: (1)

Reference Obligation	Fixed Deal Pay Rate		Maturity Date	Counterparty	Implied Credit Spread at 07/31/2009 (2)	Notional Amount (3)		Market Value			Upfront Premiums Paid(Received)		Unrealized Depreciation
United Mexican States, 7.50%, 04/08/2033	3.65	%	02/20/2014	CBK	3.03	$	250	$	(22	)	$	—	$	(22	)
United Mexican States, 7.50%, 04/08/2033	3.85	%	02/20/2014	CBK	3.03	250		(24		)	—		(24		)
United Mexican States, 7.50%, 04/08/2033	4.90	%	03/20/2014	CBK	3.04	250		(36		)	—		(36		)
								$	(82	)	$	—	$	(82	)

FUTURES CONTRACTS:

Description	Contracts Г	Expiration Date	Net Unrealized Appreciation (Depreciation)
90-Day Euro	1	09/14/2009	$	(11	)
DAX Index	3	09/18/2009	61
DJ Euro STOXX 50 Index	88	09/18/2009	318
FTSE 100 Index	10	09/18/2009	18
Hang Seng Index	2	08/28/2009	♦
Nikkei 225 Index	10	09/10/2009	(30		)
Nikkei 225 Index	10	09/11/2009	55
S&P 500 Index	29	09/17/2009	(477		)
S&P TSE 60 Index	4	09/17/2009	(3		)
			$	(69	)

The notes are an integral part of this report.

10

FORWARD FOREIGN CURRENCY CONTRACTS:

Currency	Bought (Sold)		Settlement Date	Amount in U.S. Dollars Bought (Sold)		Net Unrealized Appreciation (Depreciation)
Australian Dollar	(378	)	08/13/2009	(312	)	$	(4	)
Brazilian Real	429		08/07/2009	227		3
Brazilian Real	(429	)	08/07/2009	(226	)	(4		)
Euro	(3,616	)	08/13/2009	(5,125	)	(29		)
Euro	(126	)	08/07/2009	(179	)	(1		)
Hong Kong Dollar	134		08/03/2009	17		♦
Japanese Yen	162,011		08/13/2009	1,714		(2		)
New Zealand Dollar	(631	)	08/13/2009	(416	)	(2		)
Pound Sterling	(2,100	)	08/06/2009	(3,457	)	(52		)
Pound Sterling	(307	)	08/06/2009	(505	)	(7		)
Pound Sterling	(310	)	08/07/2009	(508	)	(9		)
Republic of Korea Won	(533,779	)	08/07/2009	(427	)	(7		)
Singapore Dollar	(1,010	)	08/14/2009	(700	)	(2		)
South African Rand	(3,328	)	08/13/2009	(423	)	(5		)
Swiss Franc	(950	)	08/07/2009	(889	)	(1		)
Taiwan Dollar	(14,513	)	08/07/2009	(443	)	1
Turkish Lira	(256	)	08/07/2009	(171	)	(3		)
						$	(124	)

FORWARD FOREIGN CROSS CURRENCY CONTRACTS:

Bought/Sold	Currency	Amount		Settlement Date	Unrealized Appreciation (Depreciation)
Buy	Euro	212		08/14/2009	$	4
Sell	Swedish Krona	(2,237	)	08/14/2009	(12		)
Buy	Euro	451		08/14/2009	3
Sell	Swiss Franc	(688	)	08/14/2009	(4		)
Buy	Euro	524		08/14/2009	10
Sell	Hungarian Forint	(141,465	)	08/14/2009	(19		)
Buy	Japanese Yen	60,521		08/14/2009	3
Sell	Euro	(453	)	08/14/2009	(9		)
Buy	Japanese Yen	94,111		08/07/2009	(10		)
Sell	Euro	(710	)	08/07/2009	(7		)
Buy	Japanese Yen	123,195		08/07/2009	(13		)
Sell	Euro	(931	)	08/07/2009	(11		)
Buy	Japanese Yen	128,971		08/14/2009	(1		)
Sell	Euro	(964	)	08/14/2009	(10		)
Buy	Japanese Yen	181,244		08/07/2009	(20		)
Sell	Euro	(1,369	)	08/07/2009	(16		)
					$	(112	)

The notes are an integral part of this report.

11

INVESTMENTS BY INDUSTRY:	Percentage of Total Investments		Value
Foreign Government Obligation	9.9	%	$	42,958
U.S. Government Obligation	9.5		41,264
Oil, Gas & Consumable Fuels	9.1		38,668
Pharmaceuticals	5.5		22,961
Capital Markets	4.8		20,875
Diversified Financial Services	4.3		18,654
Metals & Mining	4.3		17,484
Insurance	3.3		13,594
Diversified Telecommunication Services	3.1		13,416
Wireless Telecommunication Services	2.8		12,269
Food Products	2.6		11,173
Commercial Banks	2.4		9,861
Industrial Conglomerates	1.9		7,957
Software	1.8		7,823
Energy Equipment & Services	1.8		7,713
Computers & Peripherals	1.7		7,451
Communications Equipment	1.7		7,226
Health Care Equipment & Supplies	1.7		7,137
Health Care Providers & Services	1.6		6,775
Real Estate Management & Development	1.6		6,727
Semiconductors & Semiconductor Equipment	1.6		6,503
Road & Rail	1.5		6,176
Chemicals	1.4		6,117
Electric Utilities	1.4		5,749
Beverages	1.0		4,536
Food & Staples Retailing	1.0		4,248
Media	0.9		3,887
Electronic Equipment & Instruments	0.7		3,599
Automobiles	0.7		3,564
Aerospace & Defense	0.7		3,342
Trading Companies & Distributors	0.7		3,208
Construction & Engineering	0.7		3,197
Biotechnology	0.7		3,113
Tobacco	0.6		2,678
Household Products	0.6		2,575
Machinery	0.5		2,568
Hotels, Restaurants & Leisure	0.5		2,233
Internet Software & Services	0.5		2,136
Electrical Equipment	0.4		2,124
Transportation Infrastructure	0.4		1,806
Paper & Forest Products	0.4		1,760
Household Durables	0.3		1,673
Office Electronics	0.3		1,547
Life Sciences Tools & Services	0.3		1,344
Specialty Retail	0.2		1,282
Derivative	0.2		1,038
Auto Components	0.2		1,007
Independent Power Producers & Energy Traders	0.2		984
Thrifts & Mortgage Finance	0.1		758
Personal Products	0.1		629
Real Estate Investment Trusts	0.1		617
Gas Utilities	0.1		601
IT Services	0.1		557
Leisure Equipment & Products	0.1		452
Construction Materials	0.1		391
Containers & Packaging	0.1		306

The notes are an integral part of this report.

12

INVESTMENTS BY INDUSTRY (continued):	Percentage of Total Investments		Value
Multi-Utilities	0.0	%	$	257
Textiles, Apparel & Luxury Goods	0.0		201
Marine	0.0		160
Consumer Finance	0.0		97
Building Products	0.0		82
Multiline Retail	0.0		40
Commercial Services & Supplies	0.0		17
Professional Services	0.0		10
Internet & Catalog Retail	0.0		5
Asset-Backed Security	0.0		2
Investment Securities, at Value	94.8		411,162
Short-Term Investments	5.2		22,730
Total Investments	100.0	%	$	433,892

NOTES TO SCHEDULE OF INVESTMENTS:

Ž	The security has a perpetual maturity. The date shown is the next call date.
Ә	Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.
■	Coupon rate is fixed for a predetermined period of time and then converts to a floating rate until maturity/call date. Rate is listed as of 07/31/2009.
*	Floating or variable rate note. Rate is listed as of 07/31/2009.
♦	Value and/or principal is less than $1.
p	Rate shown reflects the yield at 07/31/2009.
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $1,583, or 0.36%, of the Fund’s net assets.
Ђ	Step bond. Interest rate may increase or decrease as the credit rating changes.
#	Aggregate cost for federal income tax purposes is $444,735. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $32,906 and $43,749, respectively. Net unrealized depreciation for tax purposes is $10,843.
Г	Contract amounts are not in thousands.
∞	Restricted security. The Fund owned the following securities (representing 0.36% of net assets) which were restricted as to public resale:

Description	Date of Acquisition	Principal	Cost		Value		Price¥
Johor Corp. 07/31/2012	01/30/2009	2,896	$	785	$	806	$	0.27
Preferred Term Securities XXIV, Ltd. 03/22/2037	12/13/2006	350	343		♦		0.98
Preferred Term Securities XXV, Ltd. 03/22/2037	06/20/2007	175	173		♦		0.99
Preferred Term Securities XXVI, Ltd. 09/22/2037	12/13/2006	190	189		♦		0.99
Preferred Term Securities XXVII, Ltd. 12/22/2037	03/15/2007	200	200		♦		1.00
Description	Date of Acquisition	Shares	Cost		Value		Price
Mizuho Financial Group, Inc.	11/19/2008	105	$	637	$	777	$	6.06

¥ Price not in thousands

(1)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2)	Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or 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 upfront payments required to be made to enter into the agreement. Wider credit spreads 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.
(3)	The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(a)	A portion of this security has been pledged as collateral and segregated with the broker in the amount of $5,209 to cover margin requirements for open future contracts.
(b)	All or a portion of these securities have been pledged as collateral and segregated with Options Clearing Corp. in the amount of $9,651 to cover margin requirements for open written option contracts. Also, cash in the amount of $10 has been pledged as collateral and segregated with the broker to cover open option contracts.

The notes are an integral part of this report.

13

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 07/31/2009, these securities aggregated $8,635, or 1.99%, of the Fund’s net assets.
ADR	American Depositary Receipt
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CBK	Citibank N.A.
CHF	Swiss Franc
CLO	Collateralized Loan Obligation
CNY	Chinese Yuan
CPI	Consumer Price Index
DAX	Deutscher Aktian Index
EUR	Euro
FTSE	Financial Times Stock Exchange
GBP	Pound Sterling
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
JPY	Japanese Yen
MYR	Malaysian Ringgit
NZD	New Zealand Dollar
PLN	Polish Zloty
REIT	Real Estate Investment Trust (includes domestic and foreign)
SGD	Singapore Dollar
SPDR	Standard & Poor’s Depository Receipt
TIPS	Treasury Inflation Protected Securities

The notes are an integral part of this report.

14

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2			Level 3		Total
Equities - Consumer Discretionary	$	12,004		$	—		$	3	$	12,007
Equities - Consumer Staples	22,051			—			—		22,051
Equities - Derivative	1,002			36			—		1,038
Equities - Energy	33,385			1,011			—		34,396
Equities - Financials	43,316			—			—		43,316
Equities - Health Care	33,941			—			—		33,941
Equities - Industrials	27,508			—			—		27,508
Equities - Information Technology	31,112			—			—		31,112
Equities - Materials	21,729			578			—		22,307
Equities - Telecommunication Services	21,256			—			—		21,256
Equities - Utilities	5,967			200			—		6,167
Fixed Income - Asset-Backed Security	—			2			—		2
Fixed Income - Consumer Discretionary	—			3,624			—		3,624
Fixed Income - Consumer Staples	—			2,683			—		2,683
Fixed Income - Energy	—			11,984			—		11,984
Fixed Income - Financials	—			23,526			—		23,526
Fixed Income - Foreign Government Obligation	—			42,958			—		42,958
Fixed Income - Health Care	—			6,706			—		6,706
Fixed Income - Industrials	—			3,795			—		3,795
Fixed Income - Information Technology	—			5,097			—		5,097
Fixed Income - Materials	—			3,729			—		3,729
Fixed Income - Telecommunication Services	—			4,926			—		4,926
Fixed Income - U.S. Government Obligation	—			41,263			—		41,263
Fixed Income - Utilities	—			1,426			—		1,426
Investment Company - Financials	4,344			—			—		4,344
Cash & Cash Equivalent - Short-Term U.S. Government Obligation	—			22,730			—		22,730
Total	$	257,615		$	176,274		$	3	$	433,892
Other Financial Instruments*	Level 1			Level 2			Level 3		Total
Forward Foreign Currency Contracts	$	—		$	(236	)	$	—	$	(236	)
Credit Default Swap	—			(82		)	—		(82		)
Futures Contracts	—			(69		)	—		(69		)
Written Option	(1,990		)	—			—		(1,990		)
Total	$	(1,990	)	$	(387	)	$	—	$	(2,377	)

Level 3 Rollforward

Securities	Beginning Balance at 10/31/2008		Net Purchases/(Sales)		Accrued Discounts/(Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/(Depreciation)		Net Transfers In/(Out) of Level 3		Ending Balance at 7/31/2009
Foreign Equity - Consumer Discretionary	$	—	$	3	$	—	$	—	$	—	$	—	$	3
Total	$	—	$	3	$	—	$	—	$	—	$	—	$	3

* Other financial instruments are valued at unrealized appreciation (depreciation).

The notes are an integral part of this report.

15

Transamerica BlackRock Large Cap Value

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS - 99.8%
Aerospace & Defense - 4.5%
General Dynamics Corp.	111,000	$	6,148
L-3 Communications Corp.	62,000	4,681
Northrop Grumman Corp.	112,000	4,993
Raytheon Co.	108,000	5,071
Beverages - 1.7%
Dr. Pepper Snapple Group, Inc. ‡	197,000	4,848
Pepsi Bottling Group, Inc.	90,000	3,056
Biotechnology - 1.0%
Amgen, Inc. ‡	72,000	4,486
Capital Markets - 2.6%
Goldman Sachs Group, Inc.	75,000	12,248
Chemicals - 0.6%
FMC Corp.	54,000	2,627
Commercial Banks - 0.0%
Wells Fargo & Co.	3,000	73
Computers & Peripherals - 1.7%
EMC Corp. -Series MA ‡	399,000	6,008
QLogic Corp. ‡	38,000	496
Western Digital Corp. ‡	42,000	1,271
Containers & Packaging - 0.6%
Bemis Co., Inc.	108,000	2,843
Diversified Consumer Services - 0.5%
H&R Block, Inc.	131,000	2,186
Diversified Financial Services - 1.1%
JPMorgan Chase & Co.	130,000	5,025
Diversified Telecommunication Services - 7.7%
AT&T, Inc.	771,000	20,223
Frontier Communications Corp.	167,000	1,169
Qwest Communications International, Inc.	337,000	1,301
Verizon Communications, Inc.	431,000	13,822
Electric Utilities - 0.9%
Edison International	128,000	4,137
Electrical Equipment - 0.1%
Hubbell, Inc. -Class B	16,000	597
Energy Equipment & Services - 5.7%
BJ Services Co.	338,000	4,793
Ensco International, Inc.	129,000	4,888
Nabors Industries, Ltd. ‡	303,000	5,156
National Oilwell Varco, Inc. ‡	120,000	4,313
Pride International, Inc. ‡	110,000	2,758
Rowan Cos., Inc.	235,000	5,013
Food & Staples Retailing - 1.9%
BJ’s Wholesale Club, Inc. ‡	120,000	4,002
Kroger Co.	206,000	4,403
Safeway, Inc.	50,000	947
Food Products - 1.2%
Archer-Daniels-Midland Co.	184,000	5,542
Health Care Equipment & Supplies - 0.3%
Cooper Cos., Inc.	57,000	1,564
Health Care Providers & Services - 7.9%
Aetna, Inc.	212,000	5,718
AmerisourceBergen Corp. -Class A	212,000	4,181
Coventry Health Care, Inc. ‡	242,000	5,566
McKesson Corp.	38,000	1,944
Medco Health Solutions, Inc. ‡	82,000	4,335
UnitedHealth Group, Inc.	296,000	8,305
WellPoint, Inc. ‡	134,000	7,053
Hotels, Restaurants & Leisure - 0.3%
McDonald’s Corp.	26,000	1,432
Household Durables - 2.5%
D.R. Horton, Inc.	340,000	3,941
Leggett & Platt, Inc.	125,000	2,169
Lennar Corp. -Class A	96,000	1,137
Toll Brothers, Inc. ‡	223,000	4,361
Independent Power Producers & Energy Traders - 1.1%
NRG Energy, Inc. ‡	191,000	5,197
Industrial Conglomerates - 1.1%
Carlisle Cos., Inc.	51,000	1,598
General Electric Co.	272,000	3,645
Insurance - 8.7%
American Financial Group, Inc.	79,500	1,939
Chubb Corp.	147,000	6,788
Endurance Specialty Holdings, Ltd.	78,000	2,603
Everest RE Group, Ltd.	49,000	3,931
HCC Insurance Holdings, Inc.	165,000	4,142
PartnerRe, Ltd.	70,000	4,801
RenaissanceRe Holdings, Ltd.	55,000	2,764
Travelers Cos., Inc.	168,000	7,235
Unum Group	286,000	5,368
W.R. Berkley Corp.	59,000	1,371
IT Services - 2.2%
Alliance Data Systems Corp. ‡	96,000	4,896
Computer Sciences Corp. ‡	118,000	5,684
Metals & Mining - 1.6%
Allegheny Technologies, Inc.	98,000	2,654
U.S. Steel Corp.	129,000	5,127
Multiline Retail - 4.5%
Dollar Tree, Inc. ‡	34,000	1,568
JC Penney Corp., Inc.	177,000	5,337
Kohl’s Corp. ‡	97,000	4,709
Macy’s, Inc.	388,000	5,396
Sears Holdings Corp. ‡	70,000	4,644
Multi-Utilities - 1.5%
MDU Resources Group, Inc.	111,000	2,234
Sempra Energy	95,000	4,981
Oil, Gas & Consumable Fuels - 21.2%
Anadarko Petroleum Corp.	149,000	7,182
Chevron Corp.	267,000	18,548
ConocoPhillips	253,000	11,059
Exxon Mobil Corp.	295,000	20,764
Marathon Oil Corp.	219,000	7,063
Occidental Petroleum Corp.	150,000	10,701
Pioneer Natural Resources Co.	9,000	257
Southern Union Co.	110,000	2,132
Sunoco, Inc.	118,000	2,913
Tesoro Corp.	43,000	563
Valero Energy Corp.	308,000	5,544
Williams Cos., Inc.	342,000	5,708
XTO Energy, Inc.	172,000	6,920

The notes are an integral part of this report.

1

	Shares	Value
Pharmaceuticals - 9.1%
Bristol-Myers Squibb Co.	227,000	$	4,935
Johnson & Johnson	137,000	8,342
Pfizer, Inc.	958,000	15,262
Schering-Plough Corp.	199,000	5,275
Wyeth	202,000	9,403
Software - 2.6%
Amdocs, Ltd. ‡	128,000	3,062
CA, Inc.	146,000	3,086
Compuware Corp. ‡	450,000	3,299
McAfee, Inc. ‡	60,000	2,675
Specialty Retail - 2.1%
Gap, Inc.	300,000	4,896
RadioShack Corp.	319,000	4,948
Tobacco - 0.2%
Reynolds American, Inc.	19,000	827
Wireless Telecommunication Services - 1.1%
Sprint Nextel Corp. ‡	1,118,000	4,472
U.S. Cellular Corp. ‡	18,000	645
Total Common Stocks (cost $467,936)		469,923
SHORT - TERM INVESTMENT COMPANY - 0.1%
Capital Markets - 0.1%
BlackRock Provident TempFund 24	516,189	516
Total Investment Company (cost $516)
Total Investment Securities (cost $468,452) #		470,439
Other Assets and Liabilities - Net		521
Net Assets		$	470,960

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $468,452. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $41,327 and $39,340, respectively. Net unrealized appreciation for tax purposes is $1,987.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities - Consumer Discretionary	$	46,724	$	—	$	—	$	46,724
Equities - Consumer Staples	23,625		—		—		23,625
Equities - Energy	126,275		—		—		126,275
Equities - Financials	58,288		—		—		58,288
Equities - Health Care	86,369		—		—		86,369
Equities - Industrials	26,733		—		—		26,733
Equities - Information Technology	30,477		—		—		30,477
Equities - Materials	13,251		—		—		13,251
Equities - Telecommunication Services	41,632		—		—		41,632
Equities - Utilities	16,549		—		—		16,549
Short-Term Investment Company - Financials	—		516		—		516
Total	$	469,923	$	516	$	—	$	470,439

The notes are an integral part of this report.

2

Transamerica BlackRock Natural Resources

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
COMMON STOCKS - 92.2%
Chemicals - 0.7%
E.I. duPont de Nemours & Co.	9,500		$	294
Praxair, Inc.	5,000		391
Energy Equipment & Services - 24.9%
Acergy SA ADR	24,200		259
Baker Hughes, Inc.	25,800		1,045
BJ Services Co.	16,600		235
Cameron International Corp. ‡	53,200		1,661
Diamond Offshore Drilling, Inc.	14,100		1,267
Dresser-Rand Group, Inc. ‡	51,300		1,493
Dril-Quip, Inc. ‡	16,100		681
Exterran Holdings, Inc. ‡	130		2
FMC Technologies, Inc. ‡	40,700		1,770
Halliburton Co.	50,200		1,109
Helmerich & Payne, Inc.	26,200		900
Nabors Industries, Ltd. ‡	31,400		534
National Oilwell Varco, Inc. ‡	68,672		2,468
Noble Corp.	43,200		1,463
Pride International, Inc. ‡	19,500		489
Rowan Cos., Inc.	13,200		282
Saipem SpA	45,300		1,227
Schlumberger, Ltd.	21,700		1,161
Smith International, Inc.	23,600		593
Technip SA ADR	18,500		1,127
Tesco Corp. ‡	30,300		304
Transocean, Ltd. ‡	42,321		3,373
Trican Well Service, Ltd.	12,400		111
Weatherford International, Ltd. ‡	99,600		1,868
Gas Utilities - 1.1%
EQT Corp.	27,900		1,071
Metals & Mining - 8.8%
Alcoa, Inc.	6,500		76
Aluminum Corp. of China, Ltd. ADR	54,800		1,583
Barrick Gold Corp.	14,300		499
BHP Billiton, Ltd.	17,300		548
Eldorado Gold Corp. ‡	115,400		1,160
Goldcorp, Inc.	38,200		1,451
Hudbay Minerals, Inc. ‡	53,700		398
Inmet Mining Corp.	3,700		155
Newcrest Mining, Ltd.	42,795		1,074
Newmont Mining Corp.	2,400		99
Southern Copper Corp.	37,800		974
Vale SA -Class B ADR	49,800		983
Oil, Gas & Consumable Fuels - 56.0%
Addax Petroleum Corp.	13,000		618
Anadarko Petroleum Corp.	15,000		723
Apache Corp.	36,200		3,040
Arch Coal, Inc.	9,900		172
BP PLC ADR	11,700		585
Cabot Oil & Gas Corp.	25,100		882
Canadian Natural Resources, Ltd.	25,100		1,509
Carrizo Oil & Gas, Inc. ‡	16,300		310
Chevron Corp.	39,800		2,765
Cimarex Energy Co.	5,600		200
CNOOC, Ltd. ADR	9,000		1,200
Coastal Energy Co. ‡	137,550		412
ConocoPhillips	36,500		1,595
Consol Energy, Inc.	19,500		693
Crew Energy, Inc. ‡	77,300		379
Denbury Resources, Inc. ‡	16,700		277
Devon Energy Corp.	56,300		3,271
EnCana Corp.	35,200		1,888
ENI SpA ADR	5,300		247
EOG Resources, Inc.	60,200		4,458
Exxon Mobil Corp.	36,900		2,597
Forest Oil Corp. ‡	13,100		221
Hess Corp.	21,800		1,203
Husky Energy, Inc.	29,000		853
Marathon Oil Corp.	40,700		1,313
Mariner Energy, Inc. ‡	10,600		127
Murphy Oil Corp.	70,700		4,116
Newfield Exploration Co. ‡	19,700		775
Nexen, Inc.	32,400		672
Noble Energy, Inc.	21,200		1,296
Occidental Petroleum Corp.	34,400		2,454
Pan Orient Energy Corp. ‡	61,600		323
Paramount Resources, Ltd. - Class A ‡	19,800		130
Patriot Coal Corp. ‡	7,940		66
Peabody Energy Corp.	39,700		1,314
Petro-Canada	26,200		1,082
Petroleo Brasileiro SA ADR	30,800		1,270
Pioneer Natural Resources Co.	10,600		303
Progress Energy Resources Corp.	42,500		373
Range Resources Corp.	44,800		2,079
Southwestern Energy Co. ‡	19,000		787
Suncor Energy, Inc.	70,000		2,264
Talisman Energy, Inc.	158,800		2,454
Total SA ADR	26,000		1,447
Tristar Oil & Gas, Ltd. ‡	61,348		651
Valero Energy Corp.	25,400		457
Whiting Petroleum Corp. ‡	12,800		588
Williams Cos., Inc.	19,400		324
XTO Energy, Inc.	7,375		297
Paper & Forest Products - 0.4%
Votorantim Celulose E Papel SA ADR ‡	26,400		394
Transportation Infrastructure - 0.3%
Aegean Marine Petroleum Network, Inc.	19,900		338
Total Common Stocks (cost $100,980)			93,970
	Principal
REPURCHASE AGREEMENT - 7.7%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $7,892 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 3.63%, due 08/15/2011, and with a value of $8,054.	$	7,892	7,892
Total Repurchase Agreement (cost $7,892)
Total Investment Securities (cost $108,872) #			101,862
Other Assets and Liabilities - Net			63
Net Assets			$	101,925

The notes are an integral part of this report.

1

(all amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $108,872. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $7,885 and $14,895, respectively. Net unrealized depreciation for tax purposes is $7,010.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities - Energy	$	82,482	$	—	$	—	$	82,482
Equities - Industrials	338		—		—		338
Equities - Materials	10,079		—		—		10,079
Equities - Utilities	1,071		—		—		1,071
Cash & Cash Equivalent - Repurchase Agreement	—		7,892		—		7,892
Total	$	93,970	$	7,892	$	—	$	101,862

The notes are an integral part of this report.

2

Transamerica BNY Mellon Market Neutral Strategy

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS - 97.5%
Aerospace & Defense - 2.6%
AAR Corp ‡	2,700	$	52
Applied Signal Technology, Inc.	1,300	33
Dyncorp International, Inc. -Class A ‡	1,500	30
General Dynamics Corp.	13,700	759
L-3 Communications Corp.	3,700	279
Northrop Grumman Corp.	22,900	1,021
Triumph Group, Inc.	600	24
Air Freight & Logistics - 1.5%
Atlas Air Worldwide Holdings, Inc. ‡	2,200	55
Dynamex, Inc. ‡	3,700	58
Expeditors International of Washington, Inc.	10,900	370
United Parcel Service, Inc. -Class B	10,300	553
UTI Worldwide, Inc. ‡	16,700	211
Airlines - 0.1%
Allegiant Travel Co. -Class A ‡	1,000	43
Hawaiian Holdings, Inc. ‡	12,100	78
Auto Components - 0.0%
Cooper Tire & Rubber Co.	1,100	16
Automobiles - 0.6%
Thor Industries, Inc.	20,400	488
Biotechnology - 0.1%
Kendle International, Inc. ‡	4,500	52
RTI Biologics, Inc. ‡	9,600	43
Building Products - 0.1%
AAON, Inc.	700	14
Apogee Enterprises, Inc.	3,800	55
Capital Markets - 0.1%
BGC Partners, Inc. -Class A	7,800	36
GFI Group, Inc.	9,800	63
Knight Capital Group, Inc. -Class A ‡	1,400	26
Chemicals - 3.5%
Airgas, Inc.	9,300	415
Ashland, Inc.	21,300	706
Balchem Corp.	1,900	53
Cabot Corp.	22,700	415
FMC Corp.	12,600	613
Innophos Holdings, Inc.	2,700	51
LSB Industries, Inc. ‡	3,100	55
Quaker Chemical Corp.	1,000	18
Schulman, Inc.	1,500	32
Scotts Miracle-Gro Co. -Class A	13,300	519
Symyx Technologies ‡	8,700	60
Commercial Banks - 0.1%
Dime Community Bancorp, Inc.	2,000	24
First Community Bancshares, Inc.	1,100	15
Oceanfirst Financial Corp.	1,900	23
United Community Banks, Inc. ‡	6,100	41
Commercial Services & Supplies - 2.8%
ABM Industries, Inc.	2,500	53
American Railcar Industries, Inc.	3,000	25
ATC Technology Corp. ‡	3,900	82
Avery Dennison Corp.	10,300	275
Cenveo, Inc. ‡	10,400	50
Cintas Corp.	3,500	88
Comfort Systems USA, Inc.	4,600	54
Compass Diversified Holdings	4,000	36
Cornell Companies, Inc. ‡	3,300	57
Ennis, Inc.	1,800	27
Equifax, Inc.	16,600	431
G&K Services, Inc. -Class A	1,300	30
M&F Worldwide Corp. ‡	3,100	62
Pitney Bowes, Inc.	47,300	976
Providence Service Corp. ‡	4,700	50
Sturm Ruger & Co., Inc.	2,500	31
Waste Services, Inc. ‡	8,600	41
Communications Equipment - 1.9%
Acme Packet, Inc. ‡	1,700	17
Arris Group, Inc. ‡	5,700	69
Avocent Corp. ‡	12,600	195
BEL Fuse, Inc. -Class B	1,700	31
Harris Corp.	17,900	561
PC-Telephone, Inc. ‡	4,900	33
Qualcomm, Inc.	11,400	527
Seachange International, Inc. ‡	3,800	35
Symmetricom, Inc. ‡	8,200	53
Tekelec ‡	3,200	59
Computers & Peripherals - 2.9%
Apple, Inc. ‡	2,600	425
Cray, Inc. ‡	8,600	70
Diebold, Inc.	22,100	612
EMC Corp. -Series MA ‡	30,600	461
International Business Machines Corp.	4,300	507
Lexmark International, Inc. -Class A ‡	23,000	333
Rimage Corp. ‡	700	12
Construction & Engineering - 2.3%
Ameron International Corp.	400	30
Dycom Industries, Inc. ‡	56,400	717
Emcor Group, Inc. ‡	3,400	82
Fluor Corp.	5,600	296
Jacobs Engineering Group, Inc. ‡	3,900	160
Michael Baker Corp. ‡	1,100	47
Shaw Group, Inc. ‡	20,000	589
Consumer Finance - 0.1%
World Acceptance Corp. ‡	2,300	55
Containers & Packaging - 3.7%
Bemis Co., Inc.	18,500	487
Bway Holding Co. ‡	4,600	73
Crown Holdings, Inc. ‡	28,800	723
Pactiv Corp. ‡	35,700	898
Sealed Air Corp.	17,600	324
Temple-Inland, Inc.	35,700	559
Distributors - 1.4%
Core-Mark Holding Co., Inc. ‡	2,800	75
Genuine Parts Co.	30,000	1,063
Diversified Consumer Services - 1.3%
Apollo Group, Inc. -Class A ‡	2,900	200
Career Education Corp. ‡	6,100	140
Corinthian Colleges, Inc. ‡	1,500	23
H&R Block, Inc.	11,500	192
Pre-Paid Legal Services, Inc. ‡	1,000	49
Regis Corp.	13,200	180
Weight Watchers International, Inc.	10,300	287
Diversified Financial Services - 0.0%
Oppenheimer Holdings, Inc. -Class A	600	17

The notes are an integral part of this report.

1

	Shares	Value
Diversified Telecommunication Services - 1.5%
CenturyTel, Inc.	21,500	$	675
NTELOS Holdings Corp.	2,900	45
Windstream Corp.	55,700	488
Electric Utilities - 2.1%
Allegheny Energy, Inc.	27,200	687
Comverge, Inc. ‡	4,500	59
DPL, Inc.	23,600	565
Idacorp, Inc.	16,500	457
Electrical Equipment - 1.6%
Cooper Industries, Ltd. -Class A	16,300	536
Encore Wire Corp.	2,800	61
Enersys ‡	3,800	75
LA Barge, Inc. ‡	4,900	52
Powell Industries, Inc. ‡	1,700	61
Thomas & Betts Corp. ‡	17,600	469
Ultralife Corp. ‡	7,500	48
Electronic Equipment & Instruments - 2.2%
Benchmark Electronics, Inc. ‡	2,200	35
Brightpoint, Inc. ‡	3,100	18
Cogent, Inc. ‡	4,600	52
FLIR Systems, Inc. ‡	13,100	282
Greatbatch, Inc. ‡	800	18
Ingram Micro, Inc. -Class A ‡	24,300	409
Insight Enterprises, Inc. ‡	2,900	30
L-1 Identity Solutions, Inc. ‡	5,300	42
Multi-Fineline Electronix, Inc. ‡	3,300	75
OSI Systems, Inc. ‡	3,800	75
PC Mall, Inc. ‡	6,100	53
RadiSys Corp. ‡	8,500	67
ScanSource, Inc. ‡	2,200	63
Tech Data Corp. ‡	15,300	534
TTM Technologies, Inc. ‡	6,300	62
Energy Equipment & Services - 2.4%
Bristow Group, Inc. ‡	1,500	50
Cal Dive International, Inc. ‡	3,000	27
Dawson Geophysical Co. ‡	2,000	61
Gulfmark Offshore, Inc. ‡	1,400	45
Helix Energy Solutions Group, Inc. ‡	8,100	85
ICO, Inc. ‡	8,400	35
National Oilwell Varco, Inc. ‡	17,300	621
Oceaneering International, Inc. ‡	2,900	148
SEACOR Holdings, Inc. ‡	4,200	334
Tidewater, Inc.	11,100	499
Willbros Group, Inc. ‡	4,300	59
Food & Staples Retailing - 2.4%
Nash Finch Co.	1,900	58
Pantry, Inc. ‡	2,600	46
Safeway, Inc.	18,500	350
Supervalu, Inc.	29,900	443
Susser Holdings Corp. ‡	1,800	21
SYSCO Corp.	41,000	975
United Natural Foods, Inc. ‡	1,900	51
Weis Markets, Inc.	700	23
Food Products - 2.4%
American Italian Pasta Co. ‡	1,200	38
Archer-Daniels-Midland Co.	33,400	1,005
B&G Foods, Inc. -Class A	3,200	27
Dean Foods Co. ‡	22,800	483
HQ Sustainable Maritime Industries, Inc. ‡	5,900	51
Lancaster Colony Corp.	4,500	205
Sara Lee Corp.	30,900	329
Gas Utilities - 0.8%
Laclede Group, Inc.	1,600	54
New Jersey Resources Corp.	700	27
Southwest Gas Corp.	1,000	24
UGI Corp.	21,800	576
Health Care Equipment & Supplies - 3.5%
American Medical Systems Holdings, Inc. ‡	4,700	72
Aspect Medical Systems, Inc. ‡	1,800	11
Cantel Medical Corp. ‡	3,800	59
Cardiac Science Corp. ‡	7,900	31
Cooper Cos., Inc.	4,700	129
Electro-Optical Sciences, Inc. ‡	4,000	29
Gen-Probe, Inc. ‡	4,800	178
Hologic, Inc. ‡	30,500	448
ICU Medical, Inc. ‡	300	12
Immucor, Inc. ‡	57,600	960
Invacare Corp.	3,400	69
Kinetic Concepts, Inc. ‡	3,200	101
Masimo Corp. ‡	2,000	49
Matrixx Initiatives, Inc. ‡	8,900	50
Stereotaxis, Inc. ‡	12,400	56
Steris Corp.	5,400	152
Stryker Corp.	12,500	486
Symmetry Medical, Inc. ‡	8,000	68
Health Care Providers & Services - 4.9%
Amedisys, Inc. ‡	1,600	72
Cardinal Health, Inc.	4,200	140
Centene Corp. ‡	1,700	33
Community Health Systems, Inc. ‡	19,700	558
Emergency Medical Services Corp. -Class A ‡	500	20
Gentiva Health Services, Inc. ‡	700	15
Humana, Inc. ‡	19,800	650
Inventiv Health, Inc. ‡	3,500	54
Kindred Healthcare, Inc. ‡	19,100	268
LHC Group, Inc. ‡	1,300	38
Magellan Health Services, Inc. ‡	1,400	45
McKesson Corp.	12,600	644
Molina Healthcare, Inc. ‡	1,500	34
Odyssey Healthcare, Inc. ‡	4,700	55
Omnicare, Inc.	19,400	463
Pharmerica Corp. ‡	2,400	50
Rehabcare Group, Inc. ‡	900	22
UnitedHealth Group, Inc.	28,500	800
Universal American Financial Corp. ‡	4,100	37
Health Care Technology - 0.5%
IMS Health, Inc.	33,100	397
Vital Images, Inc. ‡	3,900	52

The notes are an integral part of this report.

2

	Shares	Value
Hotels, Restaurants & Leisure - 3.1%
Brinker International, Inc.	33,100	$	551
Cheesecake Factory ‡	9,200	178
Churchill Downs, Inc.	2,000	75
Gaylord Entertainment Co. ‡	2,400	34
International Speedway Corp. -Class A	10,300	263
Isle of Capri Casinos, Inc. ‡	2,100	25
Panera Bread Co. -Class A ‡	12,100	665
PF Chang’s China Bistro, Inc. ‡	1,200	41
Pinnacle Entertainment, Inc. ‡	3,000	30
Red Robin Gourmet Burgers, Inc. ‡	800	15
Ruby Tuesday, Inc. ‡	3,600	27
Shuffle Master, Inc. ‡	3,100	22
Steak N Shake Co. ‡	3,800	39
Wyndham Worldwide Corp.	50,100	700
Household Durables - 2.4%
Jarden Corp. ‡	27,000	666
Kimball International, Inc. -Class B	4,000	27
Leggett & Platt, Inc.	17,200	298
M/I Homes, Inc. ‡	5,500	72
MDC Holdings, Inc.	13,000	458
National Presto Industries, Inc.	200	16
Snap-On, Inc.	11,500	410
Tempur-Pedic International, Inc.	900	13
Universal Electronics, Inc. ‡	600	13
Independent Power Producers & Energy Traders - 1.4%
Mirant Corp. ‡	58,800	1,062
NRG Energy, Inc. ‡	3,600	98
Industrial Conglomerates - 1.5%
Carlisle Cos., Inc.	37,600	1,178
Raven Industries, Inc.	2,000	57
Standex International Corp.	1,100	14
Insurance - 0.7%
Aflac, Inc.	11,100	419
Assured Guaranty, Ltd.	1,800	25
Horace Mann Educators Corp.	2,200	25
Infinity Property & Casualty Corp.	1,100	46
Internet & Catalog Retail - 0.1%
PetMed Express, Inc. ‡	2,800	52
Internet Software & Services - 0.1%
Divx, Inc. ‡	9,300	55
S1 Corp. ‡	7,100	50
IT Services - 2.7%
Acxiom Corp.	17,100	165
Agilysys, Inc.	7,600	36
Alliance Data Systems Corp. ‡	8,300	423
CACI International, Inc. -Class A ‡	1,200	55
Ciber, Inc. ‡	17,000	56
Convergys Corp. ‡	30,800	330
Exlservice Holdings, Inc. ‡	4,100	53
Forrester Research, Inc. ‡	1,500	34
Gartner, Inc. ‡	23,000	393
Hewitt Associates, Inc. -Class A ‡	18,200	546
Teletech Holdings, Inc. ‡	3,300	55
Verifone Holdings, Inc. ‡	3,400	31
Virtusa Corp. ‡	4,300	40
Leisure Equipment & Products - 0.0%
RC2 Corp. ‡	1,700	26
Life Sciences Tools & Services - 0.5%
Bruker BioSciences Corp. ‡	2,800	28
Dionex Corp. ‡	600	40
Pharmaceutical Product Development, Inc.	18,800	390
Machinery - 5.0%
Alamo Group, Inc.	4,000	55
Briggs & Stratton Corp.	1,500	26
Bucyrus International, Inc. -Class A	10,500	310
Chart Industries, Inc. ‡	2,200	42
Circor International, Inc.	1,700	39
Donaldson Co., Inc.	15,200	578
Dynamic Materials Corp.	3,100	51
EnPro Industries, Inc. ‡	3,000	53
Federal Signal Corp.	7,200	64
Flowserve Corp.	8,700	703
Force Protection, Inc. ‡	6,600	34
Joy Global, Inc.	14,700	547
Kadant, Inc. ‡	900	10
LB Foster Co. -Class A ‡	600	18
Oshkosh Corp.	35,500	973
Timken Co.	18,800	383
Twin Disc, Inc.	5,400	48
Wabtec Corp.	4,800	162
Marine - 0.1%
American Commercial Lines, Inc. ‡	2,700	42
International Shipholding Corp.	2,100	61
Media - 0.8%
Cinemark Holdings, Inc.	5,200	58
Comcast Corp. -Class A	37,600	559
Courier Corp.	1,700	28
Lodgenet Interactive Corp. ‡	3,200	15
MediaCom Communications Corp. -Class A ‡	4,900	23
Metals & Mining - 0.8%
Compass Minerals International, Inc.	3,900	207
Haynes International, Inc. ‡	1,300	30
Northwest Pipe Co. ‡	300	10
Titanium Metals Corp.	49,400	414
Multiline Retail - 0.8%
99 Cents Only Stores ‡	44,800	656
Multi-Utilities - 1.3%
Ameren Corp.	33,700	857
Avista Corp.	700	13
Northwestern Corp.	1,100	27
Sempra Energy	3,000	157
Oil, Gas & Consumable Fuels - 8.0%
Anadarko Petroleum Corp.	7,400	357
Apache Corp.	2,000	168
Bill Barrett Corp. ‡	10,000	316
Chesapeake Utilities Corp.	1,700	56
Chevron Corp.	4,700	327
Clayton Williams Energy, Inc. ‡	2,600	50
ConocoPhillips	1,900	83
Encore Acquisition Co. ‡	31,400	1,117
Exco Resources, Inc. ‡	26,000	357

The notes are an integral part of this report.

3

	Shares		Value
Oil, Gas & Consumable Fuels - (continued)
Gulfport Energy Corp. ‡	7,900		$	55
Harvest Natural Resources, Inc. ‡	8,300		54
Peabody Energy Corp.	12,400		411
Petroleum Development Corp. ‡	1,100		19
Plains Exploration & Production Co. ‡	37,300		1,069
Rosetta Resources, Inc. ‡	1,300		13
Southern Union Co.	30,100		583
Tesoro Corp.	79,300		1,038
TGC Industries, Inc. ‡	2,400		11
Williams Cos., Inc.	32,200		537
World Fuel Services Corp.	1,100		48
Paper & Forest Products - 0.1%
Glatfelter	7,400		77
Personal Products - 0.1%
Inter Parfums, Inc.	1,500		15
Revlon, Inc. -Class A ‡	6,700		41
Pharmaceuticals - 3.3%
Eli Lilly & Co.	31,200		1,089
Forest Laboratories, Inc. ‡	42,300		1,092
Sepracor, Inc. ‡	6,600		115
Valeant Pharmaceuticals International ‡	17,300		446
Professional Services - 0.2%
Exponent, Inc. ‡	2,000		52
School Specialty, Inc. ‡	2,400		54
VSE Corp.	2,400		71
Watson Wyatt Worldwide, Inc.	700		26
Road & Rail - 0.8%
CSX Corp.	14,200		570
Heartland Express, Inc.	3,600		55
Marten Transport, Ltd. ‡	3,100		55
Semiconductors & Semiconductor Equipment - 5.0%
Amkor Technology, Inc. ‡	10,500		66
Broadcom Corp. -Class A ‡	12,700		359
Cree, Inc. ‡	22,600		725
Cypress Semiconductor Corp. ‡	7,500		80
Intersil Corp. -Class A	5,800		83
Marvell Technology Group, Ltd. ‡	38,000		507
Microsemi Corp. ‡	4,100		56
Novellus Systems, Inc. ‡	33,800		661
Photronics, Inc. ‡	6,500		33
PMC Sierra, Inc. ‡	96,400		881
Sigma Designs, Inc. ‡	3,200		52
Skyworks Solutions, Inc. ‡	6,300		76
Tessera Technologies, Inc. ‡	2,500		70
White Electronic Designs Corp. ‡	3,400		16
Xilinx, Inc.	22,300		484
Zoran Corp. ‡	2,900		33
Software - 4.3%
ACI Worldwide, Inc. ‡	17,400		262
CA, Inc.	32,800		693
Compuware Corp. ‡	97,200		713
Fair Isaac Corp.	27,700		532
I2 Technologies, Inc. ‡	4,100		55
Lawson Software, Inc. ‡	8,700		52
Netscout Systems, Inc. ‡	4,400		44
Radiant Systems, Inc. ‡	6,000		60
Renaissance Learning, Inc.	2,800		27
Symantec Corp. ‡	47,000		702
Synopsys, Inc. ‡	19,000		380
Tibco Software, Inc. ‡	6,200		54
Unica Corp. ‡	6,900		43
Specialty Retail - 3.0%
Asbury Automotive Group, Inc. ‡	2,900		41
Buckle, Inc.	1,100		34
Cabela’s, Inc. ‡	4,900		79
Foot Locker, Inc.	79,900		885
GameStop Corp. -Class A ‡	8,600		188
Hot Topic, Inc. ‡	6,100		47
Jos A. Bank Clothiers, Inc. ‡	1,900		70
Lithia Motors, Inc. -Class A	2,800		34
RadioShack Corp.	40,300		625
Rent-A-Center, Inc. ‡	20,900		434
Tractor Supply Co. ‡	1,100		53
Textiles, Apparel & Luxury Goods - 1.2%
Coach, Inc.	13,300		393
Columbia Sportswear Co.	700		25
G-III Apparel Group, Ltd. ‡	4,400		53
Maidenform Brands, Inc. ‡	3,800		53
Unifirst Corp.	1,500		58
Warnaco Group, Inc. ‡	10,100		367
Wolverine World Wide, Inc.	500		12
Thrifts & Mortgage Finance - 0.0%
Provident New York Bancorp	1,500		15
Trading Companies & Distributors - 0.4%
Aircastle, Ltd.	1,800		13
Applied Industrial Technologies, Inc.	500		11
Beacon Roofing Supply, Inc. ‡	3,900		65
DXP Enterprises, Inc. ‡	3,100		31
WESCO International, Inc. ‡	8,900		221
Wireless Telecommunication Services - 0.4%
NII Holdings, Inc. ‡	11,800		271
Syniverse Holdings, Inc. ‡	1,800		32
USA Mobility, Inc. ‡	5,300		72
Total Common Stocks (cost $71,698)			81,364
	Principal
REPURCHASE AGREEMENT - 22.2%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $18,483 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 4.38%, due 07/17/2015, and with a value of $18,854.	$	18,483	18,483
Total Repurchase Agreement (cost $18,483)
Total Investment Securities (cost $90,181) #			99,847
Other Assets and Liabilities - Net			(16,430		)
Net Assets			$	83,417

The notes are an integral part of this report.

4

	Shares		Value
SECURITIES SOLD SHORT
COMMON STOCKS (97.6%)
Aerospace & Defense (2.3%)
Aerovironment, Inc. ‡	(800	)	$	(23	)
Astronics Corp. ‡	(2,200	)	(24		)
Boeing Co.	(14,200	)	(609		)
Ceradyne, Inc. ‡	(1,800	)	(32		)
Curtiss-Wright Corp.	(1,500	)	(50		)
Esterline Technologies Corp. ‡	(1,900	)	(54		)
Heico Corp.	(1,800	)	(66		)
Ladish Co., Inc. ‡	(1,800	)	(20		)
Orbital Sciences Corp. ‡	(1,400	)	(19		)
Spirit Aerosystems Holdings, Inc. -Class A ‡	(13,700	)	(178		)
Stanley, Inc. ‡	(1,700	)	(52		)
Transdigm Group, Inc. ‡	(21,500	)	(824		)
Air Freight & Logistics (0.2%)
FedEx Corp.	(1,400	)	(95		)
Forward Air Corp.	(3,200	)	(74		)
Airlines (0.6%)
Continental Airlines, Inc. -Class B ‡	(37,300	)	(416		)
Southwest Airlines Co.	(13,700	)	(108		)
UAL Corp. ‡	(3,100	)	(13		)
Auto Components (2.1%)
Amerigon, Inc. ‡	(8,100	)	(68		)
BorgWarner, Inc.	(13,200	)	(438		)
Drew Industries, Inc. ‡	(5,300	)	(102		)
Goodyear Tire & Rubber Co. ‡	(64,500	)	(1,098		)
Tenneco, Inc. ‡	(5,200	)	(84		)
Automobiles (0.5%)
Harley-Davidson, Inc.	(18,100	)	(409		)
Beverages (1.5%)
Boston Beer Co., Inc. -Class A ‡	(1,100	)	(34		)
Coca-Cola Co.	(16,500	)	(823		)
PepsiCo, Inc.	(7,000	)	(397		)
Building Products (0.6%)
Armstrong World Industries, Inc. ‡	(15,800	)	(389		)
Gibraltar Industries, Inc.	(7,900	)	(61		)
Simpson Manufacturing Co., Inc.	(900	)	(26		)
Capital Markets (0.0%)
Labranche & Co., Inc. ‡	(2,800	)	(11		)
Teton Advisors, Inc. Ә ‡	(25	)	(♦)
Chemicals (4.2%)
Air Products & Chemicals, Inc.	(8,200	)	(612		)
Celanese Corp. -Class A	(9,500	)	(244		)
Cytec Industries, Inc.	(35,300	)	(885		)
Dow Chemical Co.	(4,100	)	(87		)
Ferro Corp.	(11,500	)	(57		)
Mosaic Co.	(8,200	)	(428		)
Praxair, Inc.	(5,600	)	(438		)
Rockwood Holdings, Inc. ‡	(3,900	)	(70		)
RPM International, Inc.	(39,200	)	(625		)
Commercial Banks (0.2%)
American National Bankshares, Inc.	(800	)	(18		)
Columbia Banking System, Inc.	(2,400	)	(29		)
Farmers Capital Bank Corp.	(700	)	(14		)
Financial Institutions, Inc.	(2,300	)	(34		)
German American Bancorp, Inc.	(1,500	)	(27		)
SVB Financial Group ‡	(400	)	(14		)
Webster Financial Corp.	(4,600	)	(53		)
Commercial Services & Supplies (2.8%)
Bowne & Co., Inc.	(7,761.6	)	(62		)
Clean Harbors, Inc. ‡	(14,200	)	(740		)
Copart, Inc. ‡	(8,400	)	(297		)
Geoeye, Inc. ‡	(1,600	)	(40		)
Innerworkings, Inc. ‡	(11,200	)	(58		)
Iron Mountain, Inc. ‡	(21,000	)	(613		)
Knoll, Inc.	(1,100	)	(11		)
Mobile Mini, Inc. ‡	(3,500	)	(57		)
Rollins, Inc.	(23,600	)	(433		)
Standard Parking Corp. ‡	(2,800	)	(47		)
Communications Equipment (4.2%)
Adtran, Inc.	(44,700	)	(1,080		)
Airvana, Inc. ‡	(5,900	)	(37		)
Blue Coat Systems, Inc. ‡	(3,100	)	(58		)
Ciena Corp. ‡	(22,000	)	(246		)
DG Fastchannel, Inc. ‡	(2,800	)	(59		)
Digi International, Inc. ‡	(5,500	)	(56		)
Harmonic Lightwaves, Inc. ‡	(1,800	)	(12		)
Ixia ‡	(3,200	)	(24		)
Juniper Networks, Inc. ‡	(42,200	)	(1,102		)
Motorola, Inc.	(100,100	)	(717		)
Netgear, Inc. ‡	(2,700	)	(46		)
Riverbed Technology, Inc. ‡	(3,200	)	(64		)
Computers & Peripherals (1.0%)
3par, Inc. ‡	(4,200	)	(40		)
Electronics for Imaging, Inc. ‡	(4,300	)	(49		)
NCR Corp. ‡	(31,300	)	(405		)
QLogic Corp. ‡	(25,100	)	(328		)
Super Micro Computer, Inc. ‡	(3,000	)	(24		)
Construction & Engineering (0.2%)
Quanta Services, Inc. ‡	(8,100	)	(189		)
Construction Materials (0.0%)
U.S. Lime & Minerals, Inc. ‡	(600	)	(24		)
Containers & Packaging (1.4%)
Greif, Inc. -Class A	(10,700	)	(549		)
KapStone Paper and Packaging Corp ‡	(3,400	)	(17		)
Owens-Illinois, Inc. ‡	(12,600	)	(428		)
Sonoco Products Co.	(6,400	)	(169		)
Diversified Consumer Services (0.1%)
Jackson Hewitt Tax Service, Inc.	(8,500	)	(51		)
Universal Technical Institute, Inc. ‡	(3,600	)	(58		)
Diversified Financial Services (0.0%)
US Global Investors, Inc.	(2,100	)	(26		)
Diversified Telecommunication Services (0.3%)
Alaska Communications Systems Group, Inc.	(7,600	)	(56		)
Atlantic Tele-Network, Inc.	(1,300	)	(55		)
Hughes Communications, Inc. ‡	(2,300	)	(60		)
Iowa Telecommunications Services, Inc.	(4,100	)	(50		)
Shenandoah Telecommunications Co.	(2,500	)	(51		)
Electric Utilities (3.7%)
Cleco Corp.	(38,800	)	(919		)
Great Plains Energy, Inc.	(35,800	)	(570		)
Hawaiian Electric Industries, Inc.	(33,900	)	(606		)

The notes are an integral part of this report.

5

	Shares		Value
Electric Utilities (continued)
NV Energy, Inc.	(53,800	)	$	(619	)
PPL Corp.	(11,200	)	(378		)
Electrical Equipment (0.4%)
Acuity Brands, Inc.	(1,900	)	(56		)
Baldor Electric Co.	(1,900	)	(49		)
Graftech International, Ltd. ‡	(2,600	)	(36		)
II-VI, Inc. ‡	(1,800	)	(43		)
IPG Photonics Corp. ‡	(5,300	)	(57		)
Polypore International, Inc. ‡	(4,600	)	(57		)
Electronic Equipment & Instruments (3.0%)
Agilent Technologies, Inc. ‡	(15,000	)	(348		)
Cognex Corp.	(1,600	)	(26		)
DTS, Inc. ‡	(1,900	)	(52		)
Faro Technologies, Inc. ‡	(4,300	)	(76		)
Littelfuse, Inc. ‡	(3,100	)	(73		)
Measurement Specialties, Inc. ‡	(1,300	)	(10		)
National Instruments Corp.	(35,600	)	(899		)
Newport Corp. ‡	(7,100	)	(52		)
Park Electrochemical Corp.	(2,700	)	(63		)
Rofin-Sinar Technologies, Inc. ‡	(2,400	)	(52		)
Trimble Navigation, Ltd. ‡	(36,500	)	(865		)
Energy Equipment & Services (1.7%)
Bronco Drilling Co., Inc. ‡	(6,000	)	(25		)
FMC Technologies, Inc. ‡	(14,400	)	(627		)
Halliburton Co.	(7,200	)	(159		)
Lufkin Industries, Inc.	(1,200	)	(54		)
Pride International, Inc. ‡	(23,500	)	(589		)
Food & Staples Retailing (0.6%)
Costco Wholesale Corp.	(7,900	)	(391		)
Great Atlantic & Pacific Tea Co. ‡	(10,400	)	(60		)
Ingles Market, Inc. -Class A	(1,600	)	(27		)
Food Products (2.7%)
Alico, Inc.	(900	)	(28		)
Calavo Growers, Inc.	(2,600	)	(53		)
Chiquita Brands International, Inc. ‡	(4,200	)	(51		)
Corn Products International, Inc.	(23,700	)	(664		)
Griffin Land & Nurseries, Inc.	(1,600	)	(49		)
Hain Celestial Group, Inc. ‡	(1,900	)	(32		)
HJ Heinz Co.	(12,700	)	(488		)
Imperial Sugar Co.	(5,600	)	(74		)
JM Smucker Co.	(16,000	)	(801		)
Gas Utilities (0.9%)
EQT Corp.	(19,400	)	(745		)
Health Care Equipment & Supplies (2.8%)
Analogic Corp.	(600	)	(23		)
Boston Scientific Corp. ‡	(30,800	)	(331		)
Dentsply International, Inc.	(18,200	)	(607		)
Dexcom, Inc. ‡	(7,400	)	(48		)
Edwards Lifesciences Corp. ‡	(7,800	)	(510		)
Female Health Co. ‡	(8,800	)	(55		)
Inverness Medical Innovations, Inc. ‡	(8,600	)	(289		)
Medical Action Industries, Inc. ‡	(2,400	)	(30		)
Merit Medical Systems, Inc. ‡	(1,900	)	(35		)
Natus Medical, Inc. ‡	(5,000	)	(68		)
Neogen Corp. ‡	(1,600	)	(47		)
NuVasive, Inc. ‡	(1,600	)	(66		)
Palomar Medical Technologies, Inc. ‡	(3,700	)	(55		)
Quidel Corp. ‡	(3,700	)	(55		)
Rochester Medical Corp. ‡	(800	)	(10		)
Somanetics Corp. ‡	(900	)	(13		)
Volcano Corp. ‡	(4,400	)	(67		)
West Pharmaceutical Services, Inc.	(800	)	(29		)
Health Care Providers & Services (4.1%)
Alliance Healthcare Services, Inc. ‡	(7,600	)	(37		)
Bio-Reference Labs, Inc. ‡	(1,700	)	(55		)
Brookdale Senior Living, Inc.	(14,400	)	(154		)
Catalyst Health Solutions, Inc. ‡	(1,000	)	(26		)
Chindex International, Inc. ‡	(2,000	)	(26		)
Genoptix, Inc. ‡	(1,900	)	(59		)
Laboratory Corp. of America Holdings ‡	(4,700	)	(316		)
Landauer, Inc.	(700	)	(47		)
Medcath Corp. ‡	(2,200	)	(27		)
Mednax, Inc. ‡	(17,600	)	(816		)
Patterson Cos., Inc. ‡	(36,700	)	(930		)
Stewart Enterprises, Inc. -Class A	(2,100	)	(10		)
Transcend Services, Inc. ‡	(3,300	)	(47		)
VCA Antech, Inc. ‡	(30,100	)	(770		)
Health Care Technology (0.2%)
Computer Programs & Systems, Inc.	(1,400	)	(54		)
Medassets, Inc. ‡	(3,200	)	(60		)
Phase Forward, Inc. ‡	(3,300	)	(47		)
Hotels, Restaurants & Leisure (1.9%)
Bally Technologies, Inc. ‡	(1,500	)	(54		)
International Game Technology	(44,100	)	(872		)
Live Nation, Inc. ‡	(4,000	)	(23		)
Marriott International, Inc. -Class A	(8,230.258	)	(177		)
Orient-Express Hotels, Ltd. -Class A	(1,600	)	(14		)
Starwood Hotels & Resorts Worldwide, Inc.	(19,400	)	(458		)
Town Sports International Holdings, Inc. ‡	(6,700	)	(23		)
Household Durables (1.8%)
American Greetings Corp. -Class A	(27,300	)	(431		)
Black & Decker Corp.	(8,100	)	(305		)
Blyth, Inc.	(8,400	)	(356		)
Cavco Industries, Inc. ‡	(2,200	)	(75		)
Skyline Corp.	(2,500	)	(61		)
Stanley Furniture Co., Inc.	(4,300	)	(47		)
Tupperware Brands Corp.	(1,100	)	(37		)
Whirlpool Corp.	(3,400	)	(194		)
Household Products (0.0%)
WD-40 Co.	(800	)	(24		)
Independent Power Producers & Energy Traders (0.4%)
Constellation Energy Group, Inc.	(10,300	)	(295		)
Ormat Technologies, Inc.	(700	)	(28		)
Industrial Conglomerates (1.5%)
3M Co.	(5,200	)	(367		)
McDermott International, Inc. ‡	(28,100	)	(548		)
Otter Tail Corp.	(2,700	)	(63		)
Textron, Inc.	(18,600	)	(250		)
United Capital Corp. ‡	(2,000	)	(49		)

The notes are an integral part of this report.

6

	Shares		Value
Insurance (0.1%)
Kansas City Life Insurance Co.	(1,100	)	$	(35	)
National Financial Partners Corp.	(3,600	)	(27		)
State Auto Financial Corp.	(2,900	)	(50		)
Internet & Catalog Retail (0.1%)
Gaiam, Inc. -Class A ‡	(3,900	)	(20		)
NutriSystem, Inc.	(2,000	)	(28		)
Internet Software & Services (0.2%)
Dealertrack Holdings, Inc. ‡	(3,200	)	(64		)
Switch & Data Facilities Co., Inc. ‡	(3,900	)	(54		)
Vocus, Inc. ‡	(1,800	)	(30		)
IT Services (1.5%)
Cass Information Systems, Inc.	(1,100	)	(38		)
Global Payments, Inc.	(3,900	)	(165		)
Paychex, Inc.	(17,700	)	(469		)
Sapient Corp. ‡	(9,100	)	(61		)
SRA International, Inc. -Class A ‡	(20,000	)	(394		)
Syntel, Inc.	(600	)	(24		)
TNS, Inc. ‡	(2,800	)	(64		)
Leisure Equipment & Products (0.7%)
Marine Products Corp.	(5,100	)	(29		)
Mattel, Inc.	(31,900	)	(561		)
Life Sciences Tools & Services (1.8%)
Bio-Rad Laboratories, Inc. -Class A ‡	(5,100	)	(395		)
Covance, Inc. ‡	(20,500	)	(1,131		)
Machinery (6.3%)
Astec Industries, Inc. ‡	(2,000	)	(54		)
Barnes Group, Inc.	(2,900	)	(41		)
Blount International, Inc. ‡	(4,400	)	(41		)
Caterpillar, Inc.	(5,000	)	(220		)
Cummins, Inc.	(12,600	)	(542		)
Deere & Co.	(7,200	)	(315		)
Eaton Corp.	(3,400	)	(177		)
Freightcar America, Inc.	(2,500	)	(50		)
Gardner Denver, Inc. ‡	(14,600	)	(426		)
Graham Corp.	(3,600	)	(49		)
Greenbrier Cos., Inc.	(5,400	)	(57		)
Hurco Cos., Inc. ‡	(3,600	)	(70		)
Kaydon Corp.	(1,700	)	(56		)
Nordson Corp.	(21,300	)	(956		)
PACCAR, Inc.	(26,300	)	(911		)
Parker Hannifin Corp.	(12,200	)	(540		)
RBC Bearings, Inc. ‡	(1,300	)	(31		)
Sun Hydraulics Corp.	(1,500	)	(26		)
Terex Corp. ‡	(45,100	)	(685		)
Marine (0.0%)
Golar LNG, Ltd.	(3,000	)	(29		)
Media (2.3%)
Arbitron, Inc.	(2,500	)	(41		)
Cablevision Systems Corp. -Class A	(20,200	)	(413		)
CBS Corp. -Class B	(57,800	)	(473		)
Dolan Media Co. ‡	(3,100	)	(42		)
News Corp. -Class A	(44,100	)	(456		)
Primedia, Inc.	(7,500	)	(17		)
Walt Disney Co.	(15,800	)	(397		)
World Wrestling Entertainment, Inc. -Class A	(1,800	)	(24		)
Metals & Mining (2.0%)
AM Castle & Co.	(2,400	)	(25		)
Brush Engineered Materials, Inc. ‡	(2,300	)	(49		)
Century Aluminum Co. ‡	(53,200	)	(446		)
Nucor Corp.	(10,100	)	(449		)
Olympic Steel, Inc.	(2,200	)	(56		)
RTI International Metals, Inc. ‡	(3,200	)	(57		)
Steel Dynamics, Inc.	(35,600	)	(583		)
Multiline Retail (0.1%)
Allion Healthcare, Inc. ‡	(1,500	)	(11		)
Saks, Inc. ‡	(5,000	)	(26		)
Tuesday Morning Corp. ‡	(14,900	)	(69		)
Multi-Utilities (1.6%)
Black Hills Corp.	(19,800	)	(514		)
Oge Energy Corp.	(9,900	)	(298		)
PG&E Corp.	(9,700	)	(392		)
Scana Corp.	(3,300	)	(117		)
Office Electronics (0.7%)
Zebra Technologies Corp. -Class A ‡	(23,600	)	(577		)
Oil, Gas & Consumable Fuels (7.0%)
Cabot Oil & Gas Corp.	(17,512	)	(615		)
Carrizo Oil & Gas, Inc. ‡	(3,900	)	(74		)
Credo Petroleum Corp. ‡	(3,500	)	(44		)
FX Energy, Inc. ‡	(15,400	)	(61		)
Georesources, Inc. ‡	(5,300	)	(55		)
Goodrich Petroleum Corp. ‡	(2,200	)	(56		)
Holly Corp.	(27,000	)	(574		)
Massey Energy Co.	(6,800	)	(181		)
Newfield Exploration Co. ‡	(9,400	)	(370		)
Noble Energy, Inc.	(9,600	)	(587		)
Occidental Petroleum Corp.	(9,100	)	(650		)
Penn Virginia Corp.	(700	)	(13		)
PetroHawk Energy Corp. ‡	(41,200	)	(1,001		)
Southwestern Energy Co. ‡	(4,500	)	(186		)
Spectra Energy Corp.	(50,300	)	(925		)
Swift Energy Co. Com ‡	(3,300	)	(65		)
Valero Energy Corp.	(21,400	)	(385		)
Paper & Forest Products (0.6%)
Deltic Timber Corp.	(1,700	)	(76		)
MeadWestvaco Corp.	(4,500	)	(88		)
Weyerhaeuser Co.	(9,600	)	(337		)
Personal Products (2.1%)
Avon Products, Inc.	(15,900	)	(515		)
Estee Lauder Cos., Inc. -Class A	(17,600	)	(642		)
NBTY, Inc. ‡	(15,700	)	(568		)
Pharmaceuticals (3.2%)
Allergan, Inc.	(9,100	)	(486		)
Auxilium Pharmaceuticals, Inc. ‡	(1,500	)	(46		)
Biomimetic Therapeutics, Inc. ‡	(3,429	)	(36		)
King Pharmaceuticals, Inc. ‡	(76,100	)	(690		)
Medicis Pharmaceutical Corp. -Class A	(28,100	)	(481		)
Merck & Co., Inc.	(26,200	)	(787		)
Obagi Medical Products, Inc. ‡	(5,900	)	(45		)
Salix Pharmaceuticals, Ltd. ‡	(3,700	)	(45		)
Vivus, Inc. ‡	(10,000	)	(74		)

The notes are an integral part of this report.

7

	Shares		Value
Professional Services (1.4%)
Administaff, Inc.	(2,000	)	$	(50	)
CRA International, Inc. ‡	(1,100	)	(30		)
FTI Consulting, Inc. ‡	(4,200	)	(228		)
Huron Consulting Group, Inc. ‡	(1,100	)	(49		)
ICF International, Inc. ‡	(1,500	)	(39		)
Korn/Ferry International ‡	(14,700	)	(204		)
Monster Worldwide, Inc. ‡	(13,100	)	(171		)
MPS Group, Inc. ‡	(3,800	)	(33		)
Resources Connection, Inc. ‡	(3,500	)	(53		)
Robert Half International, Inc.	(8,800	)	(218		)
Trueblue, Inc. ‡	(6,100	)	(77		)
Real Estate Management & Development (2.4%)
CB Richard Ellis Group, Inc. -Class A ‡	(52,900	)	(577		)
Forestar Group, Inc. ‡	(4,000	)	(52		)
Jones Lang Lasalle, Inc.	(25,600	)	(972		)
St. Joe Co. ‡	(8,600	)	(242		)
Tejon Ranch Co. ‡	(2,400	)	(63		)
Road & Rail (2.1%)
Arkansas Best Corp.	(2,400	)	(68		)
Con-Way, Inc.	(4,500	)	(205		)
Kansas City Southern ‡	(36,300	)	(737		)
Old Dominion Freight Line, Inc. ‡	(1,700	)	(61		)
Werner Enterprises, Inc.	(38,100	)	(688		)
Semiconductors & Semiconductor Equipment (4.2%)
Applied Materials, Inc.	(74,200	)	(1,023		)
Applied Micro Circuits Corp. ‡	(4,300	)	(37		)
ATMI, Inc. ‡	(2,800	)	(51		)
Cabot Microelectronics Corp. ‡	(1,500	)	(51		)
Cavium Networks, Inc. ‡	(1,400	)	(26		)
KLA-Tencor Corp.	(9,200	)	(293		)
LAM Research Corp. ‡	(9,900	)	(298		)
Maxim Integrated Products, Inc.	(36,100	)	(640		)
Microchip Technology, Inc.	(7,500	)	(202		)
Mks Instruments, Inc. ‡	(1,800	)	(35		)
NVIDIA Corp. ‡	(15,200	)	(197		)
Omnivision Technologies, Inc. ‡	(4,000	)	(53		)
Power Integrations, Inc.	(2,600	)	(76		)
Rubicon Technology, Inc. ‡	(2,200	)	(26		)
Semtech Corp. ‡	(25,500	)	(469		)
Varian Semiconductor EquipmentAssociates, Inc. ‡	(3,100	)	(99		)
Software (3.8%)
Blackbaud, Inc.	(3,000	)	(56		)
Cadence Design Systems, Inc. ‡	(46,100	)	(272		)
Citrix Systems, Inc. ‡	(23,000	)	(819		)
Commvault Systems, Inc. ‡	(3,200	)	(56		)
Demandtec, Inc. ‡	(2,700	)	(24		)
Ebix, Inc. ‡	(800	)	(33		)
Jack Henry & Associates, Inc.	(42,000	)	(902		)
McAfee, Inc. ‡	(5,100	)	(227		)
Parametric Technology Corp. ‡	(44,900	)	(580		)
Phoenix Technologies, Ltd. ‡	(7,100	)	(24		)
Taleo Corp. -Class A ‡	(1,500	)	(26		)
THQ, Inc. ‡	(3,800	)	(25		)
Tivo, Inc. ‡	(5,100	)	(52		)
Vasco Data Security International, Inc. ‡	(6,900	)	(52		)
Specialty Retail (3.7%)
Abercrombie & Fitch Co. -Class A	(14,100	)	(403		)
American Eagle Outfitters, Inc.	(39,500	)	(568		)
America’s Car-Mart, Inc. ‡	(2,400	)	(52		)
Christopher & Banks Corp.	(8,500	)	(67		)
DSW, Inc. -Class A ‡	(2,000	)	(27		)
Haverty Furniture Cos., Inc.	(5,400	)	(58		)
J. Crew Group, Inc. ‡	(900	)	(25		)
O’Reilly Automotive, Inc. ‡	(22,000	)	(895		)
Rex Stores Corp. ‡	(4,300	)	(48		)
Rush Enterprises, Inc. -Class A ‡	(2,300	)	(30		)
Staples, Inc.	(39,000	)	(820		)
Zumiez, Inc. ‡	(3,200	)	(31		)
Textiles, Apparel & Luxury Goods (0.5%)
American Apparel, Inc. ‡	(3,800	)	(15		)
Cherokee, Inc.	(2,400	)	(49		)
Kenneth Cole Productions, Inc. -Class A	(3,600	)	(29		)
K-Swiss, Inc. -Class A	(3,200	)	(35		)
Movado Group, Inc.	(5,300	)	(76		)
Nike, Inc. -Class B	(3,200	)	(180		)
Perry Ellis International, Inc. ‡	(3,700	)	(29		)
Skechers U.S.A., Inc. -Class A ‡	(2,700	)	(37		)
Thrifts & Mortgage Finance (0.1%)
Astoria Financial Corp.	(2,200	)	(21		)
Northwest Bancorp, Inc.	(1,300	)	(27		)
Radian Group, Inc.	(10,900	)	(36		)
Trading Companies & Distributors (0.4%)
GATX Corp.	(10,900	)	(275		)
Titan Machinery, Inc. ‡	(2,100	)	(26		)
Water Utilities (0.1%)
American States Water Co.	(1,200	)	(44		)
Connecticut Water Service, Inc.	(2,100	)	(45		)
Pennichuck Corp.	(1,200	)	(28		)
Wireless Telecommunication Services (0.7%)
Crown Castle International Corp. ‡	(8,100	)	(233		)
SBA Communications Corp. -Class A ‡	(13,800	)	(360		)
Total Common Stocks (cost $76,560)			(81,428		)
Total Securities Sold Short (cost $76,560)			$	(81,428	)

The notes are an integral part of this report.

8

(all amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
♦	Value is less than $1.
Ә	Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.
#	Aggregate cost for federal income tax purposes is $90,181. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $11,668 and $2,002, respectively. Net unrealized appreciation for tax purposes is $9,666.

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2		Level 3			Total
Equities - Consumer Discretionary	$	12,257		$	—	$	—		$	12,257
Equities - Consumer Staples	4,123			—		—			4,123
Equities - Energy	8,577			—		—			8,577
Equities - Financials	830			—		—			830
Equities - Health Care	10,702			—		—			10,702
Equities - Industrials	15,879			—		—			15,879
Equities - Information Technology	15,935			—		—			15,935
Equities - Materials	6,759			—		—			6,759
Equities - Telecommunication Services	1,583			—		—			1,583
Equities - Utilities	4,719			—		—			4,719
Cash & Cash Equivalent - Repurchase Agreement	—			18,483		—			18,483
Total	$	81,364		$	18,483	$	—		$	99,847
Securities Sold Short	Level 1			Level 2		Level 3			Total
Equities - Consumer Discretionary	$	(11,560	)	$	—	$	—		$	(11,560	)
Equities - Information Technology	(15,577		)	—		—			(15,577		)
Equities - Industrials	(15,800		)	—		—			(15,800		)
Equities - Materials	(6,799		)	—		—			(6,799		)
Equities - Consumer Staples	(5,732		)	—		—			(5,732		)
Equities - Telecommunication Services	(865		)	—		—			(865		)
Equities - Health Care	(9,873		)	—		—			(9,873		)
Equities - Utilities	(5,598		)	—		—			(5,598		)
Equities - Financials	(2,328		)	—		(♦		)	(2,328		)
Equities - Energy	(7,296		)	—		—			(7,296		)
Total	$	(81,428	)	$	—	$	(♦	)	$	(81,428	)

Level 3 Rollforward

Securities

Beginning Balance at 10/31/2008

Net Purchases/(Sales)

Accrued Discounts/(Premiums)

Total Realized Gain/(Loss)

Total Unrealized Appreciation/(Depreciation)

Net Transfers In/(Out) ofLevel 3

EndingBalance at 7/31/2009

Equities - Financials

$

—

$

(♦

)

$

—

$

—

$

—

$

—

$

(♦

)

Total

$

—

$

(♦

)

$

—

$

—

$

—

$

—

$

(♦

)

The notes are an integral part of this report.

9

Transamerica Clarion Global Real Estate Securities

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
COMMON STOCKS - 97.8%
Australia - 11.1%
CFS Retail Property Trust REIT	701,500	$	1,006
Commonwealth Property Office Fund REIT	981,600	694
Dexus Property Group REIT	6,042,798	3,689
Goodman Group REIT	1,321,569	564
GPT Group REIT	6,294,368	2,790
Lend Lease Corp., Ltd.	199,800	1,295
Macquarie Countrywide Trust REIT	1,610,500	707
Mirvac Group REIT	3,191,151	3,403
Stockland REIT	1,811,740	4,773
Westfield Group REIT	1,021,543	9,680
Bermuda - 3.0%
Great Eagle Holdings, Ltd.	112,000	259
Hongkong Land Holdings, Ltd.	653,900	2,544
Kerry Properties, Ltd.	936,100	4,831
Brazil - 0.9%
BR Malls Participacoes SA ‡	218,700	2,274
Canada - 1.0%
Calloway REIT	64,800	849
Canadian REIT	21,200	470
Primaris Retail REIT	47,700	571
RioCan REIT	52,000	750
Cayman Islands - 1.8%
China Resources Land, Ltd.	803,300	1,964
KWG Property Holding, Ltd.	1,854,000	1,411
Shimao Property Holdings, Ltd.	252,200	508
Shui On Land, Ltd.	1,031,600	729
Finland - 0.1%
Sponda OYJ ‡	110,170	319
France - 5.9%
Fonciere Des Regions REIT	8,223	721
Gecina SA REIT	6,010	495
ICADE REIT	13,740	1,202
Klepierre REIT	149,104	4,263
Mercialys SA REIT	33,707	1,129
Unibail-Rodamco REIT	42,680	7,458
Germany - 0.1%
Deutsche Euroshop AG	6,360	193
Hong Kong - 15.3%
Cheung Kong Holdings, Ltd.	806,424	10,416
Hang Lung Group, Ltd.	398,848	2,066
Hang Lung Properties, Ltd.	866,000	3,173
Henderson Land Development Co., Ltd.	318,000	2,101
Link REIT	763,300	1,733
Sino Land Co. Ltd.	578,700	1,181
Sino-Ocean Land Holdings, Ltd.	1,099,700	1,171
Sun Hung Kai Properties, Ltd.	969,445	14,749
Wharf Holdings, Ltd.	578,550	2,721
Japan - 17.3%
AEON Mall Co., Ltd.	52,600	1,112
Daito Trust Construction Co., Ltd.	44,700	2,201
Frontier Real Estate Investment Corp. REIT	186	1,201
Japan Excellent, Inc. -Class A REIT	36	175
Japan Logistics Fund, Inc. -Class A REIT	121	818
Japan Real Estate Investment Corp. -Class A REIT	232	1,942
Japan Retail Fund Investment Corp. -Class A REIT	101	507
Kenedix Realty Investment Corp. -Class A REIT	263	881
Mitsubishi Estate Co., Ltd.	525,300	8,755
Mitsui Fudosan Co., Ltd.	596,346	10,965
Nippon Accommodations Fund, Inc. -Class A REIT	87	432
Nippon Building Fund, Inc. -Class A REIT	211	1,895
Nomura Real Estate Office Fund, Inc. -Class A REIT	115	756
NTT Urban Development Corp.	758	718
Orix JREIT, Inc. -Class A REIT	227	1,118
Sumitomo Realty & Development Co., Ltd.	452,800	9,331
Tokyu, Inc. REIT	87	484
Top, Inc. -Class A REIT	34	142
United Urban Investment Corp. -Class A REIT	188	942
Luxembourg - 0.1%
Gagfah SA	32,410	272
Netherlands - 1.7%
Corio NV REIT	65,132	3,609
Eurocommercial Properties NV REIT	23,621	803
Singapore - 3.2%
Ascendas REIT ‡	1,208,039	1,427
Capitaland, Ltd.	1,476,650	3,920
CapitaMall Trust REIT ‡	1,567,114	1,720
City Developments, Ltd.	175,000	1,233
Sweden - 0.8%
Castellum AB	195,720	1,444
Kungsleden AB	106,500	573
Switzerland - 0.5%
PSP Swiss Property AG ‡	18,560	986
Swiss Prime Site AG ‡	8,740	419
United Kingdom - 4.8%
British Land Co. PLC REIT	332,206	2,414
Derwent London PLC REIT	31,319	505
Hammerson PLC REIT	387,162	2,230
Land Securities Group PLC REIT	508,802	4,538
Liberty International PLC REIT	178,359	1,299
Safestore Holdings PLC	574,000	940
Segro PLC REIT	63,355	292
United States - 30.2%
Acadia Realty Trust REIT	49,710	681
Alexandria Real Estate Equities, Inc. REIT	36,400	1,387
AMB Property Corp. REIT	104,600	2,072
Apartment Investment & Management Co.-Class A REIT	107,900	1,012
AvalonBay Communities, Inc. REIT	39,325	2,289
Boston Properties, Inc. REIT	49,500	2,619
BRE Properties, Inc. -Class A REIT	58,900	1,398
Camden Property Trust REIT	50,500	1,490
Corporate Office Properties Trust REIT	15,700	532
Digital Realty Trust, Inc. REIT	73,400	2,976
Duke Realty Corp. REIT	75,800	719
Equity Residential REIT	51,900	1,246
Essex Property Trust, Inc. REIT	14,500	943
Extra Space Storage, Inc. REIT	65,100	572
Federal Realty Investment Trust REIT	59,600	3,400
HCP, Inc. REIT	183,500	4,727
Health Care, Inc. REIT	13,700	549
Highwoods Properties, Inc. REIT	74,300	1,903
Host Hotels & Resorts, Inc. REIT	356,443	3,237
Liberty Property Trust REIT	107,500	2,985
Macerich Co. REIT	98,669	1,941
Nationwide Health Properties, Inc. REIT	109,900	3,189
Omega Healthcare Investors, Inc. REIT	80,900	1,352
ProLogis REIT	282,200	2,481
Public Storage, Inc. REIT	48,700	3,534
Regency Centers Corp. REIT	49,100	1,575
Simon Property Group, Inc. REIT	207,521	11,562
SL Green Realty Corp. REIT	55,200	1,423
Tanger Factory Outlet Centers REIT	37,900	1,347
Taubman Centers, Inc. REIT	18,700	498
UDR, Inc. REIT	187,583	1,960

The notes are an integral part of this report.

1

	Shares		Value
United States - (continued)
Ventas, Inc. REIT	89,700		$	3,166
Vornado Realty Trust REIT	100,355		5,119
Weingarten Realty Investors REIT	82,600		1,275
Total Common Stocks (cost $277,607)			251,010
INVESTMENT COMPANY - 0.1%
Luxembourg - 0.1%
ProLogis European Properties	67,270		300
Total Investment Company (cost $278)
	Principal
REPURCHASE AGREEMENT - 2.0%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $5,171 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 3.63%, due 08/15/2011, and with a value of $5,275.	$	5,171	5,171
Total Repurchase Agreement (cost $5,171)
Total Investment Securities (cost $283,056) #			256,481
Other Assets and Liabilities - Net			162
Net Assets			$	256,643

INVESTMENTS BY INDUSTRY	Percentage of Total Investments		Value
Real Estate Investment Trusts	60.2	%	$	154,236
Real Estate Management & Development	37.7		96,774
Capital Markets	0.1		300
Investment Securities, at Value	98.0		251,310
Short-Term Investments	2.0		5,171
Total Investments	100.0	%	$	256,481

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $283,056. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $18,386 and $44,961, respectively. Net unrealized depreciation for tax purposes is $26,575.

DEFINITION:

REIT Real Estate Investment Trust (includes domestic REITs and Foreign Real Estate Investment Companies)

VALUATION SUMMARY:

Investment Securities	Level 1			Level 2			Level 3			Total
Equities - Financials	$		251,010	$		—	$		—	$		251,010
Investment Company - Financials	300			—			—			300
Cash & Cash Equivalent - Repurchase Agreement	—			5,171			—			5,171
Total	$	251,310		$	5,171		$	—		$	256,481

The notes are an integral part of this report.

2

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS - 8.7%
Commercial Services & Supplies - 2.3%
Avery Dennison Corp. 7.88% p	52,000		$	1,591
Diversified Financial Services - 3.7%
Vale Capital, Ltd. 5.50% p	60,900		2,517
Pharmaceuticals - 2.7%
Mylan, Inc. 6.50% p	2,055		1,813
Total Convertible Preferred Stocks (cost $5,210)			5,921
PREFERRED STOCK - 4.0%
Hotels, Restaurants & Leisure - 4.0%
Las Vegas Sands Corp. 10.00% Ә p	14,000		2,750
Total Preferred Stock (cost $2,750)
REVERSE CONVERTIBLE BONDS - 16.1% ұ
Capital Markets - 10.1%
Deutsche Bank AG §
0.25%, 12/31/2009 -144A	39		3,382
Goldman Sachs Group, Inc. §
0.25%, 12/31/2009 -144A	162		3,508
Diversified Financial Services - 6.0%
Credit Suisse USA, Inc.
Zero Coupon, 01/06/2010	295		4,074
Total Reverse Convertible Bonds (cost $8,901)			10,964
	Principal
CONVERTIBLE BONDS - 69.8%
Biotechnology - 10.6%
Gilead Sciences, Inc.
0.63%, 05/01/2013	$	1,450	1,950
Human Genome Sciences, Inc.
2.25%, 08/15/2012	2,270		2,376
OSI Pharmaceuticals, Inc.
2.00%, 12/15/2025	2,310		2,867
Capital Markets - 2.4%
BlackRock, Inc.
2.63%, 02/15/2035	820		1,570
Commercial Services & Supplies - 4.8%
Barnes Group, Inc.
3.38%, 03/15/2027	2,155		1,708
Textron, Inc.
4.50%, 05/01/2013	1,250		1,556
Construction & Engineering - 1.8%
Quanta Services, Inc.
3.75%, 04/30/2026	1,075		1,251
Diversified Financial Services - 2.2%
AngloGold Ashanti Holdings Finance PLC
3.50%, 05/22/2014 -144A	1,445		1,534
Diversified Telecommunication Services - 3.5%
Mastec, Inc.
4.00%, 06/15/2014	2,495		2,392
Energy Equipment & Services - 6.9%
Covanta Holding Corp.
3.25%, 06/01/2014 -144A	2,535		2,794
Transocean, Inc.
1.63%, 12/15/2037	2,005		1,940
Health Care Equipment & Supplies - 2.5%
NuVasive, Inc.
2.25%, 03/15/2013 -144A	1,578		1,700
Hotels, Restaurants & Leisure - 2.7%
Wyndham Worldwide Corp.
3.50%, 05/01/2012	1,440		1,816
Household Durables - 2.0%
D.R. Horton, Inc.
2.00%, 05/15/2014	1,250		1,398
Internet Software & Services - 2.0%
Equinix, Inc.
3.00%, 10/15/2014	1,525		1,376
Machinery - 2.8%
Danaher Corp.
Zero Coupon, 01/22/2021	2,120		1,916
Media - 2.3%
Macrovision Corp.
2.63%, 08/15/2011	1,425		1,560
Metals & Mining - 8.4%
Arcelormittal
5.00%, 05/15/2014	640		885
Newmont Mining Corp.
1.25%, 07/15/2014	1,375		1,550
Steel Dynamics, Inc.
5.13%, 06/15/2014	1,435		1,726
U.S. Steel Corp.
4.00%, 05/15/2014	1,100		1,591
Multiline Retail - 2.0%
Saks, Inc.
7.50%, 12/01/2013 -144A	1,200		1,361
Oil, Gas & Consumable Fuels - 3.7%
Quicksilver Resources, Inc.
1.88%, 11/01/2024	940		940
Western Refining, Inc.
5.75%, 06/15/2014	1,770		1,575
Semiconductors & Semiconductor Equipment - 3.8%
Linear Technology Corp.
3.00%, 05/01/2027	2,850		2,608
Software - 5.4%
Nuance Communications, Inc.
2.75%, 08/15/2027	2,710		2,463
Take-Two Interactive Software, Inc.
4.38%, 06/01/2014	1,080		1,200
Total Convertible Bonds (cost $45,278)			47,603
REPURCHASE AGREEMENT - 0.8%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $566 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 3.50%, due 10/03/2011, and with a value of $580.	566		566
Total Repurchase Agreement (cost $566)
Total Investment Securities (cost $62,705) #			67,804
Other Assets and Liabilities - Net			407
Net Assets			$	68,211

The notes are an integral part of this report.

1

(all amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

p	Rate shown reflects the yield at 07/31/2009.
Ә	Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.
§	Illiquid. Investment securities aggregated to $6,890, or 10.10%, of the Fund’s net assets.
ұ	A bond that can be converted to cash, debt or equity at the discretion of the issuer at a set date. The bond contains an embedded derivative that allows the issuer to put the bond to bondholders at a set date prior to the bond’s maturity for existing debt or shares of an underlying company. The underlying company need not be related in any way to the issuer’s business.
#	Aggregate cost for federal income tax purposes is $62,705. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,559 and $1,460, respectively. Net unrealized appreciation for tax purposes is $5,099.

DEFINITIONS:

144A 144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 07/31/2009, these securities aggregated to $14,279, or 20.93%, of the Fund’s net assets.

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities - Consumer Discretionary	$	2,750	$	—	$	—	$	2,750
Equities - Financials	2,517		—		—		6,025
Equities - Health Care	1,813		—		—		1,813
Equities - Industrials	1,591		—		—		1,591
Fixed Income - Consumer Discretionary	—		9,003		—		9,003
Fixed Income - Energy	—		7,250		—		7,250
Fixed Income - Financials	—		14,066		—		10,558
Fixed Income - Health Care	—		6,026		—		6,026
Fixed Income - Industrials	—		6,431		—		6,431
Fixed Income - Information Technology	—		6,271		—		6,271
Fixed Income - Materials	—		5,752		—		5,752
Fixed Income - Telecommunication Services	—		3,768		—		3,768
Cash & Cash Equivalent - Repurchase Agreement	—		566		—		566
Total	$	8,671	$	59,133	$	—	$	67,804

The notes are an integral part of this report.

2

Transamerica Equity

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
COMMON STOCKS - 98.9%
Aerospace & Defense - 2.1%
Raytheon Co.	419,110		$	19,677
Air Freight & Logistics - 2.0%
Expeditors International of Washington, Inc.	565,000		19,170
Auto Components - 7.1%
BorgWarner, Inc.	793,400		26,333
Johnson Controls, Inc.	1,630,000		42,184
Biotechnology - 5.6%
Gilead Sciences, Inc. ‡	1,100,000		53,823
Capital Markets - 6.4%
Charles Schwab Corp.	1,696,885		30,323
T. Rowe Price Group, Inc.	660,000		30,829
Chemicals - 14.0%
Ecolab, Inc.	670,000		27,812
Monsanto Co.	176,980		14,866
Praxair, Inc.	674,000		52,693
Sigma-Aldrich Corp.	770,000		39,078
Commercial Banks - 3.9%
Wells Fargo & Co.	1,543,035		37,743
Communications Equipment - 7.7%
Cisco Systems, Inc. ‡	1,060,000		23,331
Qualcomm, Inc.	1,100,000		50,831
Computers & Peripherals - 9.7%
Apple, Inc. ‡	422,000		68,950
International Business Machines Corp.	206,000		24,294
Construction & Engineering - 1.8%
Jacobs Engineering Group, Inc. ‡	420,000		17,212
Electrical Equipment - 2.1%
Emerson Electric Co.	540,750		19,672
Electronic Equipment & Instruments - 1.8%
Tyco Electronics, Ltd.	806,285		17,311
Food & Staples Retailing - 1.8%
Wal-Mart Stores, Inc.	350,955		17,506
Health Care Equipment & Supplies - 4.8%
Becton Dickinson & Co.	435,000		28,340
Varian Medical Systems, Inc. ‡	488,225		17,220
Internet & Catalog Retail - 6.5%
Amazon.com, Inc. ‡	725,000		62,176
Internet Software & Services - 4.9%
Google, Inc. -Class A ‡	105,000		46,520
IT Services - 2.0%
Automatic Data Processing, Inc.	509,275		18,970
Machinery - 4.5%
Caterpillar, Inc.	385,900		17,003
PACCAR, Inc.	774,000		26,819
Media - 2.2%
Walt Disney Co.	830,000		20,850
Oil, Gas & Consumable Fuels - 1.5%
EOG Resources, Inc.	191,345		14,165
Pharmaceuticals - 1.7%
Teva Pharmaceutical Industries, Ltd. ADR	304,295		16,231
Road & Rail - 2.9%
Union Pacific Corp.	490,000		28,185
Software - 1.9%
Microsoft Corp.	766,505		18,028
Total Common Stocks (cost $896,364)			948,145
	Principal
REPURCHASE AGREEMENT - 1.2%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $11,202 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 3.63%, due 08/15/2011, and with a value of $11,427.	$	11,202	11,202
Total Repurchase Agreement (cost $11,202)
Total Investment Securities (cost $907,566) #			959,347
Other Assets and Liabilities - Net			(685		)
Net Assets			$	958,662

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
#	Aggregate cost for federal income tax purposes is $907,566. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $132,215 and $80,434, respectively. Net unrealized appreciation for tax purposes is $51,781.

DEFINITION:

ADR American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities - Consumer Discretionary	$	151,542	$	—	$	—	$	151,542
Equities - Consumer Staples	17,506		—		—		17,506
Equities - Energy	14,165		—		—		14,165
Equities - Financials	98,895		—		—		98,895
Equities - Health Care	115,614		—		—		115,614
Equities - Industrials	147,738		—		—		147,738
Equities - Information Technology	268,236		—		—		268,236
Equities - Materials	134,449		—		—		134,449
Cash & Cash Equivalent - Repurchase Agreement	—		11,202		—		11,202
Total	$	948,145	$	11,202	$	—	$	959,347

The notes are an integral part of this report.

1

Transamerica Evergreen Health Care

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares		Value
PREFERRED STOCK - 1.8%
Health Care Equipment & Supplies - 1.8%
Fresenius AG, 1.22% p	13,237		$	751
Total Preferred Stock (cost $713)
COMMON STOCKS - 95.8%
Biotechnology - 27.9%
Alexion Pharmaceuticals, Inc. ‡	17,007		749
Alkermes, Inc. ‡	20,479		211
Amgen, Inc. ‡	19,968		1,245
Antisoma PLC ‡	236,555		116
BioMarin Pharmaceutical, Inc. ‡	29,692		487
Celera Corp. ‡	31,849		191
Celgene Corp. ‡	19,121		1,089
Cephalon, Inc. ‡	12,352		724
Cepheid, Inc. ‡	25,998		275
Genzyme Corp. ‡	18,962		984
Gilead Sciences, Inc. ‡	24,610		1,205
Incyte Corp., Ltd. ‡	33,552		174
Myriad Genetics, Inc. ‡	15,424		423
Novavax, Inc. ‡	31,201		135
Onyx Pharmaceuticals, Inc. ‡	22,903		823
Orchid Cellmark, Inc. ‡	63,091		110
Theratechnologies, Inc. ‡	336,730		703
Theratechnologies, Inc. -144A ‡	10,000		21
United Therapeutics Corp. ‡	6,424		595
Vanda Pharmaceuticals, Inc. ‡	16,492		251
Vertex Pharmaceuticals, Inc. ‡	34,941		1,259
Chemicals - 1.8%
Monsanto Co.	8,845		743
Food & Staples Retailing - 2.4%
CVS Caremark Corp.	30,241		1,012
Health Care Equipment & Supplies - 19.9%
Abiomed, Inc. ‡	21,009		159
Alcon, Inc.	8,252		1,053
Baxter International, Inc.	10,212		576
Becton Dickinson & Co.	5,929		386
Covidien PLC	17,181		649
Electro-Optical Sciences, Inc. ‡	26,014		187
Gen-Probe, Inc. ‡	11,236		417
Inverness Medical Innovations, Inc. ‡	32,587		1,096
Medtronic, Inc.	10,220		362
NMT Medical, Inc. ‡	38,152		71
NuVasive, Inc. ‡	12,943		536
ResMed, Inc. ‡	19,807		812
St Jude Medical, Inc. ‡	17,625		665
Thoratec Corp. ‡	20,322		511
Zimmer Holdings, Inc. ‡	11,206		522
Zoll Medical Corp. ‡	18,089		333
Health Care Providers & Services - 7.7%
Aetna, Inc.	13,887		375
Cigna Corp.	16,566		470
Express Scripts, Inc. -Class A ‡	14,851		1,040
Fresenius Medical Care AG	12,375		568
Medco Health Solutions, Inc. ‡	14,938		790
Health Care Technology - 1.6%
Cerner Corp. ‡	9,369		609
Medipattern Corp. § ‡	331,658		62
Life Sciences Tools & Services - 9.8%
AMAG Pharmaceuticals, Inc. ‡	18,774		853
Covance, Inc. ‡	11,053		610
ENZO Biochem, Inc. ‡	66,241		338
Life Technologies Corp. ‡	29,325		1,334
Qiagen NV ‡	25,758		488
Thermo Fisher Scientific, Inc. ‡	11,038		500
Pharmaceuticals - 24.7%
Abbott Laboratories	17,128		771
Allergan, Inc.	12,300		657
Auxilium Pharmaceuticals, Inc. ‡	32,044		991
Bayer AG	16,835		1,033
Biodel, Inc. ‡	17,139		84
Bristol-Myers Squibb Co.	34,333		746
Eurand NV ‡	50,368		684
Johnson & Johnson	7,949		484
Merck & Co., Inc.	20,554		617
Myriad Pharmaceuticals, Inc. ‡	3,856		19
Par Pharmaceutical Cos., Inc. ‡	23,054		374
Pfizer, Inc.	86,553		1,379
Schering-Plough Corp.	34,160		906
Shire PLC ADR	14,765		662
Spectrum Pharmaceuticals, Inc. ‡	50,022		335
Teva Pharmaceutical Industries, Ltd. ADR	12,319		657
Total Common Stocks (cost $38,842)			40,296
WARRANTS - 0.3%
Biotechnology - 0.0%
Novavax, Inc. Ә
Expiration: 07/31/2013
Exercise Price: $3.62	174,814		126
Pharmaceuticals - 0.3%
Mannkind Corp. Ә
Expiration: 08/05/2020
Exercise Price: $12.23	30,624		♦
Total Warrants (cost $1)			126
	Principal
REPURCHASE AGREEMENT - 1.7%
State Street Repurchase Agreement 0.01%, dated 07/31/2009, to be repurchased at $729 on 08/03/2009. Collateralized by a U.S. Government Agency Obligation, 3.63%, due 08/15/2011, and with a value of $749.	$	729	729
Total Repurchase Agreement (cost $729)
Total Investment Securities (cost $40,285) #			41,902
Other Assets and Liabilities - Net			158
Net Assets			$	42,060

The notes are an integral part of this report.

1

(all amounts in thousands)

(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

p	Rate shown reflects the yield at 07/31/2009.
‡	Non-income producing security.
♦	Value is less than $1.
Ә	Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.
§	Illiquid. Investment securities aggregated to $62, or 0.15%, of the Fund’s net assets.
#	Aggregate cost for federal income tax purposes is $40,285. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,771 and $5,154, respectively. Net unrealized appreciation for tax purposes is $1,617.

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 07/31/2009, these securities aggregated $21, or 0.05%, of the Fund’s net assets.
ADR	American Depositary Receipt

VALUATION SUMMARY:

Investment Securities	Level 1		Level 2		Level 3		Total
Equities - Consumer Discretionary	$	668	$	—	$	—	$	668
Equities - Health Care	38,624		—		126		38,750
Equities - Materials	743		—		—		743
Equities - Telecommunication Services	1,012		—		—		1,012
Cash & Cash Equivalent - Repurchase Agreement	—		729		—		729
Total	$	41,047	$	729	$	126	$	41,902

Level 3 Rollforward

Securities	Beginning Balance at 10/31/2008		Net Purchases/ (Sales)		Accrued Discounts/ (Premiums)		Total Realized Gain/(Loss)		Total Unrealized Appreciation/ (Depreciation)		Net Transfers In/(Out) of Level 3		Ending Balance at 7/31/2009
Equities - Health Care	$	♦	$	♦	$	—	$	—	$	126	$	—	$	126
Total	$	♦	$	♦	$	—	$	—	$	126	$	—	$	126

The notes are an integral part of this report.

2

Transamerica Evergreen International Small Cap

SCHEDULE OF INVESTMENTS

At July 31, 2009

(all amounts except share amounts in thousands)

(unaudited)

	Shares	Value
PREFERRED STOCK - 1.2%
Germany - 1.2%
Fresenius AG, 1.22% p	71,674	$	4,064
Total Preferred Stock (cost $4,237)