Open Funds

Semi-Annual Report
April 30, 2009

www.transamericafunds.com

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.

Dear Fellow Shareholder,

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

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

We believe it is important to recognize and understand current market conditions in order to provide a context for reading this report. Equity and fixed-income markets have continued to remain volatile over the past six months while exhibiting some signs of price improvement in March and April of 2009. The Federal Reserve has sought to stabilize financial markets by providing liquidity, and the Treasury department has taken an active role in the restructuring of financial companies and markets. At the end of 2008, and during the beginning of 2009, credit markets exhibited some signs of thawing, with improvement in returns, particularly within the high yield sector. While data has been mixed, there has been some evidence of an improvement in housing demand and construction spending. Additionally, consumer confidence has risen as investors look beyond weak economic and unemployment data. Oil prices have risen from their lows in 2008 while most major foreign currencies remain relatively weak against the U.S. dollar. For the six months ending April 30, 2009, the Dow Jones Industrial Average returned -10.78%, the Standard & Poor’s 500 Index returned -8.53%, and the Barclays Capital Aggregate U.S. Bond Index returned 7.74%. Please keep in mind it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

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

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

Sincerely,

John K. Carter	Christopher A. Staples
President & Chief Executive Officer	Vice President & Chief Investment Officer
Transamerica Funds	Transamerica Funds

Understanding Your Funds’ Expenses

(unaudited)

SHAREHOLDER EXPENSES

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

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

The examples are based on an investment of $1,000 invested at November 1, 2008 and held for the entire period until April 30, 2009.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

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

			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio
Transamerica Balanced
Class A	$	1,000.00	$	1,033.73	$	8.67	$	1,016.27	$	8.60		1.72	%
Class B		1,000.00		1,029.22		12.33		1,012.65		12.23		2.45
Class C		1,000.00		1,030.94		11.48		1,013.49		11.38		2.28
Transamerica Convertible Securities
Class A		1,000.00		1,020.48		7.41		1,017.46		7.40		1.48
Class B		1,000.00		1,015.74		11.15		1,013.74		11.13		2.23
Class C		1,000.00		1,016.64		10.20		1,014.68		10.19		2.04
Class I		1,000.00		1,022.21		4.36		1,020.48		4.36		0.87
Transamerica Equity
Class A		1,000.00		954.74		7.37		1,017.26		7.60		1.52
Class B		1,000.00		950.15		10.49		1,014.03		10.84		2.17
Class C		1,000.00		951.87		10.50		1,014.03		10.84		2.17
Class I		1,000.00		957.51		3.88		1,020.83		4.01		0.80
Class T		1,000.00		956.23		4.95		1,019.74		5.11		1.02
Transamerica Flexible Income
Class A		1,000.00		1,035.25		7.52		1,017.41		7.45		1.49
Class B		1,000.00		1,031.47		11.13		1,013.84		11.03		2.21
Class C		1,000.00		1,030.99		10.58		1,014.38		10.49		2.10
Class I		1,000.00		1,038.94		4.30		1,020.58		4.26		0.85
Transamerica Growth Opportunities
Class A		1,000.00		1,003.04		8.69		1,016.12		8.75		1.75
Class B		1,000.00		1,000.00		11.90		1,012.89		11.98		2.40
Class C		1,000.00		1,000.00		11.90		1,012.89		11.98		2.40
Class I		1,000.00		1,005.94		4.53		1,020.28		4.56		0.91
Transamerica High Yield Bond
Class A		1,000.00		1,158.30		6.48		1,018.79		6.06		1.21
Class B		1,000.00		1,155.61		10.48		1,015.08		9.79		1.96
Class C		1,000.00		1,155.20		9.83		1,015.67		9.20		1.84
Class I		1,000.00		1,162.46		3.54		1,021.52		3.31		0.66
Transamerica Legg Mason Partners All Cap
Class A		1,000.00		924.23		7.40		1,017.11		7.75		1.55
Class B		1,000.00		920.74		10.48		1,013.88		10.99		2.20
Class C		1,000.00		920.33		10.48		1,013.88		10.99		2.20

1

			Actual Expenses				Hypothetical Expenses (b)
	Beginning		Ending Account		Expenses Paid		Ending Account		Expenses Paid		Annualized
Fund Name	Account Value		Value		During Period (a)		Value		During Period (a)		Expense Ratio
Transamerica Money Market
Class A	$	1,000.00	$	1,002.09	$	3.97	$	1,020.83	$	4.01		0.80	%
Class B		1,000.00		1,000.79		5.11		1,019.69		5.16		1.03
Class C		1,000.00		1,000.66		5.16		1,019.64		5.21		1.04
Class I		1,000.00		1,003.41		2.53		1,022.27		2.56		0.51
Transamerica Science & Technology
Class A		1,000.00		1,017.61		7.65		1,017.21		7.65		1.53
Class B		1,000.00		1,014.92		10.89		1,013.98		10.89		2.18
Class C		1,000.00		1,014.92		10.89		1,013.98		10.89		2.18
Class I		1,000.00		1,020.76		5.31		1,019.54		5.31		1.06
Transamerica Short-Term Bond
Class A		1,000.00		1,056.47		5.56		1,019.39		5.46		1.09
Class C		1,000.00		1,054.31		8.76		1,016.27		8.60		1.72
Class I		1,000.00		1,059.61		3.52		1,021.37		3.46		0.69
Transamerica Small/Mid Cap Value
Class A		1,000.00		1,030.15		8.81		1,016.12		8.75		1.75
Class B		1,000.00		1,027.35		11.76		1,013.19		11.68		2.34
Class C		1,000.00		1,027.76		11.51		1,013.44		11.43		2.29
Class I		1,000.00		1,034.31		4.49		1,020.38		4.46		0.89
Transamerica Templeton Global
Class A		1,000.00		967.72		7.56		1,017.11		7.75		1.55
Class B		1,000.00		964.14		10.71		1,013.88		10.99		2.20
Class C		1,000.00		964.43		10.72		1,013.88		10.99		2.20
Transamerica Value Balanced
Class A		1,000.00		961.26		7.54		1,017.11		7.75		1.55
Class B		1,000.00		958.02		10.68		1,013.88		10.99		2.20
Class C		1,000.00		958.98		10.69		1,013.88		10.99		2.20

(a)	Expenses are calculated using the Funds’ annualized expense ratios (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).
(b)	5% return per year before expenses.

2

Schedules of Investments Composition

At April 30, 2009
(the following charts summarize the Schedule of Investments of each Fund by asset type)
(unaudited)

Transamerica Balanced

Common Stocks	61.7	%
Corporate Debt Securities	19.0
U.S. Government Agency Obligations	15.7
Mortgage-Backed Securities	1.9
Repurchase Agreement	1.0
U.S. Government Obligations	1.0
Municipal Government Obligation	0.3
Other Assets and Liabilities, net W	(0.6	)
Total	100.0	%
Transamerica Convertible Securities
Convertible Bonds	74.7	%
Convertible Preferred Stocks	6.1
Reverse Convertible Bond	4.1
Repurchase Agreement	3.9
Preferred Stock	2.5
Other Assets and Liabilities, net W	8.7
Total	100.0	%
Transamerica Equity
Common Stocks	98.8	%
Repurchase Agreement	1.5
Other Assets and Liabilities, net W	(0.3	)
Total	100.0	%
Transamerica Flexible Income
Corporate Debt Securities	64.1	%
U.S. Government Agency Obligations	16.4
Mortgage-Backed Securities	5.3
Foreign Government Obligation	3.8
Convertible Bonds	3.1
Repurchase Agreement	3.0
U.S. Government Obligations	2.2
Preferred Stock	0.8
Convertible Preferred Stock	0.4
Other Assets and Liabilities, net W	0.9
Total	100.0	%
Transamerica Growth Opportunities
Common Stocks	95.0	%
Repurchase Agreement	6.0
Other Assets and Liabilities, net W	(1.0	)
Total	100.0	%
Transamerica High Yield Bond
Corporate Debt Securities	92.5	%
Repurchase Agreement	3.7
Preferred Stock	0.2
Other Assets and Liabilities, net W	3.6
Total	100.0	%
Transamerica Legg Mason Partners All Cap
Common Stocks	95.0	%
Repurchase Agreement	5.9
Other Assets and Liabilities, net W	(0.9	)
Total	100.0	%
Transamerica Money Market
Commercial Paper	92.0	%
Corporate Debt Securities	6.4
Certificate of Deposit	2.0
Repurchase Agreement	0.0	*
Other Assets and Liabilities, net W	(0.4	)
Total	100.0	%
Transamerica Science & Technology
Common Stocks	98.7	%
Repurchase Agreement	1.3
Other Assets and Liabilities, net W	0.0	*
Total	100.0	%
Transamerica Short-Term Bond
Corporate Debt Securities	77.2	%
U.S. Government Agency Obligations	16.2
Mortgage-Backed Securities	4.6
Repurchase Agreement	2.1
Other Assets and Liabilities, net W	(0.1	)
Total	100.0	%
Transamerica Small/Mid Cap Value
Common Stocks	97.7	%
Repurchase Agreement	3.5
Other Assets and Liabilities, net W	(1.2	)
Total	100.0	%
Transamerica Templeton Global
Common Stocks	98.3	%
Repurchase Agreement	1.2
Other Assets and Liabilities, net W	0.5
Total	100.0	%
Transamerica Value Balanced
Common Stocks	59.3	%
Corporate Debt Securities	19.4
U.S. Government Agency Obligations	17.4
Mortgage-Backed Securities	1.5
U.S. Government Obligations	1.4
Repurchase Agreement	1.2
Municipal Government Obligations	0.6
Other Assets and Liabilities, net W	(0.8	)
Total	100.0	%

W	The Other Assets and Liabilities, net category may include, but is not limited to, Forward Currency contracts, Futures contracts, Swap Agreements, Written options and swaptions, and Securities Sold Short.
*	Amount rounds to less than 0.05% or (0.05%).

3

Transamerica Balanced

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (1.0%)
U.S. Treasury Bond
4.50%, 05/15/2038	$	48	$	52
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		425		383
2.50%, 01/15/2029		455		462
Total U.S. Government Obligations (cost $851)				897
U.S. GOVERNMENT AGENCY OBLIGATIONS (15.7%)
Fannie Mae
4.50%, 07/25/2021		572		582
5.00%, 04/25/2034- 09/01/2037		2,100		2,176
5.50%, 04/01/2037- 11/01/2038		2,556		2,651
5.77%, 12/01/2036 *		1,192		1,245
Freddie Mac
4.79%, 03/01/2035 *		458		469
5.00%, 02/01/2024- 01/01/2039		4,608		4,747
6.00%, 12/01/2037		1,409		1,484
Ginnie Mae
4.50%, 02/20/2037 *		789		798
Total U.S. Government Agency Obligations (cost $13,919)				14,152
MORTGAGE-BACKED SECURITIES (1.9%)
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037-144A		450		401
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24%, 11/15/2036-144A		739		679
Small Business Administration Trust
Series 2006-1A, Class A
5.31%, 11/15/2036-144A		680		636
Total Mortgage-Backed Securities (cost $1,816)				1,716
MUNICIPAL GOVERNMENT OBLIGATION (0.3%)
State of California
7.55%, 04/01/2039		250		261
Total Municipal Government Obligation (cost $261)
CORPORATE DEBT SECURITIES (19.0%)
Airlines (0.3%)
Delta Air Lines, Inc.
7.57%, 11/18/2010		270		251
Auto Components (0.5%)
Johnson Controls, Inc.
5.25%, 01/15/2011		458		451
Beverages (0.6%)
Anheuser-Busch InBev Worldwide, Inc.
8.20%, 01/15/2039 -144A		283		284
Bacardi, Ltd.
7.45%, 04/01/2014 -144A		230		233
Capital Markets (0.4%)
Goldman Sachs Group, Inc.
6.00%, 05/01/2014		355		354
Chemicals (0.4%)
Dow Chemical Co.
6.13%, 02/01/2011		385		385
Commercial Banks (1.5%)
Barclays Bank PLC
7.70%, 04/25/2018 -144A § Ž		395		249
BB&T Corp.
6.85%, 04/30/2019		335		326
PNC Bank NA
6.00%, 12/07/2017		250		225
6.88%, 04/01/2018		270		257
Wells Fargo Bank NA
5.75%, 05/16/2016		300		267
Commercial Services & Supplies (0.4%)
Allied Waste North America, Inc.
6.50%, 11/15/2010		365		372
Construction Materials (0.5%)
Lafarge SA
6.15%, 07/15/2011		455		442
Consumer Finance (0.4%)
Discover Financial Services
1.86%, 06/11/2010 *		432		381
Containers & Packaging (0.3%)
Rexam PLC
6.75%, 06/01/2013 -144A		315		286
Diversified Financial Services (2.2%)
Bank of America Corp.
5.75%, 12/01/2017		470		384
Bear Stearns Cos., Inc.
7.25%, 02/01/2018		378		386
General Electric Capital Corp.
6.88%, 01/10/2039		290		227
Glencore Funding LLC
6.00%, 04/15/2014 -144A		200		123
Harley-Davidson Funding Corp.
5.25%, 12/15/2012 -144A		235		181
Merrill Lynch & Co., Inc.
5.45%, 02/05/2013		475		416
Pemex Finance, Ltd.
9.03%, 02/15/2011		340		352
Electric Utilities (0.3%)
EDF SA
6.95%, 01/26/2039 -144A		270		285
Energy Equipment & Services (1.4%)
DCP Midstream LLC
9.75%, 03/15/2019 -144A		215		213
Halliburton Co.
6.15%, 09/15/2019		445		472
NGPL Pipeco LLC
6.51%, 12/15/2012 -144A		330		326
Weatherford International, Ltd.
7.00%, 03/15/2038		285		211
Food & Staples Retailing (0.2%)
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		225		222
Food Products (0.3%)
Michael Foods, Inc.
8.00%, 11/15/2013		320		302
Hotels, Restaurants & Leisure (0.3%)
Royal Caribbean Cruises, Ltd.
8.75%, 02/02/2011		252		236
Insurance (0.4%)
MetLife, Inc.
5.38%, 12/15/2012		320		305
Oil Insurance, Ltd.
7.56%, 06/30/2011 -144A § Ž		270		88
Machinery (0.4%)
PACCAR, Inc.
6.88%, 02/15/2014		320		335

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

4

(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
Media (0.2%)
Time Warner Cable, Inc.
8.25%, 04/01/2019	$	200	$	221
Metals & Mining (1.5%)
ArcelorMittal
5.38%, 06/01/2013		440		397
BHP Billiton Finance USA, Ltd.
6.50%, 04/01/2019		360		392
Falconbridge, Ltd.
7.35%, 06/05/2012		183		161
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019		330		339
Multi-Utilities (0.5%)
Sempra Energy
9.80%, 02/15/2019		380		433
Office Electronics (0.4%)
Xerox Corp.
7.13%, 06/15/2010		400		404
Oil, Gas & Consumable Fuels (2.7%)
Energy Transfer Partners, LP
9.70%, 03/15/2019		275		305
Enterprise Products Operating, LP
7.50%, 02/01/2011		400		411
Hess Corp.
8.13%, 02/15/2019		410		449
Husky Energy, Inc.
6.25%, 06/15/2012		348		346
PetroHawk Energy Corp.
9.13%, 07/15/2013		360		353
TEPPCO Partners, LP
7.00%, 06/01/2067 §		300		163
Valero Logistics Operations, LP
6.88%, 07/15/2012		450		438
Paper & Forest Products (0.4%)
Weyerhaeuser Co.
6.75%, 03/15/2012		380		379
Real Estate Investment Trusts (1.2%)
PPF Funding, Inc.
5.35%, 04/15/2012 -144A		781		572
WEA Finance LLC / WCI Finance LLC
5.40%, 10/01/2012 -144A		520		478
Real Estate Management & Development (0.3%)
Post Apartment Homes, LP
6.30%, 06/01/2013		349		277
Road & Rail (0.2%)
Hertz Corp.
8.88%, 01/01/2014		200		155
Specialty Retail (0.6%)
Staples, Inc.
9.75%, 01/15/2014		415		455
Wireless Telecommunication Services (0.2%)
Centennial Communications Corp.
6.96%, 01/01/2013 *		170		170
Total Corporate Debt Securities (cost $18,200)				17,125

	Shares
COMMON STOCKS (61.7%)
Aerospace & Defense (0.9%)
Boeing Co.		20,000	801
Air Freight & Logistics (2.2%)
CH Robinson Worldwide, Inc.		27,000	1,435
Expeditors International of Washington, Inc.		15,000	521
Auto Components (3.1%)
BorgWarner, Inc.		50,000	1,447
Johnson Controls, Inc.		72,000	1,369
Biotechnology (2.0%)
Gilead Sciences, Inc. ‡		40,000	1,832
Capital Markets (4.4%)
Charles Schwab Corp.		130,000	2,402
T. Rowe Price Group, Inc.		39,843	1,535
Chemicals (2.5%)
Sigma-Aldrich Corp.		50,000	2,192
Communications Equipment (2.3%)
Qualcomm, Inc.		50,000	2,116
Computers & Peripherals (3.1%)
Apple, Inc. ‡		22,000	2,768
Construction & Engineering (1.0%)
Jacobs Engineering Group, Inc. ‡		24,000	913
Diversified Financial Services (1.8%)
JPMorgan Chase & Co.		48,000	1,584
Diversified Telecommunication Services (2.0%)
Verizon Communications, Inc.		60,000	1,820
Electronic Equipment & Instruments (1.0%)
Tyco Electronics, Ltd.		53,300	930
Food & Staples Retailing (1.3%)
Wal-Mart Stores, Inc.		24,000	1,210
Health Care Equipment & Supplies (2.9%)
Becton Dickinson & Co.		22,000	1,330
Covidien, Ltd.		25,000	825
Varian Medical Systems, Inc. ‡		13,000	434
Industrial Conglomerates (1.8%)
General Electric Co.		125,000	1,581
Internet & Catalog Retail (3.2%)
Amazon.com, Inc. ‡		35,000	2,818
Internet Software & Services (2.7%)
Google, Inc. -Class A ‡		6,200	2,455
IT Services (1.7%)
Automatic Data Processing, Inc.		44,000	1,549
Machinery (6.0%)
Caterpillar, Inc.		25,000	890
Kennametal, Inc.		100,000	2,045
PACCAR, Inc.		72,000	2,551
Paper & Forest Products (2.3%)
Weyerhaeuser Co.		60,000	2,116
Real Estate Investment Trusts (0.5%)
Plum Creek Timber Co., Inc.		14,000	483
Road & Rail (1.1%)
Burlington Northern Santa Fe Corp.		15,000	1,012
Semiconductors & Semiconductor Equipment (2.7%)
Intel Corp.		154,000	2,430
Software (7.4%)
Adobe Systems, Inc. ‡		87,000	2,379
Intuit, Inc. ‡		44,000	1,018
Oracle Corp.		115,000	2,224
Salesforce.com, Inc. ‡		23,500	1,006
Trading Companies & Distributors (1.9%)
WW Grainger, Inc.		20,000	1,678
Total Common Stocks (cost $61,849)			55,699

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

5

(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT (1.0%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $929 on 05/01/2009 •	$	929	$	929
Total Repurchase Agreement (cost $929)
Total Investment Securities (cost $97,825) #				90,779
Other Assets and Liabilities, net				(637	)
Net Assets			$	90,142

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
Ž	The security has a perpetual maturity. The date shown is the next call date.
§	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 04/30/2009.
*	Floating or variable rate note. Rate is listed as of 04/30/2009.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.74%, a maturity date of 04/01/2035, and with a market value plus accrued interest of $948.
#	Aggregate cost for federal income tax purposes is $97,825. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $5,707 and $12,753, respectively. Net unrealized depreciation for tax purposes is $7,046.

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 04/30/2009, these securities aggregated $5,034, or 5.58%, of the Fund’s net assets.
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1		Level 2		Level 3		Total Investments in Securities
$	55,699	$	35,080	$	—	$	90,779

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

6

Transamerica Convertible Securities

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
CONVERTIBLE PREFERRED STOCKS (6.1%)
Diversified Financial Services (3.3%)
Vale Capital, Ltd. 5.50% 5		60,900	$	2,132
Pharmaceuticals (2.8%)
Mylan, Inc. 6.50% 5		2,055		1,751
Total Convertible Preferred Stocks (cost $3,536)				3,883
PREFERRED STOCK (2.5%)
Commercial Services & Supplies (2.5%)
Avery Dennison Corp. 7.88% 5		52,000		1,586
Total Preferred Stock (cost $1,674)
REVERSE CONVERTIBLE BOND (4.1%)
Capital Markets (4.1%)
Goldman Sachs Group, Inc. -144A ‡		162,000		2,579
Total Reverse Convertible Bond (cost $2,603)

	Principal
CONVERTIBLE BONDS (74.7%)
Aerospace & Defense (2.6%)
Alliant Techsystems, Inc.
2.75%, 02/15/2024	$	1,575		1,660
Beverages (3.2%)
Molson Coors Brewing Co.
2.50%, 07/30/2013		1,925		2,043
Biotechnology (2.9%)
Gilead Sciences, Inc.
0.63%, 05/01/2013		1,450		1,867
Commercial Services & Supplies (3.1%)
Covanta Holding Corp.
1.00%, 02/01/2027		2,350		1,917
Communications Equipment (1.8%)
Ciena Corp.
0.88%, 06/15/2017		2,250		1,148
Computers & Peripherals (3.0%)
Maxtor Corp.
6.80%, 04/30/2010		1,950		1,921
Construction & Engineering (1.9%)
Quanta Services, Inc.
3.75%, 04/30/2026		1,075		1,226
Containers & Packaging (2.5%)
Sealed Air Corp.
3.00%, 06/30/2033 -144A		1,675		1,581
Diversified Telecommunication Services (3.7%)
Global Crossing, Ltd.
5.00%, 05/15/2011		745		484
Lucent Technologies, Inc.
2.88%, 06/15/2023 Ђ		2,050		1,884
Electronic Equipment & Instruments (3.4%)
Itron, Inc.
2.50%, 08/01/2026		2,137		2,164
Energy Equipment & Services (2.9%)
Transocean, Inc.
1.63%, 12/15/2037		2,005		1,867
Health Care Equipment & Supplies (2.5%)
NuVasive, Inc.
2.25%, 03/15/2013 -144A		1,578		1,608
Industrial Conglomerates (3.0%)
Textron, Inc.
4.50%, 05/01/2013		1,750		1,892
Internet Software & Services (2.0%)
Equinix, Inc.
3.00%, 10/15/2014		1,525		1,252
Leisure Equipment & Products (3.4%)
Hasbro, Inc.
2.75%, 12/01/2021		1,650		2,141
Machinery (3.0%)
Danaher Corp.
Zero Coupon, 01/22/2021		2,120		1,903
Metals & Mining (8.4%)
Arcelormittal
5.00%, 05/15/2014		640		661
Newmont Mining Corp.
1.25%, 07/15/2014		1,375		1,540
U.S. Steel Corp.
4.00%, 05/15/2014		3,100		3,100
Oil, Gas & Consumable Fuels (1.3%)
Quicksilver Resources, Inc.
1.88%, 11/01/2024		940		807
Pharmaceuticals (6.2%)
Allergan, Inc.
1.50%, 04/01/2026		2,505		2,557
Sepracor, Inc.
Zero Coupon, 12/15/2010		1,525		1,331
Software (7.0%)
Nuance Communications, Inc.
2.75%, 08/15/2027		2,710		2,438
Symantec Corp.
0.75%, 06/15/2011		1,860		1,979
Wireless Telecommunication Services (6.9%)
Nextel Communications, Inc.
5.25%, 01/15/2010		1,920		1,884
SBA Communications Corp.
1.88%, 05/01/2013 -144A		3,000		2,520
Total Convertible Bonds (cost $49,484)				47,375
REPURCHASE AGREEMENT (3.9%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $2,471 on 05/01/2009 •		2,471		2,471
Total Repurchase Agreement (cost $2,471)
Total Investment Securities (cost $59,768) #				57,894
Other Assets and Liabilities, net				5,506
Net Assets			$	63,400

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

7

(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

5	Rate shown reflects the yield at 04/30/2009.
‡	Non-income producing security.
Ђ	Step bond. Interest rate may increase or decrease as the credit rating changes.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.73% to 4.80%, maturity dates ranging from 05/01/2035 to 09/01/2035, and with market values plus accrued interests of $2,521.
#	Aggregate cost for federal income tax purposes is $59,768. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,896 and $3,770, respectively. Net unrealized depreciation for tax purposes is $1,874.

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 04/30/2009, these securities aggregated $8,288, or 13.07%, of the Fund’s net assets.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1		Level 2		Level 3		Total Investments in Securities
$	8,048	$	49,846	$	—	$	57,894

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

8

Transamerica Equity

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS (98.8%)
Aerospace & Defense (3.5%)
Raytheon Co.		690,000	$	31,209
Air Freight & Logistics (2.2%)
Expeditors International of Washington, Inc.		565,000		19,611
Auto Components (6.1%)
BorgWarner, Inc.		793,400		22,969
Johnson Controls, Inc.		1,630,000		30,986
Biotechnology (5.7%)
Gilead Sciences, Inc. ‡		1,100,000		50,380
Capital Markets (6.1%)
Charles Schwab Corp.		1,536,280		28,390
T. Rowe Price Group, Inc.		660,000		25,423
Chemicals (13.3%)
Ecolab, Inc.		670,000		25,829
Monsanto Co.		100,000		8,489
Praxair, Inc.		674,000		50,286
Sigma-Aldrich Corp.		770,000		33,757
Commercial Banks (2.9%)
Wells Fargo & Co.		1,280,000		25,613
Communications Equipment (7.6%)
Cisco Systems, Inc. ‡		1,060,000		20,479
Qualcomm, Inc.		1,100,000		46,552
Computers & Peripherals (9.3%)
Apple, Inc. ‡		422,000		53,101
Hewlett-Packard Co.		240,000		8,635
International Business Machines Corp.		206,000		21,262
Construction & Engineering (1.8%)
Jacobs Engineering Group, Inc. ‡		420,000		15,977
Diversified Telecommunication Services (2.3%)
AT&T, Inc.		810,000		20,752
Electrical Equipment (2.0%)
Emerson Electric Co.		511,000		17,394
Electronic Equipment & Instruments (1.6%)
Tyco Electronics, Ltd.		806,285		14,062
Food & Staples Retailing (2.0%)
Wal-Mart Stores, Inc.		350,955		17,688
Health Care Equipment & Supplies (4.8%)
Becton Dickinson & Co.		435,000		26,309
Varian Medical Systems, Inc. ‡		488,225		16,292
Industrial Conglomerates (2.7%)
General Electric Co.		1,925,000		24,351
Internet & Catalog Retail (6.6%)
Amazon.com, Inc. ‡		725,000		58,377
Internet Software & Services (4.7%)
Google, Inc. -Class A ‡		105,000		41,577
IT Services (2.0%)
Automatic Data Processing, Inc.		509,275		17,926
Machinery (4.7%)
Caterpillar, Inc.		385,900		13,730
PACCAR, Inc.		774,000		27,431
Media (2.0%)
Walt Disney Co.		830,000		18,177
Pharmaceuticals (2.1%)
Allergan, Inc.		142,055		6,628
Teva Pharmaceutical Industries, Ltd. ADR		272,840		11,975
Road & Rail (2.7%)
Union Pacific Corp.		490,000		24,079
Total Common Stocks (cost $969,233)				875,696

	Principal
REPURCHASE AGREEMENT (1.5%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $14,045 on 05/01/2009 •	$	14,045		14,045
Total Repurchase Agreement (cost $14,045)
Total Investment Securities (cost $983,278) #				889,741
Other Assets and Liabilities, net				(2,987	)
Net Assets			$	886,754

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.23% to 4.44%, maturity dates ranging from 02/01/2035 to 03/01/2035, and with market values plus accrued interests of $14,326.
#	Aggregate cost for federal income tax purposes is $983,278. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $87,768 and $181,305, respectively. Net unrealized depreciation for tax purposes is $93,537.

DEFINITIONS:

ADR American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1		Level 2		Level 3		Total Investments in Securities
$	875,696	$	14,045	$	—	$	889,741

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

9

Transamerica Flexible Income

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (2.2%)
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028	$	1,415	$	1,272
U.S. Treasury Note
1.75%, 03/31/2014		1,015		1,004
2.75%, 02/15/2019		586		568
Total U.S. Government Obligations (cost $2,910)				2,844
U.S. GOVERNMENT AGENCY OBLIGATIONS (16.4%)
Fannie Mae
4.50%, 07/25/2021		2,678		2,727
5.00%, 06/25/2019 - 03/01/2039		8,313		8,589
5.50%, 07/01/2038 - 11/01/2038		9,020		9,355
Total U.S. Government Agency Obligations (cost $20,196)				20,671
FOREIGN GOVERNMENT OBLIGATION (3.8%)
France Government Bond
4.00%, 04/25/2018	EUR	3,500		4,801
Total Foreign Government Obligation (cost $4,461)
MORTGAGE-BACKED SECURITIES (5.3%)
American Tower Trust
Series 2007-1A, Class C
5.62%, 04/15/2037 -144A	$	2,090		1,766
Crown Castle Towers LLC
Series 2006-1A, Class C
5.47%, 11/15/2036 -144A		2,000		1,810
Small Business Administration Trust
Series 2006-1A, Class D
5.85%, 11/15/2036 -144A		2,054		1,849
Series 2006-1A, Class E
6.17%, 11/15/2036 -144A		1,460		1,299
Total Mortgage-Backed Securities (cost $7,610)				6,724
CORPORATE DEBT SECURITIES (64.1%)
Auto Components (1.6%)
Johnson Controls, Inc.
5.25%, 01/15/2011		1,565		1,540
Tenneco, Inc.
8.13%, 11/15/2015		1,180		472
Automobiles (1.1%)
Daimler Finance North America LLC
8.00%, 06/15/2010		1,360		1,392
Beverages (1.2%)
Anheuser-Busch InBev Worldwide, Inc.
8.20%, 01/15/2039 -144A		1,000		1,002
Bacardi, Ltd.
7.45%, 04/01/2014 -144A		525		532
Capital Markets (0.9%)
Xstrata Finance Dubai, Ltd.
1.27%, 11/13/2009 -144A *		1,095		1,075
Chemicals (3.1%)
Dow Chemical Co.
6.13%, 02/01/2011		1,115		1,114
Lubrizol Corp.
8.88%, 02/01/2019		1,300		1,411
Momentive Performance Materials, Inc.
9.75%, 12/01/2014 Ђ		1,005		344
Nalco Co.
7.75%, 11/15/2011		1,000		1,010
Commercial Banks (3.0%)
Barclays Bank PLC
7.70%, 04/25/2018 -144A § Ž		1,850		1,166
BB&T Corp.
6.85%, 04/30/2019		1,190		1,159
M&I Marshall & Ilsley Bank
1.54%, 12/04/2012 *		2,000		1,431
Construction Materials (3.2%)
CRH America, Inc.
5.30%, 10/15/2013		1,140		959
Lafarge SA
6.15%, 07/15/2011		1,880		1,828
Martin Marietta Materials, Inc.
1.19%, 04/30/2010 *		1,340		1,281
Consumer Finance (1.3%)
Cardtronics, Inc.
9.25%, 08/15/2013 Ђ		835		605
Discover Financial Services
1.86%, 06/11/2010 *		1,130		996
Containers & Packaging (1.7%)
Rexam PLC
6.75%, 06/01/2013 -144A		2,365		2,149
Diversified Financial Services (10.2%)
Bank of America Corp.
5.75%, 12/01/2017		2,200		1,797
8.00%, 01/30/2018 § Ž		2,250		1,278
Bear Stearns Cos., Inc.
7.25%, 02/01/2018		2,000		2,043
General Electric Capital Corp.
6.88%, 01/10/2039		2,000		1,567
Glencore Funding LLC
6.00%, 04/15/2014 -144A		2,000		1,230
GMAC LLC
6.88%, 09/15/2011 -144A		750		653
JPMorgan Chase & Co.
7.90%, 04/30/2018 § Ž		1,750		1,331
Pemex Finance, Ltd.
9.03%, 02/15/2011		2,540		2,630
Sensus Metering Systems, Inc.
8.63%, 12/15/2013		500		425
Diversified Telecommunication Services (1.0%)
Sprint Capital Corp.
7.63%, 01/30/2011		1,300		1,252
Energy Equipment & Services (1.8%)
DCP Midstream LLC
9.75%, 03/15/2019 -144A		725		719
Weatherford International, Ltd.
9.63%, 03/01/2019		1,500		1,619
Food & Staples Retailing (0.8%)
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		1,000		988
Food Products (1.6%)
ConAgra Foods, Inc.
9.75%, 03/01/2021		325		388
Michael Foods, Inc.
8.00%, 11/15/2013		1,575		1,488
Hotels, Restaurants & Leisure (2.3%)
Carrols Corp.
9.00%, 01/15/2013		500		463
MGM Mirage, Inc.
6.00%, 10/01/2009		1,000		839
Pokagon Gaming Authority
10.38%, 06/15/2014 -144A		650		601
Station Casinos, Inc.
6.88%, 03/01/2016 Џ		700		23

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

10

(all amounts except shares amounts in thousands)
(unaudited)

	Principal		Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands, Inc.
8.88%, 04/15/2011	$	920	$	987
Household Durables (1.0%)
Whirlpool Corp.
8.00%, 05/01/2012		1,265		1,287
Household Products (0.1%)
Sealy Mattress Co.
8.25%, 06/15/2014		250		166
Industrial Conglomerates (0.5%)
Susser Holdings LLC
10.63%, 12/15/2013		582		588
Insurance (2.0%)
MetLife, Inc.
7.72%, 02/15/2019		1,750		1,755
Oil Insurance, Ltd.
7.56%, 06/30/2011 -144A § Ž		2,245		735
IT Services (0.4%)
Aramark Corp.
8.50%, 02/01/2015		500		478
Machinery (2.5%)
PACCAR, Inc.
6.88%, 02/15/2014		1,750		1,832
Polypore, Inc.
8.75%, 05/15/2012		550		426
Titan International, Inc.
8.00%, 01/15/2012		1,200		960
Media (1.7%)
Comcast Cable Holdings LLC
9.80%, 02/01/2012		2,000		2,156
Metals & Mining (2.9%)
Anglo American Capital PLC
9.38%, 04/08/2019 -144A		1,240		1,263
ArcelorMittal
5.38%, 06/01/2013		750		675
Falconbridge, Ltd.
7.35%, 06/05/2012		645		569
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019		1,165		1,198
Multiline Retail (1.1%)
Macy’s Retail Holdings, Inc.
5.35%, 03/15/2012		1,480		1,351
Multi-Utilities (1.3%)
Sempra Energy
9.80%, 02/15/2019		1,455		1,659
Oil, Gas & Consumable Fuels (4.9%)
Energy Transfer Partners, LP
9.70%, 03/15/2019		900		1,000
Enterprise Products Operating, LP
8.38%, 08/01/2066 §		1,150		794
Opti Canada, Inc.
8.25%, 12/15/2014		1,800		990
PetroHawk Energy Corp.
9.13%, 07/15/2013		1,255		1,230
Petroleum Development Corp.
12.00%, 02/15/2018		1,000		675
Valero Logistics Operations, LP
6.88%, 07/15/2012		1,500		1,459
Paper & Forest Products (2.1%)
Exopack Holding, Inc.
11.25%, 02/01/2014		2,000		1,400
Weyerhaeuser Co.
6.75%, 03/15/2012		1,300		1,297
Professional Services (0.4%)
FTI Consulting, Inc.
7.75%, 10/01/2016		480		487
Real Estate Investment Trusts (2.7%)
Healthcare Realty Trust, Inc.
8.13%, 05/01/2011		1,480		1,422
WEA Finance LLC / WCI Finance LLC
5.40%, 10/01/2012 -144A		2,100		1,932
Road & Rail (2.5%)
CSX Corp.
6.75%, 03/15/2011		1,675		1,723
Hertz Corp.
10.50%, 01/01/2016		340		241
Kansas City Southern de Mexico SA de CV
7.63%, 12/01/2013		360		295
12.50%, 04/01/2016 -144A		1,000		965
Specialty Retail (2.1%)
Michaels Stores, Inc.
11.38%, 11/01/2016		1,200		594
Penske Auto Group, Inc.
7.75%, 12/15/2016		750		548
Staples, Inc.
9.75%, 01/15/2014		1,435		1,575
Tobacco (0.3%)
Alliance One International, Inc.
11.00%, 05/15/2012		425		414
Wireless Telecommunication Services (0.8%)
Centennial Communications Corp.
6.96%, 01/01/2013 *		1,000		1,003
Total Corporate Debt Securities (cost $87,534)				80,929

	Shares
CONVERTIBLE PREFERRED STOCK (0.4%)
Road & Rail (0.4%)
Kansas City Southern 5.13% 5		880	564
Total Convertible Preferred Stock (cost $751)
PREFERRED STOCK (0.8%)
Diversified Telecommunication Services (0.8%)
Centaur Funding Corp. 9.08% -144A 5		1,661	1,033
Total Preferred Stock (cost $2,153)

	Principal
CONVERTIBLE BONDS (3.1%)
Auto Components (1.0%)
Johnson Controls, Inc.
6.50%, 09/30/2012	$	775	1,396
Containers & Packaging (0.4%)
Sealed Air Corp.
3.00%, 06/30/2033 -144A		500	472
Diversified Telecommunication Services (1.0%)
Lucent Technologies, Inc.
2.88%, 06/15/2023 Ђ		1,350	1,240
Software (0.7%)
Symantec Corp.
0.75%, 06/15/2011		775	824
Total Convertible Bonds (cost $3,391)			3,932

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

11

(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT (3.0%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $3,739 on 05/01/2009 •	$	3,739	$	3,739
Total Repurchase Agreement (cost $3,739)
Total Investment Securities (cost $132,745) #				125,237
Other Assets and Liabilities, net				1,183
Net Assets			$	126,420

FORWARD FOREIGN CURRENCY CONTRACTS:

				Settlement		Amount in U.S.			Net Unrealized
Currency	(Sold)			Date		Dollars (Sold)			(Depreciation)
Euro		(3,642	)		07/31/2009	$	(4,752	)	$	(64	)

NOTES TO SCHEDULE OF INVESTMENTS:

5	Rate shown reflects the yield at 04/30/2009.
Ž	The security has a perpetual maturity. The date shown is the next call date.
§	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 04/30/2009.
Џ	In default.
*	Floating or variable rate note. Rate is listed as of 04/30/2009.
Ђ	Step bond. Interest rate may increase or decrease as the credit rating changes.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.74%, a maturity date of 07/01/2034, and with a market value plus accrued interest of $3,814.
#	Aggregate cost for federal income tax purposes is $132,745. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,929 and $11,437, respectively. Net unrealized depreciation for tax purposes is $7,508.

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 04/30/2009, these securities aggregated $22,251, or 17.60%, of the Fund’s net assets.
EUR	Euro
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities								Other Financial Instruments*
Level 1		Level 2		Level 3		Total Investments in Securities		Level 1			Level 2		Level 3
$	1,033	$	124,204	$	—	$	125,237	$	(64	)	$	—	$	—

* Other financial instruments are derivative instruments such as futures, forwards, and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

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

12

Transamerica Growth Opportunities

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS (95.0%)
Aerospace & Defense (4.2%)
Precision Castparts Corp.		77,300	$	5,786
Rockwell Collins, Inc.		21,500		825
Air Freight & Logistics (3.9%)
CH Robinson Worldwide, Inc.		116,900		6,214
Auto Components (4.8%)
BorgWarner, Inc.		196,200		5,680
Johnson Controls, Inc.		98,100		1,865
Capital Markets (6.9%)
Greenhill & Co., Inc.		68,070		5,277
T. Rowe Price Group, Inc.		143,430		5,526
Chemicals (1.8%)
Ecolab, Inc.		70,700		2,725
Communications Equipment (3.8%)
Juniper Networks, Inc. ‡		97,400		2,109
Polycom, Inc. ‡		212,400		3,959
Computers & Peripherals (0.5%)
Data Domain, Inc. ‡		46,050		764
Construction & Engineering (1.2%)
Jacobs Engineering Group, Inc. ‡		49,300		1,875
Construction Materials (1.4%)
Martin Marietta Materials, Inc.		27,200		2,286
Diversified Consumer Services (2.0%)
Strayer Education, Inc.		17,100		3,239
Electrical Equipment (1.9%)
Cooper Industries, Ltd. -Class A		93,500		3,066
Electronic Equipment & Instruments (1.7%)
FLIR Systems, Inc. ‡		123,000		2,728
Health Care Equipment & Supplies (3.5%)
Idexx Laboratories, Inc. ‡		64,300		2,528
Intuitive Surgical, Inc. ‡		15,900		2,285
Varian Medical Systems, Inc. ‡		20,400		681
Health Care Technology (1.2%)
Cerner Corp. ‡		34,600		1,861
Hotels, Restaurants & Leisure (1.1%)
Burger King Holdings, Inc.		105,010		1,716
Internet & Catalog Retail (1.2%)
priceline.com, Inc. ‡		19,310		1,875
Leisure Equipment & Products (2.1%)
Hasbro, Inc.		123,000		3,279
Life Sciences Tools & Services (3.3%)
Covance, Inc. ‡		44,600		1,752
Techne Corp.		59,900		3,427
Machinery (8.8%)
Donaldson Co., Inc.		80,100		2,642
Kennametal, Inc.		246,300		5,037
PACCAR, Inc.		174,900		6,198
Multiline Retail (0.6%)
Nordstrom, Inc.		44,040		997
Oil, Gas & Consumable Fuels (0.8%)
Range Resources Corp.		33,100		1,323
Pharmaceuticals (2.6%)
Allergan, Inc.		89,000		4,153
Professional Services (1.7%)
FTI Consulting, Inc. ‡		50,000		2,744
Real Estate Investment Trusts (3.3%)
Plum Creek Timber Co., Inc.		152,300		5,257
Real Estate Management & Development (1.3%)
St. Joe Co. ‡		85,500		2,127
Software (16.2%)
Activision Blizzard, Inc. ‡		473,300		5,097
Adobe Systems, Inc. ‡		196,825		5,383
Informatica Corp. ‡		190,100		3,023
Intuit, Inc. ‡		204,000		4,719
Macrovision Solutions Corp. ‡		60,900		1,231
Quality Systems, Inc.		30,100		1,614
Salesforce.com, Inc. ‡		103,900		4,448
Specialty Retail (6.2%)
Gap, Inc.		241,595		3,754
Guess, Inc.		235,200		6,124
Textiles, Apparel & Luxury Goods (2.5%)
Carter’s, Inc. ‡		148,500		3,175
Under Armour, Inc. -Class A ‡		32,100		756
Trading Companies & Distributors (4.5%)
WW Grainger, Inc.		84,700		7,105
Total Common Stocks (cost $165,336)				150,235
	Principal
REPURCHASE AGREEMENT (6.0%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $9,526 on 05/01/2009 •	$	9,526		9,526
Total Repurchase Agreement (cost $9,526)
Total Investment Securities (cost $174,862) #				159,761
Other Assets and Liabilities, net				(1,652	)
Net Assets			$	158,109

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

13

(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.97% to 4.75%, a maturity date of 05/01/2035, and with market values plus accrued interests of $9,719.
#	Aggregate cost for federal income tax purposes is $174,862. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $9,000 and $24,101, respectively. Net unrealized depreciation for tax purposes is $15,101.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3		Total Investments in Securities
$150,235	$	9,526	$	—	$	159,761

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

14

Transamerica High Yield Bond

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)

	Principal		Value
CORPORATE DEBT SECURITIES (92.5%)
Aerospace & Defense (1.6%)
Alliant Techsystems, Inc.
6.75%, 04/01/2016	$	4,110	$	3,997
BE Aerospace, Inc.
8.50%, 07/01/2018		1,800		1,629
L-3 Communications Corp.
6.13%, 01/15/2014		1,000		950
Auto Components (0.5%)
Lear Corp.
5.75%, 08/01/2014		3,955		771
TRW Automotive, Inc.
7.00%, 03/15/2014 -144A		2,000		1,110
Automobiles (0.2%)
General Motors Corp.
7.13%, 07/15/2013		1,500		143
7.20%, 01/15/2011		5,265		579
8.25%, 07/15/2023		2,710		244
Beverages (1.9%)
Constellation Brands, Inc.
7.25%, 09/01/2016		4,900		4,728
Cott Beverages USA, Inc.
8.00%, 12/15/2011		3,350		2,479
Building Products (1.9%)
Owens Corning, Inc.
7.00%, 12/01/2036 Ђ		3,690		2,272
Ply Gem Industries, Inc.
11.75%, 06/15/2013		8,520		4,941
Chemicals (3.0%)
Huntsman International LLC
7.38%, 01/01/2015 Ђ		6,400		4,160
Ineos Group Holdings PLC
8.50%, 02/15/2016 -144A		2,570		386
Lyondellbasell Industries AF SCA
8.38%, 08/15/2015 -144A Џ		5,230		105
Nova Chemicals Corp.
5.72%, 11/15/2013 *		5,400		4,238
6.50%, 01/15/2012		3,700		3,367
Commercial Banks (0.4%)
Wells Fargo Capital XV
9.75%, 12/29/2049 ■ Ž		2,000		1,700
Commercial Services & Supplies (0.6%)
Ceridian Corp.
11.25%, 11/15/2015 Ђ		2,930		2,139
12.25%, 11/15/2015 Ώ		325		169
Communications Equipment (0.3%)
Nortel Networks, Ltd.
5.34%, 07/15/2011 Џ		2,230		547
10.75%, 07/15/2016 -144A Џ		1,820		482
Computers & Peripherals (0.9%)
Seagate Technology International
10.00%, 05/01/2014 -144A		450		443
Seagate Technology, Inc.
6.38%, 10/01/2011		2,730		2,498
6.80%, 10/01/2016		950		684
Consumer Finance (2.2%)
Ford Motor Credit Co. LLC
7.88%, 06/15/2010		1,400		1,288
9.88%, 08/10/2011		8,575		7,504
Containers & Packaging (2.6%)
Graphic Packaging International, Inc.
8.50%, 08/15/2011		3,885		3,797
Jefferson Smurfit Corp.
8.25%, 10/01/2012 Џ		7,745		1,626
Owens-Brockway Glass Container, Inc.
6.75%, 12/01/2014		3,535		3,438
Sealed Air Corp.
6.88%, 07/15/2033 -144A		2,100		1,384
Diversified Consumer Services (1.1%)
Service Corp. International 6.75%, 04/01/2015 350 321
6.75%, 04/01/2016 Ђ		4,300		3,870
7.00%, 06/15/2017 Ђ		175		157
Diversified Financial Services (4.2%)
AES Red Oak LLC
9.20%, 11/30/2029		2,125		1,806
Firekeepers Development Authority
13.88%, 05/01/2015 -144A		2,800		2,016
GMAC LLC
6.75%, 12/01/2014 -144A		6,240		4,617
7.25%, 03/02/2011 -144A		3,150		2,771
Hawker Beechcraft Acquisition Company LLC
8.50%, 04/01/2015		3,740		1,262
JPMorgan Chase & Co.
7.90%, 04/30/2018 ■ Ž		2,000		1,522
Nuveen Investments, Inc.
10.50%, 11/15/2015 -144A		4,310		2,177
Diversified Telecommunication Services (6.3%)
Cincinnati Bell, Inc.
7.00%, 02/15/2015		800		760
Fairpoint Communications, Inc.
13.13%, 04/01/2018		5,020		1,374
Frontier Communications Corp.
6.63%, 03/15/2015		1,360		1,244
9.00%, 08/15/2031		5,915		4,703
Qwest Communications International, Inc.
7.50%, 02/15/2014		2,615		2,425
7.50%, 02/15/2014 Ђ		3,900		3,617
Sprint Capital Corp.
6.90%, 05/01/2019		5,570		4,624
Telcordia Technologies, Inc.
4.88%, 07/15/2012 -144A *		4,535		3,333
Windstream Corp.
8.63%, 08/01/2016		3,250		3,234
Electric Utilities (3.7%)
Elwood Energy LLC
8.16%, 07/05/2026		4,035		3,176
Intergen NV
9.00%, 06/30/2017 -144A		5,100		4,845
Ipalco Enterprises, Inc.
7.25%, 04/01/2016 -144A		1,365		1,283
Texas Competitive Electric Holdings Co. LLC
10.25%, 11/01/2015 Ђ		9,045		5,133
Electronic Equipment & Instruments (0.2%)
NXP BV / NXP Funding LLC
3.88%, 10/15/2013 *		2,940		838
Food & Staples Retailing (1.0%)
Supervalu, Inc.
7.50%, 05/15/2012		4,000		3,884
Food Products (1.6%)
Del Monte Corp.
6.75%, 02/15/2015		1,075		1,032
8.63%, 12/15/2012 Ђ		190		194

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

15

	Principal		Value
Food Products (continued)
Smithfield Foods, Inc.
7.75%, 05/15/2013	$	4,375	$	2,881
Tyson Foods, Inc.
7.00%, 05/01/2018		2,400		1,748
8.25%, 10/01/2011		700		711
Health Care Equipment & Supplies (2.4%)
Boston Scientific Corp.
6.25%, 11/15/2015 Ђ		1,100		1,052
6.40%, 06/15/2016		1,125		1,076
Cooper Cos., Inc.
7.13%, 02/15/2015		4,495		4,203
Universal Hospital Services, Inc.
5.94%, 06/01/2015 *		1,500		1,151
8.50%, 06/01/2015		2,300		2,139
Health Care Providers & Services (6.9%)
Community Health Systems, Inc.
8.88%, 07/15/2015		6,250		6,219
HCA, Inc.
8.50%, 04/15/2019 -144A		1,100		1,107
9.25%, 11/15/2016		8,875		8,786
Omnicare, Inc.
6.13%, 06/01/2013		3,900		3,666
6.88%, 12/15/2015		600		563
US Oncology, Inc.
9.00%, 08/15/2012		6,975		6,870
Hotels, Restaurants & Leisure (6.5%)
Harrah’s Operating Co., Inc.
10.00%, 12/15/2018 -144A		6,825		3,208
Mashantucket Western Pequot Tribe
8.50%, 11/15/2015 -144A		6,000		1,290
MGM Mirage, Inc.
5.88%, 02/27/2014		2,500		1,419
6.75%, 04/01/2013		3,000		1,575
7.50%, 06/01/2016		1,625		910
Mohegan Tribal Gaming Authority
7.13%, 08/15/2014		3,275		1,998
Royal Caribbean Cruises, Ltd.
7.00%, 06/15/2013		4,850		3,758
7.25%, 06/15/2016		500		333
Seminole Hard Rock Entertainment, Inc.
3.82%, 03/15/2014 -144A *		5,955		3,929
Seneca Gaming Corp.
7.25%, 05/01/2012		2,000		1,410
Starwood Hotels & Resorts Worldwide, Inc.
6.75%, 05/15/2018		1,600		1,368
Station Casinos, Inc.
6.00%, 04/01/2012 Џ		5,485		1,906
6.50%, 02/01/2014 Џ		2,620		92
Vail Resorts, Inc.
6.75%, 02/15/2014		1,325		1,193
Wynn Las Vegas Capital Corp.
6.63%, 12/01/2014		2,200		1,826
Household Durables (3.8%)
Dr. Horton, Inc.
5.25%, 02/15/2015		2,008		1,667
5.63%, 01/15/2016		1,900		1,568
Jarden Corp.
7.50%, 05/01/2017		3,390		3,000
Meritage Homes Corp.
6.25%, 03/15/2015		5,795		4,229
Mohawk Industries, Inc.
6.63%, 01/15/2016 Ђ		475		403
Pulte Homes, Inc.
5.20%, 02/15/2015		2,000		1,680
7.88%, 08/01/2011		2,500		2,494
Independent Power Producers & Energy Traders (3.4%)
Edison Mission Energy
7.50%, 06/15/2013		3,725		3,166
7.75%, 06/15/2016		2,000		1,585
LSP Energy, LP/LSP Batesville Funding Corp.
7.16%, 01/15/2014		3,346		3,204
NRG Energy, Inc.
7.25%, 02/01/2014		4,020		3,879
7.38%, 01/15/2017		2,000		1,910
IT Services (4.0%)
Aramark Corp.
8.50%, 02/01/2015		2,350		2,244
DI Finance/Dyncorp International
9.50%, 02/15/2013		2,005		1,955
SunGard Data Systems, Inc.
9.13%, 08/15/2013		5,360		5,118
10.25%, 08/15/2015		4,200		3,654
Unisys Corp.
8.00%, 10/15/2012		2,750		1,320
12.50%, 01/15/2016		3,200		1,656
Machinery (0.7%)
Case New Holland, Inc.
7.13%, 03/01/2014		3,225		2,822
Media (6.5%)
CCH I Capital Corp.
11.00%, 10/01/2015 Џ		4,075		316
CSC Holdings, Inc.
7.63%, 07/15/2018		4,650		4,463
8.50%, 06/15/2015 -144A		925		937
DEX Media, Inc.
8.00%, 11/15/2013		2,500		300
DIRECTV Financing Co.
8.38%, 03/15/2013		2,080		2,111
Dish DBS Corp.
6.63%, 10/01/2014		2,740		2,548
7.75%, 05/31/2015		3,080		2,926
Intelsat Corp.
9.25%, 06/15/2016 -144A		2,715		2,620
Intelsat Subsidiary Holding Co., Ltd.
8.50%, 01/15/2013 -144A		420		416
Knight-Ridder, Inc.
5.75%, 09/01/2017		1,675		235
Lamar Media Corp.
6.63%, 08/15/2015		2,025		1,549
9.75%, 04/01/2014 -144A		750		754
Liberty Media Corp.
5.70%, 05/15/2013		2,500		2,100
Medianews Group, Inc.
6.88%, 10/01/2013		1,500		15
Quebecor Media, Inc.
7.75%, 03/15/2016		1,250		1,044
RH Donnelley, Inc.
11.75%, 05/15/2015 -144A		8,507		1,659
Univision Communications, Inc.
9.75%, 03/15/2015 -144A		2,325		360

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

16

(all amounts except amounts in thousands)
(unaudited)

	Principal		Value
Media (continued)
Videotron Ltee
6.88%, 01/15/2014	$	1,825	$	1,773
Metals & Mining (0.8%)
Noranda Aluminium Acquisition Corp.
6.60%, 05/15/2015 *		1,800		630
Steel Dynamics, Inc.
7.38%, 11/01/2012		2,950		2,633
Multiline Retail (1.7%)
Bon-Ton Department Stores, Inc.
10.25%, 03/15/2014		5,125		1,602
JC Penney Corp., Inc.
7.65%, 08/15/2016		2,000		1,810
Macy’s Retail Holdings, Inc.
7.45%, 07/15/2017		4,100		3,530
Multi-Utilities (0.5%)
CMS Energy Corp.
6.55%, 07/17/2017		840		732
6.88%, 12/15/2015		1,340		1,205
Oil, Gas & Consumable Fuels (11.0%)
Chesapeake Energy Corp.
6.88%, 01/15/2016		2,000		1,778
7.00%, 08/15/2014		3,400		3,137
7.25%, 12/15/2018		830		726
7.63%, 07/15/2013		100		96
Connacher Oil And Gas, Ltd.
10.25%, 12/15/2015 -144A		2,480		1,104
Dynegy Holdings, Inc.
7.50%, 06/01/2015		2,975		2,335
7.75%, 06/01/2019		4,440		3,263
El Paso Corp.
7.25%, 06/01/2018		3,100		2,829
Forest Oil Corp.
7.25%, 06/15/2019 -144A		2,000		1,665
7.75%, 05/01/2014		275		259
Kinder Morgan Finance Co.
5.70%, 01/05/2016		5,810		5,040
Mariner Energy, Inc.
8.00%, 05/15/2017		1,555		1,127
Newfield Exploration Co.
6.63%, 09/01/2014		2,175		2,001
7.13%, 05/15/2018		295		267
Opti Canada, Inc.
7.88%, 12/15/2014		2,500		1,344
8.25%, 12/15/2014		2,100		1,155
Peabody Energy Corp.
6.88%, 03/15/2013		100		98
7.38%, 11/01/2016		1,230		1,202
Pioneer Natural Resources Co.
6.65%, 03/15/2017		3,225		2,759
Plains Exploration & Production Co.
7.00%, 03/15/2017		1,700		1,462
7.75%, 06/15/2015		3,000		2,745
Tennessee Gas Pipeline Co.
8.00%, 02/01/2016 -144A		1,000		1,020
Tesoro Corp.
6.25%, 11/01/2012		3,275		2,980
6.63%, 11/01/2015		675		567
Verasun Energy Corp.
9.38%, 06/01/2017 Џ ∞		4,325		238
Whiting Petroleum Corp.
7.00%, 02/01/2014		3,380		2,907
Paper & Forest Products (3.3%)
Abitibi-Consolidated, Inc.
8.55%, 08/01/2010 Џ		1,460		93
8.85%, 08/01/2030 Џ		5,015		301
13.75%, 04/01/2011 -144A Џ		3,200		2,784
Boise Cascade LLC
7.13%, 10/15/2014		896		396
Domtar Corp.
7.88%, 10/15/2011		3,720		3,311
Georgia-Pacific LLC
7.00%, 01/15/2015 -144A		3,825		3,634
7.13%, 01/15/2017 -144A		1,153		1,090
Westvaco Corp.
8.20%, 01/15/2030		2,300		1,758
Real Estate Investment Trusts (1.1%)
Host Hotels & Resorts, Inc.
7.13%, 11/01/2013		3,155		2,966
iStar Financial, Inc.
5.88%, 03/15/2016		5,000		1,600
Real Estate Management & Development (0.4%)
Realogy Corp.
10.50%, 04/15/2014		5,305		1,751
Road & Rail (0.8%)
Hertz Corp.
8.88%, 01/01/2014		4,150		3,216
Semiconductors & Semiconductor Equipment (1.6%)
Freescale Semiconductor, Inc.
8.88%, 12/15/2014		7,345		2,497
Spansion, Inc.
5.84%, 06/01/2013 -144A Џ		3,960		1,584
Stats ChipPAC, Ltd.
6.75%, 11/15/2011		2,750		2,449
Software (0.7%)
First Data Corp.
9.88%, 09/24/2015		4,136		2,859
Textiles, Apparel & Luxury Goods (1.6%)
Levi Strauss & Co.
8.88%, 04/01/2016		1,200		1,062
9.75%, 01/15/2015		5,480		5,178
Wireless Telecommunication Services (0.6%)
Nextel Communications, Inc.
6.88%, 10/31/2013		3,125		2,398
Total Corporate Debt Securities (cost $494,213)				369,256
	Shares
PREFERRED STOCK (0.2%)
Diversified Financial Services (0.2%)
Preferred Blocker, Inc. 7.00% -144A Ђ ▲		2,228		668
Total Preferred Stock (cost $701)
	Principal
REPURCHASE AGREEMENT (3.7%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $14,626 on 05/01/2009 •	$	14,626		14,626
Total Repurchase Agreement (cost $14,626)
Total Investment Securities (cost $509,540) #				384,550
Other Assets and Liabilities, net				14,567
Net Assets			$	399,117

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

17

(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

▲	Rate shown reflects the yield at 04/30/2009.
Ž	The security has a perpetual maturity. The date shown is the next call date.
Ђ	Step bond. Interest rate may increase or decrease as the credit rating changes.
Џ	In default.
*	Floating or variable rate note. Rate is listed as of 04/30/2009.
Ώ	Payment in-kind. Securities pay interest or dividends in the form of additional bonds or preferred stock.
■	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 04/30/2009.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 0.80% to 4.66%, maturity dates ranging from 10/01/2034 to 12/15/2034, and with market values plus accrued interests of $14,920.
#	Aggregate cost for federal income tax purposes is $509,540. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $4,510 and $129,500, respectively. Net unrealized depreciation for tax purposes is $124,990.

Description	Date of Acquisition	Principal		Cost		Value
Verasun Energy Corp. 9.38%, 06/01/2017	09/21/2007		4,325	$	3,482	$	238

DEFINITIONS:

144A	144A Securities are registered pursuant to Rule 144A of the Securities Act of 1933. These securities are deemed to be liquid for purposes of compliance limitations on holdings of illiquid securities and may be resold as transactions exempt from registration, normally to qualified institutional buyers. At 04/30/2009, these securities aggregated $54,781, or 13.74%, of the Fund’s net assets.
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3	Total Investments in Securities
$668	$	383,882	$—	$	384,550

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

18

Transamerica Legg Mason Partners All Cap

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS (95.0%)
Aerospace & Defense (3.3%)
Boeing Co.		17,860	$	715
Honeywell International, Inc.		31,120		972
Northrop Grumman Corp.		6,950		336
Air Freight & Logistics (2.2%)
United Parcel Service, Inc. -Class B		26,690		1,397
Building Products (0.4%)
Simpson Manufacturing Co., Inc.		10,970		244
Capital Markets (4.5%)
Franklin Resources, Inc.		21,900		1,325
Gamco Investors, Inc. -Class A		6,000		301
State Street Corp.		35,290		1,204
Teton Advisors, Inc. Ә ‡		89		♦
Commercial Banks (1.2%)
Comerica, Inc.		29,410		617
East-West Bancorp, Inc.		16,425		112
Communications Equipment (3.5%)
Cisco Systems, Inc. ‡		93,130		1,799
Telefonaktiebolaget LM Ericsson ADR		41,970		358
Computers & Peripherals (2.2%)
International Business Machines Corp.		13,340		1,377
Construction & Engineering (1.5%)
Fluor Corp.		14,320		542
Jacobs Engineering Group, Inc. ‡		6,850		261
Perini Corp. ‡		9,530		165
Diversified Financial Services (5.6%)
Bank of America Corp.		146,380		1,307
JPMorgan Chase & Co.		65,190		2,152
Energy Equipment & Services (6.9%)
Baker Hughes, Inc.		27,250		970
Halliburton Co.		46,940		949
Schlumberger, Ltd.		24,490		1,199
Transocean, Ltd. ‡		5,926		400
Weatherford International, Ltd. ‡		46,550		774
Food & Staples Retailing (2.3%)
Wal-Mart Stores, Inc.		28,460		1,434
Food Products (2.4%)
Unilever PLC ADR		34,949		680
Unilever PLC		41,575		816
Health Care Providers & Services (1.2%)
McKesson Corp.		19,870		735
Hotels, Restaurants & Leisure (1.3%)
Carnival Corp.		23,200		624
Marriott International, Inc. -Class A		8,700		205
Household Durables (1.1%)
Toll Brothers, Inc. ‡		33,600		681
Industrial Conglomerates (3.4%)
General Electric Co.		60,460		765
McDermott International, Inc. ‡		81,380		1,313
Insurance (3.2%)
Allied World Assurance Co. Holdings, Ltd.		16,380		608
Chubb Corp.		36,150		1,408
Internet Software & Services (1.6%)
eBay, Inc. ‡		59,630		982
Life Sciences Tools & Services (0.9%)
ENZO Biochem, Inc. ‡		133,887		549
Machinery (2.7%)
Dover Corp.		21,550		663
PACCAR, Inc.		17,200		610
Parker Hannifin Corp.		9,700		440
Media (2.4%)
Walt Disney Co.		69,520		1,521
Metals & Mining (0.7%)
BHP Billiton, Ltd. ADR		3,200		154
Nucor Corp.		7,440		303
Oil, Gas & Consumable Fuels (4.3%)
Anadarko Petroleum Corp.		23,250		1,001
Chevron Corp.		8,460		559
ConocoPhillips		7,040		289
Exxon Mobil Corp.		10,570		705
Murphy Oil Corp.		3,250		155
Paper & Forest Products (1.1%)
Weyerhaeuser Co.		19,210		677
Pharmaceuticals (8.7%)
Abbott Laboratories		31,990		1,339
Johnson & Johnson		27,780		1,454
Merck & Co., Inc.		51,068		1,238
Novartis AG ADR		38,270		1,451
Professional Services (0.3%)
Robert Half International, Inc.		8,420		202
Real Estate Investment Trusts (0.5%)
Host Hotels & Resorts, Inc.		13,350		103
LaSalle Hotel Properties		18,130		216
Semiconductors & Semiconductor Equipment (14.6%)
Applied Materials, Inc.		159,960		1,954
Novellus Systems, Inc. ‡		52,930		956
Samsung Electronics Co., Ltd. -144A GDR		13,300		3,021
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		133,457		1,411
Texas Instruments, Inc.		86,000		1,553
Varian Semiconductor Equipment Associates, Inc.‡		6,070		155
Verigy, Ltd. ‡		9,211		101
Software (3.7%)
Citrix Systems, Inc. ‡		14,710		420
Lawson Software, Inc. ‡		74,960		404
Microsoft Corp.		73,410		1,486
Specialty Retail (5.2%)
Gap, Inc.		49,070		763
Home Depot, Inc.		71,370		1,878
Penske Auto Group, Inc.		20,450		271
Williams-Sonoma, Inc.		22,840		320
Wireless Telecommunication Services (2.1%)
Vodafone Group PLC ADR		72,007		1,321
Total Common Stocks (cost $71,592)				59,370
	Principal
REPURCHASE AGREEMENT (5.9%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $3,667 on 05/01/2009 •	$	3,667		3,667
Total Repurchase Agreement (cost $3,668)
Total Investment Securities (cost $75,260) #				63,037
Other Assets and Liabilities, net				(546	)
Net Assets			$	62,491

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

19

(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.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 4.84% to 4.90%, a maturity date of 09/01/2034, and with market values plus accrued interests of $3,741.
#	Aggregate cost for federal income tax purposes is $75,260. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $2,800 and $15,023, respectively. Net unrealized depreciation for tax purposes is $12,223.

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 04/30/2009, these securities aggregated $3,020, or 4.83%, of the Fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3		Total Investments in Securities
$59,370	$	3,667	$	♦	$	63,037

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ending April 30, 2009:

Beginning

Net

Accrued

Total Unrealized

Net Transfers

Ending

Balance at

Purchases/

Discounts/

Total Realized

Appreciation/

In/(Out)

Balance at

10/31/2008

(Sales)

(Premiums)

Gain/ (Loss)

(depreciation)

of Level 3

04/30/2009

$0

$

♦

$

—

$

—

$

—

$

—

$

♦

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

20

Transamerica Money Market

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)

	Principal		Value
COMMERCIAL PAPER (92%)
Capital Markets (3.9%)
State Street Corp.
0.30%, 05/15/2009	$	4,600	$	4,599
0.33%, 05/05/2009 - 05/22/2009		7,500		7,500
Chemicals (1.9%)
Ecolab, Inc.
0.55%, 06/05/2009 - 144A		6,000		5,997
Commercial Banks (20.2%)
Bank of Scotland PLC *
1.23%, 06/15/2009		5,900		5,900
1.24%, 06/09/2009 - 06/11/2009		10,400		10,399
Barclays Bank PLC
0.95%, 07/22/2009		2,800		2,794
1.25%, 05/26/2009		3,900		3,897
1.34%, 05/11/2009		4,200		4,198
1.35%, 05/06/2009		4,700		4,699
Royal Bank of Scotland PLC
1.01%, 05/11/2009		5,850		5,848
1.19%, 07/20/2009		3,100		3,092
1.28%, 05/04/2009 - 05/08/2009		3,300		3,300
1.30%, 05/12/2009		3,400		3,399
UBS Finance Delaware LLC
1.00%, 05/04/2009		1,000		1,000
1.03%, 05/21/2009		5,300		5,297
1.20%, 05/29/2009		8,850		8,845
Computers & Peripherals (1.5%)
Hewlett-Packard Co.
0.40%, 06/04/2009 - 144A		4,550		4,548
Consumer Finance (9.7%)
American Express Credit Corp.
0.40%, 05/01/2009 - 05/07/2009		10,000		9,999
0.43%, 05/15/2009 - 05/28/2009		3,450		3,449
0.52%, 06/05/2009		1,250		1,249
Toyota Motor Credit Corp.
0.24%, 05/12/2009		3,300		3,300
0.26%, 05/13/2009		2,000		2,000
0.30%, 06/17/2009		9,000		8,997
0.50%, 05/05/2009		1,050		1,050
Diversified Financial Services (36.4%)
Alpine Securitization
0.33%, 05/20/2009 - 144A		6,950		6,949
0.35%, 06/09/2009 - 144A		1,700		1,699
0.42%, 06/03/2009 - 06/11/2009 - 144A		6,900		6,897
American Honda Finance Corp.
0.75%, 07/07/2009		9,000		8,987
0.80%, 05/18/2009		4,800		4,798
0.85%, 06/02/2009		1,050		1,049
Bank of America Corp.
0.52%, 07/24/2009		2,500		2,500
CAFCO LLC
0.85%, 07/22/2009 - 144A		1,700		1,697
0.90%, 05/14/2009 - 06/08/2009 - 144A		6,900		6,895
Caterpillar Financial Services Corp.
0.32%, 05/04/2009		1,350		1,350
0.43%, 06/01/2009		4,300		4,298
CIESCO LLC
0.85%, 07/22/2009 - 144A		3,600		3,593
0.95%, 07/13/2009 - 144A		3,400		3,393
Citigroup Funding, Inc.
0.30%, 05/04/2009		8,000		8,000
MetLife Funding, Inc.
0.25%, 05/18/2009		1,300		1,300
0.30%, 05/13/2009		4,000		4,000
0.35%, 05/08/2009		7,700		7,699
MetLife Short Term Funding LLC
0.93%, 05/07/2009 - 144A		2,500		2,500
Old Line Funding LLC
0.25%, 05/15/2009 - 144A		3,200		3,200
0.45%, 07/07/2009 - 144A		10,100		10,092
0.60%, 07/15/2009 - 144A		2,275		2,272
PACCAR Financial Corp.
0.45%, 06/15/2009		2,900		2,898
Rabobank USA Financial Corp.
0.42%, 07/15/2009		4,300		4,296
0.50%, 05/11/2009		1,050		1,050
0.65%, 05/26/2009		10,200		10,196
Ranger Funding Co. LLC
0.55%, 05/06/2009 - 144A		1,000		1,000
Food Products (2.9%)
Nestle Capital Corp.
0.32%, 06/16/2009 - 144A		9,000		8,996
Industrial Conglomerates (4.5%)
General Electric Co.
0.32%, 05/19/2009		3,900		3,899
0.33%, 05/27/2009		5,000		4,999
0.37%, 06/22/2009		5,100		5,097
Short-Term Foreign Government Obligation (8.7%)
Province of Ontario Canada
0.30%, 07/08/2009		6,000		5,997
0.35%, 06/12/2009		9,400		9,396
Province of Quebec Canada
0.29%, 07/09/2009 - 144A		2,800		2,798
0.32%, 05/05/2009 - 05/06/2009 - 144A		8,750		8,750
Software (1.9%)
Microsoft Corp.
0.18%, 06/16/2009 - 144A		5,900		5,899
Total Commercial Paper (cost $283,795)				283,795
CORPORATE DEBT SECURITIES (6.4%)
Capital Markets (0.9%)
Goldman Sachs Group, Inc. *
0.53%, 06/23/2009		1,175		1,174
1.32%, 06/23/2009		1,649		1,646
Commercial Banks (0.5%)
Wells Fargo & Co. *
1.42%, 09/15/2009		1,595		1,585
Diversified Financial Services (5.1%)
Bank of America Corp. *
1.33%, 06/12/2009		3,700		3,698
Caterpillar Financial Services Corp. *
1.31%, 05/18/2009		2,150		2,150
General Electric Capital Corp. *
1.42%, 06/15/2009		1,250		1,248
IBM International Group Capital LLC *
1.39%, 07/29/2009		6,990		6,998
Merrill Lynch & Co., Inc. *
1.29%, 05/08/2009		1,750		1,749
Total Corporate Debt Security (cost $20,248)				20,248

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

21

	Principal		Value
CERTIFICATE OF DEPOSIT (2.0%)
Commercial Banks (2.0%)
Bank of America Corp.
0.55%, due 07/27/2009 *	$	6,200	$	6,200
Total Certificate of Deposit (cost $6,200)
REPURCHASE AGREEMENTS (0.0%)
State Street Repurchase Agreement 0.01%, dated 4/30/2009, to be repurchased at $63 on 05/01/2009 •		63		63
Total Repurchase Agreements (cost $63)
Total Investment Securities (cost $310,306) #				310,306
Other Assets and Liabilities, net				(1,228	)
Net Assets			$	309,078

NOTES TO SCHEDULE OF INVESTMENTS:

*	Floating or variable rate note. Rate is listed as of 04/30/2009.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 5.74%, a maturity date of 10/01/2036, and with a market value plus accrued interest of $65.
#	Aggregate cost for federal income tax purposes is $310,306.

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 04/30/2009, these securities aggregated $87,175, or 28.13%, of the Fund’s net assets.
LLC	Limited Liability Company
PLC	Public Limited Company

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3	Total Investments in Securities
$—	$	310,306	$—	$	310,306

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

22

Transamerica Science & Technology

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS (98.7%)
Aerospace & Defense (2.5%)
Hexcel Corp. ‡		136,000	$	1,304
Biotechnology (1.8%)
Gilead Sciences, Inc. ‡		20,700		948
Communications Equipment (17.2%)
Cisco Systems, Inc. ‡		30,000		580
F5 Networks, Inc. ‡		55,500		1,513
Juniper Networks, Inc. ‡		45,000		974
Palm, Inc. ‡		221,500		2,324
Polycom, Inc. ‡		120,000		2,237
Qualcomm, Inc.		33,000		1,397
Computers & Peripherals (10.1%)
Apple, Inc. ‡		15,900		2,001
Data Domain, Inc. ‡		135,500		2,247
EMC Corp. -Series MA ‡		85,500		1,071
Diversified Consumer Services (1.1%)
Capella Education Co. ‡		11,100		570
Diversified Telecommunication Services (5.2%)
AT&T, Inc.		54,100		1,386
Verizon Communications, Inc.		45,000		1,365
Electronic Equipment & Instruments (6.0%)
DTS, Inc. ‡		32,000		853
FLIR Systems, Inc. ‡		53,500		1,186
Itron, Inc. ‡		24,000		1,104
Health Care Equipment & Supplies (7.0%)
Covidien, Ltd.		24,700		815
Intuitive Surgical, Inc. ‡		9,700		1,394
NuVasive, Inc. ‡		38,000		1,440
Internet & Catalog Retail (6.6%)
Amazon.com, Inc. ‡		29,500		2,375
priceline.com, Inc. ‡		11,400		1,107
Internet Software & Services (9.4%)
Equinix, Inc. ‡		30,200		2,121
Google, Inc. -Class A ‡		3,900		1,544
Vocus, Inc. ‡		74,538		1,267
Pharmaceuticals (2.1%)
Allergan, Inc.		24,200		1,129
Semiconductors & Semiconductor Equipment (1.0%)
Intel Corp.		32,000		505
Software (20.0%)
Activision Blizzard, Inc. ‡		182,500		1,966
Adobe Systems, Inc. ‡		41,000		1,121
Concur Technologies, Inc. ‡		47,500		1,286
Informatica Corp. ‡		63,000		1,002
Nintendo Co., Ltd. ADR		30,200		1,016
Nuance Communications, Inc. ‡		140,000		1,869
Salesforce.com, Inc. ‡		52,500		2,248
Wireless Telecommunication Services (8.8%)
American Tower Corp. -Class A ‡		32,000		1,016
NII Holdings, Inc. ‡		60,600		979
SBA Communications Corp. -Class A ‡		39,000		983
Sprint Nextel Corp. ‡		370,000		1,614
Total Common Stocks (cost $53,572)				51,857
	Principal
REPURCHASE AGREEMENT (1.3%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $693 on 05/01/2009 •	$	693		693
Total Repurchase Agreement (cost $693)
Total Investment Securities (cost $54,265) #				52,550
Other Assets and Liabilities, net				(23	)
Net Assets			$	52,527

NOTES TO SCHEDULE OF INVESTMENTS:

‡	Non-income producing security.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 4.87%, a maturity date of 08/01/2034, and with a market value plus accrued interest of $707.
#	Aggregate cost for federal income tax purposes is $54,265. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $6,034 and $7,749, respectively. Net unrealized depreciation for tax purposes is $1,715.

DEFINITIONS:

ADR American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3		Total Investments in Securities
$51,857	$	693	$	—	$	52,550

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

23

Transamerica Short-Term Bond

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (16.2%)
Fannie Mae
4.50%, 03/25/2017 - 04/25/2030	$	19,398	$	19,842
5.00%, 10/25/2032 - 06/25/2034		17,354		17,841
5.50%, 03/25/2026		8,194		8,525
Freddie Mac
3.75%, 12/15/2011		4,273		4,304
4.00%, 10/15/2029		4,708		4,764
4.50%, 02/15/2027		4,444		4,556
4.82%, 06/01/2035 *		8,184		8,301
5.00%, 06/15/2027 - 11/15/2032		18,497		18,850
5.50%, 01/15/2029		13,767		14,022
5.53%, 02/01/2038 *		6,241		6,470
5.54%, 08/01/2037 *		2,884		2,981
Ginnie Mae
4.50%, 01/17/2033		5,423		5,514
Total U.S. Government Agency Obligations (cost $112,402)				115,970
MORTGAGE-BACKED SECURITIES (4.6%)
American Tower Trust
Series 2007-1A, Class AFX
5.42%, 04/15/2037 -144A		4,000		3,560
Crown Castle Towers LLC
Series 2006-1A, Class B
5.36%, 11/15/2036 Ә -144A		7,000		6,440
Series 2006-1A, Class C
5.47%, 11/15/2036 Ә -144A		6,000		5,430
Global Signal Trust
Series 2004-2A, Class D
5.09%, 12/15/2014 -144A		9,750		9,603
Small Business Administration Trust
Series 2006-1A, Class A
5.31%, 11/15/2036 -144A		3,700		3,460
Series 2006-1A, Class E
6.17%, 11/15/2036 -144A		5,000		4,450
Total Mortgage-Backed Securities (cost $33,898)				32,943
CORPORATE DEBT SECURITIES (77.2%)
Airlines (0.4%)
Continental Airlines, Inc.
7.49%, 10/02/2010		3,061		2,877
Auto Components (0.9%)
Johnson Controls, Inc.
5.25%, 01/15/2011		6,600		6,495
Automobiles (0.7%)
Daimler Finance North America LLC
7.20%, 09/01/2009		5,200		5,227
Beverages (4.1%)
Anheuser-Busch InBev Worldwide, Inc.
7.20%, 01/15/2014 -144A		2,940		3,065
Bacardi, Ltd.
7.45%, 04/01/2014 -144A		3,475		3,518
Diageo Capital PLC
4.38%, 05/03/2010		4,870		4,919
Foster’s Finance Corp.
6.88%, 06/15/2011 -144A		6,225		6,344
Molson Coors Capital Finance ULC
4.85%, 09/22/2010		5,000		5,092
Sabmiller PLC
6.20%, 07/01/2011 -144A		6,301		6,343
Capital Markets (2.5%)
Goldman Sachs Group, Inc.
1.32%, 11/16/2009 *		6,100		6,019
Morgan Stanley Group, Inc.
1.36%, 01/18/2011 *		6,700		6,241
Xstrata Finance Dubai, Ltd.
1.27%, 11/13/2009 -144A *		5,700		5,594
Chemicals (3.2%)
Cytec Industries, Inc.
5.50%, 10/01/2010		5,880		5,853
Dow Chemical Co.
6.13%, 02/01/2011		7,240		7,233
Lubrizol Corp.
4.63%, 10/01/2009		6,566		6,604
Nalco Co.
7.75%, 11/15/2011		3,250		3,283
Commercial Banks (2.7%)
BB&T Corp.
5.70%, 04/30/2014		3,940		3,878
First Tennessee Bank NA
1.31%, 05/18/2009 *		3,110		3,101
M&I Marshall & Ilsley Bank
1.54%, 12/04/2012 *		5,390		3,857
PNC Funding Corp.
1.18%, 01/31/2012 *		3,900		3,283
Wells Fargo & Co.
4.63%, 08/09/2010		4,800		4,839
Commercial Services & Supplies (0.5%)
Waste Management, Inc.
6.88%, 05/15/2009		3,355		3,357
Construction Materials (3.0%)
CRH America, Inc.
5.63%, 09/30/2011		6,890		6,207
Lafarge SA
6.15%, 07/15/2011		7,900		7,683
Martin Marietta Materials, Inc.
1.19%, 04/30/2010 *		7,645		7,307
Consumer Finance (2.4%)
Discover Financial Services
1.86%, 06/11/2010 *		6,920		6,098
John Deere Capital Corp.
2.04%, 06/10/2011 *		6,125		5,884
Toyota Motor Credit Corp.
4.65%, 01/09/2012 *		5,000		5,090
Containers & Packaging (0.4%)
Rexam PLC
6.75%, 06/01/2013 -144A		2,950		2,681
Diversified Financial Services (8.4%)
American Honda Finance Corp.
1.40%, 01/29/2010 -144A *		4,500		4,485
BAE Systems Holdings, Inc.
6.40%, 12/15/2011 -144A		7,000		7,369
Bank of America Corp.
1.12%, 08/02/2010 *		2,200		2,105
5.38%, 08/15/2011		5,260		5,134
Bear Stearns Cos., Inc.
5.50%, 08/15/2011		2,000		2,064
6.95%, 08/10/2012		5,000		5,264
Caterpillar Financial Services Corp.
1.98%, 06/24/2011 *		7,390		6,988
Credit Suisse USA, Inc.
6.13%, 11/15/2011		5,267		5,519
General Electric Capital Corp.
1.26%, 07/27/2012 *		1,400		1,209
5.88%, 02/15/2012		4,890		4,983

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

24

	Principal		Value
Diversified Financial Services (continued)
Harley-Davidson Funding Corp.
5.00%, 12/15/2010 -144A	$	7,700	$	7,025
PACCAR Financial Corp.
4.64%, 01/12/2011 *		5,000		4,989
Pemex Finance, Ltd.
9.03%, 02/15/2011		2,160		2,236
Diversified Telecommunication Services (2.2%)
Sprint Capital Corp.
7.63%, 01/30/2011		3,200		3,084
Telefonica Europe BV
7.75%, 09/15/2010		6,250		6,563
Verizon Global Funding Corp.
7.38%, 09/01/2012		5,500		6,020
Electric Utilities (0.7%)
PSEG Power LLC
7.75%, 04/15/2011		4,780		5,064
Energy Equipment & Services (2.6%)
Allied Waste North America, Inc.
5.75%, 02/15/2011		6,375		6,407
NGPL Pipeco LLC
6.51%, 12/15/2012 -144A		6,470		6,388
Plains All American Pipeline, LP
4.75%, 08/15/2009		1,230		1,219
Rockies Express Pipeline LLC
5.10%, 08/20/2009 -144A *		4,740		4,742
Food & Staples Retailing (2.7%)
Kroger Co.
8.05%, 02/01/2010		7,012		7,238
New Albertsons, Inc.
6.95%, 08/01/2009		3,617		3,640
Safeway, Inc.
6.50%, 03/01/2011		5,000		5,244
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		2,900		2,864
Food Products (3.0%)
ConAgra Foods, Inc.
7.88%, 09/15/2010		5,880		6,174
Dole Food Co., Inc.
8.63%, 05/01/2009 Ђ		6,000		6,000
Michael Foods, Inc.
8.00%, 11/15/2013		3,215		3,038
UST, Inc.
6.63%, 07/15/2012		6,460		6,508
Hotels, Restaurants & Leisure (1.6%)
Carrols Corp.
9.00%, 01/15/2013		2,000		1,850
Royal Caribbean Cruises, Ltd.
8.75%, 02/02/2011		3,000		2,805
Yum! Brands, Inc.
8.88%, 04/15/2011		6,200		6,656
Household Durables (1.0%)
Whirlpool Corp.
8.00%, 05/01/2012		7,125		7,249
Insurance (1.1%)
MetLife, Inc.
5.38%, 12/15/2012		7,000		6,659
Oil Insurance, Ltd.
7.56%, 06/30/2011 -144A ■ Ž		3,250		1,063
IT Services (0.8%)
Western Union Co.
5.40%, 11/17/2011		5,500		5,578
Machinery (0.8%)
Case New Holland, Inc.
6.00%, 06/01/2009		2,500		2,488
PACCAR, Inc.
6.88%, 02/15/2014		2,500		2,617
Media (3.8%)
British Sky Broadcasting Group PLC
8.20%, 07/15/2009		6,000		6,072
Time Warner, Inc.
1.15%, 11/13/2009 *		6,406		6,363
Viacom, Inc.
1.67%, 06/16/2009 *		7,000		6,973
5.75%, 04/30/2011		7,045		7,043
Metals & Mining (3.1%)
Anglo American Capital PLC
9.38%, 04/08/2014 -144A		3,500		3,632
Arcelormittal
5.38%, 06/01/2013		4,500		4,051
BHP Billiton Finance USA, Ltd.
5.00%, 12/15/2010		6,000		6,236
Falconbridge, Ltd.
7.35%, 06/05/2012		3,585		3,164
Rio Tinto Finance USA, Ltd.
8.95%, 05/01/2014		4,795		4,963
Multiline Retail (1.4%)
JC Penney Corp., Inc.
8.00%, 03/01/2010		6,175		6,209
Macy’s Retail Holdings, Inc.
5.35%, 03/15/2012		4,170		3,806
Multi-Utilities (0.8%)
Sempra Energy
7.95%, 03/01/2010		5,500		5,661
Office Electronics (0.9%)
Xerox Corp.
7.13%, 06/15/2010		6,250		6,314
Oil, Gas & Consumable Fuels (11.1%)
Anadarko Finance Co.
6.75%, 05/01/2011		6,460		6,657
DCP Midstream LLC
7.88%, 08/16/2010		6,900		7,024
EnCana Corp.
6.30%, 11/01/2011		5,100		5,329
Enterprise Products Operating, LP
7.50%, 02/01/2011		8,100		8,324
Hess Corp.
6.65%, 08/15/2011		4,215		4,419
7.00%, 02/15/2014		2,450		2,657
Husky Energy, Inc.
6.25%, 06/15/2012		6,700		6,655
Kinder Morgan Energy Partners, LP
6.75%, 03/15/2011		6,450		6,620
Marathon Oil Corp.
8.38%, 05/01/2012		6,000		6,410
Ras Laffan Liquefied Natural Gas Co., Ltd.
3.44%, 09/15/2009 -144A		2,040		2,034
Teppco Partners, LP
7.63%, 02/15/2012		6,800		6,716
Weatherford International, Inc.
5.95%, 06/15/2012		7,305		7,309
Williams Cos., Inc.
3.21%, 10/01/2010 -144A *		1,450		1,363
6.38%, 10/01/2010 -144A		1,100		1,089

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

25

	Principal		Value
Oil, Gas & Consumable Fuels (continued)
XTO Energy, Inc.
5.00%, 08/01/2010	$	5,770	$	5,835
Paper & Forest Products (1.0%)
Weyerhaeuser Co.
6.75%, 03/15/2012		7,200		7,185
Real Estate Investment Trusts (4.2%)
BRE Properties, Inc.
5.75%, 09/01/2009		6,000		5,990
Federal Realty Investment Trust
8.75%, 12/01/2009		2,680		2,673
Healthcare Realty Trust, Inc.
8.13%, 05/01/2011		3,000		2,883
Kimco Realty Corp.
4.62%, 05/06/2010		5,000		4,822
PPF Funding, Inc.
5.35%, 04/15/2012 -144A		4,000		2,929
Simon Property Group, LP
4.88%, 03/18/2010		6,265		6,143
Wea Finance LLC / WCI Finance LLC
5.40%, 10/01/2012 -144A		5,000		4,600
Real Estate Management & Development (0.7%)
Post Apartment Homes, LP
7.70%, 12/20/2010		5,000		4,859
Road & Rail (2.8%)
CSX Corp.
6.75%, 03/15/2011		6,580		6,767
Erac USA Finance Co.
7.95%, 12/15/2009 -144A		6,875		6,684
Union Pacific Corp.
3.63%, 06/01/2010		5,030		5,004
6.13%, 01/15/2012		2,000		2,046
Specialty Retail (1.1%)
Home Depot, Inc.
1.45%, 12/16/2009 *		3,000		2,970
Staples, Inc.
7.75%, 04/01/2011		1,500		1,571
9.75%, 01/15/2014		2,950		3,237
Wireless Telecommunication Services (1.3%)
Centennial Communications Corp.
6.96%, 01/01/2013 *		3,750		3,759
Vodafone Group PLC
7.75%, 02/15/2010		5,000		5,186
Total Corporate Debt Securities (cost $552,233)				552,736
REPURCHASE AGREEMENT (2.1%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $15,512 on 05/01/2009 •		15,512		15,512
Total Repurchase Agreement (cost $15,512)
Total Investment Securities (cost $714,045) #				717,161
Other Assets and Liabilities, net				(1,024	)
Net Assets			$	716,137

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 04/30/2009.
*	Floating or variable rate note. Rate is listed as of 04/30/2009.
Ђ	Step bond. Interest rate may increase or decrease as the credit rating changes.
•	Repurchase agreement is collateralized by U.S. Government Agency Obligations with interest rates ranging from 3.63% to 3.80%, a maturity date of 05/01/2035, and with market values plus accrued interests of $15,822.
#	Aggregate cost for federal income tax purposes is $714,045. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $13,551 and $10,435, respectively. Net unrealized appreciation for tax purposes is $3,116.

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 04/30/2009, these securities aggregated $113,888, or 16.03%, of the Fund’s net assets.
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
ULC	Underwriters’ Laboratories of Canada

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3		Total Investments in Securities
$—	$	717,161	$	—	$	717,161

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

26

Transamerica Small/Mid Cap Value

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS (97.7%)
Aerospace & Defense (1.0%)
Alliant Techsystems, Inc. ‡		32,630	$	2,599
Auto Components (1.3%)
Tenneco, Inc. ‡		1,179,671		3,610
Chemicals (5.0%)
Intrepid Potash, Inc. ‡		294,090		7,261
Terra Industries, Inc.		233,031		6,175
Commercial Banks (3.9%)
Bank of Hawaii Corp.		132,255		4,647
City National Corp.		160,900		5,889
Commercial Services & Supplies (2.0%)
Energysolutions, Inc.		288,000		2,794
Republic Services, Inc. -Class A		126,000		2,646
Communications Equipment (6.4%)
Arris Group, Inc. ‡		673,180		7,183
Brocade Communications Systems, Inc. ‡		727,855		4,207
Harmonic Lightwaves, Inc. ‡		836,792		6,134
Electric Utilities (4.2%)
ITC Holdings Corp.		88,075		3,834
NV Energy, Inc.		400,700		4,107
Portland General Electric Co.		192,410		3,515
Electrical Equipment (2.5%)
General Cable Corp. ‡		248,560		6,746
Energy Equipment & Services (1.7%)
Superior Energy Services, Inc. ‡		246,585		4,737
Health Care Equipment & Supplies (4.1%)
Hologic, Inc. ‡		432,000		6,419
West Pharmaceutical Services, Inc.		147,400		4,813
Health Care Providers & Services (1.8%)
Mednax, Inc. ‡		137,000		4,918
Health Care Technology (2.1%)
Allscripts-Misys Healthcare Solutions, Inc.		452,765		5,623
Hotels, Restaurants & Leisure (5.0%)
Cheesecake Factory ‡		283,415		4,923
Penn National Gaming, Inc. ‡		153,715		5,229
Starwood Hotels & Resorts Worldwide, Inc.		157,500		3,285
Insurance (5.6%)
HCC Insurance Holdings, Inc.		306,210		7,325
PartnerRe, Ltd.		117,020		7,980
Internet Software & Services (2.1%)
Valueclick, Inc. ‡		540,848		5,733
IT Services (1.9%)
NeuStar, Inc. -Class A ‡		265,766		5,052
Leisure Equipment & Products (1.6%)
Pool Corp.		236,100		4,217
Life Sciences Tools & Services (2.0%)
Charles River Laboratories International, Inc.‡		200,865		5,554
Machinery (3.4%)
Clarcor, Inc.		167,700		5,212
Watts Water Technologies, Inc. -Class A		179,325		3,992
Media (1.4%)
Lamar Advertising Co. -Class A ‡		226,800		3,833
Oil, Gas & Consumable Fuels (4.8%)
Comstock Resources, Inc. ‡		125,265		4,317
PetroHawk Energy Corp. ‡		367,595		8,675
Pharmaceuticals (1.9%)
Sepracor, Inc. ‡		356,195		5,062
Professional Services (6.2%)
FTI Consulting, Inc. ‡		180,000		9,878
Manpower, Inc.		157,500		6,787
Real Estate Investment Trusts (12.5%)
Annaly Capital Management, Inc.		616,742		8,678
Host Hotels & Resorts, Inc.		1,071,000		8,236
Kilroy Realty Corp.		179,155		3,859
Omega Healthcare Investors, Inc.		464,500		7,302
Potlatch Corp.		194,340		5,716
Real Estate Management & Development (2.2%)
St. Joe Co. ‡		236,675		5,887
Road & Rail (1.4%)
Kansas City Southern ‡		251,900		3,841
Software (1.5%)
Macrovision Solutions Corp. ‡		201,000		4,064
Specialty Retail (1.4%)
Childrens Place Retail Stores, Inc. ‡		133,720		3,803
Textiles, Apparel & Luxury Goods (0.7%)
Skechers U.S.A., Inc. -Class A ‡		173,140		2,026
Thrifts & Mortgage Finance (1.7%)
People’s United Financial, Inc.		290,465		4,537
Trading Companies & Distributors (4.0%)
Beacon Roofing Supply, Inc. ‡		224,392		3,568
WESCO International, Inc. ‡		282,800		7,353
Total Common Stocks (cost $230,347)				263,781
	Principal
REPURCHASE AGREEMENT (3.5%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $9,457 on 05/01/2009 •	$	9,457		9,457
Total Repurchase Agreement (cost $9,457)
Total Investment Securities (cost $239,804) #				273,238
Other Assets and Liabilities, net				(3,313	)
Net Assets			$	269,925

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

27

(all amounts in thousands)
(unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:
‡	Non-income producing security.
•	Repurchase agreement is collateralized by a U.S. Government Obligation with a zero coupon interest rate, a maturity date of 06/24/2009, and with a market value plus accrued interest of $9,650.
#	Aggregate cost for federal income tax purposes is $239,804. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $49,371 and $15,937, respectively. Net unrealized appreciation for tax purposes is $33,434.

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3		Total Investments in Securities
$263,781		$9,457		$—		$273,238

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

28

Transamerica Templeton Global

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts except share amounts in thousands)
(unaudited)

	Shares		Value
COMMON STOCKS (98.3%)
Australia (1.0%)
Alumina, Ltd. §		96,049	$	104
Brambles, Ltd.		55,748		240
National Australia Bank, Ltd.		34,025		510
Austria (0.6%)
Telekom Austria AG		41,880		555
Bermuda (0.7%)
Tyco Electronics, Ltd.		36,945		644
Brazil (1.2%)
Cia Vale do Rio Doce -Class B ADR		15,230		251
Empresa Brasileira de Aeronautica SA ADR ‡		25,360		411
Petroleo Brasileiro SA -Class A ADR		13,480		364
China (0.4%)
China Telecom Corp., Ltd.		670,000		333
Denmark (0.5%)
Vestas Wind Systems ‡		6,730		444
France (6.7%)
Accor SA		7,040		300
AXA SA ‡		36,800		621
France Telecom SA		47,180		1,053
GDF Suez		14,448		522
Michelin -Class B		10,407		537
Sanofi-Aventis SA		16,139		935
Suez Environnement SA ‡		3,787		58
Total SA		21,742		1,103
Vivendi		26,410		715
Germany (6.0%)
Bayerische Motoren Werke AG		21,040		731
Celesio AG		19,660		437
Deutsche Post AG		42,130		488
E.ON AG ADR ‡		24,540		825
Merck KGAA		6,870		618
Muenchener Rueckversicherungs AG		4,810		666
SAP AG		17,410		669
Siemens AG		11,760		793
Hong Kong (1.0%)
Cheung Kong Holdings, Ltd.		47,000		490
Hutchison Whampoa, Ltd.		59,000		350
Ireland (0.6%)
CRH PLC		21,612		564
Israel (1.3%)
Check Point Software Technologies ‡		24,050		558
Teva Pharmaceutical Industries, Ltd. ADR		12,495		548
Italy (1.6%)
Autogrill SpA		32,781		251
ENI SpA ADR		17,185		733
UniCredit SpA		173,709		430
Japan (5.0%)
Fujifilm Holdings Corp.		16,700		423
Konica Minolta Holdings, Inc.		54,500		443
Mabuchi Motor Co., Ltd.		12,400		561
Mitsubishi UFJ Financial Group, Inc. ADR		32,270		175
Nintendo Co., Ltd.		2,200		587
Olympus Corp.		27,800		451
Promise Co., Ltd.		26,150		344
Sony Corp. ADR		10,560		273
Takeda Pharmaceutical Co., Ltd.		8,300		295
Toyota Motor Corp.		13,100		511
USS Co., Ltd.		7,410		334
Korea, Republic of (1.3%)
KB Financial Group, Inc. ADR ‡		8,150		260
Samsung Electronics Co., Ltd. -144A GDR		4,030		915
Netherlands (2.1%)
Akzo Nobel NV		5,540		234
ING Groep NV		32,710		306
ING Groep NV ADR		9,330		85
Koninklijke Philips Electronics NV		33,360		607
Randstad Holding NV		12,460		288
Reed Elsevier NV		26,984		298
Norway (1.0%)
Aker Kvaerner ASA		17,210		106
Statoilhydro ASA		11,180		213
Telenor ASA		88,850		557
Singapore (2.1%)
DBS Group Holdings, Ltd. ADR		4,010		102
DBS Group Holdings, Ltd.		128,400		823
Flextronics International, Ltd. ‡		61,830		240
Singapore Telecommunications, Ltd.		378,000		654
South Africa (0.6%)
Sasol, Ltd. ADR		16,850		507
Spain (1.5%)
Banco Santander SA		25,719		247
Telefonica SA		57,454		1,096
Sweden (0.6%)
Loomis AB		5,150		44
Nordea Bank AB		67,010		492
Switzerland (4.9%)
ACE, Ltd.		18,590		861
Adecco SA		12,770		506
Lonza Group AG		7,370		679
Nestle SA ADR		24,375		791
Novartis AG ADR		16,740		635
Roche Holding AG		2,640		334
Swiss Reinsurance		11,470		276
UBS AG		17,015		238
Taiwan (1.3%)
Chunghwa Telecom Co., Ltd. ADR		11,348		214
Lite-On Technology Corp. GDR		30,712		246
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		62,781		664
Turkey (0.7%)
Turkcell Iletisim Hizmet AS ADR		47,270		600
United Kingdom (10.7%)
Aviva PLC		92,990		434
BAE Systems PLC		112,160		595
BP PLC ADR		18,170		772
British Sky Broadcasting Group PLC		79,790		574
Cadbury PLC		38,348		288
Compass Group PLC		92,320		442
GlaxoSmithKline PLC		44,309		688
Group 4 Securicor PLC		161,830		452
HSBC Holdings PLC ADR		310		11
HSBC Holdings PLC		38,729		275
Kingfisher PLC		123,010		339
Kingfisher PLC ADR		52,500		279
Pearson PLC		31,090		325
Rolls-Royce Group PLC -Class C Ə ‡		10,352,713		15
Rolls-Royce Group PLC § ‡		120,661		604
Royal Dutch Shell PLC -Class B		29,130		671
Tesco PLC		103,780		518

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

29

	Shares		Value
United Kingdom (continued)
Unilever PLC		34,487	$	676
Vodafone Group PLC		618,342		1,141
Wolseley PLC ‡		14,163		257
United States (44.9%)
Allergan, Inc.		6,730		314
Amazon.com, Inc. ‡		34,000		2,738
Apple, Inc. ‡		20,100		2,529
AT&T, Inc.		37,000		948
Automatic Data Processing, Inc.		23,330		821
Becton Dickinson & Co.		14,000		846
BorgWarner, Inc.		37,300		1,080
Caterpillar, Inc.		17,695		630
Charles Schwab Corp.		70,285		1,298
Cisco Systems, Inc. ‡		50,000		966
Ecolab, Inc.		31,500		1,214
Emerson Electric Co.		23,500		800
Expeditors International of Washington, Inc.		26,000		902
General Electric Co.		92,000		1,164
Gilead Sciences, Inc. ‡		51,500		2,359
Google, Inc. -Class A ‡		5,000		1,980
Hewlett-Packard Co.		11,000		396
International Business Machines Corp.		9,500		980
Jacobs Engineering Group, Inc. ‡		20,000		761
Johnson Controls, Inc.		75,000		1,426
Monsanto Co.		4,300		365
PACCAR, Inc.		36,000		1,275
Praxair, Inc.		31,000		2,314
Qualcomm, Inc.		51,500		2,179
Raytheon Co.		31,000		1,402
Sigma-Aldrich Corp.		36,000		1,579
T. Rowe Price Group, Inc.		30,000		1,156
Union Pacific Corp.		23,000		1,130
Varian Medical Systems, Inc. ‡		22,015		735
Wal-Mart Stores, Inc.		15,985		806
Walt Disney Co.		38,000		832
Wells Fargo & Co.		58,800		1,176
Total Common Stocks (cost $111,883)				85,823

	Principal
REPURCHASE AGREEMENTS (1.2%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $1,069 on 05/01/2009 •	$	1,069		1,069
Total Repurchase Agreements (cost $1,069)
Total Investment Securities (cost $112,952) #				86,892
Other Assets and Liabilities, net				372
Net Assets			$	87,264

	Percentage of
	Total Investments			Value
INVESTMENTS BY INDUSTRY:
Chemicals		6.6	%	$	5,706
Diversified Telecommunication Services		6.2			5,410
Commercial Banks		5.1			4,501
Pharmaceuticals		5.1			4,367
Oil, Gas & Consumable Fuels		5.0			4,363
Computers & Peripherals		4.8			4,151
Communications Equipment		3.6			3,145
Auto Components		3.5			3,043
Aerospace & Defense		3.5			3,027
Industrial Conglomerates		3.4			2,914
Insurance		3.3			2,858
Media		3.2			2,744
Internet & Catalog Retail		3.1			2,738
Capital Markets		3.1			2,692
Biotechnology		2.7			2,359
Health Care Equipment & Supplies		2.3			2,032
Internet Software & Services		2.3			1,980
Machinery		2.2			1,905
Electronic Equipment & Instruments		2.2			1,868
Software		2.2			1,814
Food Products		2.0			1,755
Wireless Telecommunication Services		2.0			1,741
Semiconductors & Semiconductor Equipment		1.9			1,579
Air Freight & Logistics		1.6			1,390
Food & Staples Retailing		1.5			1,324
Electrical Equipment		1.4			1,244
Automobiles		1.4			1,242
Road & Rail		1.3			1,130
Hotels, Restaurants & Leisure		1.1			993

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

30

(all amounts in thousands)
(unaudited)

	Percentage of
	Total Investments			Value
INVESTMENTS BY INDUSTRY (continued):
Specialty Retail		1.1	%	$	952
Electric Utilities		0.9			825
IT Services		0.9			821
Professional Services		0.9			794
Construction & Engineering		0.9			761
Commercial Services & Supplies		0.9			736
Life Sciences Tools & Services		0.8			679
Multi-Utilities		0.7			580
Construction Materials		0.6			564
Real Estate Management & Development		0.6			490
Office Electronics		0.5			443
Health Care Providers & Services		0.5			437
Diversified Financial Services		0.4			391
Metals & Mining		0.4			355
Consumer Finance		0.4			344
Household Durables		0.3			273
Trading Companies & Distributors		0.3			257
Energy Equipment & Services		0.1			106
Investment Securities, at Value		98.8			85,823
Short-Term Investments		1.2			1,069
Total Investments		100.0	%	$	86,892

NOTES TO SCHEDULE OF INVESTMENTS:
‡	Non-income producing security.
§	Illiquid. These securities aggregated to $708, or 0.81%, of the Fund’s net assets.
Ə	Securities fair valued as determined in good faith in accordance with procedures established by the Board of Trustees.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation, with an interest rate of 0.95%, maturity date of 06/15/2034, and with a market value plus accrued interest of $1,091.
#	Aggregate cost for federal income tax purposes is $112,952. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $3,519 and $29,579, respectively. Net unrealized depreciation for tax purposes is $26,060.
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 04/30/2009, these securities aggregated $915, or 1.05%, of the Fund’s net assets.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3		Total Investments in Securities
$85,808		$1,084		$—		$86,892

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

31

Transamerica Value Balanced

SCHEDULE OF INVESTMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)

	Principal		Value
U.S. GOVERNMENT OBLIGATIONS (1.4%)
U.S. Treasury Bond
4.50%, 05/15/2038	$	6	$	6
U.S. Treasury Inflation Indexed Bond
1.75%, 01/15/2028		122		109
2.50%, 01/15/2029		124		126
U.S. Treasury Inflation Indexed Note
1.38%, 07/15/2018		49		48
U.S. Treasury Note
2.75%, 02/15/2019		76		74
Total U.S. Government Obligations (cost $349)				363
U.S. GOVERNMENT AGENCY OBLIGATIONS (17.4%)
Fannie Mae
4.72%, 10/01/2035 *		318		327
5.00%, 05/01/2018- 03/01/2039		1,395		1,438
5.50%, 07/01/2019- 01/01/2038		501		521
6.00%, 08/01/2036- 12/01/2037		658		688
Freddie Mac
5.00%, 04/01/2018- 11/15/2032		942		975
5.50%, 09/01/2018- 11/01/2018		131		136
5.53%, 09/01/2037 *		334		349
Total U.S. Government Agency Obligations (cost $4,300)				4,434
MORTGAGE-BACKED SECURITIES (1.5%)
American Tower Trust
Series 2007-1A, Class C
5.62%, 04/15/2037-144A		155		131
Crown Castle Towers LLC
Series 2006-1A, Class AFX
5.24%, 11/15/2036-144A		115		106
Small Business Administration Trust
Series 2006-1A, Class A
5.31%, 11/15/2036-144A		150		140
Total Mortgage-Backed Securities (cost $411)				377
MUNICIPAL GOVERNMENT OBLIGATIONS (0.6%)
Metropolitan Transportation Authority
7.34%, 11/15/2039		71		76
State of California
7.55%, 04/01/2039		75		78
Total Municipal Government Obligations (cost $149)				154
CORPORATE DEBT SECURITIES (19.4%)
Airlines (0.6%)
Continental Airlines, Inc.
7.49%, 10/02/2010		75		71
Delta Air Lines, Inc.
7.57%, 11/18/2010		85		79
Auto Components (0.5%)
Johnson Controls, Inc.
5.25%, 01/15/2011		124		122
Beverages (0.3%)
Anheuser-Busch InBev Worldwide, Inc.
8.20%, 01/15/2039 -144A		80		80
Capital Markets (0.4%)
Goldman Sachs Group, Inc.
6.00%, 05/01/2014		105		105
Chemicals (0.8%)
Lubrizol Corp.
8.88%, 02/01/2019		100		109
Potash Corp. of Saskatchewan, Inc.
6.50%, 05/15/2019		88		91
Commercial Banks (1.5%)
Barclays Bank PLC
7.70%, 04/25/2018 -144A n Ž		120		76
BB&T Corp.
6.85%, 04/30/2019		100		97
PNC Bank NA
6.88%, 04/01/2018		110		105
Wells Fargo Bank NA
4.75%, 02/09/2015		130		112
Construction Materials (1.2%)
CRH America, Inc.
5.30%, 10/15/2013		100		84
Lafarge SA
6.15%, 07/15/2011		125		122
Martin Marietta Materials, Inc.
1.19%, 04/30/2010 *		112		107
Consumer Finance (0.3%)
Discover Financial Services
1.86%, 06/11/2010 *		95		84
Diversified Financial Services (2.7%)
American Honda Finance Corp.
1.40%, 01/29/2010 -144A *		130		130
Bank of America Corp.
5.75%, 12/01/2017		130		106
Bear Stearns Cos., Inc.
7.25%, 02/01/2018		103		105
General Electric Capital Corp.
6.88%, 01/10/2039		80		63
Glencore Funding LLC
6.00%, 04/15/2014 -144A		80		49
Merrill Lynch & Co., Inc.
5.45%, 02/05/2013		150		130
Pemex Finance, Ltd.
9.03%, 02/15/2011		100		104
Electric Utilities (0.3%)
EDF SA
6.95%, 01/26/2039 -144A		80		84
Energy Equipment & Services (1.0%)
DCP Midstream LLC
9.75%, 03/15/2019 -144A		60		60
Halliburton Co.
6.15%, 09/15/2019		120		127
Weatherford International, Ltd.
7.00%, 03/15/2038		80		59
Food & Staples Retailing (0.4%)
Stater Brothers Holdings, Inc.
8.13%, 06/15/2012		100		99
Food Products (0.3%)
Michael Foods, Inc.
8.00%, 11/15/2013		90		85
Hotels, Restaurants & Leisure (0.3%)
Royal Caribbean Cruises, Ltd.
8.75%, 02/02/2011		70		65
Insurance (0.5%)
MetLife, Inc.
5.38%, 12/15/2012		96		91
Oil Insurance, Ltd.
7.56%, 06/30/2011 -144A n Ž		80		26
Machinery (0.3%)
PACCAR, Inc.
6.88%, 02/15/2014		85		89
Media (0.5%)
Time Warner Cable, Inc.
6.75%, 07/01/2018		125		127

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

32

(all amounts except share amounts in thousands)
(unaudited)

	Principal		Value
Metals & Mining (1.9%)
Anglo American Capital PLC
9.38%, 04/08/2019 -144A	$	106	$	108
ArcelorMittal
5.38%, 06/01/2013		130		117
BHP Billiton Finance USA, Ltd.
6.50%, 04/01/2019		96		104
Falconbridge, Ltd.
7.35%, 06/05/2012		55		49
Rio Tinto Finance USA, Ltd.
9.00%, 05/01/2019		100		103
Multi-Utilities (0.5%)
Sempra Energy
9.80%, 02/15/2019		105		120
Oil, Gas & Consumable Fuels (2.3%)
EnCana Corp.
6.50%, 05/15/2019		71		73
Energy Transfer Partners, LP
9.70%, 03/15/2019		75		83
Enterprise Products Operating, LP
7.50%, 02/01/2011		120		123
Hess Corp.
8.13%, 02/15/2019		110		121
Husky Energy, Inc.
6.25%, 06/15/2012		105		104
PetroHawk Energy Corp.
9.13%, 07/15/2013		100		98
Paper & Forest Products (1.1%)
Celulosa Arauco y Constitucion SA
8.63%, 08/15/2010		171		178
Weyerhaeuser Co.
6.75%, 03/15/2012		100		100
Real Estate Investment Trusts (0.6%)
WEA Finance LLC / WCI Finance LLC
5.40%, 10/01/2012 -144A		168		155
Real Estate Management & Development (0.3%)
Post Apartment Homes, LP
6.30%, 06/01/2013		91		72
Road & Rail (0.2%)
Hertz Corp.
8.88%, 01/01/2014		75		58
Specialty Retail (0.6%)
Staples, Inc.
9.75%, 01/15/2014		115		126
Total Corporate Debt Securities (cost $5,121)				4,935

	Shares
COMMON STOCKS (59.3%)
Aerospace & Defense (2.4%)
Boeing Co.		6,006	241
Raytheon Co.		8,215	372
Air Freight & Logistics (0.7%)
United Parcel Service, Inc. -Class B		3,200	167
Auto Components (2.1%)
BorgWarner, Inc.		18,153	526
Capital Markets (1.5%)
BlackRock, Inc. -Class A		1,530	224
Eaton Vance Corp.		6,000	164
Chemicals (2.1%)
Praxair, Inc.		7,200	537
Computers & Peripherals (2.6%)
Hewlett-Packard Co.		9,800	352
International Business Machines Corp.		3,150	325
Construction & Engineering (0.8%)
Jacobs Engineering Group, Inc. ‡		5,418	206
Diversified Financial Services (3.5%)
CME Group, Inc. -Class A		1,660	367
JPMorgan Chase & Co.		15,500	512
Diversified Telecommunication Services (1.4%)
AT&T, Inc.		14,087	361
Electronic Equipment & Instruments (0.9%)
Tyco Electronics, Ltd.		13,700	239
Food Products (1.2%)
Kraft Foods, Inc. -Class A		13,600	318
Health Care Equipment & Supplies (2.0%)
Becton Dickinson & Co.		8,423	509
Household Products (2.6%)
Colgate-Palmolive Co.		7,000	413
Kimberly-Clark Corp.		5,000	246
IT Services (0.6%)
Automatic Data Processing, Inc.		4,000	141
Life Sciences Tools & Services (1.7%)
Thermo Fisher Scientific, Inc. ‡		12,000	421
Machinery (0.7%)
Caterpillar, Inc.		5,100	181
Media (1.9%)
Walt Disney Co.		22,500	493
Metals & Mining (1.2%)
Cia Vale do Rio Doce -Class B ADR		18,500	305
Multi-Utilities (0.7%)
Dominion Resources, Inc.		6,000	181
Oil, Gas & Consumable Fuels (8.3%)
Anadarko Petroleum Corp.		11,000	474
BP PLC ADR		9,485	403
Exxon Mobil Corp.		10,700	713
XTO Energy, Inc.		15,000	520
Paper & Forest Products (1.0%)
Weyerhaeuser Co.		7,280	257
Pharmaceuticals (4.2%)
Bristol-Myers Squibb Co.		29,000	557
Merck & Co., Inc.		5,300	128
Teva Pharmaceutical Industries, Ltd. ADR		9,200	404
Real Estate Investment Trusts (2.4%)
Plum Creek Timber Co., Inc.		17,600	608
Road & Rail (2.2%)
Union Pacific Corp.		11,400	560
Software (2.2%)
Oracle Corp.		17,500	338
Symantec Corp. ‡		12,605	217
Specialty Retail (3.1%)
Gap, Inc.		24,790	385
Home Depot, Inc.		15,500	407
Textiles, Apparel & Luxury Goods (0.6%)
Nike, Inc. -Class B		3,100	163
Tobacco (4.6%)
Lorillard, Inc.		8,000	505
Philip Morris International, Inc.		18,750	680
Total Common Stocks (cost $15,097)			15,120

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

33

(all amounts in thousands)
(unaudited)

	Principal		Value
REPURCHASE AGREEMENT (1.2%)
State Street Repurchase Agreement 0.01%, dated 04/30/2009, to be repurchased at $294 on 05/01/2009 •	$	294	$	294
Total Repurchase Agreement (cost $294)
Total Investment Securities (cost $25,721) #				25,677
Other Assets and Liabilities, net				(205	)
Net Assets			$	25,472

NOTES TO SCHEDULE OF INVESTMENTS:
‡	Non-income producing security.
Ž	The security has a perpetual maturity. The date shown is the next call date.
n	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 04/30/2009.
*	Floating or variable rate note. Rate is listed as of 04/30/2009.
•	Repurchase agreement is collateralized by a U.S. Government Agency Obligation with an interest rate of 3.74%, a maturity date of 04/01/2035, and with a market value plus accrued interest of $300.
#	Aggregate cost for federal income tax purposes is $25,721. Aggregate gross unrealized appreciation/depreciation for all securities in which there is an excess of value over tax cost were $1,822 and $1,866, respectively. Net unrealized depreciation for tax purposes is $44.
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 04/30/2009, these securities aggregated $1,145, or 4.49%, of the Fund’s net assets.
ADR	American Depositary Receipt
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company

The following is a summary of the fair valuations according to the inputs used as of April 30, 2009 in valuing the Fund’s assets and liabilities.

Investments in Securities
Level 1	Level 2		Level 3		Total Investments in Securities
$15,120		$10,557		$—		$25,677

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

34

STATEMENTS OF ASSETS AND LIABILITIES
At April 30, 2009
(all amounts except per share amounts in thousands)
(unaudited)

				Transamerica									Transamerica
	Transamerica			Convertible			Transamerica			Transamerica			Growth
	Balanced			Securities			Equity			Flexible Income			Opportunities
Assets:
Investment securities, at value	$	89,850		$	55,423		$	875,696		$	121,498		$	150,235
Repurchase agreement, at value		929			2,471			14,045			3,739			9,526
Receivables:
Investment securities sold		212			10,568			2,236			3,054			887
Shares of beneficial interest sold		17			160			376			99			26
Interest		385			247			—			1,918			—
Dividends		72			112			837			11			25
Dividend reclaims		60			—			369			—			—
Other		41			8			422			16			18
	$	91,566		$	68,989		$	893,981		$	130,335		$	160,717
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		950			5,490			5,261			3,591			2,377
Shares of beneficial interest redeemed		261			11			672			104			30
Management and advisory fees		58			40			462			73			75
Distribution and service fees		46			10			139			16			32
Trustees fees		42			9			427			17			19
Transfer agent fees		29			3			141			5			47
Administration fees		1			1			14			2			2
Other		37			25			111			43			26
Unrealized depreciation on forward foreign currency contracts		—			—			—			64			—
		1,424			5,589			7,227			3,915			2,608
Net assets	$	90,142		$	63,400		$	886,754		$	126,420		$	158,109
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	106,968		$	106,092		$	1,618,988		$	205,727		$	321,268
Undistributed net investment income (loss)		131			261			2,980			533			69
Accumulated net realized gain (loss) from investments		(9,899	)		(41,075	)		(641,518	)		(72,260	)		(148,119	)
Net unrealized appreciation (depreciation) on:
Investment securities		(7,064	)		(1,878	)		(93,731	)		(7,516	)		(15,109	)
Translation of assets and liabilities denominated in foreign currencies		6			—			35			(64	)		—
Net assets	$	90,142		$	63,400		$	886,754		$	126,420		$	158,109
Net assets by class:
Class A	$	51,144		$	10,890		$	270,559		$	15,386		$	42,495
Class B		22,921			2,297			44,507			8,431			16,006
Class C		16,077			6,255			37,088			6,752			9,820
Class I					43,958			454,741			95,851			89,788
Class T								79,859
Shares outstanding:
Class A		3,255			1,513			41,383			2,124			6,448
Class B		1,466			322			7,298			1,163			2,611
Class C		1,033			880			6,054			935			1,595
Class I					6,102			68,414			13,184			13,236
Class T								4,364
Net asset value per share:
Class A	$	15.71		$	7.20		$	6.54		$	7.24		$	6.59
Class B		15.63			7.14			6.10			7.25			6.13
Class C		15.57			7.11			6.13			7.22			6.16
Class I					7.20			6.65			7.27			6.78
Class T								18.30
Maximum offering price per share (a)
Class A	$	16.62		$	7.56		$	6.92		$	7.60		$	6.97
Investment securities, at cost	$	96,896		$	57,297		$	969,233		$	129,006		$	165,336
Repurchase agreement, at cost	$	929		$	2,471		$	14,045		$	3,739		$	9,526

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

35

				Transamerica					Transamerica			Transamerica
	Transamerica			Legg Mason			Transamerica		Science &			Short-Term
	High Yield Bond			Partners All Cap			Money Market		Technology			Bond
Assets:
Investment securities, at value	$	369,924		$	59,370		$	310,243	$	51,857		$	701,649
Repurchase agreement, at value		14,626			3,667			63		693			15,512
Receivables:
Investment securities sold		7,464			82			—		—			6,321
Shares of beneficial interest sold		855			23			653		16			9,992
Interest		12,033			—			54		—			8,539
Dividends		38			44			—		47			—
Dividend reclaims		—			26			—		—			—
Other		26			28			12		4			—
	$	404,966		$	63,240		$	311,025	$	52,617		$	742,013
Liabilities:
Accounts payable and accrued liabilities:
Investment securities purchased		5,521			570			—		—			25,138
Shares of beneficial interest redeemed		19			47			1,767		4			187
Management and advisory fees		180			21			59		27			339
Distribution and service fees		24			36			44		3			43
Trustees fees		28			28			14		4			3
Transfer agent fees		5			26			—		4			—
Administration fees		6			1			5		1			11
Dividends from short sales		—			—			26		—			70
Other		66			20			32		47			85
		5,849			749			1,947		90			25,876
Net assets	$	399,117		$	62,491		$	309,078	$	52,527		$	716,137
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	554,727		$	82,354		$	308,995	$	67,381		$	731,358
Undistributed (accumulated) net investment income (loss)		2,107			179			83		(109	)		—
Accumulated net realized gain (loss) from investments		(32,715	)		(7,806	)		—		(13,028	)		(18,339	)
Net unrealized appreciation (depreciation) on:
Investment securities		(125,002	)		(12,236	)		—		(1,717	)		3,118
Net assets	$	399,117		$	62,491		$	309,078	$	52,527		$	716,137
Net assets by class:
Class A	$	33,996		$	26,920		$	155,852	$	3,839		$	41,188
Class B		9,921			23,175			45,161		1,640
Class C		10,753			12,396			69,453		1,259			52,943
Class I		344,447						38,612		45,789			622,006
Shares outstanding:
Class A		4,925			2,964			155,852		1,327			4,224
Class B		1,438			2,733			45,161		603
Class C		1,562			1,463			69,453		463			5,438
Class I		49,593						38,612		15,496			64,893
Net asset value per share:
Class A	$	6.90		$	9.08		$	1.00	$	2.89		$	9.75
Class B		6.90			8.48			1.00		2.72
Class C		6.88			8.47			1.00		2.72			9.73
Class I		6.95						1.00		2.95			9.59
Maximum offering price per share (a)
Class A	$	7.24		$	9.61		$	1.00	$	3.06		$	10.00
Investment securities, at cost	$	494,914		$	71,593		$	310,243	$	53,572		$	698,533
Repurchase agreement, at cost	$	14,626		$	3,667		$	63	$	693		$	15,512

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

36

	Transamerica			Transamerica
	Small/Mid Cap			Templeton			Transamerica
	Value			Global			Value Balanced
Assets:
Investment securities, at value	$	263,781		$	85,823		$	25,383
Repurchase agreement, at value		9,457			1,069			294
Foreign currency, at value		—			303			—
Receivables:
Investment securities sold		4,298			106			360
Shares of beneficial interest sold		1,284			12			3
Interest		—			—			103
Dividends		206			260			33
Dividend reclaims		—			186			—
Other		15			119			16
	$	279,041		$	87,878		$	26,192
Liabilities:
Due to custodian		—			—			1
Accounts payable and accrued liabilities:
Investment securities purchased		6,701			233			608
Shares of beneficial interest redeemed		1,957			118			44
Management and advisory fees		164			8			7
Distribution and service fees		127			35			12
Trustees fees		18			120			16
Transfer agent fees		116			57			10
Administration fees		4			1			—
Other		29			42			22
		9,116			614			720
Net assets	$	269,925		$	87,264		$	25,472
Net assets consist of:
Shares of beneficial interest, unlimited shares authorized, no par value	$	470,247		$	424,150		$	31,994
Undistributed net investment income (loss)		570			239			412
Accumulated net realized gain (loss) from investments		(234,319	)		(311,003	)		(6,883	)
Net unrealized appreciation (depreciation) on:
Investment securities		33,427			(26,114	)		(51	)
Translation of assets and liabilities denominated in foreign currencies		—			(8	)		—
Net assets	$	269,925		$	87,264		$	25,472
Net assets by class:
Class A	$	142,546		$	66,649		$	16,077
Class B		29,937			8,209			4,592
Class C		87,795			12,406			4,803
Class I		9,647
Shares outstanding:
Class A		11,198			3,541			1,905
Class B		2,436			463			546
Class C		7,229			704			571
Class I		755
Net asset value per share:
Class A	$	12.73		$	18.82		$	8.44
Class B		12.29			17.75			8.41
Class C		12.14			17.62			8.41
Class I		12.78
Maximum offering price per share (a)
Class A	$	13.47		$	19.92		$	8.93
Investment securities, at cost	$	230,347		$	111,883		$	25,427
Repurchase agreement, at cost	$	9,457		$	1,069		$	294
Foreign currency, at cost	$	—		$	313		$	—

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

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

37

STATEMENTS OF OPERATIONS
For the period ended April 30, 2009
(all amounts in thousands)
(unaudited)

				Transamerica									Transamerica
	Transamerica			Convertible			Transamerica			Transamerica			Growth
	Balanced			Securities			Equity			Flexible Income			Opportunities
Investment income:
Dividend income	$	502		$	624		$	8,172		$	150		$	828
Withholding taxes on foreign dividends		—			—			—			—			(2	)
Interest income		1,115			1,439			—			4,904			—
Securities lending income (net)		68			42			290			31			231
		1,685			2,105			8,462			5,085			1,057
Expenses:
Management and advisory		352			362			3,040			486			554
Distribution and service:
Class A		83			19			442			24			65
Class B		126			12			227			40			79
Class C		78			31			185			29			45
Transfer agent:
Class A		94			13			635			20			188
Class B		66			4			191			14			85
Class C		24			5			102			7			37
Class I					—	(a)		—	(a)		—	(a)		—	(a)
Class T								83
Printing and shareholder reports		7			8			71			11			12
Custody		13			10			74			24			17
Administration		9			10			83			13			14
Legal		1			1			13			2			2
Audit and tax		10			10			12			10			10
Trustees		1			1			9			2			1
Registration		31			18			30			20			18
Other		2			2			11			2			2
Total expenses		897			506			5,208			704			1,129
Class expense reimbursed:
Class A		—			—			(172	)		—			(97	)
Class B		(6	)		—			(107	)		—			(47	)
Class C		—			—			(33	)		—			(14	)
Total reimbursement of expenses		(6	)		—			(312	)		—			(158	)
Net expenses		891			506			4,896			704			971
Net investment income		794			1,599			3,566			4,381			86
Net realized gain (loss) on transactions from:
Investment securities		(9,799	)		(23,702	)		(177,917	)		(25,032	)		(16,098	)
Foreign currency transactions		—			—			—			457			—
		(9,799	)		(23,702	)		(177,917	)		(24,575	)		(16,098	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		10,935			21,341			122,375			24,070			16,538
Translation of assets and liabilities denominated in foreign currencies		1			—			6			(111	)		—
Change in unrealized appreciation (depreciation)		10,936			21,341			122,381			23,959			16,538
Net realized and unrealized gain (loss):		1,137			(2,361	)		(55,536	)		(616	)		440
Net increase (decrease) In net assets resulting from operations	$	1,931		$	(762	)	$	(51,970	)	$	3,765		$	526

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

38

				Transamerica Legg						Transamerica
	Transamerica High			Mason Partners All			Transamerica			Science &			Transamerica
	Yield Bond			Cap			Money Market			Technology			Short-Term Bond
Investment income:
Dividend income	$	60		$	862		$	—		$	131		$	—
Withholding taxes on foreign dividends		(2	)		(30	)		—			—			(2	)
Interest income		25,438			—			1,548			—			14,095
Securities lending income (net)		183			25			229			32			38
		25,679			857			1,777			163			14,131
Expenses:
Management and advisory		1,252			250			601			181			1,626
Distribution and service:
Class A		48			43			266			6			19
Class B		43			127			217			8			—
Class C		31			62			335			6			94
Transfer agent:
Class A		26			69			139			13			2
Class B		13			84			38			10
Class C		5			28			28			4			3
Class I		—	(a)					—	(a)		—	(a)		—	(a)
Printing and shareholder reports		35			6			22			5			38
Custody		32			17			23			6			33
Administration		42			6			30			5			52
Legal		6			1			4			1			7
Audit and tax		10			10			11			10			10
Trustees		4			1			2			—			5
Registration		22			19			41			37			30
Money market guarantee insurance		—			—			48			—			—
Other		6			2			6			1			6
Total expenses		1,575			725			1,811			293			1,925
Fund expense reimbursed		—			—			(19	)		—			—
Class expense reimbursed:
Class A		—			(44	)		(192	)		(12	)		—
Class B		—			(58	)		(141	)		(8	)
Class C		—			(15	)		(183	)		(3	)		—
Class I		—			—			—	(a)		—			—
Total reimbursement of expenses		—			(117	)		(535	)		(23	)		—
Net expenses		1,575			608			1,276			270			1,925
Net investment income (loss)		24,104			249			501			(107	)		12,206
Net realized gain (loss) on transactions from:
Investment securities		(21,873	)		(5,317	)		—			(12,465	)		(2,971	)
Futures contracts		—			—			—			—			(1,328	)
Foreign currency transactions		—			(1	)		—			—			—
		(21,873	)		(5,318	)		—			(12,465	)		(4,299	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		52,549			(1,683	)		—			13,314			23,825
Futures contracts		—			—			—			—			160
Change in unrealized appreciation (depreciation)		52,549			(1,683	)		—			13,314			23,985
Net realized and unrealized gain (loss):		30,676			(7,001	)		—			849			19,686
Net increase (decrease) In net assets resulting from operations	$	54,780		$	(6,752	)	$	501		$	742		$	31,892

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

39

	Transamerica			Transamerica			Transamerica
	Small/Mid Cap			Templeton			Value
	Value			Global			Balanced
Investment income:
Dividend income	$	3,031		$	1,214		$	289
Withholding taxes on foreign dividends		—			(65	)		(2	)
Interest income		—			—			336
Securities lending income (net)		279			53			11
		3,310			1,202			634
Expenses:
Management and advisory		1,117			338			100
Distribution and service:
Class A		240			112			29
Class B		132			42			26
Class C		393			61			26
Transfer agent:
Class A		308			233			36
Class B		52			52			17
Class C		134			43			8
Class I		—			(a	)
Printing and shareholder reports		80			8			2
Custody		41			31			10
Administration		28			9			3
Legal		5			1			1
Audit and tax		10			11			11
Trustees		4			1			—
Registration		26			28			19
Other		5			6			1
Total expenses		2,575			976			289
Class expense reimbursed:
Class A		—			(177	)		(28	)
Class B		—			(45	)		(14	)
Class C		—			(32	)		(6	)
Total reimbursement of expenses		—			(254	)		(48	)
Net expenses		2,575			722			241
Net investment income		735			480			393
Net realized gain (loss) on transactions from:
Investment securities		(135,265	)		(13,430	)		(3,121	)
		(135,265	)		(13,430	)		(3,121	)
Net increase (decrease) in unrealized appreciation (depreciation) on:
Investment securities		101,060			8,998			1,323
Translation of assets and liabilities denominated in foreign currencies		—			1			—
Change in unrealized appreciation (depreciation)		101,060			8,999			1,323
Net realized and unrealized loss:		(34,205	)		(4,431	)		(1,798	)
Net decrease In net assets resulting from operations	$	(33,470	)	$	(3,951	)	$	(1,405	)

(a) Rounds to less than $1.

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

40

STATEMENTS OF CHANGES IN NET ASSETS
For the period or year ended:
(all amounts in thousands)

							Transamerica Convertible
	Transamerica Balanced						Securities						Transamerica Equity
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
From operations:
Net investment income	$	794		$	1,331		$	1,599		$	2,392		$	3,566		$	2,780
Net realized gain (loss)(a)		(9,799	)		6,222			(23,702	)		(17,308	)		(177,917	)		(58,064	)
Change in unrealized appreciation (depreciation)(b)		10,936			(63,988	)		21,341			(55,761	)		122,381			(731,286	)
Net increase (decrease) in net assets resulting from operations		1,931			(56,435	)		(762	)		(70,677	)		(51,970	)		(786,570	)
Distributions to shareholders:
From net investment income:
Class A		(542	)		(699	)		(185	)		(133	)		—			—
Class B		(178	)		(286	)		(35	)		(15	)		—			—
Class C		(132	)		(161	)		(93	)		(38	)		—			—
Class I		—			—			(1,545	)		(1,811	)		(2,946	)		—
Class T														(9	)		—
		(852	)		(1,146	)		(1,858	)		(1,997	)		(2,955	)		—
From net realized gains:
Class A		(3,148	)		(1,615	)		—			(2,349	)		—			—
Class B		(1,819	)		(2,368	)		—			(1,381	)		—			—
Class C		(1,091	)		(828	)		—			(861	)		—			—
Class I		—			—			—			(31,579	)		—			—
		(6,058	)		(4,811	)		—			(36,170	)		—			—
Total distributions to shareholders		(6,910	)		(5,957	)		(1,858	)		(38,167	)		(2,955	)		—
Capital share transactions:
Proceeds from shares sold:
Class A		1,172			3,878			3,990			13,963			11,440			42,081
Class B		675			2,063			220			1,164			1,773			4,848
Class C		562			1,325			1,064			9,648			1,785			5,391
Class I		—			—			72			6,078			30,383			51,057
Class T														488			1,798
		2,409			7,266			5,346			30,853			45,869			105,175
Dividends and distributions reinvested:
Class A		3,493			2,018			134			1,721			—			—
Class B		1,902			2,440			28			1,103			—			—
Class C		1,097			879			34			599			—			—
Class I		—			—			1,545			32,781			2,946			—
Class T														9			—
		6,492			5,337			1,741			36,204			2,955			—
Cost of shares redeemed:
Class A		(6,764	)		(15,261	)		(4,058	)		(7,685	)		(32,902	)		(89,748	)
Class B		(4,715	)		(19,396	)		(764	)		(1,659	)		(5,337	)		(28,453	)
Class C		(2,406	)		(6,156	)		(1,885	)		(2,109	)		(8,332	)		(19,902	)
Class I		—			—			(46,777	)		(4,311	)		(51,624	)		(56,853	)
Class T		—			—			—			—			(6,848	)		(21,752	)
		(13,885	)		(40,813	)		(53,484	)		(15,764	)		(105,043	)		(216,708	)
Redemption fee:
Class A		—			—			—			—			—			3
		—			—			—			—			—			3
Automatic conversions:
Class A		5,525			24,175			87			645			7,600			48,320
Class B		(5,525	)		(24,175	)		(87	)		(645	)		(7,600	)		(48,320	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(4,984	)		(28,210	)		(46,397	)		51,293			(56,219	)		(111,530	)
Net decrease in net assets		(9,963	)		(90,602	)		(49,017	)		(57,551	)		(111,144	)		(898,100	)
Net assets:
Beginning of period/year	$	100,105		$	190,707		$	112,417		$	169,968		$	997,898		$	1,895,998
End of period/year	$	90,142		$	100,105		$	63,400		$	112,417		$	886,754		$	997,898
Undistributed net investment income (loss)	$	131		$	189		$	261		$	520		$	2,980		$	2,369

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

41

							Transamerica Convertible
	Transamerica Balanced						Securities						Transamerica Equity
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
Share activity:
Shares issued:
Class A		80			168			578			1,322			1,906			4,098
Class B		45			93			33			111			323			511
Class C		39			60			158			939			313			552
Class I		—			—			10			509			4,677			6,453
Class T														29			64
		164			321			779			2,881			7,248			11,678
Shares issued-reinvested from distributions:
Class A		237			95			20			159			—			6
Class B		130			104			4			100			—			—
Class C		75			39			5			55			—			—
Class I		—			—			227			3,008			458			—
Class T														1			—
		442			238			256			3,322			459			6
Shares redeemed:
Class A		(464	)		(712	)		(594	)		(784	)		(5,556	)		(9,119	)
Class B		(324	)		(893	)		(112	)		(168	)		(969	)		(3,011	)
Class C		(168	)		(289	)		(279	)		(235	)		(1,503	)		(2,172	)
Class I		—			—			(6,891	)		(465	)		(8,375	)		(7,429	)
Class T														(415	)		(787	)
		(956	)		(1,894	)		(7,876	)		(1,652	)		(16,818	)		(22,518	)
Automatic conversions:
Class A		367			1,089			13			62			1,240			4,704
Class B		(369	)		(1,096	)		(13	)		(62	)		(1,328	)		(5,003	)
		(2	)		(7	)		—			—			(88	)		(299	)
Net increase (decrease) in shares outstanding:
Class A		220			640			17			759			(2,410	)		(311	)
Class B		(518	)		(1,792	)		(88	)		(19	)		(1,974	)		(7,503	)
Class C		(54	)		(190	)		(116	)		759			(1,190	)		(1,620	)
Class I								(6,654	)		3,052			(3,240	)		(976	)
Class T														(385	)		(723	)
		(352	)		(1,342	)		(6,841	)		4,551			(9,199	)		(11,133	)

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

42

							Transamerica Growth
	Transamerica Flexible Income						Opportunities						Transamerica High Yield Bond
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
From operations:
Net investment income (loss)	$	4,381		$	19,949		$	86		$	(933	)	$	24,104		$	37,005
Net realized loss(a)		(24,575	)		(34,533	)		(16,098	)		(20,795	)		(21,873	)		(9,296	)
Change in unrealized appreciation (depreciation)(b)		23,959			(26,098	)		16,538			(114,155	)		52,549			(173,227	)
Net increase (decrease) in net assets resulting from operations		3,765			(40,682	)		526			(135,883	)		54,780			(145,518	)
Distributions to shareholders:
From net investment income:
Class A		(439	)		(849	)		—			—			(1,523	)		(2,500	)
Class B		(225	)		(600	)		—			—			(458	)		(1,008	)
Class C		(171	)		(386	)		—			—			(339	)		(574	)
Class I		(3,818	)		(18,830	)		—			—			(22,744	)		(31,427	)
		(4,653	)		(20,665	)		—			—			(25,064	)		(35,509	)
Total distributions to shareholders		(4,653	)		(20,665	)		—			—			(25,064	)		(35,509	)
Capital share transactions:
Proceeds from shares sold:
Class A		3,540			3,320			1,734			3,902			17,134			10,846
Class B		1,841			1,949			822			2,025			1,354			1,083
Class C		2,122			2,580			585			1,293			5,794			736
Class I		10,717			28,018			2,369			1,984			3,697			241,102
		18,220			35,867			5,510			9,204			27,979			253,767
Dividends and distributions reinvested:
Class A		369			509			—			—			1,039			1,345
Class B		176			369			—			—			289			502
Class C		140			239			—			—			199			267
Class I		3,818			15,299			—			—			22,744			20,457
		4,503			16,416			—			—			24,271			22,571
Cost of shares redeemed:
Class A		(2,816	)		(5,383	)		(3,882	)		(14,166	)		(12,079	)		(14,351	)
Class B		(1,429	)		(5,085	)		(1,649	)		(9,511	)		(1,228	)		(6,552	)
Class C		(1,537	)		(4,119	)		(1,255	)		(4,474	)		(1,541	)		(3,074	)
Class I		(45,710	)		(232,281	)		(14	)		(45,766	)		(125,950	)		(11,363	)
		(51,492	)		(246,868	)		(6,800	)		(73,917	)		(140,798	)		(35,340	)
Redemption fee:
Class A		—			—			1			1			—			1
		—			—			1			1			—			1
Automatic conversions:
Class A		818			3,069			3,492			15,592			391			2,666
Class B		(818	)		(3,069	)		(3,492	)		(15,592	)		(391	)		(2,666	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(28,769	)		(194,585	)		(1,289	)		(64,712	)		(88,548	)		240,999
Net increase (decrease) in net assets		(29,657	)		(255,932	)		(763	)		(200,595	)		(58,832	)		59,972
Net assets:
Beginning of period/year	$	156,077		$	412,009		$	158,872		$	359,467		$	457,949		$	397,977
End of period/year	$	126,420		$	156,077		$	158,109		$	158,872		$	399,117		$	457,949
Undistributed (accumulated) net investment income (loss)	$	533		$	805		$	69		$	(17	)	$	2,107		$	3,067

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

43

							Transamerica Growth
	Transamerica Flexible Income						Opportunities						Transamerica High Yield Bond
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
Share activity:
Shares issued:
Class A		510			359			298			427			2,772			4,575
Class B		264			214			159			235			216			1,712
Class C		307			290			106			144			925			1,055
Class I		1,550			2,984			409			224			564			67,248
		2,631			3,847			972			1,030			4,477			74,590
Shares issued-reinvested from distributions:
Class A		53			83			—			—			172			223
Class B		25			56			—			—			48			78
Class C		20			38			—			—			33			41
Class I		547			2,167			—			—			3,775			3,829
		645			2,344			—			—			4,028			4,171
Shares redeemed:
Class A		(404	)		(630	)		(680	)		(1,569	)		(1,960	)		(733	)
Class B		(204	)		(585	)		(311	)		(1,105	)		(201	)		(229	)
Class C		(222	)		(483	)		(235	)		(529	)		(256	)		(195	)
Class I		(6,575	)		(27,886	)		(2	)		(5,248	)		(20,591	)		(1,397	)
		(7,405	)		(29,584	)		(1,228	)		(8,451	)		(23,008	)		(2,554	)
Automatic conversions:
Class A		116			351			589			1,695			64			37
Class B		(116	)		(351	)		(632	)		(1,809	)		(64	)		(37	)
		—			—			(43	)		(114	)		—			—
Net increase (decrease) in shares outstanding:
Class A		275			163			207			553			1,048			4,102
Class B		(31	)		(666	)		(784	)		(2,679	)		(1	)		1,524
Class C		105			(155	)		(129	)		(385	)		702			901
Class I		(4,478	)		(22,735	)		407			(5,024	)		(16,252	)		69,680
		(4,129	)		(23,393	)		(299	)		(7,535	)		(14,503	)		76,207

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

44

	Transamerica Legg Mason												Transamerica Science &
	Partners All Cap						Transamerica Money Market						Technology
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
From operations:
Net investment income (loss)	$	249		$	532		$	501		$	4,673		$	(107	)	$	(434	)
Net realized loss(a)		(5,318	)		(1,842	)		—			—			(12,465	)		(563	)
Change in unrealized appreciation (depreciation)(b)		(1,683	)		(48,557	)		—			—			13,314			(48,013	)
Net increase (decrease) in net assets resulting from operations		(6,752	)		(49,867	)		501			4,673			742			(49,010	)
Distributions to shareholders:
From net investment income:
Class A		(415	)		—			(300	)		(2,745	)		—			—
Class B		(96	)		—			(30	)		(473	)		—			—
Class C		(84	)		—			(42	)		(539	)		—			—
Class I		—			—			(129	)		(927	)		—			—
		(595	)		—			(501	)		(4,684	)		—			—
From net realized gains:
Class A		—			(4,246	)		—			—			—			(282	)
Class B		—			(7,861	)		—			—			—			(157	)
Class C		—			(3,130	)		—			—			—			(96	)
Class I		—			—			—			—			—			(2,576	)
		—			(15,237	)		—			—			—			(3,111	)
Total distributions to shareholders		(595	)		(15,237	)		(501	)		(4,684	)		—			(3,111	)
Capital share transactions:
Proceeds from shares sold:
Class A		936			2,542			83,176			156,262			403			2,918
Class B		572			1,618			19,127			36,830			63			381
Class C		662			909			41,440			72,304			89			660
Class I		—			—			15,315			25,560			—			4,896
		2,170			5,069			159,058			290,956			555			8,855
Dividends and distributions reinvested:
Class A		401			4,108			256			2,215			—			268
Class B		87			7,238			29			376			—			149
Class C		75			2,816			41			404			—			78
Class I		—			—			93			811			—			2,576
		563			14,162			419			3,806			—			3,071
Cost of shares redeemed:
Class A		(3,900	)		(15,837	)		(72,269	)		(115,331	)		(671	)		(3,212	)
Class B		(4,000	)		(23,998	)		(11,872	)		(16,870	)		(204	)		(821	)
Class C		(2,218	)		(10,843	)		(32,019	)		(32,353	)		(237	)		(625	)
Class I		—			—			(6,123	)		(31,716	)		(1,169	)		(1,428	)
		(10,118	)		(50,678	)		(122,283	)		(196,270	)		(2,281	)		(6,086	)
Redemption fee:
		—			—			—			—			—			—
Automatic conversions:
Class A		3,893			8,181			2,233			3,549			285			186
Class B		(3,893	)		(8,181	)		(2,233	)		(3,549	)		(285	)		(186	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		(7,385	)		(31,447	)		37,194			98,492			(1,726	)		5,840
Net increase (decrease) in net assets		(14,732	)		(96,551	)		37,194			98,481			(984	)		(46,281	)
Net assets:
Beginning of period/year	$	77,223		$	173,774		$	271,884		$	173,403		$	53,511		$	99,792
End of period/year	$	62,491		$	77,223		$	309,078		$	271,884		$	52,527		$	53,511
Undistributed (accumulated) net investment income (loss)	$	179		$	525		$	83		$	83		$	(109	)	$	(2	)

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

45

	Transamerica Legg Mason												Transamerica Science &
	Partners All Cap						Transamerica Money Market						Technology
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
Share activity:
Shares issued:
Class A		109			183			83,176			156,265			155			616
Class B		73			128			19,116			36,830			27			92
Class C		82			73			41,433			72,304			36			154
Class I		—			—			15,315			25,560			—			1,201
		264			384			159,040			290,959			218			2,063
Shares issued-reinvested from distributions:
Class A		44			271			256			2,215			—			53
Class B		10			513			40			376			—			31
Class C		9			199			48			404			—			16
Class I		—			—			93			811			—			501
		63			983			437			3,806			—			601
Shares redeemed:
Class A		(471	)		(1,145	)		(72,269	)		(115,331	)		(268	)		(774	)
Class B		(509	)		(1,867	)		(11,872	)		(16,870	)		(88	)		(202	)
Class C		(283	)		(835	)		(32,019	)		(32,353	)		(102	)		(161	)
Class I		—			—			(6,123	)		(31,716	)		(476	)		(394	)
		(1,263	)		(3,847	)		(122,283	)		(196,270	)		(934	)		(1,531	)
Automatic conversions:
Class A		454			595			2,233			3,549			110			47
Class B		(487	)		(641	)		(2,233	)		(3,549	)		(117	)		(50	)
		(33	)		(46	)		—			—			(7	)		(3	)
Net increase (decrease) in shares outstanding:
Class A		136			(96	)		13,396			46,698			(3	)		(58	)
Class B		(913	)		(1,867	)		5,051			16,787			(178	)		(129	)
Class C		(192	)		(563	)		9,462			40,355			(66	)		9
Class I								9,285			(5,345	)		(476	)		1,308
		(969	)		(2,526	)		37,194			98,495			(723	)		1,130

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

46

	Transamerica Short-Term Bond						Transamerica Small/Mid Cap Value						Transamerica Templeton Global
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
From operations:
Net investment income	$	12,206		$	24,879		$	735		$	9,308		$	480		$	1,492
Net realized gain (loss)(a)		(4,299	)		(10,141	)		(135,265	)		(98,519	)		(13,430	)		11,217
Change in unrealized appreciation (depreciation)(b)		23,985			(19,826	)		101,060			(296,332	)		8,999			(105,619	)
Net increase (decrease) in net assets resulting from operations		31,892			(5,088	)		(33,470	)		(385,543	)		(3,951	)		(92,910	)
Distributions to shareholders:
From net investment income:
Class A		(313	)		(73	)		(4,092	)		(815	)		(662	)		(1,124	)
Class B								(531	)		—			—			(99	)
Class C		(438	)		(74	)		(1,959	)		(207	)		—			(199	)
Class I		(12,788	)		(24,970	)		(1,434	)		(4,881	)		—			—
		(13,539	)		(25,117	)		(8,016	)		(5,903	)		(662	)		(2,122	)
From net realized gains:
Class A		—			—			—			(12,319	)		—			—
Class B								—			(5,719	)		—			—
Class C		—			—			—			(7,564	)		—			—
Class I		—			—			—			(50,781	)		—			—
		—			—			—			(76,383	)		—			—
Total distributions to shareholders		(13,539	)		(25,117	)		(8,016	)		(82,286	)		(662	)		(2,122	)
Capital share transactions:
Proceeds from shares sold:
Class A		39,178			6,797			28,871			376,986			712			4,616
Class B								2,365			18,229			426			1,618
Class C		47,267			8,910			8,157			111,684			303			900
Class I		183,987			34,605			25,014			40,971			—			—
		270,432			50,312			64,407			547,870			1,441			7,134
Dividends and distributions reinvested:
Class A		236			27			3,256			10,992			644			1,085
Class B								458			5,175			—			94
Class C		281			29			1,538			6,054			—			189
Class I		12,788			19,101			1,434			55,662			—			—
		13,305			19,157			6,686			77,883			644			2,068
Cost of shares redeemed:
Class A		(4,396	)		(923	)		(80,103	)		(137,493	)		(6,327	)		(21,738	)
Class B								(3,539	)		(10,337	)		(1,080	)		(8,972	)
Class C		(2,755	)		(1,386	)		(16,095	)		(21,818	)		(1,554	)		(5,417	)
Class I		(84,062	)		(95,587	)		(200,957	)		(148,685	)		—			—
		(91,213	)		(97,896	)		(300,694	)		(318,333	)		(8,961	)		(74,197	)
Redemption fee:
Class A		1			2			6			2			—			—
		1			2			6			2			—			—
Automatic conversions:
Class A		—			—			891			7,300			1,377			30,467
Class B								(891	)		(7,300	)		(1,377	)		(30,467	)
		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from capital shares transactions		192,525			(28,425	)		(229,595	)		307,422			(6,876	)		(64,995	)
Net increase (decrease) in net assets		210,878			(58,630	)		(271,081	)		(160,407	)		(11,489	)		(160,027	)
Net assets:
Beginning of period/year	$	505,259		$	563,889		$	541,006		$	701,413		$	98,753		$	258,780
End of period/year	$	716,137		$	505,259		$	269,925		$	541,006		$	87,264		$	98,753
Undistributed net investment income (loss)	$	—		$	1,333		$	570		$	7,851		$	239		$	427

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

47

	Transamerica Short-Term Bond						Transamerica Small/Mid Cap Value						Transamerica Templeton Global
	April 30, 2009						April 30, 2009						April 30, 2009
	(unaudited)			October 31, 2008			(unaudited)			October 31, 2008			(unaudited)			October 31, 2008
Share activity:
Shares issued:
Class A		4,063			689			2,610			20,500			40			148
Class B								223			1,013			26			61
Class C		4,926			908			771			6,200			18			32
Class I		19,480			2,942			2,159			3,081			—			—
		28,469			4,539			5,763			30,794			84			241
Shares issued-reinvested from distributions:
Class A		25			6			287			553			34			35
Class B								42			270			—			3
Class C		29			6			142			318			—			6
Class I		1,368			2,571			126			2,787			—			—
		1,422			2,583			597			3,928			34			64
Shares redeemed:
Class A		(464	)		(95	)		(7,464	)		(9,819	)		(363	)		(749	)
Class B								(349	)		(609	)		(66	)		(315	)
Class C		(288	)		(143	)		(1,597	)		(1,406	)		(96	)		(198	)
Class I		(9,001	)		(9,914	)		(18,266	)		(9,530	)		—			—
		(9,753	)		(10,152	)		(27,676	)		(21,364	)		(525	)		(2,522	)
Automatic conversions:
Class A		—			—			80			385			76			1,006
Class B								(83	)		(400	)		(81	)		(1,071	)
		—			—			(3	)		(15	)		(5	)		(65	)
Net increase (decrease) in shares outstanding:
Class A		3,624			600			(4,487	)		11,619			(213	)		440
Class B								(167	)		274			(121	)		(1,322	)
Class C		4,667			771			(684	)		5,112			(78	)		(160	)
Class I		11,847			(4,401	)		(15,981	)		(3,662	)
		20,138			(3,030	)		(21,319	)		13,343			(412	)		(2,282	)

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

48

	Transamerica Value Balanced
	April 30, 2009
	(unaudited)			October 31, 2008
From operations:
Net investment income	$	393		$	1,068
Net realized loss(a)		(3,121	)		(3,730	)
Change in unrealized appreciation (depreciation) (b)		1,323			(14,696	)
Net decrease in net assets resulting from operations		(1,405	)		(17,358	)
Distributions to shareholders:
From net investment income:
Class A		(226	)		(692	)
Class B		(52	)		(196	)
Class C		(52	)		(172	)
		(330	)		(1,060	)
From net realized gains:
Class A		—			(1,609	)
Class B		—			(830	)
Class C		—			(566	)
		—			(3,005	)
Total distributions to shareholders		(330	)		(4,065	)
Capital share transactions:
Proceeds from shares sold:
Class A		747			1,496
Class B		188			511
Class C		462			374
		1,397			2,381
Dividends and distributions reinvested:
Class A		214			2,069
Class B		48			909
Class C		48			669
		310			3,647
Cost of shares redeemed:
Class A		(3,211	)		(8,353	)
Class B		(974	)		(4,161	)
Class C		(1,228	)		(2,846	)
		(5,413	)		(15,360	)
Redemption fee:
Class B		—			1
		—			1
Automatic conversions:
Class A		711			3,193
Class B		(711	)		(3,193	)
		—			—
Net decrease in net assets resulting from capital shares transactions		(3,706	)		(9,331	)
Net decrease in net assets		(5,441	)		(30,754	)
Net assets:
Beginning of period/year	$	30,913		$	61,667
End of period/year	$	25,472		$	30,913
Undistributed net investment income (loss)	$	412		$	349

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

49

	Transamerica Value Balanced
	April 30, 2009
	(unaudited)			October 31, 2008
Share activity:
Shares issued:
Class A		89			112
Class B		23			39
Class C		55			29
		167			180
Shares issued-reinvested from distributions:
Class A		27			176
Class B		6			74
Class C		7			56
		40			306
Shares redeemed:
Class A		(393	)		(713	)
Class B		(119	)		(351	)
Class C		(149	)		(243	)
		(661	)		(1,307	)
Automatic conversions:
Class A		86			261
Class B		(86	)		(262	)
		—			(1	)
Net increase (decrease) in shares outstanding:
Class A		(191	)		(164	)
Class B		(176	)		(500	)
Class C		(87	)		(158	)
		(454	)		(822	)

(a)	Net realized gain (loss) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Securities Sold Short, Swaps and Foreign Currency Transactions.
(b)	Change in unrealized appreciation (depreciation) includes Investment Securities, Futures Contracts, Written Options and Swaptions, Securities Sold Short, Swaps and Foreign Currency Translation.

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

50

FINANCIAL HIGHLIGHTS
For the period or years ended:

For a share outstanding throughout each period

	Transamerica Balanced
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	16.44		$	25.70		$	22.05		$	19.90		$	18.53		$	17.43
Investment operations
Net investment income(a)		0.16			0.28			0.17			0.12			0.15			0.14
Net realized and unrealized gain (loss) on investments		0.31			(8.64	)		3.62			2.12			1.41			1.08
Total from investment operations		0.47			(8.36	)		3.79			2.24			1.56			1.22
Distributions
Net investment income		(0.17	)		(0.24	)		(0.14	)		(0.09	)		(0.19	)		(0.12	)
Net realized gains on investments		(1.03	)		(0.66	)		—			—			—			—
Total distributions		(1.20	)		(0.90	)		(0.14	)		(0.09	)		(0.19	)		(0.12	)
Net asset value
End of period/year	$	15.71		$	16.44		$	25.70		$	22.05		$	19.90		$	18.53
Total return(b)		3.37	%(c)		(33.55	)%		17.28	%		11.27	%		8.41	%		7.03	%
Net assets end of period/year	$	51,144		$	49,917		$	61,565		$	55,547		$	62,440		$	72,997
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.72	%(d)		1.52	%		1.56	%		1.58	%		1.59	%		1.70	%
Before reimbursement/fee waiver		1.72	%(d)		1.52	%		1.56	%		1.58	%		1.59	%		1.70	%
Net investment income, to average net assets (e)		2.11	%(d)		1.27	%		0.73	%		0.57	%		0.75	%		0.76	%
Portfolio turnover rate		63	%(c)		52	%		52	%		51	%		27	%		107	%

For a share outstanding throughout each period

	Transamerica Balanced
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	16.37		$	25.58		$	21.98		$	19.88		$	18.47		$	17.39
Investment operations
Net investment income(a)		0.10			0.13			0.04			—	(f)		0.04			0.04
Net realized and unrealized gain (loss) on investments		0.30			(8.58	)		3.60			2.12			1.40			1.08
Total from investment operations		0.40			(8.45	)		3.64			2.12			1.44			1.12
Distributions
Net investment income		(0.11	)		(0.10	)		(0.04	)		(0.02	)		(0.03	)		(0.04	)
Net realized gains on investments		(1.03	)		(0.66	)		—			—			—			—
Total distributions		(1.14	)		(0.76	)		(0.04	)		(0.02	)		(0.03	)		(0.04	)
Net asset value
End of period/year	$	15.63		$	16.37		$	25.58		$	21.98		$	19.88		$	18.47
Total return(b)		2.92	%(c)		(33.95	)%		16.57	%		10.65	%		7.80	%		6.44	%
Net assets end of period/year	$	22,921		$	32,469		$	96,573		$	118,286		$	142,479		$	170,630
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.45	%(d)		2.15	%		2.14	%		2.15	%		2.14	%		2.26	%
Before reimbursement/fee waiver		2.50	%(d)		2.15	%		2.14	%		2.15	%		2.14	%		2.26	%
Net investment income, to average net assets (e)		1.39	%(d)		0.59	%		0.15	%		0.01	%		0.20	%		0.19	%
Portfolio turnover rate		63	%(c)		52	%		52	%		51	%		27	%		107	%

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

51

For a share outstanding throughout each period

	Transamerica Balanced
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	16.30		$	25.50		$	21.91		$	19.82		$	18.45		$	17.39
Investment operations
Net investment income (loss)(a)		0.11			0.15			0.04			0.01			0.04			(0.01	)
Net realized and unrealized gain (loss) on investments		0.32			(8.56	)		3.59			2.10			1.41			1.11
Total from investment operations		0.43			(8.41	)		3.63			2.11			1.45			1.10
Distributions
Net investment income		(0.13	)		(0.13	)		(0.04	)		(0.02	)		(0.08	)		(0.04	)
Net realized gains on investments		(1.03	)		(0.66	)		—			—			—			—
Total distributions		(1.16	)		(0.79	)		(0.04	)		(0.02	)		(0.08	)		(0.04	)
Net asset value
End of period/year	$	15.57		$	16.30		$	25.50		$	21.91		$	19.82		$	18.45
Total return(b)		3.09	%(c)		(33.92	)%		16.61	%		10.64	%		7.85	%		6.33	%
Net assets end of period/year	$	16,077		$	17,719		$	32,569		$	36,750		$	43,276		$	53,990
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.28	%(d)		2.08	%		2.11	%		2.12	%		2.13	%		2.28	%
Before reimbursement/fee waiver		2.28	%(d)		2.08	%		2.11	%		2.12	%		2.13	%		2.28	%
Net investment income (loss), to average net assets(e)		1.55	%(d)		0.69	%		0.18	%		0.03	%		0.21	%		(0.08	)%
Portfolio turnover rate		63	%(c)		52	%		52	%		51	%		27	%		107	%

For a share outstanding throughout each period

	Transamerica Convertible Securities
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	7.18		$	15.30		$	12.76		$	11.56		$	11.00		$	11.32
Investment operations
Net investment income(a)		0.11			0.13			0.10			0.07			0.20			0.21
Net realized and unrealized gain (loss) on investments		0.03			(4.92	)		3.22			1.33			0.81			0.56
Total from investment operations		0.14			(4.79	)		3.32			1.40			1.01			0.77
Distributions
Net investment income		(0.12	)		(0.10	)		(0.11	)		(0.07	)		(0.20	)		(0.22	)
Net realized gains on investments		—			(3.23	)		(0.67	)		(0.13	)		(0.25	)		(0.87	)
Total distributions		(0.12	)		(3.33	)		(0.78	)		(0.20	)		(0.45	)		(1.09	)
Net asset value
End of period/year	$	7.20		$	7.18		$	15.30		$	12.76		$	11.56		$	11.00
Total return(b)		2.05	%(c)		(38.92	)%		27.41	%		12.15	%		9.24	%		7.06	%
Net assets end of period/year	$	10,890		$	10,748		$	11,276		$	6,350		$	209,374		$	188,049
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.48	%(d)		1.33	%		1.33	%		1.25	%		1.17	%		1.20	%
Before reimbursement/fee waiver		1.48	%(d)		1.33	%		1.33	%		1.25	%		1.17	%		1.20	%
Net investment income, to average net assets (e)		3.13	%(d)		1.23	%		0.75	%		0.59	%		1.74	%		1.83	%
Portfolio turnover rate		87	%(c)		91	%		92	%		69	%		87	%		157	%

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

52

For a share outstanding throughout each period

	Transamerica Convertible Securities
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	7.13		$	15.22		$	12.71		$	11.54		$	11.00		$	11.31
Investment operations
Net investment income(a)		0.08			0.04			0.01			—	(f)		0.09			0.14
Net realized and unrealized gain (loss) on investments		0.03			(4.87	)		3.21			1.32			0.80			0.57
Total from investment operations		0.11			(4.83	)		3.22			1.32			0.89			0.71
Distributions
Net investment income		(0.10	)		(0.03	)		(0.04	)		(0.02	)		(0.10	)		(0.15	)
Net realized gains on investments		—			(3.23	)		(0.67	)		(0.13	)		(0.25	)		(0.87	)
Total distributions		(0.10	)		(3.26	)		(0.71	)		(0.15	)		(0.35	)		(1.02	)
Net asset value
End of period/year	$	7.14		$	7.13		$	15.22		$	12.71		$	11.54		$	11.00
Total return(b)		1.57	%(c)		(39.32	)%		26.54	%		11.47	%		8.09	%		6.52	%
Net assets end of period/year	$	2,297		$	2,920		$	6,533		$	6,651		$	6,656		$	6,379
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.23	%(d)		2.02	%		1.99	%		1.99	%		2.15	%		1.79	%
Before reimbursement/fee waiver		2.23	%(d)		2.02	%		1.99	%		1.99	%		2.15	%		1.79	%
Net investment income, to average net assets(e)		2.25	%(d)		0.40	%		0.10	%		—	%		0.76	%		1.24	%
Portfolio turnover rate		87	%(c)		91	%		92	%		69	%		87	%		157	%

For a share outstanding throughout each period

	Transamerica Convertible Securities
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	7.10		$	15.17		$	12.66		$	11.50		$	10.97		$	11.31
Investment operations
Net investment income(a)		0.08			0.07			0.02			—	(f)		0.08			0.11
Net realized and unrealized gain (loss) on investments		0.03			(4.87	)		3.20			1.31			0.82			0.57
Total from investment operations		0.11			(4.80	)		3.22			1.31			0.90			0.68
Distributions
Net investment income		(0.10	)		(0.04	)		(0.04	)		(0.02	)		(0.12	)		(0.15	)
Net realized gains on investments		—			(3.23	)		(0.67	)		(0.13	)		(0.25	)		(0.87	)
Total distributions		(0.10	)		(3.27	)		(0.71	)		(0.15	)		(0.37	)		(1.02	)
Net asset value
End of period/year	$	7.11		$	7.10		$	15.17		$	12.66		$	11.50		$	10.97
Total return(b)		1.66	%(c)		(39.24	)%		26.69	%		11.44	%		8.17	%		6.33	%
Net assets end of period/year	$	6,255		$	7,070		$	3,598		$	3,551		$	4,465		$	5,204
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.04	%(d)		1.94	%		1.94	%		1.94	%		2.16	%		2.05	%
Before reimbursement/fee waiver		2.04	%(d)		1.94	%		1.94	%		1.94	%		2.16	%		2.05	%
Net investment income, to average net assets(e)		2.52	%(d)		0.72	%		0.15	%		0.02	%		0.73	%		0.98	%
Portfolio turnover rate		87	%(c)		91	%		92	%		69	%		87	%		157	%

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

53

For a share outstanding throughout each period

	Transamerica Convertible Securities
	Class I
	April 30, 2009			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006(g)
Net asset value
Beginning of period/year	$	7.19		$	15.31		$	12.76		$	11.71
Investment operations
Net investment income(a)		0.12			0.18			0.16			0.14
Net realized and unrealized gain (loss) on investments		0.03			(4.92	)		3.23			1.17
Total from investment operations		0.15			(4.74	)		3.39			1.31
Distributions
Net investment income		(0.14	)		(0.15	)		(0.17	)		(0.13	)
Net realized gains on investments		—			(3.23	)		(0.67	)		(0.13	)
Total distributions		(0.14	)		(3.38	)		(0.84	)		(0.26	)
Net asset value
End of period/year	$	7.20		$	7.19		$	15.31			11.26	%(c)
Total return(b)		2.22	%(c)		(38.58	)%		28.10	%	$	12.76
Net assets end of period/year	$	43,958		$	91,679		$	148,562		$	256,474
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.87	%(d)		0.84	%		0.82	%		0.82	%(d)
Before reimbursement/fee waiver		0.87	%(d)		0.84	%		0.82	%		0.82	%(d)
Net investment income, to average net assets(e)		3.44	%(d)		1.65	%		1.24	%		1.20	%(d)
Portfolio turnover rate		87	%(c)		91	%		92	%		69	%(c)

For a share outstanding throughout each period

	Transamerica Equity
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.85		$	12.07		$	9.83		$	8.87		$	7.44		$	6.86
Investment operations
Net investment income (loss)(a)		0.02			(0.01	)		(0.05	)		(0.07	)		(0.02	)		(0.07	)
Net realized and unrealized gain (loss) on investments		(0.33	)		(5.21	)		2.29			1.11			1.58			0.65
Total from investment operations		(0.31	)		(5.22	)		2.24			1.04			1.56			0.58
Distributions
Net realized gains on investments		—			—			—			(0.08	)		(0.13	)		—
Total distributions		—			—			—			(0.08	)		(0.13	)		—
Net asset value
End of period/year	$	6.54		$	6.85		$	12.07		$	9.83		$	8.87		$	7.44
Total return(b)		(4.53	)%(c)		(43.25	)%		22.79	%		11.71	%		21.16	%		8.45	%
Net assets end of period/year	$	270,559		$	300,140		$	532,251		$	500,483		$	301,635		$	176,851
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.52	%(d)		1.39	%		1.40	%		1.51	%		1.36	%		1.50	%
Before reimbursement/fee waiver		1.66	%(d)		1.39	%		1.40	%		1.51	%		1.36	%		1.50	%
Net investment income (loss), to average net assets(e)		0.51	%(d)		(0.07	)%		(0.48	)%		(0.70	)%		(0.27	)%		(0.90	)%
Portfolio turnover rate		23	%(c)		33	%		62	%		19	%		39	%		97	%

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

54

For a share outstanding throughout each period

	Transamerica Equity
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.42		$	11.39		$	9.35		$	8.49		$	7.19		$	6.68
Investment operations
Net investment loss(a)		—	(f)		(0.08	)		(0.12	)		(0.12	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(0.32	)		(4.89	)		2.16			1.06			1.51			0.62
Total from investment operations		(0.32	)		(4.97	)		2.04			0.94			1.43			0.51
Distributions
Net realized gains on investments		—			—			—			(0.08	)		(0.13	)		—
Total distributions		—			—			—			(0.08	)		(0.13	)		—
Net asset value
End of period/year	$	6.10		$	6.42		$	11.39		$	9.35		$	8.49		$	7.19
Total return(b)		(4.98	)%(c)		(43.63	)%		21.82	%		11.06	%		20.03	%		7.68	%
Net assets end of period/year	$	44,507		$	59,479		$	191,007		$	222,144		$	49,865		$	47,928
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%(d)		2.17	%		2.17	%		2.17	%		2.18	%		2.20	%
Before reimbursement/fee waiver		2.64	%(d)		2.21	%		2.21	%		2.34	%		2.61	%		2.72	%
Net investment loss, to average net assets(e)		(0.12	)%(d)		(0.87	)%		(1.25	)%		(1.34	)%		(0.99	)%		(1.62	)%
Portfolio turnover rate		23	%(c)		33	%		62	%		19	%		39	%		97	%

For a share outstanding throughout each period

	Transamerica Equity
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.44		$	11.42		$	9.37		$	8.50		$	7.20		$	6.68
Investment operations
Net investment loss(a)		—	(f)		(0.07	)		(0.11	)		(0.12	)		(0.08	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(0.31	)		(4.91	)		2.16			1.07			1.51			0.63
Total from investment operations		(0.31	)		(4.98	)		2.05			0.95			1.43			0.52
Distributions
Net realized gains on investments		—			—			—			(0.08	)		(0.13	)		—
Total distributions		—			—			—			(0.08	)		(0.13	)		—
Net asset value
End of period/year	$	6.13		$	6.44		$	11.42		$	9.37		$	8.50		$	7.20
Total return(b)		(4.81	)%(c)		(43.61	)%		21.88	%		11.16	%		20.05	%		7.78	%
Net assets end of period/year	$	37,088		$	46,676		$	101,226		$	97,047		$	23,656		$	21,808
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.17	%(d)		2.04	%		2.07	%		2.10	%		2.18	%		2.20	%
Before reimbursement/fee waiver		2.35	%(d)		2.04	%		2.07	%		2.10	%		2.31	%		2.55	%
Net investment loss, to average net assets(e)		(0.13	)%(d)		(0.72	)%		(1.15	)%		(1.27	)%		(1.00	)%		(1.63	)%
Portfolio turnover rate		23	%(c)		33	%		62	%		19	%		39	%		97	%

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

55

For a share outstanding throughout each period

	Transamerica Equity
	Class I
	April 30, 2009			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006(g)
Net asset value
Beginning of period/year	$	6.99		$	12.23		$	9.90		$	9.17
Investment operations
Net investment income(a)		0.04			0.06			0.01			—	(f)
Net realized and unrealized gain (loss) on investments		(0.34	)		(5.30	)		2.32			0.81
Total from investment operations		(0.30	)		(5.24	)		2.33			0.81
Distributions
Net investment income		(0.04	)		—			—			—
Net realized gains on investments		—			—			—			(0.08	)
Total distributions		(0.04	)		—			—			(0.08	)
Net asset value
End of period/year	$	6.65		$	6.99		$	12.23		$	9.90
Total return(b)		(4.25	)%(c)		(42.85	)%		23.54	%		8.83	%(c)
Net assets end of period/year	$	454,741		$	500,722		$	888,019		$	714,803
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.80	%(d)		0.75	%		0.78	%		0.81	%(d)
Before reimbursement/fee waiver		0.80	%(d)		0.75	%		0.78	%		0.81	%(d)
Net investment income, to average net assets(e)		1.23	%(d)		0.55	%		0.13	%		0.02	%(d)
Portfolio turnover rate		23	%(c)		33	%		62	%		19	%(c)

For a share outstanding throughout each period

	Transamerica Equity
	Class T
	April 30, 2009			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006(h)
Net asset value
Beginning of period/year	$	19.14		$	33.53		$	27.18		$	27.10
Investment operations
Net investment income(a)		0.08			0.12			—			—	(f)
Net realized and unrealized gain (loss) on investments		(0.92	)		(14.51	)		6.35			0.08
Total from investment operations		(0.84	)		(14.39	)		6.35			0.08
Distributions
Net investment income		—	(f)		—			—			—
Total distributions		—	(f)		—			—			—
Net asset value
End of period/year	$	18.30		$	19.14		$	33.53		$	27.18
Total return(b)		(4.38	)%(c)		(42.92	)%		23.36	%		0.30	%(c)
Net assets end of period/year	$	79,859		$	90,881		$	183,495		$	195,420
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.02	%(d)		0.89	%		0.91	%		0.84	%(d)
Before reimbursement/fee waiver		1.02	%(d)		0.89	%		0.91	%		0.84	%(d)
Net investment income (loss), to average net assets(e)		1.01	%(d)		0.42	%		0.01	%		(0.21	)%(d)
Portfolio turnover rate		23	%(c)		33	%		62	%		19	%(c)

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

56

For a share outstanding throughout each period

	Transamerica Flexible Income
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	7.22		$	9.14		$	9.38		$	9.31		$	9.68		$	10.21
Investment operations
Net investment income(a)		0.22			0.44			0.48			0.43			0.37			0.38
Net realized and unrealized gain (loss) on investments		0.02			(1.89	)		(0.25	)		0.05			(0.32	)		0.14
Total from investment operations		0.24			(1.45	)		0.23			0.48			0.05			0.52
Distributions
Net investment income		(0.22	)		(0.47	)		(0.47	)		(0.41	)		(0.38	)		(0.38	)
Net realized gains on investments		—			—			—			—			—			(0.63	)
Return of capital		—			—			—			—			(0.04	)		(0.04	)
Total distributions		(0.22	)		(0.47	)		(0.47	)		(0.41	)		(0.42	)		(1.05	)
Net asset value
End of period/year	$	7.24		$	7.22		$	9.14		$	9.38		$	9.31		$	9.68
Total return(b)		3.52	%(c)		(16.57	)%		2.42	%		5.34	%		0.47	%		5.72	%
Net assets end of period/year	$	15,386		$	13,360		$	15,409		$	17,005		$	140,203		$	80,201
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.49	%(d)		1.39	%		1.40	%		1.47	%		1.25	%		1.43	%
Before reimbursement/fee waiver		1.49	%(d)		1.39	%		1.40	%		1.47	%		1.25	%		1.43	%
Net investment income, to average net assets (e)		6.13	%(d)		5.12	%		5.12	%		4.64	%		3.85	%		3.89	%
Portfolio turnover rate		90	%(c)		98	%		108	%		110	%		58	%		169	%

For a share outstanding throughout each period

	Transamerica Flexible Income
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	7.23		$	9.14		$	9.39		$	9.32		$	9.68		$	10.20
Investment operations
Net investment income(a)		0.19			0.38			0.42			0.38			0.29			0.32
Net realized and unrealized gain (loss) on investments		0.03			(1.88	)		(0.26	)		0.06			(0.32	)		0.15
Total from investment operations		0.22			(1.50	)		0.16			0.44			(0.03	)		0.47
Distributions
Net investment income		(0.20	)		(0.41	)		(0.41	)		(0.37	)		(0.29	)		(0.32	)
Net realized gains on investments		—			—			—			—			—			(0.63	)
Return of capital		—			—			—			—			(0.04	)		(0.04	)
Total distributions		(0.20	)		(0.41	)		(0.41	)		(0.37	)		(0.33	)		(0.99	)
Net asset value
End of period/year	$	7.25		$	7.23		$	9.14		$	9.39		$	9.32		$	9.68
Total return(b)		3.15	%(c)		(17.03	)%		1.66	%		4.81	%		(0.36	)%		5.13	%
Net assets end of period/year	$	8,431		$	8,628		$	17,007		$	23,501		$	32,560		$	45,338
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.21	%(d)		2.05	%		2.04	%		2.08	%		2.08	%		2.03	%
Before reimbursement/fee waiver		2.21	%(d)		2.05	%		2.04	%		2.08	%		2.08	%		2.03	%
Net investment income, to average net assets (e)		5.39	%(d)		4.42	%		4.48	%		4.08	%		3.02	%		3.25	%
Portfolio turnover rate		90	%(c)		98	%		108	%		110	%		58	%		169	%

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

57

For a share outstanding throughout each period

	Transamerica Flexible Income
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	7.21		$	9.12		$	9.36		$	9.30		$	9.67		$	10.20
Investment operations
Net investment income(a)		0.19			0.39			0.42			0.39			0.29			0.33
Net realized and unrealized gain (loss) on investments		0.02			(1.88	)		(0.25	)		0.04			(0.33	)		0.13
Total from investment operations		0.21			(1.49	)		0.17			0.43			(0.04	)		0.46
Distributions
Net investment income		(0.20	)		(0.42	)		(0.41	)		(0.37	)		(0.29	)		(0.32	)
Net realized gains on investments		—			—			—			—			—			(0.63	)
Return of capital		—			—			—			—			(0.04	)		(0.04	)
Total distributions		(0.20	)		(0.42	)		(0.41	)		(0.37	)		(0.33	)		(0.99	)
Net asset value
End of period/year	$	7.22		$	7.21		$	9.12		$	9.36		$	9.30		$	9.67
Total return(b)		3.10	%(c)		(16.98	)%		1.81	%		4.74	%		(0.40	)%		5.02	%
Net assets end of period/year	$	6,752		$	5,981		$	8,982		$	12,519		$	13,439		$	19,675
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.10	%(d)		1.97	%		2.00	%		2.07	%		2.11	%		2.10	%
Before reimbursement/fee waiver		2.10	%(d)		1.97	%		2.00	%		2.07	%		2.11	%		2.10	%
Net investment income, to average net assets (e)		5.52	%(d)		4.52	%		4.51	%		4.15	%		2.99	%		3.37	%
Portfolio turnover rate		90	%(c)		98	%		108	%		110	%		58	%		169	%

For a share outstanding throughout each period

	Transamerica Flexible Income
	Class I
	April 30, 2009			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005(i)
Net asset value
Beginning of period/year	$	7.25		$	9.17		$	9.42		$	9.35		$	9.68
Investment operations
Net investment income(a)		0.23			0.50			0.53			0.50			0.40
Net realized and unrealized gain (loss) on investments		0.04			(1.90	)		(0.26	)		0.05			(0.32	)
Total from investment operations		0.27			(1.40	)		0.27			0.55			0.08
Distributions
Net investment income		(0.25	)		(0.52	)		(0.52	)		(0.48	)		(0.37	)
Net realized gains on investments		—			—			—			—			(0.04	)
Total distributions		(0.25	)		(0.52	)		(0.52	)		(0.48	)		(0.41	)
Net asset value
End of period/year	$	7.27		$	7.25		$	9.17		$	9.42		$	9.35
Total return(b)		3.89	%(c)		(16.02	)%		2.93	%		6.04	%		0.85	%(c)
Net assets end of period/year	$	95,851		$	128,108		$	370,611		$	221,116		$	110,709
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.85	%(d)		0.77	%		0.80	%		0.86	%		0.85	%(d)
Before reimbursement/fee waiver		0.85	%(d)		0.77	%		0.80	%		0.86	%		0.85	%(d)
Net investment income, to average net assets (e)		6.73	%(d)		5.67	%		5.71	%		5.35	%		4.25	%(d)
Portfolio turnover rate		90	%(c)		98	%		108	%		110	%		58	%(c)

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

58

For a share outstanding throughout each period

	Transamerica Growth Opportunities
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.57		$	11.40		$	8.36		$	7.85		$	6.61		$	5.95
Investment operations
Net investment loss(a)		(0.01	)		(0.06	)		(0.09	)		(0.07	)		(0.02	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.03			(4.77	)		3.13			0.58			1.26			0.69
Total from investment operations		0.02			(4.83	)		3.04			0.51			1.24			0.66
Net asset value
End of period/year	$	6.59		$	6.57		$	11.40		$	8.36		$	7.85		$	6.61
Total return(b)		0.30	%(c)		(42.37	)%		36.20	%		6.62	%		18.76	%		11.09	%
Net assets end of period/year	$	42,495		$	41,005		$	64,825		$	56,588		$	256,559		$	230,633
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.75	%(d)		1.75	%		1.75	%		1.72	%		1.41	%		1.43	%
Before reimbursement/fee waiver		2.27	%(d)		1.81	%		1.77	%		1.72	%		1.41	%		1.43	%
Net investment loss, to average net assets (e)		(0.23	)%(d)		(0.69	)%		(1.00	)%		(0.89	)%		(0.30	)%		(0.47	)%
Portfolio turnover rate		34	%(c)		45	%		85	%		59	%		34	%		43	%

For a share outstanding throughout each period

	Transamerica Growth Opportunities
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.13		$	10.72		$	7.92		$	7.48		$	6.37		$	5.79
Investment operations
Net investment loss(a)		(0.02	)		(0.12	)		(0.14	)		(0.13	)		(0.09	)		(0.09	)
Net realized and unrealized gain (loss) on investments		0.02			(4.47	)		2.94			0.57			1.20			0.67
Total from investment operations		—			(4.59	)		2.80			0.44			1.11			0.58
Net asset value
End of period/year	$	6.13		$	6.13		$	10.72		$	7.92		$	7.48		$	6.37
Total return(b)		—	%(c)		(42.82	)%		35.35	%		5.88	%		17.43	%		10.02	%
Net assets end of period/year	$	16,006		$	20,823		$	65,123		$	66,098		$	74,589		$	77,869
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.40	%(d)		2.40	%		2.40	%		2.40	%		2.40	%		2.40	%
Before reimbursement/fee waiver		2.99	%(d)		2.46	%		2.45	%		2.46	%		2.61	%		2.64	%
Net investment loss, to average net assets (e)		(0.83	)%(d)		(1.39	)%		(1.66	)%		(1.57	)%		(1.29	)%		(1.44	)%
Portfolio turnover rate		34	%(c)		45	%		85	%		59	%		34	%		43	%

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

59

For a share outstanding throughout each period

	Transamerica Growth Opportunities
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.16		$	10.74		$	7.94		$	7.49		$	6.38		$	5.79
Investment operations
Net investment loss(a)		(0.02	)		(0.11	)		(0.14	)		(0.12	)		(0.09	)		(0.10	)
Net realized and unrealized gain (loss) on investments		0.02			(4.47	)		2.94			0.57			1.20			0.69
Total from investment operations		—			(4.58	)		2.80			0.45			1.11			0.59
Net asset value
End of period/year	$	6.16		$	6.16		$	10.74		$	7.94		$	7.49		$	6.38
Total return(b)		—	%(c),		(42.64	)%		35.26	%		6.01	%		17.40	%		10.19	%
Net assets end of period/year	$	9,820		$	10,619		$	22,656		$	21,688		$	25,432		$	28,103
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.40	%(d)		2.34	%		2.36	%		2.38	%		2.40	%		2.40	%
Before reimbursement/fee waiver		2.72	%(d)		2.34	%		2.36	%		2.38	%		2.54	%		2.65	%
Net investment loss, to average net assets (e)		(0.86	)%(d)		(1.29	)%		(1.61	)%		(1.54	)%		(1.29	)%		(1.58	)%
Portfolio turnover rate		34	%(c)		45	%		85	%		59	%		34	%		43	%

For a share outstanding throughout each period

	Transamerica Growth Opportunities
	Class I
	April 30, 2009			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006(g)
Net asset value
Beginning of period/year	$	6.74		$	11.59		$	8.43		$	7.99
Investment operations
Net investment income (loss)(a)		0.02			0.01			(0.01	)		—	(f)
Net realized and unrealized gain (loss) on investments		0.02			(4.86	)		3.17			0.44
Total from investment operations		0.04			(4.85	)		3.16			0.44
Net asset value
End of period/year	$	6.78		$	6.74		$	11.59		$	8.43
Total return(b)		0.59	%(c)		(41.85	)%		37.49	%		5.51	%(c)
Net assets end of period/year	$	89,788		$	86,425		$	206,863		$	214,775
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.91	%(d)		0.86	%		0.88	%		0.88	%(d)
Before reimbursement/fee waiver		0.91	%(d)		0.86	%		0.88	%		0.88	%(d)
Net investment income (loss), to average net assets(e)		0.61	%(d)		0.15	%		(0.15	)%		(0.06	)%(d)
Portfolio turnover rate		34	%(c)		45	%		85	%		59	%(c)

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

60

For a share outstanding throughout each period

	Transamerica High Yield Bond
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.31		$	9.12		$	9.19		$	8.97		$	9.37		$	9.08
Investment operations
Net investment income(a)		0.34			0.64			0.60			0.61			0.56			0.52
Net realized and unrealized gain (loss) on investments		0.60			(2.83	)		(0.07	)		0.19			(0.37	)		0.29
Total from investment operations		0.94			(2.19	)		0.53			0.80			0.19			0.81
Distributions
Net investment income		(0.35	)		(0.62	)		(0.60	)		(0.58	)		(0.59	)		(0.52	)
Total distributions		(0.35	)		(0.62	)		(0.60	)		(0.58	)		(0.59	)		(0.52	)
Net asset value
End of period/year	$	6.90		$	6.31		$	9.12		$	9.19		$	8.97		$	9.37
Total return(b)		15.83	%(c)		(25.46	)%		5.90	%		9.27	%		2.06	%		9.23	%
Net assets end of period/year	$	33,996		$	24,506		$	35,147		$	43,514		$	336,340		$	309,223
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.20	%(d)		1.16	%		1.15	%		1.16	%		1.05	%		1.08	%
Before reimbursement/fee waiver		1.20	%(d)		1.16	%		1.15	%		1.16	%		1.05	%		1.08	%
Net investment income, to average net assets(e)		10.79	%(d)		7.65	%		6.45	%		6.77	%		6.04	%		5.67	%
Portfolio turnover rate		18	%(c)		38	%		80	%		73	%		71	%		49	%

For a share outstanding throughout each period

	Transamerica High Yield Bond
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.30		$	9.11		$	9.18		$	8.97		$	9.37		$	9.08
Investment operations
Net investment income(a)		0.31			0.58			0.53			0.55			0.48			0.46
Net realized and unrealized gain (loss) on investments		0.61			(2.83	)		(0.06	)		0.19			(0.37	)		0.29
Total from investment operations		0.92			(2.25	)		0.47			0.74			0.11			0.75
Distributions
Net investment income		(0.32	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)
Total distributions		(0.32	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)
Net asset value
End of period/year	$	6.90		$	6.30		$	9.11		$	9.18		$	8.97		$	9.37
Total return(b)		15.56	%(c)		(26.04	)%		5.19	%		8.53	%		1.21	%		8.52	%
Net assets end of period/year	$	9,921		$	9,091		$	21,370		$	27,753		$	37,006		$	49,422
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.96	%(d)		1.85	%		1.83	%		1.83	%		1.85	%		1.72	%
Before reimbursement/fee waiver		1.96	%(d)		1.85	%		1.83	%		1.83	%		1.85	%		1.72	%
Net investment income, to average net assets(e)		10.07	%(d)		6.83	%		5.77	%		6.12	%		5.18	%		5.05	%
Portfolio turnover rate		18	%(c)		38	%		80	%		73	%		71	%		49	%

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

61

For a share outstanding throughout each period

	Transamerica High Yield Bond
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	6.30		$	9.10		$	9.17		$	8.96		$	9.36		$	9.08
Investment operations
Net investment income(a)		0.31			0.58			0.53			0.55			0.47			0.46
Net realized and unrealized gain (loss) on investments		0.60			(2.82	)		(0.06	)		0.19			(0.36	)		0.28
Total from investment operations		0.91			(2.24	)		0.47			0.74			0.11			0.74
Distributions
Net investment income		(0.33	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)
Total distributions		(0.33	)		(0.56	)		(0.54	)		(0.53	)		(0.51	)		(0.46	)
Net asset value
End of period/year	$	6.88		$	6.30		$	9.10		$	9.17		$	8.96		$	9.36
Total return(b)		15.52	%(c)		(25.89	)%		5.21	%		8.54	%		1.21	%		8.41	%
Net assets end of period/year	$	10,753		$	5,429		$	10,160		$	11,317		$	15,880		$	25,379
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.84	%(d)		1.80	%		1.83	%		1.83	%		1.88	%		1.78	%
Before reimbursement/fee waiver		1.84	%(d)		1.80	%		1.83	%		1.83	%		1.88	%		1.78	%
Net investment income, to average net assets(e)		10.03	%(d)		6.93	%		5.77	%		6.12	%		5.11	%		4.95	%
Portfolio turnover rate		18	%(c)		38	%		80	%		73	%		71	%		49	%

For a share outstanding throughout each period

	Transamerica High Yield Bond
	Class I
	April 30, 2009			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005(i)
Net asset value
Beginning of period/year	$	6.35		$	9.17		$	9.24		$	9.02		$	9.39
Investment operations
Net investment income(a)		0.35			0.69			0.65			0.67			0.59
Net realized and unrealized gain (loss) on investments		0.62			(2.85	)		(0.07	)		0.18			(0.37	)
Total from investment operations		0.97			(2.16	)		0.58			0.85			0.22
Distributions
Net investment income		(0.37	)		(0.66	)		(0.65	)		(0.63	)		(0.59	)
Total distributions		(0.37	)		(0.66	)		(0.65	)		(0.63	)		(0.59	)
Net asset value
End of period/year	$	6.95		$	6.35		$	9.17		$	9.24		$	9.02
Total return(b)		16.25	%(c)		(25.05	)%		6.39	%		9.81	%		2.33	%(c)
Net assets end of period/year	$	344,447		$	418,923		$	331,300		$	315,252		$	40,860
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.66	%(d)		0.65	%		0.65	%		0.66	%		0.66	%(d)
Before reimbursement/fee waiver		0.66	%(d)		0.65	%		0.65	%		0.66	%		0.66	%(d)
Net investment income, to average net assets(e)		11.43	%(d)		8.34	%		6.96	%		7.29	%		6.60	%(d)
Portfolio turnover rate		18	%(c)		38	%		80	%		73	%		71	%(c)

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

62

For a share outstanding throughout each period

	Transamerica Legg Mason Partners All Cap
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	9.98		$	17.08		$	18.18		$	16.10		$	14.80		$	13.95
Investment operations
Net investment income (loss)(a)		0.05			0.12			0.07			0.09			0.06			(0.03	)
Net realized and unrealized gain (loss) on investments		(0.80	)		(5.73	)		1.49			2.55			1.24			0.88
Total from investment operations		(0.75	)		(5.61	)		1.56			2.64			1.30			0.85
Distributions
Net investment income		(0.15	)		—			(0.06	)		(0.01	)		—	(f)		—
Net realized gains on investments		—			(1.49	)		(2.60	)		(0.55	)		—			—
Total distributions		(0.15	)		(1.49	)		(2.66	)		(0.56	)		—	(f)		—
Net asset value
End of period/year	$	9.08		$	9.98		$	17.08		$	18.18		$	16.10		$	14.80
Total return(b)		(7.58	)%(c)		(35.81	)%		9.27	%		16.74	%		8.79	%		6.09	%
Net assets end of period/year	$	26,920		$	28,237		$	49,938		$	55,622		$	173,929		$	438,047
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%(d)		1.55	%		1.55	%		1.55	%		1.32	%		1.33	%
Before reimbursement/fee waiver		1.91	%(d)		1.59	%		1.56	%		1.57	%		1.32	%		1.33	%
Net investment income (loss), to average net assets(e)		1.15	%(d)		0.85	%		0.42	%		0.52	%		0.36	%		(0.17	)%
Portfolio turnover rate		15	%(c)		27	%		17	%		25	%		27	%		25	%

For a share outstanding throughout each period

	Transamerica Legg Mason Partners All Cap
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	9.24		$	16.01		$	17.24		$	15.39		$	14.27		$	13.53
Investment operations
Net investment income (loss)(a)		0.02			0.02			(0.03	)		(0.03	)		(0.09	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(0.75	)		(5.30	)		1.40			2.43			1.21			0.85
Total from investment operations		(0.73	)		(5.28	)		1.37			2.40			1.12			0.74
Distributions
Net investment income		(0.03	)		—			—			—	(f)		—			—
Net realized gains on investments		—			(1.49	)		(2.60	)		(0.55	)		—			—
Total distributions		(0.03	)		(1.49	)		(2.60	)		(0.55	)		—			—
Net asset value
End of period/year	$	8.48		$	9.24		$	16.01		$	17.24		$	15.39		$	14.27
Total return(b)		(7.93	)%(c)		(36.18	)		% 8.57	%		15.97	%		7.84			% 5.48	%
Net assets end of period/year	$	23,175		$	33,670		$	88,268		$	109,567		$	123,494		$	150,829
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%(d)		2.20	%		2.19	%		2.20	%		2.19	%		1.97	%
Before reimbursement/fee waiver		2.66	%(d)		2.24	%		2.19	%		2.21	%		2.19	%		1.97	%
Net investment income (loss), to average net assets(e)		0.57	%(d)		0.20	%		(0.22	)%		(0.17	)%		(0.58	)%		(0.80	)%
Portfolio turnover rate		15	%(c)		27	%		17	%		25	%		27	%		25	%

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

63

For a share outstanding throughout each period

	Transamerica Legg Mason Partners All Cap
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	9.26		$	16.04		$	17.25		$	15.39		$	14.26		$	13.53
Investment operations
Net investment income (loss)(a)		0.02			0.03			(0.02	)		(0.02	)		(0.08	)		(0.12	)
Net realized and unrealized gain (loss) on investments		(0.76	)		(5.32	)		1.41			2.43			1.21			0.85
Total from investment operations		(0.74	)		(5.29	)		1.39			2.41			1.13			0.73
Distributions
Net investment income		(0.05	)		—			—			—	(f)		—			—
Net realized gains on investments		—			(1.49	)		(2.60	)		(0.55	)		—			—
Total distributions		(0.05	)		(1.49	)		(2.60	)		(0.55	)		—			—
Net asset value
End of period/year	$	8.47		$	9.26		$	16.04		$	17.25		$	15.39		$	14.26
Total return(b)		(7.97	)%(c)		(36.17	)%		8.70	%		16.04	%		7.89	%		5.43	%
Net assets end of period/year	$	12,396		$	15,316		$	35,568		$	41,340		$	49,909		$	65,391
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%(d)		2.15	%		2.13	%		2.15	%		2.15	%		1.99	%
Before reimbursement/fee waiver		2.44	%(d)		2.15	%		2.13	%		2.15	%		2.15	%		1.99	%
Net investment income (loss), to average net assets(e)		0.54	%(d)		0.26	%		(0.15	)%		(0.12	)%		(0.53	)%		(0.83	)%
Portfolio turnover rate		15	%(c)		27	%		17	%		25	%		27	%		25	%

For a share outstanding throughout each period

	Transamerica Money Market
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(a)		—	(f)		0.02			0.05			0.04			0.02			—	(f)
Net realized and unrealized gain on investments		—			—	(f)		—			—			—			—
Total from investment operations		—	(f)		0.02			0.05			0.04			0.02			—	(f)
Distributions
Net investment income		—	(f)		(0.02	)		(0.05	)		(0.04	)		(0.02	)		—	(f)
Net realized gains on investments		—			—			—	(f)		—			—			—
Total distributions		—	(f)		(0.02	)		(0.05	)		(0.04	)		(0.02	)		—	(f)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(b)		0.21	%(c)		2.52	%		4.61	%		4.09	%		2.10	%		0.42	%
Net assets end of period/year	$	155,852		$	142,456		$	95,766		$	78,716		$	150,804		$	185,311
Ratio and supplemental data
Expenses to average net assets(k)(l)
After reimbursement/fee waiver		0.80	%(d)		0.83	%		0.83	%		0.83	%		0.83	%		0.83	%
Before reimbursement/fee waiver		1.06	%(d)		1.08	%		1.20	%		1.23	%		1.05	%		1.19	%
Net investment income, to average net assets(e)		0.41	%(d)		2.40	%		4.54	%		3.98	%		2.08	%		0.45	%

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

64

For a share outstanding throughout each period

	Transamerica Money Market
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(a)		—	(f)		0.02			0.04			0.03			0.02			—	(f)
Net realized and unrealized gain on investments		—			—	(f)		—			—			—			—
Total from investment operations		—	(f)		0.02			0.04			0.03			0.02			—	(f)
Distributions
Net investment income		—	(f)		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	(f)
Net realized gains on investments		—			—			—	(f)		—			—			—
Total distributions		—	(f)		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	(f)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(b)		0.08	%(c)		1.83	%		3.92	%		3.41	%		1.60	%		0.14	%
Net assets end of period/year	$	45,161		$	40,110		$	23,324		$	25,727		$	31,647		$	40,203
Ratio and supplemental data
Expenses to average net assets(k)(l)
After reimbursement/fee waiver		1.03	%(d)		1.48	%		1.48	%		1.48	%		1.32	%		1.10	%
Before reimbursement/fee waiver		1.70	%(d)		1.75	%		1.83	%		1.80	%		1.79	%		1.81	%
Net investment income, to average net assets(e)		0.16	%(d)		1.75	%		3.87	%		3.50	%		1.57	%		0.13	%

For a share outstanding throughout each period

	Transamerica Money Market
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(a)		—	(f)		0.02			0.04			0.03			0.02			—	(f)
Net realized and unrealized gain on investments		—			—	(f)		—			—			—			—
Total from investment operations		—	(f)		0.02			0.04			0.03			0.02			—	(f)
Distributions
Net investment income		—	(f)		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	(f)
Net realized gains on investments		—			—			—	(f)		—			—			—
Total distributions		—	(f)		(0.02	)		(0.04	)		(0.03	)		(0.02	)		—	(f)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return(b)		0.07	%(c)		1.86	%		3.92	%		3.16	%		1.87	%		0.14	%
Net assets end of period/year	$	69,453		$	59,991		$	19,638		$	17,286		$	15,997		$	22,277
Ratio and supplemental data
Expenses to average net assets(k)(l)
After reimbursement/fee waiver		1.04	%(d)		1.48	%		1.48	%		1.48	%		1.26	%		0.98	%
Before reimbursement/fee waiver		1.60	%(d)		1.67	%		1.73	%		1.82	%		1.89	%		1.96	%
Net investment income, to average net assets(e)		0.14	%(d)		1.65	%		3.88	%		3.40	%		1.61	%		0.43	%

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

65

For a share outstanding throughout each period

	Transamerica Money Market
	Class I
	April 30, 2009			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006(g)
Net asset value
Beginning of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Investment operations
Net investment income(a)		—	(f)		0.03			0.05			0.04
Net realized and unrealized gain on investments		—			—	(f)		—			—
Total from investment operations		—	(f)		0.03			0.05			0.04
Distributions
Net investment income		—	(f)		(0.03	)		(0.05	)		(0.04	)
Net realized gains on investments		—			—			—	(f)		—
Total distributions		—	(f)		(0.03	)		(0.05	)		(0.04	)
Net asset value
End of period/year	$	1.00		$	1.00		$	1.00		$	1.00
Total return(b)		0.34	%(c)		2.84	%		4.98	%		4.30	%(c)
Net assets end of period/year	$	38,612		$	29,327		$	34,673		$	26,466
Ratio and supplemental data
Expenses to average net assets(l)
After reimbursement/fee waiver		0.51	%(d)		0.48	%		0.48	%		0.48	%(d)
Before reimbursement/fee waiver		0.53	%(d)		0.49	%		0.52	%		0.51	%(d)
Net investment income, to average net assets(e)		0.69	%(d)		2.89	%		4.88	%		4.39	%(d)

For a share outstanding throughout each period

	Transamerica Science & Technology
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	2.84		$	5.67		$	3.91		$	3.82		$	3.80		$	3.61
Investment operations
Net investment income (loss)(a)		(0.01	)		(0.04	)		(0.05	)		(0.03	)		0.03			(0.04	)
Net realized and unrealized gain (loss) on investments		0.06			(2.61	)		1.81			0.18			0.02			0.23
Total from investment operations		0.05			(2.65	)		1.76			0.15			0.05			0.19
Distributions
Net investment income		—			—			—			—			(0.03	)		—
Net realized gains on investments		—			(0.18	)		—			(0.06	)		—			—
Total distributions		—			(0.18	)		—			(0.06	)		(0.03	)		—
Net asset value
End of period/year	$	2.89		$	2.84		$	5.67		$	3.91		$	3.82		$	3.80
Total return(b)		1.76	%(c)		(48.18	)%		45.01	%		3.78	%		1.23	%		5.26	%
Net assets end of period/year	$	3,839		$	3,778		$	7,874		$	5,616		$	65,423		$	119,985
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.53	%(d)		1.53	%		1.53	%		1.53	%		1.32	%		1.36	%
Before reimbursement/fee waiver		2.23	%(d)		1.70	%		1.77	%		1.67	%		1.32	%		1.36	%
Net investment income (loss), to average net assets(e)		(0.83	)%(d)		(1.02	)%		(1.03	)%		(0.72	)%		0.63	%		(1.12	)%
Portfolio turnover rate		36	%(c)		47	%		66	%		94	%		73	%		41	%

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

66

For a share outstanding throughout each period

	Transamerica Science & Technology
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	2.68		$	5.40		$	3.74		$	3.68		$	3.68		$	3.51
Investment operations
Net investment loss(a)		(0.02	)		(0.07	)		(0.07	)		(0.06	)		(0.02	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.06			(2.47	)		1.73			0.18			0.02			0.23
Total from investment operations		0.04			(2.54	)		1.66			0.12			—			0.17
Distributions
Net realized gains on investments		—			(0.18	)		—			(0.06	)		—			—
Total distributions		—			(0.18	)		—			(0.06	)		—			—
Net asset value
End of period/year	$	2.72		$	2.68		$	5.40		$	3.74		$	3.68		$	3.68
Total return(b)		1.49	%(c)		(48.56	)%		44.39	%		3.10	%		—	%		4.84	%
Net assets end of period/year	$	1,640		$	2,094		$	4,913		$	4,208		$	5,316		$	6,874
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.18	%(d)		2.18	%		2.18	%		2.18	%		2.20	%		1.91	%
Before reimbursement/fee waiver		3.20	%(d)		2.53	%		2.53	%		2.57	%		2.68	%		1.91	%
Net investment loss, to average net assets(e)		(1.48	)%(d)		(1.67	)%		(1.67	)%		(1.58	)%		(0.58	)%		(1.68	)%
Portfolio turnover rate		36	%(c)		47	%		66	%		94	%		73	%		41	%

For a share outstanding throughout each period

	Transamerica Science & Technology
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	2.68		$	5.39		$	3.73		$	3.67		$	3.67		$	3.51
Investment operations
Net investment loss(a)		(0.02	)		(0.07	)		(0.07	)		(0.06	)		(0.02	)		(0.07	)
Net realized and unrealized gain (loss) on investments		0.06			(2.46	)		1.73			0.18			0.02			0.23
Total from investment operations		0.04			(2.53	)		1.66			0.12			—			0.16
Distributions
Net realized gains on investments		—			(0.18	)		—			(0.06	)		—			—
Total distributions		—			(0.18	)		—			(0.06	)		—			—
Net asset value
End of period/year	$	2.72		$	2.68		$	5.39		$	3.73		$	3.67		$	3.67
Total return(b)		1.49	%(c)		(48.46	)%		44.50	%		3.11	%		—	%		4.56	%
Net assets end of period/year	$	1,259		$	1,417		$	2,799		$	2,045		$	2,779		$	4,089
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.18	%(d)		2.18	%		2.18	%		2.18	%		2.20	%		2.20	%
Before reimbursement/fee waiver		2.74	%(d)		2.31	%		2.36	%		2.35	%		2.65	%		2.60	%
Net investment loss, to average net assets(e)		(1.48	)%(d)		(1.67	)%		(1.63	)%		(1.57	)%		(0.51	)%		(1.94	)%
Portfolio turnover rate		36	%(c)		47	%		66	%		94	%		73	%		41	%

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

67

For a share outstanding throughout each period

													Transamerica Short-Term
	Transamerica Science & Technology												Bond
	Class I												Class A
	April 30, 2009			October 31,			October 31,			October 31,			April 30, 2009			October 31,
	(unaudited)			2008			2007			2006(g)			(unaudited)			2008(j)
Net asset value
Beginning of period/year	$	2.89		$	5.74		$	3.93		$	3.98		$	9.44		$	10.00
Investment operations
Net investment income (loss)(a)		—	(f)		(0.02	)		(0.02	)		(0.01	)		0.22			0.38
Net realized and unrealized gain (loss) on investments		0.06			(2.65	)		1.83			0.02			0.31			(0.54	)
Total from investment operations		0.06			(2.67	)		1.81			0.01			0.53			(0.16	)
Distributions
Net investment income		—			—			—			—			(0.22	)		(0.40	)
Net realized gains on investments		—			(0.18	)		—			(0.06	)		—			—
Total distributions		—			(0.18	)		—			(0.06	)		(0.22	)		(0.40	)
Net asset value
End of period/year	$	2.95		$	2.89		$	5.74		$	3.93		$	9.75		$	9.44
Total return(b)		2.08	%(c)		(47.93	)%		46.06	%		0.12	%(c)		5.65	%(c)		(1.70	)%(c)
Net assets end of period/year	$	45,789		$	46,222		$	84,206		$	57,642		$	41,188		$	5,663
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.06	%(d)		0.91	%		0.92	%		0.92	%(d)		1.09	%(d)		1.11	%(d)
Before reimbursement/fee waiver		1.06	%(d)		0.91	%		0.92	%		0.92	%(d)		1.09	%(d)		1.11	%(d)
Net investment income (loss), to average net assets(e)		(0.36	)%(d)		(0.41	)%		(0.41	)%		(0.35	)%(d)		4.56	%(d)		3.92	%(d)
Portfolio turnover rate		36	%(c)		47	%		66	%		94	%(c)		47	%(c)		67	%(c)

For a share outstanding throughout each period

	Transamerica Short-Term
	Bond
	Class C
	April 30, 2009			October 31,
	(unaudited)			2008(j)
Net asset value
Beginning of period/year	$	9.42		$	10.00
Investment operations
Net investment income(a)		0.18			0.32
Net realized and unrealized gain (loss) on investments		0.32			(0.55	)
Total from investment operations		0.50			(0.23	)
Distributions
Net investment income		(0.19	)		(0.35	)
Total distributions		(0.19	)		(0.35	)
Net asset value
End of period/year	$	9.73		$	9.42
Total return(b)		5.43	%(c)		(2.43	)%(c)
Net assets end of period/year	$	52,943		$	7,263
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.72	%(d)		1.76	%(d)
Before reimbursement/fee waiver		1.72	%(d)		1.76	%(d)
Net investment income, to average net assets(e)		3.89	%(d)		3.28	%(d)
Portfolio turnover rate		47	%(c)		67	%(c)

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

68

For a share outstanding throughout each period

	Transamerica Short-Term Bond
	Class I
	April 30, 2009			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005(i)
Net asset value
Beginning of period/year	$	9.28		$	9.82		$	9.84		$	9.79		$	10.00
Investment operations
Net investment income(a)		0.22			0.43			0.47			0.40			0.28
Net realized and unrealized gain (loss) on investments		0.32			(0.54	)		(0.04	)		0.05			(0.22	)
Total from investment operations		0.54			(0.11	)		0.43			0.45			0.06
Distributions
Net investment income		(0.23	)		(0.43	)		(0.45	)		(0.40	)		(0.27	)
Total distributions		(0.23	)		(0.43	)		(0.45	)		(0.40	)		(0.27	)
Net asset value
End of period/year	$	9.59		$	9.28		$	9.82		$	9.84		$	9.79
Total return(b)		5.96	%(c)		(1.22	)%		4.45	%		4.72	%		0.49	%(c)
Net assets end of period/year	$	622,006		$	492,333		$	563,889		$	379,442		$	174,302
Expenses to average net assets
After reimbursement/fee waiver		0.69	%(d)		0.68	%		0.67	%		0.70	%		0.71	%(d)
Before reimbursement/fee waiver		0.69	%(d)		0.68	%		0.67	%		0.70	%		0.71	%(d)
Net investment income, to average net assets (e)		4.70	%(d)		4.38	%		4.81	%		4.10	%		2.92	%(d)
Portfolio turnover rate		47	%(c)		67	%		117	%		100	%		153	%(c)

For a share outstanding throughout each period

	Transamerica Small/Mid Cap Value
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	12.70		$	23.78		$	17.78		$	16.69		$	14.32		$	12.94
Investment operations
Net investment income(a)		0.03			0.21			0.14			0.28			0.03			0.04
Net realized and unrealized gain (loss) on investments		0.31			(8.64	)		6.30			1.96			2.85			2.56
Total from investment operations		0.34			(8.43	)		6.44			2.24			2.88			2.60
Distributions
Net investment income		(0.31	)		(0.16	)		(0.13	)		(0.03	)		(0.09	)		—
Net realized gains on investments		—			(2.49	)		(0.31	)		(1.12	)		(0.42	)		(1.22	)
Total distributions		(0.31	)		(2.65	)		(0.44	)		(1.15	)		(0.51	)		(1.22	)
Net asset value
End of period/year	$	12.73		$	12.70		$	23.78		$	17.78		$	16.69		$	14.32
Total return(b)		3.01	%(c)		(39.47	)%		36.99	%		13.97	%		20.41	%		20.61	%
Net assets end of period/year	$	142,546		$	199,210		$	96,667		$	47,014		$	386,346		$	334,763
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.75	%(d)		1.41	%		1.41	%		1.39	%		1.24	%		1.32	%
Before reimbursement/fee waiver		1.75	%(d)		1.41	%		1.41	%		1.39	%		1.24	%		1.32	%
Net investment income, to average net assets (e)		0.66	%(d)		1.18	%		0.71	%		1.61	%		0.20	%		0.31	%
Portfolio turnover rate		54	%(c)		48	%		22	%		21	%		42	%		81	%

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

69

For a share outstanding throughout each period

	Transamerica Small/Mid Cap Value
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	12.19		$	22.89		$	17.12		$	16.21		$	13.97		$	12.73
Investment operations
Net investment income (loss)(a)		—	(f)		0.06			0.02			(0.01	)		(0.11	)		(0.06	)
Net realized and unrealized gain (loss) on investments		0.31			(8.27	)		6.06			2.07			2.77			2.52
Total from investment operations		0.31			(8.21	)		6.08			2.06			2.66			2.46
Distributions
Net investment income		(0.21	)		—			—			(0.03	)		—			—
Net realized gains on investments		—			(2.49	)		(0.31	)		(1.12	)		(0.42	)		(1.22	)
Total distributions		(0.21	)		(2.49	)		(0.31	)		(1.15	)		(0.42	)		(1.22	)
Net asset value
End of period/year	$	12.29		$	12.19		$	22.89		$	17.12		$	16.21		$	13.97
Total return(b)		2.73	%(c)		(39.85	)%		36.09	%		13.21	%		19.30	%		19.85	%
Net assets end of period/year	$	29,937		$	31,716		$	53,285		$	47,007		$	46,410		$	40,477
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.35	%(d)		2.07	%		2.07	%		2.10	%		2.14	%		1.97	%
Before reimbursement/fee waiver		2.35	%(d)		2.07	%		2.07	%		2.10	%		2.14	%		1.97	%
Net investment income (loss), to average net assets(e)		0.03	%(d)		0.34	%		0.12	%		(0.06	)%		(0.70	)%		(0.43	)%
Portfolio turnover rate		54	%(c)		48	%		22	%		21	%		42	%		81	%

For a share outstanding throughout each period

	Transamerica Small/Mid Cap Value
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	12.10		$	22.81		$	17.09		$	16.18		$	13.96		$	12.73
Investment operations
Net investment income (loss)(a)		—	(f)		0.09			0.02			—	(f)		(0.12	)		(0.01	)
Net realized and unrealized gain (loss) on investments		0.29			(8.24	)		6.05			2.06			2.77			2.46
Total from investment operations		0.29			(8.15	)		6.07			2.06			2.65			2.45
Distributions
Net investment income		(0.25	)		(0.07	)		(0.04	)		(0.03	)		(0.01	)		—
Net realized gains on investments		—			(2.49	)		(0.31	)		(1.12	)		(0.42	)		(1.22	)
Total distributions		(0.25	)		(2.56	)		(0.35	)		(1.15	)		(0.43	)		(1.22	)
Net asset value
End of period/year	$	12.14		$	12.10		$	22.81		$	17.09		$	16.18		$	13.96
Total return(b)		2.78	%(c)		(39.84	)%		36.16	%		13.23	%		19.22	%		19.78	%
Net assets end of period/year	$	87,795		$	95,729		$	63,856		$	29,105		$	21,532		$	19,678
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.29	%(d)		2.04	%		2.04	%		2.08	%		2.20	%		2.07	%
Before reimbursement/fee waiver		2.29	%(d)		2.04	%		2.04	%		2.08	%		2.20	%		2.07	%
Net investment income (loss), to average net assets(e)		0.08	%(d)		0.52	%		0.10	%		(0.03	)%		(0.76	)%		(0.02	)%
Portfolio turnover rate		54	%(c)		48	%		22	%		21	%		42	%		81	%

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

70

For a share outstanding throughout each period

	Transamerica Small/Mid Cap Value
	Class I
	April 30, 2009			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006(g)
Net asset value
Beginning of period/year	$	12.81		$	23.91		$	17.87		$	16.84
Investment operations
Net investment income(a)		0.08			0.30			0.26			0.18
Net realized and unrealized gain (loss) on investments		0.30			(8.67	)		6.32			1.97
Total from investment operations		0.38			(8.37	)		6.58			2.15
Distributions
Net investment income		(0.41	)		(0.24	)		(0.23	)		—
Net realized gains on investments		—			(2.49	)		(0.31	)		(1.12	)
Total distributions		(0.41	)		(2.73	)		(0.54	)		(1.12	)
Net asset value
End of period/year	$	12.78		$	12.81		$	23.91		$	17.87
Total return(b)		3.43	%(c)		(39.11	)%		37.78	%		13.30	%(c)
Net assets end of period/year	$	9,647		$	214,351		$	487,605		$	478,728
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		0.89	%(d)		0.85	%		0.85	%		0.86	%(d)
Before reimbursement/fee waiver		0.89	%(d)		0.85	%		0.85	%		0.86	%(d)
Net investment income, to average net assets(e)		1.34	%(d)		1.58	%		1.30	%		1.05	%(d)
Portfolio turnover rate		54	%(c)		48	%		22	%		21	%(c)

For a share outstanding throughout each period

	Transamerica Templeton Global
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	19.63		$	35.83		$	29.28		$	24.68		$	22.57		$	21.41
Investment operations
Net investment income (loss)(a)		0.12			0.33			0.19			0.15			0.21			(0.07	)
Net realized and unrealized gain (loss) on investments		(0.75	)		(16.19	)		6.70			4.45			2.14			1.23
Total from investment operations		(0.63	)		(15.86	)		6.89			4.60			2.35			1.16
Distributions
Net investment income		(0.18	)		(0.34	)		(0.34	)		—	(f)		(0.24	)		—
Total distributions		(0.18	)		(0.34	)		(0.34	)		—	(f)		(0.24	)		—
Net asset value
End of period/year	$	18.82		$	19.63		$	35.83		$	29.28		$	24.68		$	22.57
Total return(b)		(3.23	)%(c)		(44.68	)%		23.74	%		18.65	%		10.41	%		5.41	%
Net assets end of period/year	$	66,649		$	73,721		$	118,738		$	117,367		$	385,504		$	226,517
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%(d)		1.55	%		1.55	%		1.55	%		1.42	%		1.85	%
Before reimbursement/fee waiver		2.10	%(d)		1.61	%		1.63	%		1.62	%		1.42	%		1.85	%
Net investment income (loss), to average net assets(e)		1.30	%(d)		1.13	%		0.59	%		0.55	%		0.85	%		(0.31	)%
Portfolio turnover rate		14	%(c)		28	%		30	%		55	%		79	%		140	%

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

71

For a share outstanding throughout each period

	Transamerica Templeton Global
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	18.41		$	33.52		$	27.40		$	23.24		$	21.23		$	20.25
Investment operations
Net investment income (loss)(a)		0.05			0.08			(0.02	)		(0.01	)		0.02			(0.20	)
Net realized and unrealized gain (loss) on investments		(0.71	)		(15.14	)		6.28			4.17			1.99			1.18
Total from investment operations		(0.66	)		(15.06	)		6.26			4.16			2.01			0.98
Distributions
Net investment income		—			(0.05	)		(0.14	)		—			—	(f)		—
Total distributions		—			(0.05	)		(0.14	)		—			—	(f)		—
Net asset value
End of period/year	$	17.75		$	18.41		$	33.52		$	27.40		$	23.24		$	21.23
Total return(b)		(3.59	)%(c)		(44.99	)%		22.94	%		17.90	%		9.48	%		4.83	%
Net assets end of period/year	$	8,209		$	10,746		$	63,876		$	75,711		$	90,877		$	117,409
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%(d)		2.20	%		2.20	%		2.20	%		2.20	%		2.49	%
Before reimbursement/fee waiver		3.25	%(d)		2.44	%		2.39	%		2.42	%		2.41	%		2.49	%
Net investment income (loss), to average net assets(e)		0.62	%(d)		0.29	%		(0.07	)%		(0.05	)%		0.07	%		(0.93	)%
Portfolio turnover rate		14	%(c)		28	%		30	%		55	%		79	%		140	%

For a share outstanding throughout each period

	Transamerica Templeton Global
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	18.27		$	33.47		$	27.37		$	23.21		$	21.21		$	20.25
Investment operations
Net investment income (loss)(a)		0.05			0.12			(0.02	)		(0.01	)		0.02			(0.15	)
Net realized and unrealized gain (loss) on investments		(0.70	)		(15.10	)		6.27			4.17			1.99			1.11
Total from investment operations		(0.65	)		(14.98	)		6.25			4.16			2.01			0.96
Distributions
Net investment income		—			(0.22	)		(0.15	)		—			(0.01	)		—
Total distributions		—			(0.22	)		(0.15	)		—			(0.01	)		—
Net asset value
End of period/year	$	17.62		$	18.27		$	33.47		$	27.37		$	23.21		$	21.21
Total return(b)		(3.56	)%(c)		(45.05	)%		22.95	%		17.87	%		9.52	%		4.74	%
Net assets end of period/year	$	12,406		$	14,286		$	31,506		$	32,341		$	36,938		$	48,378
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%(d)		2.20	%		2.20	%		2.20	%		2.20	%		2.18	%
Before reimbursement/fee waiver		2.73	%(d)		2.26	%		2.31	%		2.35	%		2.38	%		2.18	%
Net investment income (loss), to average net assets(e)		0.64	%(d)		0.43	%		(0.07	)%		(0.05	)%		0.07	%		(0.72	)%
Portfolio turnover rate		14	%(c)		28	%		30	%		55	%		79	%		140	%

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

72

For a share outstanding throughout each period

	Transamerica Value Balanced
	Class A
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	8.91		$	14.38		$	13.30		$	11.95		$	12.11		$	11.49
Investment operations
Net investment income(a)		0.14			0.30			0.28			0.23			0.24			0.18
Net realized and unrealized gain (loss) on investments		(0.49	)		(4.74	)		1.41			1.54			0.69			0.61
Total from investment operations		(0.35	)		(4.44	)		1.69			1.77			0.93			0.79
Distributions
Net investment income		(0.12	)		(0.31	)		(0.23	)		(0.24	)		(0.25	)		(0.17	)
Net realized gains on investments		—			(0.72	)		(0.38	)		(0.18	)		(0.84	)		—
Total distributions		(0.12	)		(1.03	)		(0.61	)		(0.42	)		(1.09	)		(0.17	)
Net asset value
End of period/year	$	8.44		$	8.91		$	14.38		$	13.30		$	11.95		$	12.11
Total return(b)		(3.87	)%(c)		(32.94	)%		13.11	%		15.09	%		7.79	%		6.99	%
Net assets end of period/year	$	16,077		$	18,666		$	32,485		$	32,666		$	32,934		$	37,393
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		1.55	%(d)		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Before reimbursement/fee waiver		1.89	%(d)		1.56	%		1.58	%		1.63	%		1.59	%		1.63	%
Net investment income, to average net assets(e)		3.19	%(d)		2.51	%		2.06	%		1.84	%		2.03	%		1.50	%
Portfolio turnover rate		55	%(c)		50	%		42	%		42	%		57	%		122	%

For a share outstanding throughout each period

	Transamerica Value Balanced
	Class B
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	8.88		$	14.32		$	13.25		$	11.91		$	12.07		$	11.46
Investment operations
Net investment income(a)		0.11			0.22			0.19			0.15			0.17			0.10
Net realized and unrealized gain (loss) on investments		(0.49	)		(4.72	)		1.41			1.53			0.68			0.61
Total from investment operations		(0.38	)		(4.50	)		1.60			1.68			0.85			0.71
Distributions
Net investment income		(0.09	)		(0.22	)		(0.15	)		(0.16	)		(0.17	)		(0.10	)
Net realized gains on investments		—			(0.72	)		(0.38	)		(0.18	)		(0.84	)		—
Total distributions		(0.09	)		(0.94	)		(0.53	)		(0.34	)		(1.01	)		(0.10	)
Net asset value
End of period/year	$	8.41		$	8.88		$	14.32		$	13.25		$	11.91		$	12.07
Total return(b)		(4.20	)%(c)		(33.37	)%		12.40	%		14.28	%		7.13	%		6.23	%
Net assets end of period/year	$	4,592		$	6,414		$	17,508		$	20,405		$	24,072		$	29,409
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%(d)		2.20	%		2.20	%		2.20	%		2.20	%		2.20	%
Before reimbursement/fee waiver		2.75	%(d)		2.30	%		2.27	%		2.28	%		2.27	%		2.30	%
Net investment income, to average net assets(e)		2.55	%(d)		1.83	%		1.43	%		1.20	%		1.39	%		0.81	%
Portfolio turnover rate		55	%(c)		50	%		42	%		42	%		57	%		122	%

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

73

For a share outstanding throughout each period

	Transamerica Value Balanced
	Class C
	April 30, 2009			October 31,			October 31,			October 31,			October 31,			October 31,
	(unaudited)			2008			2007			2006			2005			2004
Net asset value
Beginning of period/year	$	8.87		$	14.31		$	13.25		$	11.91		$	12.07		$	11.46
Investment operations
Net investment income(a)		0.11			0.22			0.19			0.15			0.17			0.11
Net realized and unrealized gain (loss) on investments		(0.48	)		(4.72	)		1.41			1.53			0.69			0.60
Total from investment operations		(0.37	)		(4.50	)		1.60			1.68			0.86			0.71
Distributions
Net investment income		(0.09	)		(0.22	)		(0.16	)		(0.16	)		(0.18	)		(0.10	)
Net realized gains on investments		—			(0.72	)		(0.38	)		(0.18	)		(0.84	)		—
Total distributions		(0.09	)		(0.94	)		(0.54	)		(0.34	)		(1.02	)		(0.10	)
Net asset value
End of period/year	$	8.41		$	8.87		$	14.31		$	13.25		$	11.91		$	12.07
Total return(b)		(4.10	)%(c)		(33.33	)%		12.40	%		14.33	%		7.18	%		6.31	%
Net assets end of period/year	$	4,803		$	5,833		$	11,674		$	11,316		$	11,926		$	14,285
Ratio and supplemental data
Expenses to average net assets
After reimbursement/fee waiver		2.20	%(d)		2.13	%		2.17	%		2.20	%		2.16	%		2.20	%
Before reimbursement/fee waiver		2.41	%(d)		2.13	%		2.17	%		2.20	%		2.16	%		2.39	%
Net investment income, to average net assets(e)		2.54	%(d)		1.92	%		1.44	%		1.19	%		1.43	%		0.78	%
Portfolio turnover rate		55	%(c)		50	%		42	%		42	%		57	%		122	%

(a)	Calculation is based on average number of shares outstanding.
(b)	Total return has been calculated for the applicable period without deduction of a sales load, if any, on an initial purchase.
(c)	Not annualized.
(d)	Annualized.
(e)	Includes Redemption Fees, if any. The impact of Redemption Fees is less than 0.01% for Class A, Class B, Class C, and Class T, respectively.
(f)	Rounds to less than $(0.01) or $0.01.
(g)	Commenced operations November 15, 2005.
(h)	Commenced operations October 27, 2006.
(i)	Commenced operations November 8, 2004.
(j)	Commenced operations November 1, 2007.
(k)	Expenses are inclusive of treasury guarantee expenses with total impacts of 0.04% for Class A, and 0.03% for Classes B, C, and I.
(l)	Expenses were waived to sustain a positive yield with a total impact of (0.07%), (0.48%), and (0.46%) for Classes A, B, and C, respectively.

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

74

NOTES TO FINANCIAL STATEMENTS
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Transamerica Balanced, Transamerica Convertible Securities, Transamerica Equity, Transamerica Flexible Income, Transamerica Growth Opportunities, Transamerica High Yield Bond, Transamerica Legg Mason Partners All Cap, Transamerica Money Market, Transamerica Science & Technology, Transamerica Short-Term Bond, Transamerica Small/Mid Cap Value, Transamerica Templeton Global and Transamerica Value Balanced (each, a “Fund”; collectively, the “Funds”) are part of Transamerica Funds.

The Funds, except Transamerica Balanced, Transamerica Equity, Transamerica Legg Mason Partners All Cap, Transamerica Short-Term Bond, Transamerica Templeton Global and Transamerica Value Balanced, currently have four classes of shares; Class A, Class B, Class C, and Class I. Transamerica Balanced, Transamerica Legg Mason Partners All Cap, Transamerica Templeton Global, and Transamerica Value Balanced currently have three classes of shares; Class A, Class B, and Class C. Transamerica Equity currently has five classes of shares; Class A, Class B, Class C, Class I, and Class T. Transamerica Short-Term Bond currently has three classes of shares: Class A, Class C, and Class I. Class T shares are not available to new investors. Each of the above classes has a public offering price that reflects different sales charges, if any, and expense levels. Class I shares are currently available for investment primarily to certain affiliated asset allocation funds.

Class I shares may also be made available to other investors, including institutional investors and eligible retirement plans whose record keepers or financial service firm intermediaries have entered into agreements with Transamerica Funds or its agents. Class B shares will convert to Class A shares eight years after purchase.

Transamerica Legg Mason Partners All Cap and Transamerica Science & Technology are “non-diversified” under the 1940 Act.

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

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

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

Multiple class operations, income and expenses: Income, non-class specific expenses and realized and unrealized gains and losses are allocated daily to each class, based upon the value of shares outstanding method as permitted under Rule 18f-3 of the 1940 Act. Each class bears its own specific expenses as well as a portion of general, common expenses.

Security valuations: The Funds value their investments at the close of the New York Stock Exchange (“NYSE”), normally 4 p.m. ET, each day the NYSE is open for business. The Funds’ investments are valued at the last sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded.

Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last quoted bid price.

Debt securities are valued based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service or a major market maker; however, those that mature in sixty days or less are valued at amortized cost, which approximates market value.

Foreign securities generally are valued based on quotations from the primary market in which they are traded. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. If a significant market event impacting the value of a portfolio security (e.g., natural disaster, company announcement, market volatility) occurs subsequent to the close of trading in the security, but prior to the calculation of the Funds’ net asset value per share, market quotations for that security may be determined to be unreliable and, accordingly, not “readily available.” As a result, foreign equity securities held by the Funds may be valued at fair market value as determined in good faith by Transamerica Asset Management, Inc.’s (“TAM”) Valuation Committee under the supervision of the Board of Trustees.

Other securities for which quotations are not readily available or whose values have been determined to be unreliable are valued at fair market value as determined in good faith by TAM’s Valuation Committee under the supervision of the Board of Trustees.

75

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

The Funds are subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”) when market prices are not readily available or reliable. Valuation levels are not necessarily an indication of the risk associated with investing in those securities. The three levels of the hierarchy under FAS 157 are described below:

Level 1 -	Quoted prices in active markets for identical securities.
Level 2 -	Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 -	Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

The aggregate value by input level, at April 30, 2009 for the Funds’ investments, as well as a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Funds’ Schedules of Investments.

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

Repurchase agreements: The Funds may enter into repurchase agreements. The Funds, through their custodian, receive delivery of the underlying securities, the value of which at the time of purchase is required to be an amount equal to at least 100% of the resale price. The Funds will bear the risk of value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. In the event of bankruptcy or insolvency of the seller, delays and costs may be incurred.

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

Recaptured comissions during the period ended April 30, 2009, are included in net realized gains on the Statements of Operations and are summarized as follows:

Fund	Commissions
Transamerica Balanced	$	2
Transamerica Equity		49
Transamerica Growth Opportunities		16
Transamerica Legg Mason Partners All Cap		6
Transamerica Science & Technology		2
Transamerica Small/Mid Cap Value		56
Transamerica Templeton Global		2
Transamerica Value Balanced		—	(a)

(a) Rounds to less than $1.

Securities lending: The Funds may lend securities to qualified financial institutions and brokers. The lending of Fund securities exposes the Funds to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Funds may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Funds may experience losses related to the investment collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least the market value of the securities loaned. Cash collateral received is invested in the State Street Navigator Securities Lending Trust-Prime Portfolio, a money market mutual fund registered under the 1940 Act. By lending such securities, the Funds attempt to increase their net investment income through the receipt of interest (after rebates and fees). Such income is reflected separately on the Statements of Operations. The value of loaned securities and the liability to return the cash collateral received are reflected on the Schedules of Investments and Statements of Assets and Liabilities. There were no securities on loan at April 30, 2009.

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

Dividend income, related to Real Estate Investment Trusts (“REIT”), is recorded at managements’ estimate of the income included in distributions from the REIT investments. Distributions received in excess of the estimated amount are recorded as a reduction of the cost of investments. The actual amounts of income, return of capital and capital gains are only determined by each REIT after the fiscal year end and may differ from the estimated amounts.

76

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Foreign currency denominated investments: The accounting records of the Funds are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the closing exchange rate each day. Income, expenses, purchases and sales of investment securities denominated in foreign currencies are translated at prevailing exchange rates when accrued or incurred. The Funds combine fluctuations from currency exchange rates and fluctuations in value when computing net realized and unrealized gains or losses from investments.

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

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

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

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

Open forward foreign currency contracts at April 30, 2009 are listed in the Schedules of Investments.

Futures contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Funds are required to deposit with the broker either in cash or securities an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are made or received by the Funds each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Funds. Upon entering into such contracts, the Funds bear the risk of interest or exchange rates or securities prices moving unexpectedly, in which case, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The underlying face amounts of open futures contracts are listed in the Schedules of Investments. The variation margin receivable or payable, as applicable, is included in the Statements of Assets and Liabilities.

At April 30, 2009, the Funds did not hold any futures contracts.

Option contracts: The Funds are subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may enter into option contracts to manage exposure to various market fluctuations. Options are valued at the average of the bid and ask (“Mean Quote”) established each day at the close of the board of trade or exchange on which they are traded. The primary risks associated with options are an imperfect correlation between the change in value of the securities held and the prices of the option contracts; the possibility of an illiquid market and an inability of the counterparty to meet the contract terms. Certain Funds may write call and put options on futures, swaps (“swaptions”), securities or currencies it owns or in which it may invest. When a Fund writes a covered call or put option/swaption, an amount equal to the premium received by a Fund is included in the Fund’s Statement of Assets and Liabilities as an asset and as an equivalent liability. Premiums received from writing options/swaptions which expire are treated as realized gains. Premiums received from writing options/swaptions which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. Options are marked-to-market daily to reflect the current value of the option/swaption written.

At April 30, 2009, the Funds did not hold any open options or swaptions contracts.

77

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 1. (continued)

Redemption fees: A short-term trading redemption fee may be assessed on any sales of Fund shares in a fund account during the first five (5) NYSE trading days following their purchase date. This redemption fee will equal 2% of the amount redeemed and shares held the longest will be treated as being redeemed first and shares held the shortest as being redeemed last. For the period ended April 30, 2009, the Funds received redemption fees which are disclosed in the Funds’ Statements of Changes in Net Assets. Effective March 1, 2009, the Funds no longer charge redemption fees.

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

Temporary guarantee program: Transamerica Money Market has enrolled in the U.S. Department of the Treasury’s “Treasury” Temporary Guarantee Program for Money Market Funds (the “Program”) through September 18, 2009. Under the Program, the Treasury guarantees the $1.00 dollar per share value of fund shares outstanding as of September 19, 2008, subject to certain terms and limitations “Covered Shares”.

The guarantee will be triggered if the market-based net asset value of any class percentage of Transamerica Money Market is less than $0.995, unless promptly cured (a “Guarantee Event”). If a Guarantee Event were to occur, Transamerica Money Market would be required to liquidate. Upon liquidation and subject to the availability of funds under the Program, eligible shareholders would be entitled to receive payments equal to $1.00 per Covered Share. The number of Covered Shares held by a shareholder would be equal to the lesser of (1) the number of shares owned by that shareholder on September 19, 2008 or (2) the number of shares owned by that shareholder on the date upon which the Guarantee Event occurs.

The initial period of the Program covered a three month period from September 19, 2008 to December 18, 2008. The program was extended from December 19, 2008 through April 30, 2009, and again from May 1, 2009 through September 18, 2009 (the “Program Extension Periods”). Participation in the Program extension periods required payment of additional fees. Transamerica Money Market paid to the Treasury a fee of 0.01% of its net assets as of September 19, 2008 to participate in the initial three month period of the Program and a fee of 0.015% of its net assets as of September 19, 2008 to participate in each of the Program Extension Periods. These expenses are borne by Transamerica Money Market without regard to any expense limitation agreement in effect.

NOTE 2. RELATED PARTY TRANSACTIONS

TAM is the Fund’s investment adviser. TAM is directly owned by Western Reserve Life Assurance Co. of Ohio (77%) and AUSA Holding Company (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of AEGON NV. AUSA is wholly owned by AEGON USA, LLC (“AEGON USA”), a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. AEGON USA is owned by AEGON US Holding Corporation, which is owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is owned by The AEGON Trust, which is owned by AEGON International B.V., which is owned by AEGON NV, a Netherlands corporation, and a publicly traded international insurance group.

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

Certain officers and trustees of the Funds are also officers and/or directors of TAM, TFS, and TCI.

At the commencement of operations of each of these Funds and classes, TAM, an affiliate, invested in each Fund. As of April 30, 2009, TAM had investments in the Funds as follows:

	Market		% of Fund’s
Fund Name	Value		Net Assets
Transamerica Convertible Securities
Class C	$	290		0.48	%
Transamerica Short-Term Bond
Class A		259		0.04
Class C		257		0.04

78

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

The following schedule reflects the percentage of each Fund’s assets owned by affiliated investment companies at April 30, 2009:

	Market		% of Net
Transamerica Convertible Securities	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	156		0.25	%
Transamerica Asset Allocation-Moderate Portfolio		21,937		34.60
Transamerica Asset Allocation-Moderate Growth Portfolio		20,943		33.03
Total	$	43,036		67.88	%

	Market		% of Net
Transamerica Equity	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	22,007		2.48	%
Transamerica Asset Allocation-Growth Portfolio		138,703		15.64
Transamerica Asset Allocation-Moderate Portfolio		82,950		9.36
Transamerica Asset Allocation-Moderate Growth Portfolio		208,497		23.51
Total	$	452,157		50.99	%

	Market		% of Net
Transamerica Flexible Income	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	10,692		8.46	%
Transamerica Asset Allocation-Moderate Portfolio		15,054		11.91
Transamerica Asset Allocation-Moderate Growth Portfolio		18,535		14.66
Transamerica Asset Allocation-Conservative VP		6,366		5.03
Transamerica Asset Allocation-Moderate Growth VP		21,466		16.98
Transamerica Asset Allocation-Moderate VP		23,219		18.37
Total	$	95,332		75.41	%

	Market		% of Net
Transamerica Growth Opportunities	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,642		3.57	%
Transamerica Asset Allocation-Growth Portfolio		28,529		18.04
Transamerica Asset Allocation-Moderate Portfolio		13,120		8.30
Transamerica Asset Allocation-Moderate Growth Portfolio		41,801		26.44
Total	$	89,092		56.35	%

	Market		% of Net
Transamerica High Yield Bond	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	47,992		12.03	%
Transamerica Asset Allocation-Moderate Portfolio		75,603		18.94
Transamerica Asset Allocation-Moderate Growth Portfolio		80,383		20.14
Transamerica Asset Allocation-Conservative VP		31,696		7.94
Transamerica Asset Allocation-Moderate Growth VP		51,669		12.95
Transamerica Asset Allocation-Moderate VP		54,017		13.53
Total	$	341,360		85.53	%

	Market		% of Net
Transamerica Money Market	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	5,992		1.94	%
Transamerica Asset Allocation-Growth Portfolio		5,786		1.87
Transamerica Asset Allocation-Moderate Portfolio		5,310		1.72
Transamerica Asset Allocation-Moderate Growth Portfolio		7,481		2.42
Transamerica Multi-Manager Alternative Strategies Portfolio		10,575		3.42
Total	$	35,144		11.37	%

	Market		% of Net
Transamerica Science & Technology	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	2,661		5.07	%
Transamerica Asset Allocation-Growth Portfolio		12,617		24.02
Transamerica Asset Allocation-Moderate Portfolio		7,955		15.14
Transamerica Asset Allocation-Moderate Growth Portfolio		22,190		42.24
Total	$	45,423		86.47	%

	Market		% of Net
Transamerica Short-Term Bond	Values		Assets
Transamerica Asset Allocation-Conservative Portfolio	$	69,387		9.69	%
Transamerica Asset Allocation-Moderate Portfolio		94,054		13.14
Transamerica Asset Allocation-Moderate Growth Portfolio		83,645		11.68
Transamerica Asset Allocation-Conservative VP		84,814		11.84
Transamerica Asset Allocation-Moderate Growth VP		140,000		19.55
Transamerica Asset Allocation-Moderate VP		134,201		18.74
Transamerica International Moderate Growth VP		14,200		1.98
Total	$	620,301		86.62	%

79

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

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

Transamerica Balanced
First $250 million	0.80	%
Over $250 million up to $500 million	0.75	%
Over $500 million up to $1.5 billion	0.70	%
Over $1.5 billion	0.625	%
Transamerica Convertible Securities
First $250 million	0.75	%
Over $250 million	0.70	%
Transamerica Equity
First $500 million	0.75	%
Over $500 million up to $2.5 billion	0.70	%
Over $2.5 billion	0.65	%
Transamerica Flexible Income
First $250 million	0.725	%
Over $250 million up to $350 million	0.675	%
Over $350 million	0.625	%
Transamerica Growth Opportunities
First $250 million	0.80	%
Over $250 million up to $500 million	0.75	%
Over $500 million	0.70	%
Transamerica High Yield Bond
First $400 million	0.59	%
Over $400 million up to $750 million	0.575	%
Over $750 million	0.55	%
Transamerica Legg Mason Partners All Cap
First $500 million	0.80	%
Over $500 million	0.675	%
Transamerica Money Market
Average daily net assets	0.40	%
Transamerica Science & Technology
First $500 million	0.78	%
Over $500 million	0.70	%
Transamerica Short-Term Bond
First $250 million	0.65	%
Over $250 million up to $500 million	0.60	%
Over $500 million up to $1 billion	0.575	%
Over $1 billion	0.55	%
Transamerica Small/Mid Cap Value
First $500 million	0.80	%
Over $500 million	0.75	%
Transamerica Templeton Global
First $500 million	0.80	%
Over $500 million	0.70	%
Transamerica Value Balanced
First $500 million	0.75	%
Over $500 million up to $1 billion	0.65	%
Over $1 billion	0.60	%

TAM has contractually agreed to waive its advisory fee and will reimburse the Funds to the extent that operating expenses, excluding 12b-1 fees and other extraordinary expenses, exceed the following stated annual limit:

	Expense
Fund	Limit
Transamerica Balanced		1.45	%
Transamerica Convertible Securities		1.35
Transamerica Equity*		1.17
Transamerica Flexible Income		1.50
Transamerica Growth Opportunities*		1.40
Transamerica High Yield Bond*		1.24
Transamerica Legg Mason Partners All Cap*		1.20
Transamerica Money Market		0.48
Transamerica Science & Technology		1.18
Transamerica Short-Term Bond		0.85
Transamerica Small/Mid Cap Value		1.40
Transamerica Templeton Global		1.20
Transamerica Value Balanced*		1.20

* The Fund may not recapture any fees waived and/or reimbursed prior to March 1, 2008.

If total Fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Funds may be required to pay the adviser a portion or all of the reimbursed class expenses.

There were no amounts recaptured at April 30, 2009.

80

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

The following amounts were available for recapture as of April 30, 2009:

	Reimbursement of		Available for
Fund	Class Expenses		Recapture Through
Transamerica Equity
Fiscal Year 2008:				10/31/2011
Class B	$	54
Transamerica Growth Opportunities
Fiscal Year 2008:				10/31/2011
Class A	$	31
Class B		27
Transamerica Legg Mason Partners All Cap
Fiscal Year 2008:				10/31/2011
Class A	$	17
Class B		24
Transamerica Money Market
Fiscal Year 2008:				10/31/2011
Class A	$	276
Class B		71
Class C		62
Class I		2
Fiscal Year 2007:				10/31/2010
Class A	$	321
Class B		88
Class C		45
Class I		18
Fiscal Year 2006:				10/31/2009
Class A	$	290
Class B		81
Class C		47
Transamerica Science & Technology
Fiscal Year 2008:				10/31/2011
Class A	$	11
Class B		12
Class C		3
Fiscal Year 2007:				10/31/2010
Class A	$	13
Class B		14
Class C		4
Fiscal Year 2006:				10/31/2009
Class A	$	12
Class B		19
Class C		4
Transamerica Templeton Global
Fiscal Year 2008:				10/31/2011
Class A	$	66
Class B		82
Class C		14
Fiscal Year 2007:				10/31/2010
Class A	$	94
Class B		131
Class C		35
Fiscal Year 2006:				10/31/2009
Class A	$	97
Class B		184
Class C		53
Transamerica Value Balanced
Fiscal Year 2008:				10/31/2011
Class A	$	3
Class B		11

In addition to the advisory fee waiver for Transamerica Money Market, TAM or any of its affiliates may waive fees or reimburse expenses of one or more classes of Transamerica Money Market in order to avoid a negative yield. At any point in which the Transamerica Money Market, or any classes thereof, achieves a positive yield, the expenses previously waived or reimbursed pursuant to this paragraph may be reimbursed to TAM, to the extent that such reimbursement does not cause classes of Transamerica Money Market to experience a negative yield. Waived expenses related to the maintenance of the yield are included in the Statement of Operations, within the class expense reimbursed (recaptured). Amounts waived for Class A, B, and C, as of April 30, 2009 were $53, $103, and $155, respectively.

Distribution and service fees: The Funds have 12b-1 distribution plans under the 1940 Act pursuant to which an annual fee, based on ANA, is paid to the distributor for various disbursements such as broker-dealer account servicing fees and other promotional expenses of the Funds. The Funds are authorized under the 12b-1 plans to pay fees on each class up to the following limits: 0.35% for Class A, 1.00% for Class B, and 1.00% for Class C. 12b-1 fees are not applicable for Class I and Class T.

81

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

Underwriter commissions relate to front-end sales charges imposed for Class A shares and contingent deferred sales charges from Class B, Class C, and certain Class A share redemptions. For the period ended April 30, 2009, the underwriter commissions were as follows:

Transamerica Balanced
Received by Underwriter	$	21
Retained by Underwriter		3
Contingent Deferred Sales Charge		11
Transamerica Convertible Securities
Received by Underwriter	$	20
Retained by Underwriter		4
Contingent Deferred Sales Charge		9
Transamerica Equity
Received by Underwriter	$	148
Retained by Underwriter		22
Contingent Deferred Sales Charge		34
Transamerica Flexible Income
Received by Underwriter	$	22
Retained by Underwriter		4
Contingent Deferred Sales Charge		4
Transamerica Growth Opportunities
Received by Underwriter	$	23
Retained by Underwriter		3
Contingent Deferred Sales Charge		9
Transamerica High Yield Bond
Received by Underwriter	$	89
Retained by Underwriter		16
Contingent Deferred Sales Charge		5
Transamerica Legg Mason Partners All Cap
Received by Underwriter	$	15
Retained by Underwriter		2
Contingent Deferred Sales Charge		9
Transamerica Money Market
Received by Underwriter	$	—
Retained by Underwriter		—
Contingent Deferred Sales Charge		121
Transamerica Science & Technology
Received by Underwriter	$	3
Retained by Underwriter		—	(a)
Contingent Deferred Sales Charge		2
Transamerica Short-Term Bond
Received by Underwriter	$	197
Retained by Underwriter		41
Contingent Deferred Sales Charge		4
Transamerica Small/Mid Cap Value
Received by Underwriter	$	73
Retained by Underwriter		11
Contingent Deferred Sales Charge		72
Transamerica Templeton Global
Received by Underwriter	$	20
Retained by Underwriter		3
Contingent Deferred Sales Charge		6
Transamerica Value Balanced
Received by Underwriter	$	6
Retained by Underwriter		1
Contingent Deferred Sales Charge		4

(a) Rounds to less than $1.

Administrative services: The Funds have entered into agreements with TFS for financial and legal fund administration services. The Funds pay TFS an annual fee of 0.02% of ANA. The Legal fees on the Statements of Operations are for fees paid to external legal counsel.

Transfer agent fees: The Funds pay TFS an annual per-account charge for each open and closed account. The Funds paid TFS the following amounts for the period ended April 30, 2009:

Fund	Fees
Transamerica Balanced	$	181
Transamerica Convertible Securities		21
Transamerica Equity		983
Transamerica Flexible Income		41
Transamerica Growth Opportunities		306
Transamerica High Yield Bond		46
Transamerica Legg Mason Partners All Cap		177
Transamerica Money Market		228
Transamerica Science & Technology		27
Transamerica Short-Term Bond		9
Transamerica Small/Mid Cap Value		448
Transamerica Templeton Global		318
Transamerica Value Balanced		61

Brokerage commissions: There were no brokerage commissions incurred on security transactions placed with affiliates of the advisers or sub-advisers for the period ended April 30, 2009.

Deferred compensation plan: Each eligible Independent Fund Trustee may elect to participate in a non-qualified deferred compensation plan (the “Plan”) maintained by Transamerica Funds. Under the Plan, such Trustees may defer payment of all or a portion of their total fees earned as a Fund Trustee. Each Trustee who is a participant in the Plan may elect that the earnings, losses or gains credited to his or her deferred fee amounts be determined based on a deemed investment in Class A shares of any series of Transamerica Funds, including the Funds, or investment options under Transamerica Partners Institutional Funds Group or Transamerica Institutional Asset Allocation Funds, or funds of Transamerica Investors, Inc. The right of a participant to receive a distribution from the Plan of the deferred fees is a claim against the general assets of all series of Transamerica Funds.

82

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 2. (continued)

Retirement plan: Under a prior retirement plan (the “Emeritus Plan”) available to the Independent Trustees, each Independent Trustee was deemed to have been elected to serve as Trustee Emeritus of Transamerica Funds upon his or her termination of service, other than removal for cause, for a maximum period of five years determined by his or her years of service as a Trustee.

Such amounts were to be accrued by Transamerica Funds on a pro rata basis allocable to each Transamerica Fund based on the relative assets of the Fund. If retainers increased in the future, past accruals (and credits) would be adjusted upward so that 50% of the Trustee’s current retainer was accrued and credited at all times. Upon death, disability or termination of service, other than removal for cause, amounts deferred became payable to a Trustee Emeritus (or his/her beneficiary). Upon the commencement of service as Trustee Emeritus, compensation would be paid on a quarterly basis during the time period that the Trustee Emeritus was allowed to serve as such.

At April 30, 2009, the Funds’ liabilities related to the Emeritus Plan were as follows:

Fund	Emeritus Fees
Transamerica Balanced	$	1
Transamerica Convertible Securities		1
Transamerica Equity		6
Transamerica Flexible Income		1
Transamerica Growth Opportunities		1
Transamerica High Yield Bond		1
Transamerica Legg Mason Partners All Cap		1
Transamerica Money Market		—	(a)
Transamerica Science & Technology		—	(a)
Transamerica Short-Term Bond		1
Transamerica Small/Mid Cap Value		2
Transamerica Templeton Global		1
Transamerica Value Balanced		—	(a)

(a) Rounds to less than $1.

Amounts deferred and accrued under the Emeritus Plan are claims against the general assets of Transamerica Funds.

The Emeritus Plan was terminated effective October 30, 2007. Upon the termination, the Funds continue to pay any remaining benefits in accordance with the Plan, but no further compensation is accrued under the Plan.

NOTE 3. INVESTMENT TRANSACTIONS

The cost of securities purchased and proceeds from securities sold (excluding short-term securities) for the period ended April 30, 2009 were as follows:

					Proceeds from maturities and sales of
	Purchases of securities:				securities:
Fund	Long-term		U.S. Government		Long-term		U.S. Government
Transamerica Balanced	$	43,300	$	11,816	$	47,239	$	17,064
Transamerica Convertible Securities		71,316		—		117,254		—
Transamerica Equity		193,440		—		187,309		—
Transamerica Flexible Income		86,612		32,961		110,268		43,963
Transamerica Growth Opportunities		45,812		—		49,696		—
Transamerica High Yield Bond		69,483		—		156,244		—
Transamerica Legg Mason Partners All Cap		9,654		—		20,289		—
Transamerica Science & Technology		17,809		—		15,994		—
Transamerica Short-Term Bond		397,745		5,181		279,364		6,318
Transamerica Small/Mid Cap Value		155,296		—		323,347		—
Transamerica Templeton Global		11,826		—		14,589		—
Transamerica Value Balanced		10,893		3,778		12,745		4,402

NOTE 4. FEDERAL INCOME TAX MATTERS

The Funds have not made any provisions for federal income or excise taxes due to their policy to distribute all of their taxable income and capital gains to their shareholders and otherwise qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Management has evaluated the Funds’ tax provisions taken for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatment for items including, but not limited to, wash sales, structured notes, foreign bonds, swaps, net operating losses and distribution reclasses.

83

NOTES TO FINANCIAL STATEMENTS (continued)
At April 30, 2009
(all amounts in thousands)
(unaudited)

NOTE 5. ACCOUNTING PRONOUNCEMENT

In March 2008, the Financial Accounting Standards Board issued its new Standard No. 161, “Disclosure About Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about a Fund’s derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.

NOTE 6. SUBSEQUENT EVENT

Effective May 1, 2009 for Transamerica Short Term Bond, TAM has contractually agreed, through May 1, 2010, to waive 0.10% of its 0.62% advisory fee. As the result of a contractual waiver, 0.10% of the 0.35% 12b-1 fee on Class A shares will be waived through May 1, 2010. In addition, contractual arrangements have been made with TAM through March 1, 2010, to waive fees and/or reimburse fund expenses to the extent such expenses exceed 0.85%, excluding 12b-1 fees and certain extraordinary expenses. If the total Fund expenses fall below the annual expense limitation agreement agreed to by the adviser within the succeeding three years, the Fund may be required to pay the adviser a portion or all of the reimbursed expenses.

84

TRANSAMERICA BALANCED

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Balanced (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was strong compared to its peer universe for the past 1-year period, above the median for the past 3-year period, and in line with the median for the past 5-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees and total expenses were above the medians for its peer group and peer universe. and they also noted management’s statements about the challenges reflected in the peer group. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

85

TRANSAMERICA CONVERTIBLE SECURITIES

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Convertible Securities (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was strong compared to its peer universe for the past 1-, 3- and 5-year periods. The Trustees considered that the Fund’s risk/reward profile is well above median, indicating attractive returns commensurate with the risk taken. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees and total expenses were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that despite a flat sub-advisory fee schedule TAM offers breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

86

TRANSAMERICA EQUITY

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Equity (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period, strong compared to its peer universe for the past 3-year period and above the median for the past 5-year period. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were in line with the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

87

TRANSAMERICA FLEXIBLE INCOME

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Flexible Income (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-, 3- and 5-year periods. The Trustees recognized that the longer-term underperformance can be attributed to the Fund’s prior sub-adviser, noting that TIM took over the management of the Fund on March 1, 2004. The Trustees considered that the Fund’s recent underperformance was driven in part by overweighting in corporate and high-yield bond investments, but they noted that they would be monitoring performance closely and expected to see improvement. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s proposed investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were above the medians for its peer group and peer universe and that the total expenses of the Fund above the medians for its peer group and peer universe. The Trustees further noted that TAM voluntarily lowered its fees in 2007 and again for 2008. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

88

TRANSAMERICA GROWTH OPPORTUNITIES

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Growth Opportunities (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was above the median for its peer universe for the past 1- and 3-year periods and slightly above the median for the past 5-year period. The Trustees recognized that the longer-term underperformance can be partially attributed to the Fund’s prior sub-adviser, noting that TIM took over the management of the Fund in 2005. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving fees for certain share classes for the benefit of shareholders.

89

TRANSAMERICA HIGH YIELD BOND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica High Yield Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and AEGON USA Investment Management, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was in line with the median for its peer universe for the past 1- and 3-year periods and below the median for the past 5-year period. The Board noted that prior to March 2005, the Fund’s mandate was limited to 75% in high-yield bonds and relative to its peer funds, this higher quality structural limitation hurt the Fund as high-yield bonds outperformed investment-grade bonds over the past several years. The Board noted that they would be monitoring performance closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were in line with the median for its peer group and slightly below the median for its peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

90

TRANSAMERICA LEGG MASON PARTNERS ALL CAP

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Legg Mason Partners All Cap (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and ClearBridge Advisors, LLC (the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1- and 3-year periods and slightly below the median for the past 5-year period, and that they would be monitoring performance closely and expected improvement. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees is in line with the median for its peer group and above the median for its peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. The Board noted further that sub-advisory fees were renegotiated for 2008. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

91

TRANSAMERICA MONEY MARKET

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Money Market (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was in line with the median for its peer universe for the past 1-, 3-, and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the median for its peer group and in line with the median for its peer universe and that the total expenses of the Fund were below the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, the nature of the Fund and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board considered the specific reasons for the absence of breakpoints, and concluded that the absence of breakpoints was acceptable under the circumstances. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving a substantial amount of fees for the benefit of shareholders.

92

TRANSAMERICA SCIENCE & TECHNOLOGY

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Science & Technology (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was strong compared to its peer universe for the past 1-year period, slightly above the median for the past 3-year period, and in line with the median for the past 5-year period. The Board also noted that the performance of the Fund prior to August, 2006 could be attributed in part to the Fund’s prior sub-adviser. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees and total expenses were below the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving a substantial amount of fees for the benefit of shareholders.

93

TRANSAMERICA SHORT-TERM BOND

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Short-Term Bond (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for trailing periods ended December 31, 2007, noting that the Fund’s inception date was November 8, 2004. The Trustees noted that the Fund’s performance was below the median for its peer universe for the past 1- year period and in line with the median for the past 3-year period. The Board noted that they would be monitoring performance closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were above the medians for its peer group and peer universe but that the total expenses of the Fund were below the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

94

TRANSAMERICA SMALL/MID CAP VALUE

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Small/Mid Cap Value (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was strong compared to its peer universe for the past 1-, 3- and 5-year periods. The Board also noted that the Fund’s 5-year performance could not be attributed completely to the Sub-Adviser’s current management team, which assumed management of the Fund in March 2004. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the medians for its peer group and peer universe and that the total expenses of the Fund were in line with the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

95

TRANSAMERICA TEMPLETON GLOBAL

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Templeton Global (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Templeton Investment Counsel, LLC and Transamerica Investment Management, LLC (“TIM”) (collectively the “Sub-Advisers”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Advisers such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Advisers. The Trustees also carefully considered information they had previously received from TAM and the Sub-Advisers as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Advisers to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Advisers are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Advisers for this series and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Advisers, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Advisers. The Trustees determined that TAM and the Sub-Advisers can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Trustees noted that the Fund’s performance was in line with the median for its peer universe for the past 1-year period and below the median for its peer universe for the past 3- and 5-year periods. The Trustees recognized that the longer-term underperformance can partly be attributed to the Fund’s prior sub-advisers of the domestic portion of the Fund, noting that TIM took over the management of the domestic portion of the Fund in August 2006. The Board noted they would be monitoring performance closely. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Advisers, the Board concluded that TAM and the Sub-Advisers are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were below the median for its peer group and slightly above median for the peer universe and that the total expenses of the Fund were slightly above the median for its peer group and above the median for its peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Advisers. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Advisers offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Advisers, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Advisers from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Advisers from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Advisers. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving fees for the benefit of shareholders.

96

TRANSAMERICA VALUE BALANCED

INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS — CONTRACT RENEWAL

(unaudited)

At a meeting of the Board of Trustees of Transamerica Funds held on May 15th, 2008, the Board reviewed and considered the renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between Transamerica Value Balanced (the “Fund”) and Transamerica Asset Management, Inc. (“TAM”), as well as the renewal of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) of the Fund between TAM and Transamerica Investment Management, LLC (“TIM” or, the “Sub-Adviser”), to determine whether the agreements should be renewed.

Following their review and consideration, the Trustees determined that the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement would enable shareholders of the Fund to obtain high quality services at a cost that is appropriate, fair, and in the best interests of its shareholders. The Board, including the independent members of the Board, unanimously approved the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement through June 30, 2009. In reaching their decision, the Trustees requested and obtained from TAM and the Sub-Adviser such information as they deemed reasonably necessary to evaluate the agreements, including information about fees and performance of comparable funds managed by the Sub-Adviser. The Trustees also carefully considered information they had previously received from TAM and the Sub-Adviser as part of their regular oversight of the Fund, as well as comparative fee, expense, and performance information prepared by Lipper Inc. (“Lipper”), an independent provider of mutual fund performance, and fee and expense information and profitability data prepared by management. In considering the proposed continuation of the Investment Advisory and Sub-Advisory Agreements, the Trustees evaluated a number of considerations that they believed, in light of the legal advice furnished to them by independent legal counsel and their own business judgment, to be relevant. They based their decisions on the following considerations, among others, although they did not identify any consideration or particular information that was controlling of their decisions:

The nature, extent and quality of the advisory services to be provided. The Board considered the nature and quality of the services provided by TAM and the Sub-Adviser to the Fund in the past, as well as the services anticipated to be provided in the future. The Board concluded that TAM and the Sub-Adviser are capable of providing high quality services to the Fund, as indicated by the nature and quality of services provided in the past by TAM and the Sub-Adviser for this Fund and the experience, capability and integrity of TAM’s senior management, the financial resources of TAM and the Sub-Adviser, TAM’s management oversight process and the professional qualifications of the portfolio management team of the Sub-Adviser. The Trustees determined that TAM and the Sub-Adviser can provide investment and related services that are appropriate in scope and extent in light of the Fund’s operations, the competitive landscape of the investment company business and investor needs.

The investment performance of the Fund. The Board examined the short and longer-term performance of the Fund, including relative performance against a peer universe of comparable mutual funds as prepared by Lipper for various trailing periods ended December 31, 2007. The Board noted that the Fund’s performance was below the median for its peer universe for the past 1-year period and in line with the median for the past 3- and 5-year periods. On the basis of the Board’s assessment of the nature, extent and quality of advisory services to be provided or procured by TAM and the Sub-Adviser, the Board concluded that TAM and the Sub-Adviser are capable of generating a level of investment performance that is appropriate in light of the Fund’s investment objectives, policies and strategies and competitive with other investment companies.

The cost of advisory services provided and the level of profitability. The Board reviewed profitability information of TAM’s cost of procuring fund management services, as well as the costs of provision of administration, fund accounting and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board reviewed the management and sub-advisory fees for the Fund. The Trustees noted that the Fund’s contractual management fees were above the medians for its peer group and peer universe and that the total expenses of the Fund were above the medians for its peer group and peer universe. Based on their review, the Trustees determined that the management and sub-advisory fees of the Fund generally are appropriate in light of the services expected to be provided or procured, and the anticipated profitability of the relationship between the Fund, TAM and its affiliates, and the Sub-Adviser. In making these observations and determinations, the Board reviewed comparative information provided by Lipper.

Whether fee levels reflect economies of scale and the extent to which economies of scale would be realized as the Fund grows. In evaluating the extent to which the management fees payable under the Investment Advisory and Sub-Advisory Agreements reflect economies of scale or will permit economies of scale to be realized in the future, the Board noted that TAM and the Sub-Adviser offer breakpoints which appropriately benefit investors by passing on economies of scale in the form of lower management fees as the level of assets grows. The Trustees also concluded that they will have the opportunity to periodically reexamine whether the Fund has achieved economies of scale, and the appropriateness of management fees payable to TAM and fees paid to the Sub-Adviser, in the future.

Benefits (such as soft dollars) to TAM, its affiliates, or the Sub-Adviser from their relationship with the Fund. The Board concluded that other benefits anticipated to be derived by TAM, its affiliates, and the Sub-Adviser from their relationships with the Fund are expected to be consistent with industry practice and the best interests of the Fund and its shareholders. The Trustees noted that TAM would not realize soft dollar benefits from its relationship with the Fund. The Board also noted that the Sub-Adviser is participating in a brokerage program pursuant to which a portion of brokerage commissions paid by the Fund is recaptured for the benefit of the Fund and its shareholders, thus limiting the amount of soft dollar arrangements the Sub-Adviser may engage in with respect to the Fund’s brokerage transactions.

Other considerations. The Board determined that TAM has made a substantial commitment to the recruitment and retention of high quality personnel, and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Trustees favorably considered the procedures and policies in place by TAM to enforce compliance with applicable laws and regulations and oversee the portfolio management activities of the Sub-Adviser. The Trustees also determined that TAM has made a significant entrepreneurial commitment to the management and success of the Fund, reflected by TAM’s expense limitation and fee waiver arrangements with the Fund, which currently is resulting in TAM waiving fees for certain share classes for the benefit of shareholders.

97

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS
(unaudited)

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

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

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

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

Important Notice Regarding Delivery of Shareholder Documents

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

98

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

Customer Service 1-888-233-4339
P.O. Box 9012 • Clearwater, FL 33758-9012
Distributor: Transamerica Capital, Inc.